HomeMy WebLinkAbout2007-08-27 07-278 ORDERI[em Noa 07 278
Date: 8-27-07
Item/Subject: ORDER, Adopting the International A iadon of Firefighters (IAFF) Financial
Corporation 457 Deferred Compensation Nan Currently Administered by
Nationwide Retirement Solutions (Nationwide) for the Bangor Firefighters
Association
Responsible MR in M: Executive/Fire
This Order will adopt an alternate 457 Deferred Compensation Plan administered by Natiomvide
Retirement Solutions for the Bangor Frefghters Association. Council Order 07-271 ratified a
CollecMe Bargaining Agreement between the City and the Bangor Firefighters Association, local
772. One of the newly negotated provisions contained within the Agreement requires the City m
adopt rite Nationvride 457 Deferred Compensation Plan for FreflghNss. The plan Is voluntary and
any contributions m the plan will be made by firefighters electing to participate. This plan for
firefighters will be in addition to the current 457 Deferred Compensation Plan available to all City
employees administered by ICMA-RC. Adoption of this pian requires the consent of the employers
governing body, thus formal City Council acton Is necessary. As this is a contractual obligation,
your approval is recommended.
Deparonent Neal
Manager's CommrsHs:
City Manager
Associated Information: Order, Adoption Resolution
Legal Approval:
Ildtor
x Passage
_ Flrat Reading Page _ of _
Referral
07 278
Awpoidw Coun01W Heves August 27, 2007
lw�f ��ati
e ' CITY OF BANGOR
(TITLE.) ORDER Adopting the International Association of Firefighters (]AM Financial
Corporation 457 Defamed Compensation Plan Currently Administered by
Nationwide Retirement Solutions (Nationwide) for the Bangor Firefighters
Association
WHEREAS, the 2005-2006 Collective Bargaining Agreement between the City of Bangor and
the Bangor Firefighters Association, Loral 772, ]AFF, was recently ratified by the
Union and the City of Bangor (Coundl Order 07-271); and
WHEREAS, the Collective Bargaining Agreement requires that the MFF Financial Corporation
457 Deferred! Compensation plan which is currently being administered by
Nationwide Retirement Solutions be offered and made avialable to Firefighters;
and
WHEREAS, this 457 Deferred Compensation plan will be offered on a voluntary, pmticipation
basis with the City of Bangor making no contribution to the plan; and
WHEREAS, implementation of this plan requires its adoption by the governing body of the City
of Bangor.
NOW, THEREFORE, BE 1T ORDERED THAT
the attached Nationwide Retirement Solutions Deferred Compensation program Resolution is
hereby adopted; and
BE IT FURTHER ORDERED THAT
City staff is authorized to take any further necessary action, Including signing any related
documents that maybe necessary to effectuate the implementation of this Order.
A Passat
7002007 .
assat 27. 2007
Pena p
i07-278
��q�yQ gdoptivg the
Intay A
• Raeoc o ri
aa�Cpo457
7 eDefe red
Cmset r
y red
by Nati Het£reoeat So23tif a
t ee) for [be Bmgoi oa Gere
Aei�edbCouaci7or'_,(1]�9d�—
07 278
Nationwide Retirement Solutions ("Nationwide")
Deferred Compensation Program
Specimen Copy of Order/Resolution
COUNTY OF �EMWZCT
hlthe Fxvp Car calamoltn day of .zoo, the following
amoa8 nlller PlneeMin85. wen Mtl, lir. -
WHEREAS, The Employer has mnsWered the amblisbmmt of a Demand Compmemion Pon to be males allows b all
eligible Panama to Seaton 457 ofthe Inbred Revenue Code pmaitting
such Pe dpaoci"` Af' rt MA' tort' /mahrJ
WHEREAS,M ai lox bmeas Wald ddae m emplooa0. eleoed officials, and independent convectors participating in
said Demand Compmsntion Pow; ad
WHEREAS, won bmefin wiR ad as is mlivn to =Pkw5d to vol Jd ohh as aside and Belan portiere of then camel
income to meet their future financial rdworbmd and Suppleness Heir rain mot and Social Sodomy (ifapplicabk): and
WHEIIEAS, the Employer has enablialM a h4and DeRrto1 Dompenmtion pmgam for in mryloyeq per itlmg in
employees to enjoy the advantages of this Plogmn; anal
WHEREAS, by adoption of the NokrAde Pmgrun, all regulabry, operational, and atlmkistretire rapmsibilad are
hereby assumed by Nationwide on belulf of the Employer.
WHEREAS Nadomvide as Pon A hninnvaW, died to hold Iumhlew and ihWemnify the Employer, its appab W and
doled oRmis and participating real from any loo rewhing from Employao its ABes's failure b Waal in dude and
aervlw Pmauam ro the Natonwid< Progham;
NOW, THEREFORE THE EMPWYER GOVERNING R(IDY OR NATION W HIE REPRPSF.NTATIYE DOES
HERBY REEOL V E AS FOLLOWS:
The Employe govoning body or represenotiva meeting in regular seadukel sasiohy Nis_ day of NO
haeby *do p}�puwide Ussfidxi C gxnsadmn Program and hereby establishes the (Employer Name)
Lr^h a IS•. Da✓ OefeaWcomPg?e� flm foj tlm voluhlmryp ictpton o(aReliy'ba mNlyan,
Nm4dBR µ fWnhMBFe.�.fib' lT[t1'rlMo%.dfshsz oys6rT OMy.
The whereby authoriml b excess floc is Empkytt, isaviduad pa[icipation
agreements with each said employes requesting nvaF and to act as the "Admaisr stof' of the Pan reprevsuhg Ne EmPlcy d, and to
execute and agreements and doomed as art necessary k implement the pr8lan.
PASSEDANDADOPTEDTHIS DAY OF
(Sd®ulwe)
]hb Caurl ITtlWRa'olutim cnntairts Nenedeesary IecYnidel Imhgue8e atb WMmtendsuNtmtt. Ifvry change is fohm u neaseary
in order b comply wiN appliable Employer rcquircmmu, plass mnke sucM1 chesga.
NYiamvih Mirz�hSelmion,Poax IBYIT, GAumWUGHa3318� ArlI ].Gn-w Mftandm
n 59-InN Was" - NWIMIkk Min blmuu•Copy -B gkspa