HomeMy WebLinkAboutResolution 17-1992 RESOLUTIOH N0. 17-92
ADOPTIHG THE DESIGNATED BAHKS AS APPROVED DEPOSITORIES FOR THE CITY OF
BROOKIHGS AS AUTHORIZED COMPAHIES UNDER THE DEFERRED COMPENSATIOH PLAN
ADOPTED UNDER IHTERNAL REVEHUE CODE SECTIOH 457 BY THE CITY OF
BROOKINGS OH APRIL 2, 1981.
WHEREAS, the City of Brookings established and adopted a deferred
compensation plan on April 1, 1982 for the purpose to attract and hold
certain employees by providing them an opportunity to enter into
agreements with the employer Nhich will provide for monthly payments
on retirement, as well as death benefits in the event of death before
or after retirement.
It is the intention of the City Commissioners of the City of
Brookings to suthorize banks that are approved depositories in
Brookings to contact city employees to discuss investment alternativea
for benefits accrued under said plan. The inveetment alternatives
provided by the banks in Brookings will provide each participant a
broad range of investment alternatives including certificates of
deposit.
BE IT RESOLVED by the City Commiasioners of the City of
Brookings, that the banks that are approved depositories are hereby
companies authorized to provide investment services under the plan.
Passed and approved this 25th day of February, 1992.
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