1991-15 Deferred Compensation Plan - ICMARESOLUTION NO. 15-1991
' A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM BEACH,
I'LORIllA, CREATING A DEFERRED COMPENSATION PLAN FOR PERMANENT, FULL TIME
VILLAGE EMPLOYEES WITH ICxNA RETIREMENT CORPORATION AND SETTING FORTH
THF. TERMS THEREOF.
WHEREAS, the Village has a class consisting of permanent,
full time employees rendering valuable service; and
WHEREAS, the establishment of a Deferred Compensation Plan
for such employees serves the interests of the Vlllage by enabling it
to provide reasonable retirement security for its employees by
providing increased flexibility in its personnel management system and
6y assisting the attraction and retention of competent Village
employees; and
WHEREAS, the Village has determined that the establishment of
' a Deferred Compensation Plan for its Village employees 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
NORT}I 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 I(~NA 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 assigned to
appropriate departments.
Section 4. The Village hereby designates permanent, full
time Village employees as the sole persons eligible to participate in
the Plan.
• Section 5. The amount of deferred compensation shall not
exceed $7,500.00 or 33-1/3% of the participant's includable compen-
sation for each taxable year whichever is less.
' Section 6. All resolutions in conflict herewith are hereby
repealed.
Section 7. This Resolution shall take effect immediately
upon passage.
PASSED AND ADOPTED THIS 25th DAY OF APRIL ,
1991.
(Village Seal)
Y
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