515.94
RESOLUTION SELECTING ADMINISTRATOR FOR
DEFERRED COMPENSATION PLAN
RESOLUTION NO.: 515.94
INTRODUCED BY: Mr. Nick Caimano WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Carol Pulver
WHEREAS, the Town Board of the Town of Queensbury expressed
its interest in selecting a Deferred Compensation Plan for Town
employees that would meet the requirements of §457 of the Internal
Revenue Code and §5 of the State Finance Law, and authorized that
the program be subject to RFP, and
WHEREAS, a public notice was published in the Post-Star and in
the New York State Register, soliciting proposals from
administrative agencies and financial organizations for services in
connection with the Deferred Compensation Plan, and three proposals
were received by the Town of Queensbury, and
WHEREAS, a committee was organized to evaluate the three
proposals, and the committee evaluated the three proposals
according to experience/size, products, costs, flexibility, and
service, and met personally with each agency, and
WHEREAS, based on the review of the agencies' proposals and
meetings with the agencies, the committee has made a recommendation
that the Town Board select ITT Hartford Life Insurance Company,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
elects to participate in a Deferred Compensation Plan, except that
with respect to employees in a negotiating unit represented by an
employee organization which negotiates pursuant to article fourteen
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of the civil service law shall not be permitted to participate
under the provisions of this resolution until such time as such
participation is authorized pursuant to a collectively negotiated
agreement between the Town and the employee organization, and
BE IT FURTHER,
RESOLVED, that the Town Board of the Town of Queensbury hereby
appoints ITT Hartford as its administrator of its Deferred
Compensation Plan, and authorizes ITT Hartford Life Insurance
Company, to prepare documents to be sent to the New York Deferred
Compensation Board for approval, and to prepare and file the same
with Civil Service, provided that such service is at no cost to the
Town of Queensbury, and
BE IT FURTHER,
RESOLVED, that after said documents are prepared, that an
Administrative Agreement be prepared between ITT Hartford Life
Insurance Company and the Town of Queensbury, said Agreement to be
in a form to be approved by the Town Attorney, provided that the
Town of Queensbury will not be liable for any administrative fees
but rather, that the same will be assessed against Plan
Participants, and
BE IT FURTHER,
RESOLVED, that the Town Board hereby further authorizes and
directs the Town Supervisor to enter into any agreements and sign
any documentation that will be necessary to effectuate the terms of
the Administrative Agreement and Deferred Compensation Plan, and
the Town Board further directs that any applications or requests
for services filed or made to ITT Hartford Life Insurance indicate
that services rendered and applications filed by ITT Hartford are
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performed at no cost to the Town of Queensbury or the employees of
the Town of Queensbury regardless of whether an administrative
agreement is later agreed to.
Duly adopted this 6th day of October, 1994, by the following
vote:
AYES : Mrs. Monahan, Dr. Wiswall, Mr. Caimano, Mrs. Pulver, Mr.
Champagne
NOES : None
ABSENT: None
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