HomeMy WebLinkAboutResolution 3156 Amending Resolution 2575 re ICMA deferred compensation plan
COMMISSION RESOLUTION NO. 3156
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONT ANA, (EMPLOYER) AMENDING
THE ICMA RETIREMENT
CORPORATION (ICMA RC) DEFERRED COMPENSATION PLAN FOR ITS
EMPLOYEES, AS ESTABLISHED BY COMMISSION RESOLUTION NO. 2575.
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 by the City Commission of the City of
Bozeman, Montana, that:
Section 1
The Employer hereby amends and restates the deferred compensation plan (the
"Plan") in the form of the ICMA Retirement Corporation Deferred Compensation Plan and
Trust.
Section 2
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 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
The Plan will not permit loans.
Section 4
The Employer hereby agrees to serve as trustee under the Plan.
PASSED AND ADOPTED by the City Commission of the City of Bozeman, Montana,
at a regular session thereof held on the 16th day of December 1996.
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DON E. STUECK, Mayor
ATTEST:
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ROBIN L. SULLIVAN
Clerk of the Commission
APPROVED AS TO FORM:
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ATTACHMENT D: SUGGESTED AFFIRMATIVE STATEMENT A
FOR AMENDING A DEFERRED COMPENSATION PLAN
Name of Employer: CITY 0 F
EOZ EMAN State: MotiTMA
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Employer Plan Number
As a duly authorized agent of the above named Employer, I hereby
AMEND and restate the Employer's deferred compensation plan (the "Plan") in the
form of: (Select one)
I]J The ICMA Retirement Corporation Deferred Compensation Plan and Trust
o The Plan and Trust provided by the Employer (executed copy attached hereto).
SPECIFY 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;
STIPULATE that the Plan: (Select one)
o Will permit loans
c1i [XJ Will not permit loans
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r: AND AFFIRM that the Employer hereby agrees to serve as trustee under the Plan.
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0 DATE: December 16. 1996
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Mail in the enclosed postage-paid envelope or to:
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..r::. ICMA Retirement Corporation' Attention: Implementation Analyst
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777 North Capitol Street NE . Washington, DC 20002-4240
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