HomeMy WebLinkAbout1998 Resolution No. 096•
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RESOLUTION NO .~
SERIES OF 1998
A RESOLUTION AMENDING THE cm OF ENGLEWOOD'S ICMA-RC 467 DEFERRED
COMPENSATION PLAN.
WHEREAS, the City 0£ Enclewood bas ....i.Jiabed an ICMA-RC 45 7 Deferred
Compe11111tion Plan £or such em:,ioy-dlat ll!n'l!I the intereat 0£ the City by enablin& it to
provide reasonable retil-e1.0ent aecurity m it& employeas; and
WHEREAS , the deferred c:o mpe nsatisn p la:1 provides increased flexibility in its personnel
manage ment system and by a.uisting in the attraction and retention of competent pe rsonnel
and h as de termined that the c:ontinwu,a o£ tbe ICMA-RC 45 7 Defe1red Co mpensation Plan
will serve ·;hese objectives; and
WHEREAS. amendments to the Internal ~enue Code have been enacted tha t require
changes to the atruc:ture of and allow enba=ents 0£ the benefits of the deferred
compensation plan:
NOW , THEREFORE. BE !T RESOL 'ED BY THE CITY COUNCIL OF THE CITY OF
E NGLEWOOD , COLORAD O, THAT:
~-The City Council of the Co:y of 3.nglewood , Color ado h ereby aut horizes and
amends and r estates the de ferred com _ == plan in the Corm of the ICMA Retirement
Corporatio n Deferred Compen.sanon Pla:l am Truat .
~-The asteta of the Plan 1ha!l be beld in trust, with the City serving as trustee ,
for the °'elusive benefit of the Plan participam.s and their beneficiaries, and the assets shall
not be diverted to any other purpose.
~-The Trustee's (City's) be:o,,iical ownership of Plan assets held in the ICMA
Retirement Trust shall be held fo r the f'rther e>clusive bene fit of the Plan participa nts and
their beneficiaries .
~-The 457 Deferred Coinpe.csan= Plan will not permit loans .
~-The City of Englewood (Eo.ploy~r) hereby agrees to serve as tr uste e under the
Pl an .
~-The Director of Financial Service• for the City of Eqlewood, Colando aW1 lie
the coordinator for the Plan: ,hall receive oeceuary reporu, now:ee , etc., from the !CllA
Retirement Corporation or !he ICMA Retirement Trust; ehall cut, on bebalf on the Ciq, UI)'
requind votes under the ICMA Retirement Trust; may delegate any administraliw.......,
relating to the Plan to appropriate departmentl.
ADOPTED AND APPROVED this 2nd day of November, 1998.
I , Loucrishia A. Ellis . City Clerk fonY,• City of Englewood , C
above is a true r.op y of Resolution No~ Series of 1998.
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• COUNCIL COMMUNICATION
Date Agerda Item Subject A resolution to amend
the City of Englewood's ICMA-
RC Deferred Compensation
November 2. 1998 10 Ci Plan .
Initiated By
Department Clif Financial Services
I Staff Source
Frank Gryglewicz , Director of Financ ial Services
COUNCIL GOAL AHO PREVIOUS COUNCIL ACTION
The City Council has n,at met on this specific top ic, but has mad r: the City's total benefit strategy a
priority to attract and retain quality employees . The Deferred Compensation Plan is an integral
component of the City's benefit package that allows employees to defer a portion of their earnings .
This benefit gives empfu:)yees a method of saving that defers payment of tax on both the contribution
and earnings until the 1'1unds are withdrawn .
RECOMMENDED ACTION
Statt recommends the City Counci l approved the attached reso lution .
• BACKGROUND , ANALYSIS , AND ALTERNATIVES IDENTIFIED
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The Internal Revenue Code has bee n amended to re quire changes to the structure of the deferred
compensation plan. Ti' ,s reso lution authorizes the International City Manager Assoc iation Retirement
Corporation (ICMA-RC) 10 amend and rest at e the deferred compensation plan in the form to the ICMA
Retirement Corpora tion Deferred Compen sation Plan and Trust. Thi s change places the assets of the
Plan in trust , with the Cl.'")' of Englewood serving as tru st ee for th e exclus ive benef it of the Plan
participan ts and the ir ben eficiaries , and the assets shall not be diverted for any other p11rp os,?.
FINANCIJI.L IMPACT
This action will not have an im pact on the City 's financial condition. ·
LIST OF ATTACHMENTS
Proposed res olution