HomeMy WebLinkAbout1997-150 CCRMember kl+ l err) 04 rMCd Y introduced the following resolution and moved its
• adoption:
RESOLUTION NO. So
RESOLUTION TO AMEND THE SECTION 457 EMPLOYEE DEFERRED
COMPENSATION PLAN
WHEREAS, the City of Brooklyn Center has employees rendering valuable
services to the City; and
WHEREAS, the City established a deferred compensation plan for such employees
that serves the interest of the City 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 City selected the ICMA Retirement Corporation in 1976 to be the
provider of the Internal Revenue Code, Section 457 deferred compensation plan; and
WHEREAS, amendments to the Internal Revenue Code, Section 457, have been
enacted that require changes to the structure of, and allow enhancements of the benefits of, the
deferred compensation plan; and
• WHEREAS, Minnesota Session Laws of the 1997 Legislative Session, Chapter
241, make changes to the Minnesota Statutes to bring them into compliance with the amended
Internal Revenue Code, Section 457.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota as follows:
1. The deferred compensation plan is amended and restated as the ICMA Retirement
Corporation Deferred Compensation Plan and Trust.
2. That the assets of the Plan shall be held in trust, with the City 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. The City's benefical ownership
of plan assets held in the ICMA Retirement Trust shall be held for the further
exclusive benefit of the plan participants and their beneficiaries.
3. The amended Plan will permit loans.
4. The City agrees to serve as trustee under the Plan.
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RESOLUTION NO. q -7' Js
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01 8 h9g1
Date
ATTEST: '�V* T
City Clerk
Mayor
The motion for the adoption of the foregoing resolution was duly seconded by member
T)e b ra 4,' $�rD rn and upon vote being taken thereon, the following voted in favor
thereof:
twi rna �Jra9 r %, �'a+h leers ea rr DJ+ kay LA5 M t n, 'Deb fK QG4n m l Rbber- Peer—
and
Pe er -
and the following voted against the same: r vne
whereupon said resolution was declared duly passed and adopted.
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