Resolution 4393 - Laserfiche WebLink

:IMO.. RESOLUTION 4 3 9 3 A resolution in support of adopting an amendment to the City of Everett ICMA Retirement Corporation Deferred Compensation Plan. WHEREAS, the City of Everett heretofore established a Deferred Compensation Plan; and WHEREAS, the City of Everett desires to amend the Plan to conform with changes in the federal law brought about by the Small Business Job Protection Act of 1996 (the "Act") requiring that, within the time prescribed by such Act, eligible deferred compensation plans established and maintained by governmental employers be amended to provide that all assets of the plan be held in trust, or under one or more appropriate annuity contracts or custodial accounts, for the exclusive benefit of plan participants and their beneficiaries; and WHEREAS, the established deferred compensation plan for such employees serves the interest of the City of Everett 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 City of Everett has determined that the continuance of the ICMA Retirement Corporation 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, that, effective January 1, 1997, except as otherwise provided, the City Council of the City of Everett hereby amends and restates the attached Plan as 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 of Everett 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; BE IT FURTHER RESOLVED that the City of Everett approves all modifications to the attached Declaration of Trust. BE IT FURTHER RESOLVED that the Plan will not permit loans.