Resolution 2003-28

(AMMENDING RESOLUTION 1981-08, AUTHORIZING COUNTY EMPLOYEES TO UTILIZE AMERICAN FIDELITY ASSURANCE COMPANY FOR THEIR DEFERRED COMENSATION PROGRAM)

WHEREAS, in Resolutions 1981-08, 2002-18, and 2002-29, the Skamania County Board of Commissioners resolved to allow County employees to contract with various companies to provide a Deferred Compensation Plan; and

WHEREAS, Skamania County is a governmental employer as defined in Section 457(e)(1)(A) of the Internal Revenue Code of 1986, as amended; and

WHEREAS, Skamania County wishes to offer eligible employees an additional opportunity to enhance their personal retirement savings by deferring receipt of current compensation; and

WHEREAS, American Fidelity Assurance Company has established a Master Deferred Compensation Program permitting counties and their employees to enjoy the advantages of this program; and

WHEREAS, American Fidelity Assurance Company must agree to hold harmless and indemnify the County, its appointed and elected officials and participating employees from any loss resulting from this sanction company’s or its Agent’s failure to perform its duties and services, or performing the same imprudently;

NOW, THEREFORE, BE IT RESOLVED, that the Skamania County Board of Commissioners does hereby authorize J. Michael Garvison, County Auditor, to adopt a non-qualified deferred compensation plan that qualifies under Section 457(b) of the Code, and to make the plan available to all County employees and elected officials; and

BE IT FURTHER RESOLVED, that American Fidelity Assurance Company is hereby authorized to execute individual voluntary participation agreements, which must include provisions to indemnify the County and its public officials, with each employee requesting American Fidelity Assurance Company to act as the “Administrator” of the Plan representing the County and to execute such voluntary agreements and contracts as are necessary to implement the program; and

BE IT FINALLY RESOLVED that other than the incidental expenses of collecting and disbursing of the employee’s voluntary deferrals and other minor administrative matters, this program shall be at no cost to the County.

PASSED IN REGULAR SESSION THIS 18th day of August 2003.