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� � 3 <br /> RESOLUTION NO. R2009-23 <br /> RESOLUTION ESTABLISHING <br /> DEFERRED COMPENSATION PROGRAM <br /> -- NATIONWIDE RETIREMENT SOLUTIONS -- <br /> WHEREAS, The City of Decatur, Illinois, has considered the establishment of a <br /> Deferred Compensation Plan to be made available to employees of the Fire Department <br /> represented by the International Association of Fire Fighters, Local 505, pursuant to Section 457 <br /> of the Internal Revenue Code permitting such plans; and <br /> WHEREAS, certain tax benefits could accrue to employees participating in said <br /> Deferred Compensation Plan; and <br /> WHEREAS, such benefits will act as incentives to employees to voluntarily set aside , <br /> and invest portions of their current income to meet their future financial requirements and �� <br /> supplement their retirement; and i <br /> WHEREAS, by the adoption of the Nationwide Program, the City of Decatur's <br /> regulatory, operational, and administrative responsibilities for deferred compensation shall be, <br /> for those employees who elect to participate in the Nationwide program, assumed by Nationwide <br /> on behalf of the City of Decatur, Illinois; and <br /> WHEREAS, Nationwide as the Plan Administrator, agrees to hold harmless and <br /> indemnify the City of Decatur, its appointed and elected officials and participating employees <br /> from any loss resulting from the City or its Agent's failure to perform its duties and services <br /> pursuant to the Nationwide Program. <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR, <br /> ILLINOIS: <br /> Section l. That the City Council of the City of Decatur does hereby adopt the <br /> Nationwide Deferred Compensation Program and hereby establishes the City of Decatur <br /> Deferred Compensation Plan for the voluntary participation of all eligible employees. <br /> Section 2. That the Mayor and City Clerk be, and they are hereby, authorized and <br /> directed to execute on behalf of the City of Decatur the attached "457(b) Governmental Plan <br /> Document" and "Administration Agreement", and any other applications, agreements and <br /> contracts as are necessary to implement the program. <br /> 1 <br />