HomeMy Public PortalAboutr 02:127No 02-127 Date of Adoption April 4: 2002
RESOLUTION FOR ADOPTING CHANGES REQUIRED BY THE ECONOMIC
GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 TO AN
EXISTING DEFERRED COMPENSATION PLAN
AND SERVICE AGREEMENT
DEFERRED COMPENSATION PLAN
WHEREAS, the Borough of Carteret (hereinafter referred to as the "Employer") by
Resolution adopted a Deferred Compensation Plan (hereinafter referred to as the "Plan")
effective January 1, 2002, for the purpose of making available to eligible employees the
accrual of tax benefits under a Section 457 Deferred Compensation Plan; and
WHEREAS, the Employer by Resolution retained [The Variable Annuity Life Insurance
Company ("VALIC")] as the contractor under the Deferred Compensation Plan and
executed a Service Agreement with said contractor; and
WHEREAS, the Economic Growth and Tax Relief Reconciliation Act of 2001 amended
Section 457 of the Internal Revenue Code (the "Code"); and
WHEREAS, the Employer desires its Plan and Service Agreement to conform with the
changes in the Code brought about by the Economic Growth and Tax Relief
Reconciliation Act of 2001; and
WHEREAS, the Employer desires to adopt a restated Plan and Service Agreement that
conform with the changes in the Code resulting from the Economic Growth and Tax
Relief Reconciliation Act of 2001; and
WHEREAS, such revised Plan and Service Agreement shall supersede the previously
adopted Plan and Service Agreement;
NOW, THEREFORE, BE IT RESOLVED that the Employer hereby adopts the
attached revised Plan [22-PD-VALIC-E 121201 ] and Service Agreement [03-SA-VALiC-
E121201;]
BE IT FURTHER RESOLVED that a certified copy of this Resolution shall be
forwarded to the Director of the Division of Local Government Services.
Adopted this 4th day of April, 2002
and certified as a true copy of the
original on April 5, 2002.
KATHLEEN M. BARNEY, RMC/CMC
Municipal Clerk
COUNCILMAN
PARISI
REIMAN
RIOS
RECORD OF COUNCIL VOTE
X - Indicate Vote
AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto cp]
Adopted at a meeting of the Municipal Council
_april 4, 2O02