2.4. ERMUSR 12-12-2012 - Laserfiche WebLink

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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(6)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 of January 1, 2006;