1989-18 Creates Deferred Compensation Plan for Village Manager with ICMA-RCRESOLUTION NO. 18- 1989
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
PALM BEACH, FLORIDA, CREATING A DEFERRED COMPENSATION PLAN
FOR THE VILLAGE MANAGER WITH ICMA RETIREMENT CORPORATION
AND SETTING FORTH THE TERMS THEREOF.
WHEREAS, the Village has a class of employees
' consisting of the Village Manager rendering valuable service;
and
WHEREAS, the establishment of a Deferred Compensation
Plan for such employee serves the interests of the Village by
enabling it to provide reasonable retirement security for its
employee by providing increased flexibility in its personnel
management system and by assisting the attraction and attention
of a competent Village Manager; and
WHEREAS, the Village has determined that the
establishment of a Deferred Compensation Plan for its Village
Manager to be administered by the ICMA Retirement Corporation
to service the above objectives; and
' WHEREAS, the Village desires that the investment of
funds held under its said Deferred Compensation Plan be
administered by the ICMA Retirement Corporation and that such
funds be held by the ICMA Retirement Trust the trust
established by public employers for the collective investment
of funds held under their Deferred Compensation Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL
OF NORTH PALM BEACH, FLORIDA:
Section 1: That the Village hereby adopts the
Deferred Compensation Plan attached hereto as Appendix "A" and
appoints the ICMA Retirement Corporation to serve as
administrator thereunder.
Section 2: The Village hereby executes a Declaration
' of Trust of the ICMA Retirement Trust attached hereto as
Appendix "B".
Section 3: The Village Manager shall be the
coordinator for this program and shall receive necessary
reports, notices, etc. from the ICMA Retirement Corporation or the ICMA
Retirement Trust and shall cast on behalf of the Village any required votes
under the program. Administrative duties to carry out the Plan may be assiyned
' to appropriate departments.
Section 4: The Village hereby designates the Village Manager as the
sole person eligible to participate in the Plan.
Section 5: The amount of deferred compensation shall not exceed
X7,500.00 or 15% of the participant's includable compensation for each taxable
year whichever is less.
Section 6: This Resolution shall take effect immediaely upon
passage.
PASSED AND ADOPTED THIS 27th DAY OF APRIL, 1989.
z~
ATTEST:
Village Clerk
1
-2-