HomeMy WebLinkAbout1981-11 Authorizing to Make Available a Deferred Compensation Plan to all Permanent Employees of the Town of Vaili
RESOLU'.l'ION r'}`1~
Series o:~ 1981, )
A RESOLUTION AUTIIOILIZING TIITS
TOWN COUNCIL OF TIIL 'Pl)WN OF VATL
TO A4AiCr AVAILAI3LL A DI;FI;RRI;D
COIIIPLNSA~'TON PLAN TO ALL PliFi,;sIANEtv~T
EP,~IPLOYEES OF THL TOj'yN OF VATL.
WHEREAS, with the passage of the Tax Reform Act of 1.978,
Congress established deferred compensation plans for public
employees; and
WHEREAS, a deferred compensation pl4~n is a valuable fr~a_nge
benefit wkzich can be provided to employees at little cost to the
public employer; and "
WHEREAS, a deferred compensation plan provides employees
with an attractive me~i;hod of :investin7 c.~~ saving, far ret;iromen•~
on a before-tax basin; and
WHEREAS, a deferred compensation p1E~n provides employees with
additional retirement security, sa.nce it is supplemental. to any
benefits payable from any other reta.rec:~ent plan; and
WHEREAS, a public eir~pioyer, to esty-~}:dish a deferred compensation
plan, must first pass a resolution authc~xi~irig such.
NOj'u, 7'II:!5k~i;FUi'tii~, $E IT Ri.~SOLVED 1=3I' '~xi~; TO~YN CC)U~VTCIL ()I+~ ~.~'`SiE
TOIi'IQ OF VATL, COLORADO, '1'Ii~xT :
TI?.ere i.s hereby established a Town cif Vail Defexred Co~s~perzsation
Plan, to be placed with a reputable company, active in public and
private retirei~er~t plan markets. The Plan hereby establ~.sheci is in
accordance with the State of Colorado's lc~;islat~.ve requirements
far public deferred compensation plans.
TNTRODJCED, READ, APPROVED AND ADO~-•`T;~,
of ~ ~ , 1.981.
ATTEST
G~
Town Clorlc
this Z/9t- day
r~
Mayor PRO-TEM `'~ ~~'