Res. No. 224-97-10194RESOLUTION NO.224-97-1019 4
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF SOUTH MIAMI,FLORIDA,RELATING TO ADOPTION OF
CHANGES IN FEDERAL LAW GOVERNING 457 DEFERRED
COMPENSATION PLANS.
WHEREAS,theCity of SouthMiamiemployeedeferred compensation plans(Section
457)are presently being administered by ICMA Retirement Corporation,Equitable Company,
Security First Group,Inc.;and
WHEREAS,theInternalRevenueCodegoverningSection457deferred compensation
plans was recently amended bythe United States Congress to include creation of a trust fund to
holdallthe assets of theplan,andindexing of the annual contribution maximum;and
WHEREAS,theCity Administration wishesto incorporate these changes intoCity
deferred compensation plansbyadvisingourPlan Administrators to adopt therecentamendments.
NOW,THEREFORE,BE IT RESOLVED BY THE
COMMISSION OF THE CITY OF SOUTH MIAMI:
MAYOR AND CITY
Section 1.That the assets of thePlansshallbeheldin trust,withtheCity of South Miami
serving as trustee,forthe exclusive benefit of the Plan participants and their beneficiaries,andthe
assetsshallnotbedivertedtoanyotherpurpose.
Section 2.That the annual contribution maximum shall be indexed to increase in $500.00
increments,based on changes in Consumer PriceIndex.
Section 3.That theCity Manager is authorized to forward this resolution toall our
Deferred Compensation Plan Administrators forimmediate implementation.
Section 4.That this resolution shalltake effect immediately upon approval.
PASSED AND ADOPTED this 4th day of No vembe,rl997.
ATTEST:
CITY CLERK
READ AND APPROVED AS TO FORM:
Oj^j 6 ^vS/fe^
CITY ATTORNEY
COMMISSION VOTE:5-0
Mayor Price:Yea
Vice Mayor Robaina:Yea
Commissioner Oliveros:Yea
Commissioner Young:Yea
Commissioner Bethel:Yea
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CITY OF SOUTH MIAMI
INTER-OFFICE MEMORANDUM
TO:Mayor and City Commission DATE:10/31/97
4AGENDAITEM#
FROM:L.Dennis Whitt Comm.Mtg.11/4/97
CityMonAJfeB 457 DEFERRED^^e^^Z^e^COMPENSATION PLANS
The Internal Revenue Code governing 457 deferred compensation
plans was recently amended by the United States Congress to
include creation of a trust fund to hold all the assets of the
plan,and indexing the annual contribution maximum.The attached
resolution adopts those changes in Federal Law governing 457
Deferred Compensation Plans.
I recommend approval.