R-353 - 09/13/1983 - ICMA - Resolutions RESOLUTION NO. R- 3
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A RESOLUTION APPROVING A REVISED DEFERRED COMPENSATION P N
MINISTERED BY THE INTERNATIONAL CITY MANAGEMEN
RETIREMENT CORPORATION
WHEREAS, pursuant to Ordinance 5-396, passed and approved February 14,
1978, the Village of Oak Brook elected to participate in the International City
Management Association Retirement Corporation Deferred Compensation Plan; and
WHEREAS, the Village of Oak Brook maintains a deferred compensation plan
for its employees which is administered by the ICMA Retirement Corporation (the
"Administrator"); and
WHEREAS, the Administrator has recommended changes in the plan document to
comply with recent federal legislation and Internal Revenue Service Regulations
governing said plans; and
WHEREAS, the Internal Revenue Service has issued a private letter ruling
approving said plan document as complying with Section 457 of the Internal
Revenue Code; and
WHEREAS, other public employers have joined together to establish the ICMA
Retirement Trust for the purpose of representing the interests of the
participating employers with respect to the collective investment of funds held
under their deferred compensation plans; and
WHEREAS, said Trust is a salutary development which further advances the
quality of administration for plans administered by the ICMA Retirement
Corporation:
NOW, THEREFORE, BE IT RESOLVED that the Village of Oak Brook hereby adopts
the deferred compensation plan, attached hereto an Appendix A, as an amendment
and restatement of its present deferred compensation pier administered by the
ICMA Retirement Corporation, which shall continue to act as Administrator of said
plan; and.
BE IT FURTHER RESOLVED that the Village of Oak Brook hereby executes the
ICMA Retirement Trust, attached hereto as Appendix B; and
BE IT FURTHER RESOLVED that the Village of Oak Brook hereby adopts the
trust agreement with the ICMA Retirement Corporation as appears at Appendix C
hereto, as an amendment and restatement of its existing trust agreement with the
ICMA Retirement Corporation, and directs the ICMA Retirement Corporation, as
Trustee, to invest all funds held under the deferred compensation plan through
the ICMA Retirement Trust as soon as is practicable; and
BE IT FURTHER RESOLVED that the Village Manager shall be the coordinator
for his program and shall receive necessary reports, notices, etc. from the ICMA
Retirement Corporation as Administrator, and shall cast, on behalf of the Village
of Oak Brook, any required votes under the program. Administrative duties to
carry out the plan may be assigned to the appropriate departments.
PASSED AND APPROVED this 13th day of September , 1983 by the
President and Board of Trustees ZirtTe Village o1 Oak gook, ) Page and Cook
Counties, Illinois according to a roll call vote as follows:
Ayes: Trustees Imrie, Liatecki, Maher, Philip, Rush and Watson.
Nays: None
Absent: None
w -rem
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ATTEST: .a OS