HomeMy WebLinkAboutRESOLUTION - 14-98 - 4/14/1998 - DEFERRED COMPENSATION PLAN,SECTION 457RESOLUTION NO. 14-98
A RESOLUTION AMENDING THE ACCOUNTING AND FINANCIAL
REPORTING METHOD FOR THE SECTION 457 DEFERRED COMPENSATION
PLAN OF THE VILLAGE OF ELK GROVE VILLAGE IN ACCORDANCE
WITH THE INTERNAL REVENUE CODE AND GOVERNMENTAL ACCOUNTING
STANDARDS BOARD STATEMENT NO. 32
WHEREAS, the Village of Elk Grove Village has employees
rendering valuable services; and
WHEREAS, the Village of Elk Grove Village has established a
deferred compensation plan for such employees that serves the
interest of the Village of Elk Grove Village 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 Village of Elk Grove Village 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 by the Village President and
Board of Trustees of Village of Elk Grove Village, Counties of
Cook and DuPage, Illinois as follows:
Section is That the deferred compensation plan (the "Plan")
is hereby amended and restated in the form of:
The ICMA Retirement Corporation Deferred
Compensation Plan and Trust
Section 2: That the assets of the Plan shall be held in
trust, with the Village of Elk Grove Village 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.
Section 3: That the Plan will not permit loans.
Section 4: That the Village of Elk Grove hereby agrees to
serve as trustee under the Plan.
Section 5: That this Resolution shall be in full force and
effect from and after its passage and approval according to law.
VOTE: AYES: 5 NAYS: 0 ABSENT: 1
PASSED this 14th day of April , 1998.
APPROVED this 14th day of April , 1998.
Craig B. Johnson
Village President
ATTEST:
Patricia S. Smith
Village Clerk