85-002 RES
.
.
RESOLUTION 85-2
A RESOLUTION ESTABLISHING A DEFERP~D CO}~ENSATION PLAN
RESOLUTION OF CITY OF ELK RIVER
("Employer").
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan for such employees will serve the interests 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 establishment of a deferred compensation plan to be
administered by the ICMA Retirement Corporation will serve the above objectives, and
WHEREAS, the Employer desires that the investment of funds held under its deferred compensation plan be
administered by the ICMA Retirement Corporation, as Trustee, with the understanding that such funds will be
held by the ICMA Retirement Trust, a trust established by public employers for the purpose of representing the
interests of such employers with respect to the collective investment of funds held under their deferred
compensation plans:
NOW THEREFORE BE IT RESOLVED that the Employer adopts the deferred compensation plan, attached
hereto as Appendix A, and appoints the ICMA Retirement Corporation to serve as Administratorthereunder; and
BE IT FURTHER RESOL VED that the Employer hereby executes the ICMA Retirement Trust, attached hereto as
Appendix B; and
BE IT FURTHER RESOLVED that the Employer hereby adopts the trust agreement, attached hereto as Appendix
C, and appoints the ICMA Retirement Corporation as Trustee thereunder, and directs the ICMA Retirement
Corporation, as Trustee, to invest all funds held under the deferred compensation plan through the ICMA
Retirement Trust as soon as is practicable; and
BE IT FURTHERRESOLVED that the City Clerk (use title of official, not name)
shall be the coordinator for this program and shall receive necessary reports, notices, etc. from the ICMA
Retirement Corporation as Administrator, and shall cast, on behalf of the Employer, any required votes under
the program. Administrative duties to carry out the plan may be assigned to the appropriate departments.
I, Phyllis K. Boedigheimer , Clerk of the (City, auuuuy,
etc.) of Elk River , do hereby certify that the foregoing resolution, proposed by
(Council Member, ~K) of Elk River Ci ty Council was duly passed and
adopted in the (Council, ~.) of the (City, ~ of Elk River
at a regular meeting thereof assembled this 21st day of January, 19~ by the following vote:
AYES: 4
. NAYS: ~one
ABSENT; Non~
(SEAL)
(::212111;.1 y;? ~;; .
PhyLlis Boedighelmer
City Clerk/Treasurer