It is declared to be the policy and purpose of the village to extend to the eligible employees of the village, except all elective officers of the village and also except all employees receiving compensation on a fee basis, effective as of January 1, 1951, the benefits of the Federal Old Age and Survivors’ Insurance System as authorized by the Federal Social Security Act and amendments thereto. In pursuance of the policy, and for that purpose, the village president shall take such action as may be required by applicable state or federal laws or regulations. (§ 1 of Res. dated 11/17/53)