HomeMy WebLinkAboutResolution 5169
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RESOLUTION NO. 5/li1
CITY OF MOUNDS VIEW
COUNTI" OF RJ.\..1v1SEY
5T A TE OF MINNESOTA
RESOLUTION ~ING DEFERRED COMPENSATION PLAN
VlHEREAS, the City of Mounds View (the "City") has employees rendering valuable
services; and
WHEREA.s, the City has established a deferred compensation plan for such employees
that serves the interest of the City 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
W1iEREAS, the City has determined that the continuance of the deferred compensation
plan will serve these objectives; and
'WHEREAS, amendments to the Internal Revenue Code have been enacted that require
changes to the structure of and allow enhancements of the benefits of the deferred compensation
plan:
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Mounds
View hereby amends and restates the deferred compensation plan (the If Plan") in the form. of the
I CMA Retirement Corporation Deferred Compensation Plan and Trust.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in truSt, \-Vim the
City serving as trustee, for the exclusive benefit of the Plan participants and their beneficiaries,
and the assets sb.a.ll not be diverted to any other purpose. The Trustee's beneficial ownership of
Plan assets held in the lCMA. Retirement Trust shall be held for the further exclusive benefit of
the Plan participants and their beneficiaries;
BE IT FlJRTHER RESOL VED that the Plan v.ill not permit loans.
BE IT FURTI!ER RESOLVED that the City hereby agrees to serve as t..'"UStee under the
Plan.
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ATTEST:
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A ""("~'1 this J~i1"--
day of October, 1997.
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Mayor McCarty
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Charles S. WbiLg, City Jerk-Administrator
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