HomeMy WebLinkAboutRESOLUTION - 63-83 - 9/27/1983 - AMEND DEFERRED COMPENSATION PLAN RESOLUTION NO. 63-83
A RESOLUTION AMENDING THE VILLAGE OF ELK GROVE VILLAGE 'S DEFERRED
COMPENSATION PLAN SPONSORED THROUGH THE INTERNATIONAL CITY MANAGE-
MENT ASSOCIATION RETIREMENT CORPORATION
WHEREAS, the Employer maintains a deferred compensation plan for its
employees which is administered by the ICMA Retirement Corporation (the
"Administrator") ; and
WHEREAS, the Administrator has recommended changes in the plan
document to comply with recent federal legislation and Internal Revenue
Service Regulations governing said plans; and
WHEREAS, the Internal Revenue Service has issued a private letter
ruling approving said plan document as complying with Section 457 of the
Internal Revenue Code; and
WHEREAS, other public employers have joined together to establish
the ICMA Retirement Trust for the purpose of representing the interest of
the participating employers with respect to the collective investment of
funds held under their deferred plans; and
WHEREAS, said Trust is a salutary development which further advances
the quality of administration for plans administered by the ICMA Retirement
Corporation:
NOW, THEREFORE, BE IT RESOLVED that the Employer hereby adopts the
deferred compensation plan, attached hereto as Appendix A, as an amendment
and restatement of its present deferred compensation plan; and
BE IT FURTHER RESOLVED that the Employer hereby executes the ICMA
Retirement Trust, attached hereto as Appendix B; and
BE IT FURTHER RESOLVED that the Employer hereby adopts the trust
agreement with the ICMA Retirement Corporation, as appears at Appendix C
hereto, as an amendment and restatement of its existing trust agreement
with the ICMA Retirement Corporation , and directs the ICMA Retirement
Corporation, as Trustee, to invest all funds held under the deferred
compensation plan throught the ICMA Retirement Trust as soon as it
practicable; and
BE IT FURTHER RES OLV ED that the V i I I age Manager sha I I be the coo rdi na to r
for this program and shall receive necessary reports, notices, etc. from the
[CMA Retirement Corporation as Administrator, and shall cast, on behalf of
the Employer, any required votes under the 'pro�_!rafn. Administrative duties
to carry out the plan may be assigned to the appropriate departments.
PASSED this 27-th day of Septenber 1983.
APPROVED this 27th day of Septeniber 1983.
VOTE: AYE: 6 NAY: 0 ABSENT:
Charles J. Zettek
Village President
ATTEST:
Ilafern Snick
Acting Village Clerk