HomeMy WebLinkAboutEstablishmentSEPTEMBE 15, 1998
ated by the New York State
Deferred Compensation Board require that the Deferred Compensation
Committee act on behalf of the Town with regard to the Town's Deferred
Compensation Plan,
WHEREAS, /the ToW~n Board of the Town of Southold has created a
Deferred compensation Committee to review Employees Deferred Compensation
Plans ~ to the Town Board, and
of the Town of Southold wishes to retain its
df of the Town with regard to the Town's Deferred
Plan, now, therefore be it
the Town Board of the Town of Southold hereby dissolves
the trent Compensation Committee, and
~/1" ;: SEPTEMBER 15 1998
BE IT FURTHER RESOLVED that the Town Board of the Town of
Southold shall be the Town of Southold's Deferred compensation Committee
and
BE IT FURTHER RESOLVED that the Town Board hereby
forms a Deferred Compensation Advisory Committee and
BE IT FURTHER RESOLVED that the member of
Compensation Advisory Committee shall consist of the
CSEA Representative Linda J. Cooper, Town Comptroller
and Councilwoman Alice Hussie.
6.-Vote of the Town Board: Ayes: COuncilman Romanelli,
Justice' Evans, Councilwoman Hussie, Supervisor Cochran.
This resolution was duly. ADOPTED.
establishes and
the Deferred
PBA President,
John Cushman
Councilman Moore,
7.-Moved by Justice Evans, seconded by Councilman Romanelli,
WHEREAS, the New York State Deferred Compensation Board (the "Board), pursuant to Article 2,
Section S of the New York State Fioance Law ("Section S"), and the Rules and Regulations ofthe
New YOrk State Deferred Compensation Board (for reliance from June 9,1998; published in the
State Register' July 1, 1998 and with an effective date of October 1,1998)(the"Regulations), has
promulgatedlthe Model DeferredCompensatien plan for Employees of the TOwniofSouthold (the
"Model Plan'') and offers the Model Plan for adoption by local employers;
WHEREAS, Section 457 of the Internal Revenue Code of 1986, as .mended (the "Code"), was
recently amended bY the Small Buslnes.s. Job Protection Act of 1996 to require that .m.ounts held
pUrSuant to eligible deferred compensation plans such as the Model Plan must be held in trust for the
exclusive benefit of participants and their beneficiaries;
WHEREAS, Section 457 (e)(9) of the Code was recently amended by the Taxpayer Relief Act of
1997 to increase the m.xlmum elective distribution amount for sm*ll accounts from $3,500 to $5,000;
WHEREAS, effective September 3, 1997, the Board -mended and restated the Model plnn to requL-e
that .mounts held pursuant to eligible deferred compensation pl-n. such as the Model Plan must be
hdd in trust for the exdnslve benefit of participants and their beneficiaries and to make other
mi.~eOns modifications to,the Model pi,an;
WHRREAS, effective April 1, 1998, the Board ag. in _amended and restated the Model Plan to
inCl~9.$o the rn.x'imnm elOgt~e distribution .mount for small accounts from $3,500 to $5,000, to
permit the deferred compensation commltt~ of a Model Plan to direct the tr,an.fer of the account
bM.nges of Participants whose employment is being tr,an.~erred to ~anotber employer permitted to
ad"-' - a~:'~'le deferred comnensation .lan pursuant to Section 457 of the Code or, alternatively, to
pe.r~ult such participants to elect to transfer thew account balances to the eligible deferred
compensation plan of the participants' new employer, and to ¢l,arEy that each participant may take
into account the portion of the annual deferred compensation limitation that the Participant did not
tm_qlze under any eligible deferred compensation phm adopted pursuant to Section 457 of the Code for
the purpose of determining such Partidpant's catch-up contribution limitation with respect to the
Model Plan adopted by the Participant's employer;
WHEREAS, the Board ires offered for adoption the mended and restated Modal pl,a. to each Model
Plan ~ponsored by'a local employer in accord-nco with, the Regulations;
WI-IE. REAS, the Town of Southold, pursuant to Section 5 and the Regulations, has fully considered
the varlons options available to it for the adoption of eligible deferred compensation plsnn: induding
adoption of the State plan, the Model Pis% and individually designed pl,n~, and desires to adopt the
Madd Plan which shall be known as the Deferred Compensation Plan for Employ'~'~s of the Town of
Southold;
WHEI~g. AS, the Town Board of the Town of Southold has appointed itself as the Deferred
Compensation Committee (the "Committee) tO act on behnlf of the Town of Southold;
WI~.I~g.A~, the Commit~--~e- has solicited and evaluated competitive proposals of Admlni~trative
Service Agencies and lrmandal Organizations providing: trust and trustee services, in accordance
with the Regulations, now therefore be it
RESOLVED that the Town of Southold here.by adopts the Deferred Compensation Plan for
Employees of the Town of Southold by adopting the amended and restated Model Plan effective April
1, 1998 and
BE IT FURTHER RESOLVED, that the Town of Sonthold hereby selects Nationwide Trust
Company FSB and FMB Trust Company N.A. to serve as trustees and
BE IT FURTHER RESOLVED, th_at PEBSCO and Hartford Li~ Insurance comPanY, Inc. are
appointed the Ad_ m,m-~trative Servlce Agencies and Nationwtd.e. Life ~urance. Company and
l~tford Life Insurance Company, Inc. are appointed as the ~nnncia!Organizatinns and
BE IT FUR .T~E.. ~R RESOLVF~D, that peva!~g notification of the ~efe~red Comp~afi. on Boa? in
accordance with Section 9003.3 lc) of the Re~...ah~on~..., the Comae'is he~byauthorized aaa
directed to enter into appropriate contracts with Nationwide Trust company FSB and FMB Trust
Company, N.A. PEBSCO, Hartford Life ln.~urance Company, Inc. and, Nationwide Life ln.~urance
Comuanv. and to enter into other contracts as may be necessary or appropriate to effect the
foregoing.- '- ~' In no event shall these contracts be of greater duration .than' five (5) years, and every
contract or agreement entered into shall contain a provision that the agreement or contract is subject
to the Regulations and the Modal Plan.
IN WITNESS WHEREOF, the undersigned have executed this ~o!u~0n in ~ Town of Southold,
Suffolk County, New York t_big 1Sth day of September, 1998 and dire~ that it be filed as
appropriate. Jean W. Cochran /S/
Louisa P. Evans /S/
Alice J. Hussie /S/
William D. Moore /S/
Brian G.~ Murphy /S/
John M. Romanelli /S/
SEAL
7.-Vote of the Town Board: Ayes: Councilman Romanelli,
Justice Evans, Councilwoman Hussie, Supervisor Cochran.
This resolution was duly ADOPTED.
Councilman Moore,