HomeMy WebLinkAboutRESOLUTION - 54-20 - 7/7/2020 - ICMA Retirement Corporation 457 Governmental Deferred COmpensation PlanRESOLUTION NO.54-20
A RESOLUTION AUTHORIZING THE VILLAGE OF ELK GROVE VILLAGE TO
AMEND AND RESTATE THE DEFERRED COMPENSATION PLAN IN THE FORM
OF THE ICMA RETIREMENT CORPORATION 457 GOVERNMENTAL DEFERRED
COMPENSATION PLAN & TRUST THROUGH ICMA RETIREMENT
CORPORATION
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
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of
the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois as follows:
Section 1: That the Employer hereby amends and restates the deferred compensation
plan in the form of the ICMA Retirement Corporation's 457 Governmental Deferred
Compensation Plan & Trust.
Section 2: That the assets of the Plan shall be held in trust, with the Employer serving
as trustee for the exclusive benefit of 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 VantageTrust shall be held for the further exclusive benefit of the Plan participants and
their beneficiaries.
Section 3: That the Director of Finance shall be the coordinator and contact for the
Program and shall receive necessary reports and notices.
Section 4: This Resolution shall be in full force and effect immediately from and after
its passage and approval according to law.
VOTE: AYES: Trustees Feichter, Franke, Lissner, Schmidt, Czarnik
NAYS: 0
ABSENT: Trustee Prochno
PASSED this 711 day of July 2020.
APPROVED this 7th day of July 2020.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk
AmendPayrolldeductionIRA
SUGGESTED RESOLUTION
Play Number. 30 [� [T A 117
Name of Employer. - V 1�IQ,! Ie , M 6 Y0 e.- State: T�
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 b"y 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
NOW THEREFORE BE IT RESOLVED that the Employer hereby amends and restates the deferred compensation plan (the
"Plan") in the form of: (select one)
VThe ICMA Retirement Corporation 457 Governmental Deferred Compensation Plan & Trust
OR
The Plan and Trust and any associated amendments provided by the Employer (executed copies attached
hereto)'
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the Employer serving as trustee
("Trustee"), for the exclusive benefit of 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 VantageTrust,shall be held for the further exclusive
benefit of the Plan participants and their beneficiaries;
BE IT FURTHER RESOLVED that the employer hereby agrees to serve as Trustee under the Plan.
1, . Clerk of the (City, County, etc.) . do hereby certify that
the foregoing resolution, proposed by (Council Member, Trustee, etc.) ,was duly passed -and
adopted in the (Council, Board, etc.) of the (City, County, etc.) of
at a regular meeting thereof assembled this day of _ . 20 , by the following vote:
AYES:
NAYS:
ABSENT:
(Seal)
CLERK OF THE (CrrY, COUNTY, -)
If you are amending your own individually designed plan document, this executed resolution should be returned to ICMA-RC as instructed
below.
Fax to: OR M09 to:
202-962-4601 ICMA-RC
ATTN: NBS Analyst ATTN: NBS Analyst
777 North Capitol Street, NE
Washington, DC 20002-4240
10/2014