HomeMy WebLinkAbout1997-12 Deferred Comp. Plan RESOLUTION NO. 97- ~,
A RESOLUTION AMENDING THE CITY'S DEFERRED
COMPENSATION PLAN
RECITALS:
A. The City of Ashland as an employer has employees rendering valuable services.
B. The City has 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.
C. The City has determined that the continuance of the deferred compensation plan
will serve these objectives.
D. 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.
THE CITY OF ASHLAND RESOLVES AS FOLLOWS:
SECTION 1. The City amends and restates the deferred compensation plan ("the
Plan") in the form of the ICMA Retirement Corporation Deferred Compensation Plan
and Trust.
SECTION 2. 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 Trustee's beneficial ownership
of Plan assets held in the ICMA Retirement Trust shall be held for further exclusive
benefit of the Plan participants and their beneficiaries. The City agrees to serve as
trustee under the Plan.
SECTION 3. The Plan will not permit loans.
This resolution was read by title only in accordance with Ashland Municipal Code
§2.04.090 duly PASSED and ADOPTED this
Barbara Christensen, City Recorder
SIGNED and APPROVED this ~
day of /. ,1997.
, 1997.
Paul Nolte, City Attorney
Catherine M. Golden, Mayor
(p:ord\icma.res)