HomeMy WebLinkAboutResolution No. 2007-014 Amend ICMA 451 Gov't Deferred Comp Plan and Trust ak g 'f �, RESOLUTION NO. 2007-14
AMENDING ICMA 457 GOVERNMENT City Of EdIIla
DEFERRED COMPENSATION PLAN AND TRUST
WHEREAS, the City of Edina has established a deferred compensation plan for such
employees that serves the interest of the City of Edina 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 of Edina has determined that the continuance of the deferred
compensation plan will serve these objectives; and
NOW, THEREFORE, BE IT RESOLVED, that the City of Edina hereby amends and
restates the deferred compensation plan (the "Plan") in the form of "The ICMA
Retirement Corporation Deferred Compensation Plan and Trust".
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the
. City of Edina serving as trustee ("Trustee"), for the exclusive benefit of 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 VantageTrust shall be
held for the further exclusive benefit of the Plan participants a d their beneficiaries.
BE IT FURTHER RESOLVED that the City of Edina eb ees to serve as trustee
under the
P an.
ATTEST: F' �, J
City Clerk Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify
that the attached and foregoing Resolution was duly adopted by the Edina City Council at its
Regular Meeting of January 16, 2007,and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of 20_.
• City Clerk
City Hall 952-927-8861
4801 WEST 50TH STREET FAX 952-826-0390
EDINA,MINNESOTA, 55424-1394 www.cityofedina.com TTY 952-826-0379