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Elk River <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> Elk River Municipal Utilities Commission Theresa Slominski, Finance and Office Manager <br /> John Dietz—Chair <br /> Daryl Thompson—Vice Chair <br /> Al Nadeau—Trustee <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> December 12,2012 2.4 <br /> SUBJECT: <br /> 457(b)Plan Document <br /> DISCUSSION: <br /> In December 2005 ERMU added an alternative option for employees to invest in a 457(b)plan <br /> that had the benefit of financial advice through a financial planner, separate from the Minnesota <br /> Deferred Compensation Plan(MDCP) already offered. The plan was effective January 1, 2006 <br /> and provides for financial planning through Wenzel and Associates with an investment platform <br /> provided by ING. Regulations under Section 457(b) of the Internal Revenue Code require a <br /> written plan document, and adoption of such. MDCP provides such a written plan document for <br /> us and we must provide one for the alternate product. I have worked with the benefits attorney at <br /> Gray, Plant, Mooty to review and provide the appropriate documents for this alternative plan. <br /> Included is a resolution to adopt the Elk River Municipal Utilities Deferred Compensation Plan, <br /> as of January 1, 2006, as was the original intent, and an adoption agreement for the specifics of <br /> the plan document. The full plan document of 35 pages is not included here,however, is <br /> available upon request. <br /> ACTION REQUESTED: <br /> Adoption of the Resolution for the Elk River Municipal Utilities Deferred Compensation Plan. <br /> PINEIEI 1P <br /> Page 1 of I 'NATURE <br /> Reliable Public <br /> Power Provider POWERED To SERVE <br />