R-88-13RESOLUTION NO. R- 88 -13
WHEREAS, the Employer has employees rendering
valuable services; and
WHEREAS, the establishment of a deferred compensation
plan for such employees serves the interests of the Employer 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 Employer has determined that the
establishment of a deferred compensation plan to be administered
by the ICMA Retirement Corporation serves the above objectives;
and
WHEREAS, the Employer desires that the investment of
funds held under its deferred compensation plan be administered
by the ICMA Retirement Corporation, and that such funds be held
by the ICMA Retirement Trust, a trust establihsed by public
employers for the collective investment of funds held under
their deferred compensation plans and money purchase retirement
plans;
NOW, THEREFORE, BE IT RESOLVED that the Employer
hereby executes the Declaration of Trust of the ICMA Retirement
Trust, attached hereto as Appendix A.
BE IT FURTHER RESOLVED that the Finance Director 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
Employer, any required votes under the program. Administrative
duties to carry out the plan may be assigned to the appropriate
departments.
AYES: MAROVITZ, MARTY, ROSENTHAL, SEIDMAN, SWANSON, YORK (6)
NAYS: NONE (0)
ABSENT: NONE (0)
PASSED this 7th day of November, A. D., 1988.
APPROVED this 7th day of November, A. D. 1988.
VILLAGE PRESIDENT
ATTEST:
VILLAGE CL