HomeMy WebLinkAbout1997.01.06 RESO 1997-00021997-2 RESOLUTION
FOR A LEGISLATIVE BODY RELATING TO AMENDING A DEFERRED COMPENSATION PLAN
Name of Employer: City of Hugo State: Minnesota3 013 1 5 7
Employer Plan Number
Resolution of the above named Employer ("Employer")
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS, the Employer has established a deferred compensation plan for such employees that serves the interest
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 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 Employer hereby amends and restates the deferred compensation
plan (the "Plan") iri the form of. (Select one)
Q The ICMA Retirement Corporation Deferred Compensation Plan and Trust
❑ The Plan and Trust provided by the Employer (executed copy attached hereto).
BE 1T FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the Employer serving as trustee,
for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted to any
other purpose. The Trustee's beneficial ownership of Plan assets held in the ICMA Retirement Trust shall be held for
the further exclusive benefit of the Plan participants and their beneficiaries;
BE IT FURTHER RESOLVED that the Plan: (Select one)
R Will permit loans
O Will not permit loans
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the Plan.
1, Mary Ann Creager . Clerk of the (City, County, etc.) of City of Hugo do hereby
certify that the forgoing resolution, proposed by (Council Member, TKA, etc.) Fran Miron was duly
passed and adopted in the (Council, MM, etc.) of the (City, XSQUy, etc.) of Hutto at a regular meeting thereof
assembled this 6th day of Januaryg 97 , by the following vote:
AYES: Andrew Goiffon, Debi Johnson, Jim Leroux, Fran Miron
NAYS: NONE
ABSENT Debra Barnes
(Seal)
Mail in the enclosed oosta¢e-paid envelope or to-