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HomeMy WebLinkAboutCouncil Resolution 957RESOLUTION NO. ~ ~ A RESOLUTION ADOPTING THE HARTFORD DEFERRED COMPENSATION PROGRAM WHEREAS, the City of Central Point has considered the establishment of a Deferred Compensation Plan to be made available to all eligible employees participating in said Deferred Compensation Plans; and WHEREAS, certain substantial tax benefits could accrue to employees, participating in said Deferred Compensation Plans; and WHEREAS, The Hartford has established a master prototype deferred compensation program for cities, political subdivisions, and special districts, permitting its/their employees to enjoy advantages of this program; and WHEREAS, The Hartford agrees to hold harmless and indemnify the City, its appointed and elected officers and participating employees from any loss resulting from the failure of The Hartford or of its Agent's failure to perform its duties and services pursuant to the Hartford Program; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CENTRAL POINT, OREGON that the City hereby adopts the Hartford Deferred Compensation Program and its attendant investment options and hereby establishes the Hartford Deferred Compensation Plan, attached hereto (Attachment A) for the voluntary participation of all eligible employees. The City Administrator is hereby authorized to execute for the City of Central Point individual participation agreements with each said employee requesting same, and to act as "Administrator" of agreements and contracts as are necessary to implement the Program. It is implicitly understood that, other than incidental expenses of collecting and disbursing the employee's deferrals and other minor administrative matters, there is to be no other cost to the City for the program. Passed by the Council and signed by me in authentication of its passage this lbw'" day of c~c~c,~~C , 2002. ~- ,,,--°r~,.-.. ~~,6 ayor BiII Walton i-~~ AT~T{~E/~/fT/y~1 /// Deputy City Recorder APPROVED by me this 1 ~--t~ day of /`~~~~1~~~~ ~~-~ , 2002. t~taye~r Bill Walton ~4Chme,r~-~ Comprehensive Services + On-site enrollment meetings + Individual retirement education sessions with your local Service Representative + Investment education materials + Comprehensive quarterly Statements of Account + Quarterly Investment Option Performance Reports + Participant tax reporting + Customer Service Center with extended hours + Toll-free number for daily account and unit values, transfers and a quarterly financial outlook (1-800-528-9009) + Communication services with TDD capability + Informative quarterly newsletter + Interactive Web site on the Internet for access to personal account information, transactional capability, historical monthly performance of investment options, unit values and more! (http://retire.hartfordlife.com) Program Features Competitive General Account Rates Hartford Life offers competitive credited rates on current contributions, as well as on contributions made in prior years. The minimum guaranteed rate and current rates for the General (Declared Rate) Account3 are available by calling 1-800-528-9009, or by calling your local Representative. Dollar Cost Averaging (DCA)' This systematic investment program allows you to invest a predetermined amount at set intervals by transferring assets from the General (Declared Rate) Account or Hartford Money Market HLS investment option into one or more variable investment options. Thus, more units are purchased when prices are lower, and fewer units are purchased when prices are higher. DCA typically results in the average cost per unit being less than the average price per unit. Retirement Payment Options z Upon retirement or termination of employment, you may select from a number of payout options. You may elect to receive a lump sum distribution. You may also elect a distribution plan under the Systematic Withdrawal Option (SWO). The Systematic Withdrawal Option provides you flexibility in seleccing the payment amount, time frame and investment options. Under SWO your account balances will continue to earn the General (Declared Rate) Account's competitive rare of return and/oc participate in the performance of the variable investment options. For details, please contact your local representative, or call 1-H00-243- 1422 to speak to a Iaayout Options Representative. Minimum Death Benefita In the event that you die prior to your annuity commencement date, your designated beneficiary(ies) will receive either dme current value of your account as of your date of death (if you die on or after age 65) or the greater of 1) the current value of your account as of the date Hartford Life receives satisfactory written proof of your date of death or 2) 100% of the contributions made on your behalf, less any widmdrawals (if you die prior to age 65). Experience You Can Trust C_ Hartford Life services more than 1,400 public employer 457 Deferred Compensation Plans, with 180,000+ public employees enrolled. As of December 31, 2000, assets under management axe over $7 billion. History _~ ~- ---- Hartford Life has been a recognized Deferred Compensation program provider since 1973. Ratings Strength' Hartford Life Insurance Company A.M. Best Company A+ (Superior) Standard & Poor's AA (Very Strong) Fitch AA+ (Excellent) Moodys Aa3 (Excellent) As of Decemher 37, 2000.7hese ratings apply to the issuer, not to the contracts being offered, or their underlying funds. A+ is the 2nd highest of 15 AM Bes[ categories far financial strength. AA is the 3rd highest of 20 Standard & Poor's categories for financial strength. A0.+ is the 2nd highest of 18 riich categories for financial strength. Aa3 is the 41h highest of 19 Moodys categories for financial strength. ' Dollar Cost Averaging involves continuous investing, regardless of flucluatinq price levels. You should consider your financial ability to continue purchasing units during periods of flucluatinq prices. While DCA does not assure a profit or protect against loss in a declining market environment, it can be a sound investment strategy. ' Withdrawals taxed as ordinary income. Mnuity payout options not available In NY. "Minimum guarantee based on the claims-paying ability of the issuer, Hartford Life rsurance Company. BIOGRAPHICAL SKI/TCH for Nancy Brewold-Johnson, CLU, ChFC, CFP, MSFS Nancy Brewold-Johnson, CLU, ChFC, CFP, MSFS, began her financial services career with Jackson County Federal Savings and Loan in 1980 as a financial services representative. While working with Jackson County Federal she was promoted to their annuity and IRA specialist. Under her direction the department handled all of the 457 deferred compensation programs throughout the region. In 1985 she joined The New York Life and continued her career in the financial services arena. She developed a 457 deferred compensation program for Main Stay and New York Life and directed the installation of programs throughout our region. She obtained her securities license in 1994 and affiliated with the New York Life securities division NYLIFE Securities overseeing client investments. In 1998 she affiliated with the Registered Investment Advisor, Eagle Strategies where she does fee based financial planning for clients. A native of Medford, Nancy received her Associate Degree in Accounting from Southern Oregon State College in 1985.Nancy obtained her Charter Life Underwriter, CLU, and Charter Financial Consultant, ChFC degrees in 1988 from the American College. In furthering her education she obtained her Certified Financial Planners, CFP, designation in 1992. In 1993 she received her degree in Master of Science in Financial Services, MSFS. Nancy works out of her Medford office and specializes in retirement programs (403B, 401 K, 457, IRAs) and estate planning. In addition to her financial planning practice she has taught classes for Southern Oregon University as well as for the Women It's Time Financial Series. She has been a guest lech~rer for many groups around the valley and enjoys helping her community.