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RESOLUTION 88-23 CITY OF LAKE ELMO WASHINGTON COUNTY, MINNESOTA A RESOLUTION FOR A LEGISLATIVE BODY RELATING TO A DEFERRED COMPENSATION PLAN WHEREAS, the Employer has employees rendering valuable services; and WHEREAS, the establishment of a deferred compensation plan for such employees services the interests of the Employer by enabling it to provide reasonable retirement security for its employees, by providing increased flexibility in its personnel management system, and by assisting in the attraction and retention of competent personnel; and WHEREAS, the Employer has determined that the establishment of a deferred compensation plan to be administered by the ICMA Retirement Corporation serves the above objectives; and WHEREAS, the Employer desires that the investment of funds held under its deferred compensation plan be administerd by the ICMA Retirement Corporation, and that such funds be held by the ICMA Retirement Trust, a trust established by public employers for the collective investment of funds held under their deferred compensation plans and money purchase retirement plans; NOW, THEREFORE, BE IT RESOLVED that the Employer hereby executes the Declaration of Trust of the ICMA Retirement Trust attached hereto as Appendix B. BE IT FURTHER RESOLVED that the City Administrator shall be the coordinator for this program and shall receive necessary reports, notices, etc. from the ICMA Retirement Corporation or the ICMA Retirement Trust, and shall cast, on behalf of the Employer, any required votes under the program. Administrative duties to carry out the plan may be assigned to the appropriate departments. ADOPTED, this 7th day of June, 1988.by the City Council of the City of Lake Elmo, Washington County, Minnesota. Attest: Signed 6Z-4,v, Arlyn C ist, Mayor is YkO_�sbrl, City Administrator %Original as in your file