HomeMy WebLinkAboutResolution 3988 Amending the ICMA 457 Governmental Deferred Compensation Plan No. 800431
COMMISSION RESOLUTION NO. 3988
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
BOZEMAN, MONTANA, AMENDING THE ICMA 457 GOVERNMENTAL
DEFERRED COMPENSATION PLAN NO. 800431 OF THE CITY OF
BOZEMAN, MONTANA.
WHEREAS, the City of Bozeman has employees rendering valuable services; and
WHEREAS, the City of Bozeman has established a deferred compensation plan for such
employees that serves the interest of the City by enabling it to provide reasonable retirement security
for its employees, by providing increased flexibility in its personnel mana~ment system, and by
assisting in the attraction and retention of competent employees; and
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WHEREAS, the City of Bozeman has determined that the contin~of ~h.e deferred
compensation plan will serve these objectives; and
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Bozeman, Montana: That the City hereby amends and restates its ICMA 457 governmental deferred
compensation plan (the "Plan") in the form of the ICMA Retirement Corporation Deferred
Compensation Plan and Trust.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the
City 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;
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BE IT FURTHER RESOLVED that the City 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 8th day of January 2007.
ATTEST:
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Brit Fonfenot .
City Clerk
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JE A S, Mayor
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