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^ <br />RESOLUTION 89-13 <br />RESOLUTION FOR THE CITY OF HUGO RELATING TO A DEFERRED COMPENSATION <br />PLAN. <br />WHEREAS, the City of Hugo has employees rendering valuable services; and <br />WHEREAS, the establishment of a deferred compensation plan for such <br />employees serves the interests of the City of Hugo by enabling it to <br />provide reasonable retirement security for its employees, by providing <br />increased flexibility in its personnel management system, and by assisting <br />in the attraction and retention of competent personnel; and <br />WHEREAS, the City of Hugo has determine that the establishment of a <br />deferred compensation plan to be administered by the ICMA Retirement <br />Corporation serves the above objectives; and <br />WHEREAS, the City of Hugo desires that the investment of funds held under <br />its deferred compensation plan be administered by the ICMA Retirement <br />Corporation, and that such funds be held by the ICMA Retirement Trust, a <br />trust established by public employers for the collective investment of <br />funds held under their deferred compensation plans and money purchase <br />retirement plans; <br />NOW THEREFORE BE IT RESOLVED that the City of Hugo hereby adopts the <br />deferred compensation plan attached hereto as Appendix A and appoints the <br />ICMA Retirement Corporation to serve as Administrator thereunder; and <br />BE IT FURTHER RESOLVED that the City of Hugo hereby executes the <br />Declaration of Trust of the ICMA Retirement Trust, attached hereto as <br />Appendix B. <br />BE IT FURTHER RESOLVED THAT THE City Clerk/Treasurer shall be the <br />coordinator for this program and shall receive necessary reports, notices, <br />etc. from the ICMA Retirement Corporation or the ICMA Retirement Trust, <br />and shall cast, on behalf of the City of Hugo any required votes under the <br />program. Administrative duties to carry out the plan may be assigned to <br />the appropriate departments. <br />Upon roll call the council members voting AYE: McAllister, Jesinski, <br />Olson, Vail, Atkinson <br />Upon roll call the council members voting NAY: None <br />Whereupon said resolution was declaredamd opted this 5th day of <br />June, 1989. 57 <br />kinon., Mayor <br />ATTEST: /^ <br />