HomeMy WebLinkAboutResolution-1997-1589
RESOLUTION NO. ~589
Series of 1997
TITLE A RESOLUTION AMENDING THE CITY'S PARTICIPATION IN THE ICMA
RETIREMENT CORPORATION DEFERRED COMPENSATION PLAN
WHEREAS, the City of Wheat Ridge has employees rendering valuable services;
and
WHEREAS, the City of Wheat Ridge has established a deferred compensation
plan for such employees that serves the interest of the City of Wheat Ridge 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 of Wheat Ridge has determined that the continuance of the
deferred compensation plan will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that
reqUire changes to the structure of and allow enhancements of the benefits of the deferred
compensation plan,
NOW, THEREFORE, BE IT RESOLVED that the City of Wheat Ridge hereby
amends and restates the deferred compensation plan (the "Plan") in the form of the ICMA
Retirement Corporation Deferred Compensation Plan and Trust;
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust,
with the Employer serving as trustee, for the exclUSive benefit of the Plan participants and their
beneficlanes, and the assets shall not be diverted to any other purpose. The Trustee's beneficial
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;
BE IT FURTHER RESOLVED that the Plan will not permit loans;
BE IT FURTHER RESOLVED that the City of Wheat Ridge hereby agrees to
serve as trustee under the Plan.
February
DONE AND RESOLVED TmS 10thDAY OF ,19Y7.
/CL_ {,,,,,
^-..-/Z"J--o.-......". ..t \,../ ~ cl.. "-..-
Dan Wilde, Mayor
ATTEST
- ~)j.:"'~Ld
j
,i,o{oJ."r:;-
Wanda Sang, City Clerk-- --