HomeMy WebLinkAboutResolution 97-018 amending ICMA deferred compensation planMARANA RESOLUTION NO. 9%18
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF MARANA, ARIZONA,
AMENDING AND RESTATING THE DEFERRED COMPENSATION PLAN IN THE FORM
OF THE ICMA RETIREMENT CORPORATION DEFERRED COMPENSATION PLAN AND
TRUST.
WHEREAS, the Town of Marana has employees rendering valuable service; and
WHEREAS, the Town of Marana has established a deferred compensation plan for such
employees that serves the interest of the Town of Marana by enabling it to provide reasonable
redrement security for its employees, by providing increased flexibility in its personnel management
syste~ and by ~ in the a~U~ction and retention of competent personnel; and
WHEREAS, the Town of Maraim has detea,dned that the continuance of the deferred
compensation plan will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that requ/re
changes to the stmaure of and allow enhancements of the beneilts of the deferred compensation plan.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council ofthe Town of Marana
that the Town of Marana hereby amends and restates the deferred compensation plan (the "Plan")
in the form of the ICMA Retirement Corporation Deferred Compensation Plan and Trust; and
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the
Town of Marana serving as trustee, for the exclusive benefit of the Plan partialpants and their
beneficiaries, and the assets shall not be dive~ted to any other purpose. The Tmstee'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; and
BE IT FURTHER RESOLVED that the Plan will not permit loans.
PASSED AND ADOPTED by the Mayor and Council ofthe Town of Maran~ Arizona. this
18th day of February, 1997.
:1os~
To~X~!~
Daniel I. Hochuli
Town Attorney
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