8848-16 Authorize agreement with deferred compensation plans

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REFERRED TO THE COMMITTEE OF THE COMMUTEE OF THE WHOLE 1/19/16. RESOLUTION NO. 8848 -16 BY:Anderson, Bullock, Litten, Marx, Nowlin, O'Leary, O'Malley. A RESOLUTION to take effect immediately provided it receives the vote of at least five members of Council, or otherwise to take effect at the earliest period allowed by law, authorizing the Director of Human Resources to enter into one or more agreements or renewal agreements with representatives of government- employee deferred compensation plans in order to continue to provide a wide array of option for employees participating in such plans. WHEREAS, the Director of Human Resources has expressed a desire to enter into one or more agreements or renewal agreements with representatives of government- employee deferred compensation plans, also known as 457 plans (after the tax -code chapter providing for them), in order to continue to provide a wide range of options for employees participating in such plans while minimizing the City's administrative oversight in sponsoring such plans; and WHEREAS, any such new agreement would merely provide for third -party plan representation and for the City's direction of employees' contributions to 457 plans but would not bind the City for any term of years or involve the expenditure of City funds in any way; and WHEREAS, the City already serves as the sponsor of several employee 457 plans, but wishes to maintain flexibility for employees while reducing administrative oversight, making this resolution necessary and appropriate; and WHEREAS, all contracts not specifically excepted by ordinance must be approved by Council pursuant to Section 1 11.02 of the Codified Ordinances; and WHEREAS, this Council by a vote of at least five of its members determines that this resolution is an emergency measure and that it shall take effect at the earliest date possible as set forth in Article III, Sections 10 and 13 of the Second Amended Charter of the City of Lakewood and that it is necessary for the immediate preservation of the public property, health, and safety and to provide for the usual daily operation of municipal departments in that the City wishes to enter into one or more 457 plan representation agreements or renewal agreements prior to February 1, 2016; now, therefore, BE IT RESOLVED BY THE CITY OF LAKEWOOD, OHIO: Section 1. From the effective date of this resolution to the one hundred eightieth (1801 ") day following the effective date, the Director of Human Resources is hereby authorized to enter into one or more agreements or renewal agreements with representatives of government - employee deferred compensation plans, known as 457 plans. -,