HomeMy WebLinkAboutR-2305 - Amending IMCA-RC deferred compensation plan and trust to include the Associated Roth AmendmentCITY OF MARYSVILLE
Marysville,Washington
RESOLUTION NO.2-3D ~
A RESOLUTION OF THE CITY OF MARYSVILLE AMENDING ICMA-RC
DEFERRED COMPENSATION PLAN AND TRUST TO INCLUDE THE
ASSOCIATED ROTH AMENDMENT
WHEREAS,the Employer has employees rendering valuable services;and
WHEREAS,the Employer has established a deferred compensation plan for such employees
that serves the interest 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 continuance of the deferred compensation
plan will serve these objectives;
and
NOW THEREFORE BE IT RESOLVED that the Employer hereby amends and restates the
deferred compensation plan (the "Plan")in the form of:(select one)
~The ICMA Retirement Corporation 457 Governmental Deferred Compensation Plan
&Trust,to include the associated Roth amendment.
OR
o The Plan and Trust and any associated amendments provided by the Employer
(executed copies attached hereto)
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust,with the Employer
serving as trustee ("Trustee"),for the exclusive benefit of Plan participants and their
beneficiaries,and the assets shall not be diverted to any other purpose.The Trustee's beneficial
ownership of Plan assets held in VantageTrust shall be held for the further exclusive benefit of
the Plan participants and their beneficiaries;
BE IT FURTHER RESOLVED that the employer hereby agrees to serve as Trustee under the
Plan.
CITY OF MARYSVILLE