ERMU RES 12-03 RESOLUTIONS - ��
OF THE
ELK RIVER MUNICIPAL UTILITIES COMMISSION
REGARDING THE
ELK RIVER MUNICIPAL UTILITIES DEFERRED COMPENSATION PLAN
December 12, 2012
WHEREAS, employees of the Elk River Municipal Utilities Commission(the
"Commission") are eligible to participate in the Minnesota Deferred Compensation Plan,
an eligible deferred compensation plan for governmental employers under Section 457(b)
of the Internal Revenue Code;
WHEREAS, employees of the Commission expressed interest in participating in
an alternative Section 457(b) plan that would allow them to receive some financial advice
with respect to their investments in such plan;
WHEREAS, Minnesota law permits governmental employers such as the
Commission to offer an alternative Section 457(b) plan, and the personnel policies of the
Commission provide for such a plan;
WHEREAS, on December 13, 2005, the Commission moved to approve adoption
of an alternative Section 457(b) plan proposed by Wenzel and Associates with an
investment platform provided by ING;
WHEREAS, the Company has been operating an alternative Section 457(b) plan
since January 1, 2006;
WHEREAS, regulations promulgated under Section 457(b) of the Internal
Revenue Code require that an eligible Section 457(b) plan be in writing;
WHEREAS,the Commission wishes formally to adopt a written plan document
to govern its alternative Section 457(b) plan; and
WHEREAS, a copy of the Elk River Municipal Deferred Compensation Plan has
been made available to members of the Commission at its meeting of December 12,
2012.
NOW, THEREFORE, BE IT RESOLVED, that the Commission hereby
approves and adopts the Elk River Municipal Utilities Deferred Compensation Plan (the
"Plan"), effective as ofJanuary 1, 2006;
RESOLVED FURTHER, that the President of the Commission is hereby
authorized to execute the Plan and to take any other action necessary or helpful for the
implementation of the foregoing resolutions.
DatecfCey.,br\2,,2012
ELK RIVER MUNICIPAL UTILITIES COMMISSION
By: . ��
Ja nD -tz �
Its: President
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