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Resolution 5169
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Resolution 5169
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Last modified
6/25/2019 10:15:11 AM
Creation date
1/30/2007 2:50:47 PM
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MV City Council
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Resolutions
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<br />. <br /> <br />. <br /> <br />. <br /> <br />f>/E: <br /> <br />RESOLUTION NO. 5/li1 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTI" OF RJ.\..1v1SEY <br />5T A TE OF MINNESOTA <br /> <br />RESOLUTION ~ING DEFERRED COMPENSATION PLAN <br /> <br />VlHEREAS, the City of Mounds View (the "City") has employees rendering valuable <br />services; and <br /> <br />WHEREA.s, the City has established a deferred compensation plan for such employees <br />that serves the interest of the City by enabling it to provide reasonable retirement security for its <br />employees. by providing increased flexibility in its personnel management system, and by <br />assisting in the attraction and retention of competent personnel; and <br /> <br />W1iEREAS, the City has determined that the continuance of the deferred compensation <br />plan will serve these objectives; and <br /> <br />'WHEREAS, amendments to the Internal Revenue Code have been enacted that require <br />changes to the structure of and allow enhancements of the benefits of the deferred compensation <br />plan: <br /> <br />NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Mounds <br />View hereby amends and restates the deferred compensation plan (the If Plan") in the form. of the <br />I CMA Retirement Corporation Deferred Compensation Plan and Trust. <br /> <br />BE IT FURTHER RESOLVED that the assets of the Plan shall be held in truSt, \-Vim the <br />City serving as trustee, for the exclusive benefit of the Plan participants and their beneficiaries, <br />and the assets sb.a.ll not be diverted to any other purpose. The Trustee's beneficial ownership of <br />Plan assets held in the lCMA. Retirement Trust shall be held for the further exclusive benefit of <br />the Plan participants and their beneficiaries; <br /> <br />BE IT FlJRTHER RESOL VED that the Plan v.ill not permit loans. <br /> <br />BE IT FURTI!ER RESOLVED that the City hereby agrees to serve as t..'"UStee under the <br /> <br />Plan. <br /> <br />3:J'id <br /> <br />0tE:6LE:E:Zt9'or <br /> <br />N3n~~:J ~ A03NN~~'wn~~ OT.'T .~_.~ .__ <br />
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