Sponsor
Alderman Spangenberg
Title
STATE OF WISCONSIN DEFERRED COMPENSATION PLAN
Body
WHEREAS, pursuant to the provisions of Wis. Stat. sec. 40.81(1), which provides in part:
“An employer other than the state … may provide for its employees the deferred compensation plan established under s. 40.80. Any employer, including the state …, who makes the plan under s. 40.80 available to any of its employees shall make it available to all its employees under procedures established by the department under this subchapter.”; and
NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of Racine hereby determines to be included under the State of Wisconsin Deferred Compensation Plan provided by Wis. Stat. sec. 40.80, and regulated by Wisconsin Administrative Code, Chapter ETF 70 for its eligible personnel; and
FURTHER RESOLVED, that the proper officers are herewith authorized and directed to take all actions and make such reductions and submit such deferrals as are required by the Department of Employee Trust Funds of the State of Wisconsin pursuant to Subchapter VII of Chapter 40, Wis. Stat.; and
FURTHER RESOLVED, that the City of Racine agrees to be bound by the terms and conditions of the contracts between the State, its investment providers, and its Plan Administrator, and the “Plan Document” and “Procedures To Be Followed By Employer”, as amended from time to time, the employer hereby certifying that it has received a copy of the Plan and Procedures.
FURTHER RESOLVED, that the City Clerk be authorized and directed to submit a certified copy of this Resolution and “Notification Memo” to the State of Wisconsin, Department of Employee Trust Funds and the Plan Administrator.
FURTHER RESOLVED, that the Racine Common Council recognizes the Deferred Compensation Board’s responsibility for maintaining the integrity of the Plan, the Racine Common Council hereby resolves that the Mayor and City Clerk be authorized and directed to cooperate fully with the ...
Click here for full text