HomeMy WebLinkAboutResolution 017-2008 Resolution No. 17-08
Resolution for a Legislative Body Relating to a 457 Deferred Compensation Plan
Account Number 30-6363
Name of Employer: The City of Brookings State: South Dakota
Title of Program Coordinator: Human Resources Director
(see definition below for duties of Program Coordinator)
Resolution of the above named Employer ("Employer")
WHEREAS, the Employer has employees rendering valuable services;and
WHEREAS, the establishment of a deferred compensation plan for such employees serves
the interests of the Employer by enabling it to provide reasonable retirement security for its
employees,by providing increased flexibility in its personnel management system,and by
assisting in the attraction and retention of competent personnel; and
WHEREAS, the Employer has determined that the establishment of a deferred
compensation plan to be administered by the ICMA Retirement Corporation serves the
above objectives;and
WHEREAS, the Employer desires that its deferred compensation plan be administered by
the ICMA Retirement Corporation, and that some or all of the funds held under such plan
be invested in the VantageTrust Company, a trust established by public employers for the
collective investment of funds held under their retirement and deferred compensation plans;
NOW,THEREFORE, BE IT RESOLVED that the Employer hereby adopts the
deferred compensation plan (the"Plan") in the form of: (Select one)
❑ The ICMA Retirement Corporation Deferred Compensation Plan and Trust,
referred to as Appendix A
❑ The plan provided by the Employer (executed copy attached hereto).
BE IT FURTHER RESOLVED that the Employer hereby executes the Declaration of
Trust of the VantageTrust Company, attached hereto as Appendix B,intending this
execution to be operative with respect to any retirement or deferred compensation plan
subsequently established by the Employer,if the assets of the plan are to be invested in the
VantageTrust Company.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust,with the
Employer serving as trustee, for the exclusive benefit of the Plan participants and their
beneficiaries, and the assets shall not be diverted to any other purpose.
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee
under the Plan.
BE IT FURTHER RESOLVED that the Human Resources Director (use title of official,
not name) shall be the coordinator for this program; shall receive necessary reports,notices,
etc. from the ICMA Retirement Corporation or the VantageTrust Company; shall cast, on
behalf of the Employer, any required votes under the VantageTrust Company;
Administrative duties to carry out the plan may be assigned to the appropriate department,
and is authorized to execute all necessary agreements with ICMA Retirement Corporation
incidental to the administration of the Plan.
Passed and approved this 12t`' day of February, 2008.
CITY OF : . •OKINGS
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Shari Thornes, City Clerk