HomeMy WebLinkAboutResolution 01-1997 RESOLUTION NO. 1-97
A RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN FOR
EMPLOYEES OF BROOKINGS HOSPITAL AND BROOKVIEW MANOR PURSUANT TO
INTERNAL REVENUE CODE SECTION 457.
WHEREAS, the City of Brookings has previously established a deferred compensation plan for
employees of Brookings Hospital and Brookview Manor under Internal Revenue Code Section 403(b)
pursuant to Resolution 16-92 and of the City of Brookings, and
WI�REAS, it has been determined that the deferred compensation plan for employees of
Brookings Hospital and Brookview Manor must be established pursuant to Internal Revenue Code
Section 457 rather than under Internal Revenue Code Section 403(b), and
WHEREAS, it is the desire of the Governing Body to establish the Deferred Compensation Plan
for employees of Brookings Hospital and Brookview Manor pursuant to Internal Revenue Code Section
457, now therefore
. BE IT RESOLVED by the Governing Body of the City of Brookings as follows:
1. That a Section 457 Deferred Compensation Plan is hereby adopted for certain employees of
Brookings Hospital and Brookview Manor.
2. The City does hereby authorize and approve the transfer by the City of Brookings to the
designated banks as approved depositories for the City of Brookings such amounts as specified by
qualified employees not to exceed the amount of the employee's exclusion allowance as determined by
Section 457 of the Internal Revenue Code.
3. It is the intention of the City Commissioners of the City of Brookings that such deposits in
accounts established for authorized employees will qualify under the terms of Section 457 of the
Internal Revenue Code. It is further the intention of the City of Brookings that deposits for such
employees shall continue until the earlier of employee retirement, employment termination or upon
death of the employee.
Passed and approved this 7th day of Janu , 1997.
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