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12-13-1989 Additions
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12-13-1989 Additions
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6/26/2013 2:30:16 PM
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I(.. \I.\ <br />REI'IRFIMI•..\I <br />COR M)R. \IION <br />ICMA RETIREMENT CORPORATION <br />TRIPARTITE AGREEMENT <br />Parties to this Agreement: <br />Employer A: City of Rush City Acct. No. 00035 <br />Employer B: City of Little. Canada Acct. No. <br />Employee: Joel R. Hanson SSN 476 -68 -4948 <br />AGREEMENT, made and entered into this 13 day of <br />December , 1989, by and among Employers A and B and Employee. <br />WHEREAS, Employer A has established and maintains an "eligible <br />deferred compensation plan," within the meaning of section 457(b) of the <br />Internal Revenue Code of 1986 ( "Plan A "), and has entered into a deferred <br />compensation agreement with Employee pursuant to Plan A ( "Deferred <br />Compensation Agreement A "); and <br />WHEREAS, Employer B has established and maintains an "eligible <br />deferred compensation plan," within the meaning of section 457(b) of the <br />Internal Revenue Code of 1986 ( "Plan B "), and has entered into a deferred <br />compensation agreement with Employee pursuant to Plan B ( "Deferred <br />Compensation Agreement B "); and <br />WHEREAS, Employee has terminated his /her employment with Employer A, <br />and is now employed by Employer B; and <br />WHEREAS, Employee desires to have his /her interest in Plan A <br />transferred to Plan B, and to substitute Employer B for Employer A as the <br />party obligated to pay his /her deferred compensation accrued under Plan A; <br />and <br />WHEREAS, Employers A and B desire to transfer Employee's interest in <br />Plan A to Plan B, and to have Employer B assume Employer A's obligation <br />to pay Employee's deferred compensation accrued under Plan A; <br />NOW, THEREFORE, in consideration of the above, the parties hereto <br />agree as follows: <br />1. Employer A shall transfer an amount equal to the entire value of <br />Employee's interest in Plan A, to Employer B. In order to accomplish <br />this, Employer A hereby directs <br />ICMA -RC , which holds the assets of <br />Employer A related to its obligations under Plan A, to transfer the amount <br />stated in the preceding sentence, to <br />ICMA -ItC , which holds the assets of <br />Employer B related to its obligations under Plan B. The amount so <br />transferred shall be charged to the account held under Plan A for the <br />benefit of Employee, and credited to the account held under Plan B for the <br />benefit of Employee. <br />Page 35 <br />
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