R-676 - 09/24/1996 - IMRF - Resolutions e 1.7t�►
RESOLUTION 96-IMRF-R-676
A RESOLUTION ADOPTING THE IMRF-ENDORSED NACo DEFERRED COMPENSATION PROGRAM
AND ESTABLISHING THE DEFERRED COMPENSATION PLAN FOR VOLUNTARY
PARTICIPATION OF ALL ELIGIBLE EMPLOYEES, ELECTED OFFICIALS AND
INDEPENDENT CONTRACTORS
WHEREAS, the Village of Oak Brook, IL, a municipal corporation, has
considered the establishment of a Deferred Compensation Plan to be made
available to all eligible employees, elected officials, and independent
contractors pursuant to Federal legislation permitting such Plans; and
WHEREAS, certain substantial tax benefits could accrue to employees,
elected officials and independent contractors participating in said Deferred
Compensation Plans; and
WHEREAS, such benefits will act as incentives to the employees to
voluntarily set aside and invest portions of the current income to meet their
future financial requirements and supplement their retirement and Social
Security (if applicable); and
WHEREAS, the Illinois Municipal Retirement Fund (IMRF) has endorsed a
plan established by the National Association of Counties (NACo) who has
established a master prototype deferred compensation program for any political
subdivision permitting its member and its employees to enjoy the advantages of
this Program; and
WHEREAS, the NACo, as Plan Administrator, agrees to hold harmless and
indemnify the Village of Oak Brook, IL, its appointed and elected officers and
participating employees from any loss resulting from NACo or its agent's
failure to perform its duties and services pursuant to the IMRF-endorsed
Program;
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as follows:
Section 1: The Village President and Board of Trustees hereby adopts
the IMRF-endorsed NACo Deferred Compensation Program and its attendant
investment options and hereby establishes the Deferred Compensation Plan for
the voluntary participation of all eligible employees, elected officials and
independent contractors.
Section 2: The Finance Officer is hereby authorized to execute for the
Village of Oak Brook, IL individual participation agreements with each said
employee requesting same, and to act as the "Administrator" of the Plan
representing the employer, and to execute such agreements and contracts as are
necessary to implement the Program. It is implicitly understood that other
than the incidental expenses of collecting and disbursing the employee's
deferrals and other minor administrative matters, that there is to be no cost
to the Village of Oak Brook, IL for the Program.
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Resolution 96-IMRF-R-676
Adopting the IMRF-Endorsed
NACo Deferred Compensation
Program, Page 2
PASSED AND APPROVED this 24th day of September, 1996 by the President
and Board of Trustees of the Village of Oak Brook, DuPage and Cook Counties,
Illinois, according to a roll call vote as follows:
Ayes: Trustees Bartecki, Kenny, McInerney, Pay vich and Savino
Nays: None
Absent: Trustee Shumate
Abstain: None
Village President f&-t'
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lags Clerk
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