Laserfiche WebLink
1997-2 RESOLUTION <br />FOR A LEGISLATIVE BODY RELATING TO AMENDING A DEFERRED COMPENSATION PLAN <br />Name of Employer: City of Hugo State: Minnesota3 013 1 5 7 <br />Employer Plan Number <br />Resolution of the above named Employer ("Employer") <br />WHEREAS, the Employer has employees rendering valuable services; and <br />WHEREAS, the Employer has established a deferred compensation plan for such employees that serves the interest <br />of the Employer by enabling it to provide reasonable retirement security for its employees, by providing increased <br />flexibility in its personnel management system, and by assisting in the attraction and retention of competent <br />personnel; and <br />WHEREAS, the Employer has determined that the continuance of the deferred compensation plan will serve these <br />objectives;.and <br />WHEREAS, amendments to the. Internal Revenue Code have been enacted that require changes to the structure of <br />and allow enhancements of the benefits of the deferred compensation plan: <br />NOW THEREFORE BE IT RESOLVED that the Employer hereby amends and restates the deferred compensation <br />plan (the "Plan") iri the form of. (Select one) <br />Q The ICMA Retirement Corporation Deferred Compensation Plan and Trust <br />❑ The Plan and Trust provided by the Employer (executed copy attached hereto). <br />BE 1T FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the Employer serving as trustee, <br />for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted to any <br />other purpose. The Trustee's beneficial ownership of Plan assets held in the ICMA Retirement Trust shall be held for <br />the further exclusive benefit of the Plan participants and their beneficiaries; <br />BE IT FURTHER RESOLVED that the Plan: (Select one) <br />R Will permit loans <br />O Will not permit loans <br />BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the Plan. <br />1, Mary Ann Creager . Clerk of the (City, County, etc.) of City of Hugo do hereby <br />certify that the forgoing resolution, proposed by (Council Member, TKA, etc.) Fran Miron was duly <br />passed and adopted in the (Council, MM, etc.) of the (City, XSQUy, etc.) of Hutto at a regular meeting thereof <br />assembled this 6th day of Januaryg 97 , by the following vote: <br />AYES: Andrew Goiffon, Debi Johnson, Jim Leroux, Fran Miron <br />NAYS: NONE <br />ABSENT Debra Barnes <br />(Seal) <br />Mail in the enclosed oosta¢e-paid envelope or to- <br />