HomeMy WebLinkAboutRes1997-002
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Sponsored by: Garzini
CITY OF SEWARD, ALASKA
RESOLUTION NO. 97-002
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, AMENDING THE CITY'S DEFERRED COMPENSATION PLAN
TO A 457 PLAN AND TRUST AND AUTHORIZING THE CITY MANAGER
TO AFFIRM THAT THE CITY AGREES TO SERVE AS TRUSTEE UNDER
THE PLAN WITH PLAN ASSETS HELD IN THE ICMA RETIREMENT
TRUST
WHEREAS, the City of Seward has employees rendering valuable public services; and
WHEREAS, 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; and
WHEREAS, the City has determined that the continuance of the deferred compensation plan
will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that require
changes to the structure of and allow enhancement of the benefits of the deferred compensation plan;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The City of Seward hereby amends and restates the deferred compensation plan
(the "Plan") in the form of the ICMA Retirement Corporation Deferred Compensation Plan and
Trust.
Section 2. BE IT FURTHER RESOLVED that 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 the further exclusive
benefit of the Plan participants and their beneficiaries,
Section 3. BE IT FURTHER RESOLVED that the Plan will not permit loans.
Section 4. BE IT FURTHER RESOLVED that the City hereby agrees to serve as trustee
under the Plan.
CITY OF SEWARD, ALASKA
RESOLUTION NO. 97-002
Section 5, This resolution shall take effect immediately upon its adoption.
PASSED AND APPROVED by the City Council of the city of Seward, Alaska, this 13th
day of January, 1997.
THE CITY OF SEWARD, ALASKA
AYES:
NOES:
ABSENT:
ABSTAIN:
Anderson, Bencardino, Blatchford, Clark, Crane, Keil, King
None
None
None
ATTEST:
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