HomeMy WebLinkAbout86-065
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STATE OF HINN1!SOTA
COUNTY OF RAMSEY
CITY OF ARDEN HILLS
RESOLUTION NO. 86-65
RESOLUTION ESTABLISHING A DEFERRED COMPENSATION
PLAN FOR FULL TIME EMPLOYEES OF TIlE VILLAGB OF ARDEN HILLS
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and
WHERBAS, the Villase baa employee. render ins valuable aervicea!
WHEREAS, the establishment of a deferred compensation plan for
such employeea will serve the Intereat. oftha Villale by enablins it to
provide reaaonable retirement aecurity for it. employ..., by providinl
increa.ed flexibility in ita peraonnel manalement ay.tem. and by a.aiatina in
the attraction and retention of competent peraonnel; and
WHEREAS, the Villase haa determined that the establiahment of a
deferred compensation plan to be administered by the lCHA Retirement
Corporation will aerve the above objectiv.., and
WHEREAS, the Villase desires that the investment of funds held.
under its deferred compensation plan be administered by the ICHA Retirement
Corporation, as Trustee, with the understanding that such funds will be held by
the ICHA Retirement Trust, a trust established by publlc employers for the
purpo.es of represent ins the intereats of such employer. with respect to the
collective inveatment of funda held under their deferred compensation plans,
NOW, THEREFORE, BE IT RESOLVED that the Village adopta the
deferred compensation plan, attached hereto as Appendix A, and appoint. the
ICHA Retirement Corporation to serve as Administrator thereunder; and
BE IT FURTHER RESOLVED that the Village hereby executes the ICHA
Retirement Trust, attached hereto.. Appendix B; and
BE IT FURTHER RESOLVED that the Village hereby adopts the trust
agreement, attached hereto as Appendix C, and appoints the ICHA Retirement
Corporation as Trustee thereunder, and directs the ICMA Retirement Corporation,
as Trustee, to invest all funds held under the deferred compensation plan
through the ICHA Retirement Trust aa soon as is practicable; and
. BE IT FURTHER RESOLVED, that the Clerk Administrator shall be the
coordinator for this program and shall receive necessary reports, notices, etc.
from the IcHA Retirement Corporation es Administrstor, and shall cast, on
behalf of the Village, any required votes under the program. Administrative
duties to carry out the plan may be assigned to the appropriate departments.
Adopted by the Arden Hills Council this 29th day of December,
1986.
1P~~re/~~
Robert L. Woodburn. Mayor
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