HomeMy WebLinkAbout97-031
• CITY OF LAKEVILLE
RESOLUTION
Date February 18, 1997 ResOlutionNo. 97-31
Motion By Johnson Seconded By Mulvihill
RESOLUTION RELATING TO AMENDING A DEFERRED
COMPENSATION PLAN
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") in the form of: The Plan and
Trust provided by the Employer (executed copy attached hereto).
BE IT 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
Employer'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.
Notwithstanding the foregoing, all Plan provisions creating a Trust to hold all the assets of
the Plan for the exclusive benefit of Participants and Beneficiaries shall become effective
once the appropriate body makes the necessary amendments permitting the establishment
and maintenance of such a Trust;
BE IT FURTHER RESOLVED at the current time, due to lack of IRS
• regulations, the City of Lakeville will not permit 457 loans;
~
. BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as
trustee under the Plan.
APPROVED AND ADOPTED by the City Council of the City of Lakeville,
Minnesota, this 18`" day of February, 1997.
CITY O AKEVILLE
By:
D ane Zaun, Ma
TTEST:
Charlene Friedges, Ci Clerk
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