Public Township Council Meeting — Packet

104-12 May 29, 2012 Resolution Amending Resolution 37-12 adding additional Deferred Compensation WHEREAS, the Township of West Orange “Employer” desires to attract and retain qualified employees; and WHEREAS, the implementation of a Deferred Compensation Plan will serve to interests of the Employer by enabling it to provide enhanced retirement security to its eligible employees; and WHEREAS, the accrual of tax benefits to eligible employees through participation in a Deferred Compensation Plan as established pursuant to Section 457 of the Federal Internal Revenue Code will serve the above objectives; and WHEREAS, there will no cost to the Employer to adopt and implement a Deferred Compensation Plan. WHEREAS, Resolution 37-12 was adoptd on March 20, 2012 selecting four additional providers; and WHEREAS, the Director of the Division of Local Government Services in the State Department of Community Affairs requires additional information be included In the resolution, specifically the plan identifiers and service agreement identifiers. NOW, THEREFORE BE IT RESOLVED that Resolution 37-12 is amended to state that the Employer hereby adopts a Deferred Compensation Plan provided by the following companies: Lincoln Financial Advisors, AXA Equitable Life Ins. Company, and MetLife; and BE IT FURTHER RESOLVED, that the Employer is adopting a Deferred Compensation Plan substantially similar to one on which a favorable Private Letter Ruling has been previously obtained from the federal Internal Revenue Service except for provisions added by reason of the Small Business Job Protection Act of 1966 (united States Public Law No. 104-188), the Taxpayer Relief Act of 2001 (United States Public Law No. 105-34), and the Economic Growth and Tax Relief Reconciliation Act of 2001 (United States Public Law No. 107-16) as well as good faith provisions added by reason of the Pension Protection Act of 2006 (United States Public Law No. 109-280), Heroes Earnings Assistance Act of 2008 (United States Public Law No. 110-245), Worker, Retiree, and Employer Recovery Act of 2008 (United States Public Law No. 110-458) and associated guidance, and all such provisions are stated in the plan in terms

ates Public Law No. 110-245), Worker, Retiree, and Employer Recovery Act of 2008 (United States Public Law No. 110-458) and associated guidance, and all such provisions are stated in the plan in terms substantially similar to the text of those provisions in the Internal Revenue Code Section 457. The use of such Ruling is for guidance only and acknowledges that for Federal Internal Revenue Service purposes, the Ruling of another employer is not to be considered precedent; and BE IT FURTHER RESOLVED, that the Chief Financial Officer is hereby designated as the Local Plan Administrator for the administration of the Plan; and BE IT FURTHER RESOLVED, the Local Plan Administrator reviewed information obtained through a Request for Proposal process and submits the following Deferred Compensation providers as successful vendors: Firm Name Plan Identifier Service Agreement Identifier Lincoln Financial Advisors 82-PD-LINCOLN-050812 12-SA-LINCOLN-072595 AXA Equitable Life Ins. 66-PD-Equitable-053107 79-SAEquitable-051811 MetLife 62-PD-MetLife-032106 62-SA-MetLife-32106 BE IT FURTHER RESOLVED, that there has been no collusion, or evidence or appearance of collusion, between any local official and a representative of the contractor in the selection of a contractor for the administration of a Service Agreement pursuant to N.J.A.C. 5:37-5.7. BE IT FURTHER RESOLVED, that the Chief Financial Officer is hereby authorized to execute a Service agreement with all companies mentioned above and to submit all necessary documents to the Director of the Division of Local Government Services in the State Department of Community Affairs for approval.