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