HomeMy Public PortalAbout1992-18 Adoption of deferred compensation planRESOLUTION NO. Cf-if
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA; ADOPTING A
DEFERRED COMPENSATION PLAN; PROVIDING FOR THE
EXECUTION OF NECESSARY DOCUMENTS; DESIGNATING
THE MAYOR AS COORDINATOR OF THE PLAN;
AUTHORIZING THE MAYOR TO RECEIVE NECESSARY
REPORTS, CAST REQUIRED VOTES UNDER THE PLAN,
DELEGATE ADMINISTRATIVE DUTIES RELATING TO THE
PLAN, EXECUTE ALL NECESSARY AGREEMENTS WITH
THE PLAN AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Village has employees rendering valuable
services; and
WHEREAS, the establishment of a deferred compensation plan for
such employees serves the interests of the Village 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 Village 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 Village desires that its deferred compensation
plan be administered by the ICMA Retirement Corporation, and that
the funds held under such plan be invested in the ICMA Retirement
Trust, a trust established by public employers for the collective
investment of funds held under their retirement and deferred
compensation plans;
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, as follows:
Section 1. The Employer hereby adopts a deferred compensation
plan (the "Plan") in the form of the ICMA Retirement Corporation
Deferred Compensation Plan, substantially in the form attached
hereto.
Section 2. The Mayor shall be the coordinator for the Plan;
shall receive necessary reports and notice from the ICMA Retirement
Corporation or the ICMA Retirement Trust; shall cast, on behalf of
the Village any required votes under the ICMA Retirement Trust; may
delegate any administrative duties relating to the Plan to
appropriate persons; and is authorized to execute all necessary
agreements with ICMA Retirement Corporation necessary to enroll the
Village Manager for the implementation and administration of the
Plan in a form acceptable to the Village Attorney. The enrollment
of other employees must be approved by the Board of Trustees.
Section 3. Effective Date. This resolution shall become
effective immediately.
PASSED AND ADOPTED this 0/day of � . _r , 1992.
RAFAEL
Attest:
VILLAGE CLERK
Approved as to Legal Sufficiency:
VI LIIJAGE ATTORNEY
CONTE, MAYOR