HomeMy Public PortalAboutRES 96/17RESOLUTION NO. 96-17
A RESOLUTION OF THE TOWN COMMISSION OF THE
TOWN OF GULF STREAM, PALM BEACH COUNTY,
FLORIDA, AMENDING AND RESTATING THE DEFERRED
COMPENSATION PLAN; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the Town of Gulf Stream has employees rendering
valuable services; and
WHEREAS, the Town of Gulf Stream has established a deferred
compensation plan, Plan Number 303428, for such employees that
serves the interest of the Town 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 the competent
personnel; and
WHEREAS, the Town of Gulf Stream has determined that the
continuance of the deferred compensation plan will serve these
objectives; and
WHEREAS, amendments to the Internal Revenue Code have been
enacted that require changes to the structure of, and allow
enhancements of the benefits of, the deferred compensation plan.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COMMISSION OF THE
TOWN OF GULF STREAM, PALM BEACH COUNTY, FLORIDA, as follows:
Section 1. The Town hereby amends and restates the
deferred compensation plan, Plan Number 303428, (the "Plan ") in
the form of the ICMA Retirement Corporation Deferred Compensation
Plan and Trust.
Section 2. The assets of the Plan shall be held in trust,
with the Town serving as trustee, for the exclusive benefit of the
Plan participants and their beneficiaries, and the assets shall not
be diverted to any other purpose. The Town's beneficial ownership
of Plan assets held in the ICMA Retirement Trust shall be held for
the further exclusive benefit of the Plan participants and their
beneficiaries. Notwithstanding the foregoing, all Plan provisions
creating a Trust to hold all the assets of the Plan for the
exclusive benefit of Participants and Beneficiaries shall became
effective as of the effective date of the revision to Florida
DEC 11 '96 09 :07AM JONES FOSTER JOHNSTON & STUBBS
F. 3/J
Statute Section 122.215(10)(b) permitting the establishment and
maintenance of such a Trust.
Section 3. The Plan will not permit loans.
Section 4_ The Town of Gulf Stream hereby agrees to serve
as trustee under the Plan.
Section �r This Resolution shall become effective
itmnediately upon passage.
PASSED AND ADOPTED in regular session assembled this day
of e- c,--Yr L -ei- , 1990 .
(SEAL)
ATTEST
TOWN CLERK /
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TOWN OF GW STREW, FLORIDA
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