Title
Resolution Adopting an Optional State of Alabama Deferred Compensation Plan for City Employees
Summary
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Resolution Adopting an Optional State of Alabama Deferred Compensation Plan for City Employees
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Body
WHEREAS, the State of Alabama recently made available to City and Counties their alternate Deferred Compensation Plan for salaried employees and the City of Foley wishes to make this Deferred Compensation Plan available to eligible City employees as an option, and
WHEREAS, This is an optional deferred compensation plan for employees and employees can choose this plan or they can stay with RSA-1 as their deferred compensation plan, and
WHEREAS, there is no cost to the City for offering this additional benefit to employees.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Authorizes the Human Resources Division to proceed in working with the Alabama Deferred Compensation Plan to prepare and implement this optional benefit for employees, to roll out during the October, 2013 mandatory employee benefit meetings so employees can begin contributing in January of 2014 if they so choose.
SECTION 4: This Resolution shall become effective immediately upon its adoption as required by law.