HomeMy Public PortalAboutResolution 1358RESOLUTION NO. 13 5 8
RESOLUTION OF THE VILLAGE OF PLAINFIELD OFFERED THROUGH THE
1LLINOIS PUBLIC PENSION FUND ASSOCIATION ADOPTING A DEFERRED
COMPENSATION PLAN
WHEREAS, The Village of Plainfield, an Illinois Municipal Corporation, organized as a Village, is
a member of the Illinois Public Pension Fund Association ("IPPFA");
WHEREAS, IPPFA sponsors the IPPFA 457 Deferred Compensation Plan in the form of Exhibit A
hereto (the "Plan") and offers the .Plan for adoption by its employer members for the benefit of their
respective employees and beneficiaries;
WHEREAS, IPPFA on behalf of its member employers that adopt and. maintain the Plan, has
entered into a Trust Agreement (the "Trust Agreement),, pursuant to which IPPFA (or a financial
institution designed by IPPFA) will serve as trustee ("Trustee")-with respect to the assets and
investments held under the Plan (the "Trust");
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WHEREAS, IPPFA, on behalf of its member employers that adopt and maintain the Plan; has
entered into an Administrative Services Agreement (the "Services Agreement") pursuant to which
Diversified Investment Advisors, Inc. (tbe "Service Agent") has been appointed to provide certain
record keeping and. administrative services with respect to the Plan, as more specified in the Services
Agreement;
WHEREAS, the Village of Plainfield has employees rendering valuable services to the Employer
and has, upon due deliberation, concluded. that it would be prudent and appropriate to adopt and
administer the Plan on behalf of such employees of Employer who participate in the Plan in order to
allow such. employees to provide for their retirement security and to serve the interest of the
Employer in attracting and retaining competent personnel;
WHEREAS, The Corporate Authority has reviewed. the Plan documents including, without
limitation; the Plan, Services Agreement, Trust Agreement and the investment media thereunder, and
has found the IPPFA's arrangements to be reasonable and beneficial to the Flan.
WHEREAS, the Village of Plainfield is empowered bythe laws, rules, and regulations of State of
Illinois to take on its behalf the actions contemplated by this Resolution.
NOW, THEREFORE, BE IT RESOLVED, that the Employer `hereby adopts the IPPFA 457
Deferred Compensation Plan in the form of Exhibit A hereto and as maybe amended from time to
time to comply with any changes in applicable laws, rules and regulations or as otherwise necessary
ar appropriate;
FURTHER RESOLVED, that the Plan shall permit loans to Plan Participants;
FURTHER RESOLVED, N/A. There shall be no Employer Matching Contributions;
FURTHER RESOLVED, that the Employer hereby adapts, and hereby authorizes the Trustee to
enter into on its behalf, the investment contracts designated for the Plan, including without limitation
the Diversified Investment Advisors Collective Trust (and Adoption Agreernent) and the AISA Life
Insurance Company, Inc. Group Annuity Contract, which maybe amended from time to time to
comply with any changes in applicable laws, rules and regulations or as otherwise necessary or
appropriate;
FURTHER RESOLVED, that the Employer hereby adopts, and hereby authorizes IPPFA to execute
on behalf of the Employer as its authorized agent, the Services Agreernent, which maybe amended
from time to time to comply with any changes in applicable laws, rules and regulations or as
otherwise necessary or appropriate; and
BE IT FURTHER RESOLVED that the Director of Management Services shall be the coordinator
for this program; shall receive necessary reports, notices, etc. from Diversified Investment Advisors,
Inc. or the IPPFA Deferred Compensation Trust; may assign administrative duties to carry out the
Plan to appropriate departments, and. is authorized to execute all necessary agreements with
Diversified Investment Advisors, Inc. incidental to the administration of the Plan.
I, Susan Janik, Clerk of the Village of Plainfield, do hereby certify that, the foregoing resolution,
proposed by village Boar~as duly passed and adapted in the Board of Trustees of the Village
of Plainfield at a regular meeting thereof assembled this 2 0th day of, 2003 by the following
vote: January
AYES: Calabrese, Collins, Swalwell, O'Connell, Thomson, Cherry.
NAYES: 0
ABSENT: 0