City Council Resolution 2002-02CITY OF MONTICELLO
RESOLUTION NO. 2002-2
MODIFYING DEFERRED COMPENSATION PLAN
WHEREAS, The City of Monticello is modifying the said Deferred Compensation Plan vendor options to
be made available to all eligible City employees and elected officials pursuant to Section 457 of the
Internal Revenue Code permitting such Plans, to include Ameritas Variable Life Insurance Company
serviced by the agency Wenzel & Associates, Inc., and
WHEREAS, such benefits will act as incentives to City employees to voluntarily set aside and invest
portions of their current income to meet their future financial requirements and supplement their PERA
retirement and Social Security; and
WHEREAS, CBC, as Plan Administrator, Ameritas Variable Life as product provider agrees to hold
harmless and indemnify the City, its appointed and elected officers and participating employees from
any loss resulting from their or their Agent's failure to perform their services pursuant to the Program;
NOW, THEREFORE, BE IT RESOL VED that the City Council of Monticello hereby authorizes
execution of such agreements and contracts as are necessary to expand the Deferred Compensation
program,
IT IS FURTHER RESOLVED that other than the incidental expenses of collecting and dispensing of the
employee deferrals and other minor administrative matters there will be no cost or contribution by the
City of Monticello to the program.
Adopted by the City Council of the City of Monticello, Minnesota this 14' day of January, 2002.
ATTEST:
Rick Wolfsteller, City Ad inistrator
IZBelsaas,•