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R2009-23 ESTABLISHING DEFERRED COMPENSATION PROGRAM
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R2009-23 ESTABLISHING DEFERRED COMPENSATION PROGRAM
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Last modified
10/14/2015 2:53:46 PM
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10/14/2015 2:53:45 PM
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Resolution/Ordinance
Res Ord Num
R2009-23
Res Ord Title
ESTABLISHING DEFERRED COMPENSATION PROGRAM - NATIONWIDE RETIREMENT SOLUTIONS
Department
City Manager
Approved Date
3/2/2009
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� Deferred Compensation Plan <br /> �-— Administration Agreement <br /> This Administration Agreement("AgreemenY') is effective this 2nd day of March200� by and <br /> between Nationwide Retirement Solutions, Inc., a wholly owned subsidiary of NFS Distributors, Inc., and an Ohio <br /> Corporation (hereinafter"Nationwide" or"Administrator"�, and the ity or County or any of its agencies, <br /> departments, subdivisions or instrumentalities of l"r'�� d�10��.► �✓� hereinafter referred to as <br /> EMPLOYER. <br /> WHEREAS, EMPLOYER, pursuant to and in compliance with Internal Revenue Code Section 457, has <br /> established a Deferred Compensation Plan, hereinafter referred to as PLAN, which permits EMPLOYER and its <br /> employees to enjoy the advantages derived from Section 457 of the Internal Revenue Code of 1986, as <br /> amended; and <br /> WHEREAS, the intent of the Program is to assist Employers and their employees in establishing an <br /> increased measure of financial security by providing for additional retirement income through the deferral of <br /> before-tax dollars and the reduction of current income tax liability thus offsetting the effects of Inflation an their <br /> ultimate retirement benefits, <br /> WHEREAS, EMPLOYER desires to utilize Nationwide in connection with the administration of the PLAN; and <br /> WHEREAS, Nationwide desires to provide such services subject to the terms and conditions set forth herein: <br /> Now therefore, EMPLOYER and Nationwide agree as follows: <br /> 1. SELECTION OF A DEFERRED COMPENSATION PROGRAM <br /> The Plan makes available to the Employer a third party administrator and investment and insurance products <br /> which, as a result of a careful evaluation of administrative abilities and experience, and the combination of <br /> costs, benefits, and services, provide a quality deferred compensation program. � <br /> 2. DESIGNATION AND REGULATORY CONSIDERATIONS <br /> EMPLOYER designates Nafionwide as an Administrator f�r deferred compensation funds. <br /> EMPLOYER has agreed to sponsor the Program and has selected and contracted with an independent plan <br /> administrator, Nationwide, eminently qualified to accept and ful�ll the responsibility for all administrative <br /> requirements necessary for the successful operation of the Program. The Employer hereby accepts <br /> Nationwide to act as Program Administrator in fulfilling the administrative and marketing requirements of its <br /> Plan and the Program. <br /> Nationwide has represented and warranted to EMPLOYER that the Program and the Plans adopted <br /> thereunder meet all necessary criteria for approval by all federal and state regulatory authorities governing <br /> such programs. <br /> Employer has determined that it is an"eligible employe�'as that term is defined in Section 457(�)(1)(A) of the <br /> IRC. <br /> 3. TERMINATION <br /> A. EMPLOYER <br /> Employer may terminate this Agreement upon 90 days'written notice to Nationwide without cause. <br /> B. NATIONWIDE <br /> If the Employer fails to agree, whether by act or omission, to the terms and conditions for participation in the <br /> Program, Nationwide shall have the right to terminate this Agreement upon 90 days'written notice to the <br /> - 1 — <br /> M:\Corp12038\020lNationwide Master Administration Agreement.doc <br /> DC-4055-0905[nl] <br />
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