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RESOLUTION NO. 17-13 <br />A RESOLUTION AUTHORIZING THE VILLAGE OF ELK GROVE VILLAGE TO <br />PARTICIPATE IN THE VANTAGEPOINT PAYROLL DEDUCTION INDIVIDUAL <br />RETIREMENT ACCOUNT PROGRAM THROUGH ICMA RETIREMENT <br />CORPORATION <br />WHEREAS, the Employer has employees rendering valuable services; and <br />WHEREAS, the establishment of an individual retirement account program for such <br />employees serves the interests of the Employer by enabling it to provide reasonable security <br />regarding such employees' financial needs during retirement, by providing increased flexibility <br />in its personnel management system, and by assisting in the attraction and retention of <br />competent personnel; and <br />WHEREAS, the Employer has determined that the establishment of an individual <br />retirement account program plan to be administered by the ICMA Retirement Corporation <br />and/or its affiliates serves the above objectives; and <br />WHEREAS, the Employer desires that its individual retirement account program (the <br />"Program") be administered by the ICMA Retirement Corporation and/or its affiliates: <br />NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of <br />the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois as follows: <br />Section 1: That the Employer hereby adopts the Program in the form of the ICMA <br />Retirement Corporation's Vantagepoint Payroll Deduct IRA Program. <br />Section 2: That the assets of the Payroll Deduct IRA Program shall be held in trust, <br />with the Employer serving as trustee, for the exclusive benefit of Program participants and their <br />beneficiaries, and the assets of the Program shall not be diverted to any other purpose. <br />