Loading...
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 / JM \13147- 01 \RES0LUTI.IGM 6 TOWN OF GW STREW, FLORIDA , (1E 7 -r/t -d -� --- �rz 3 1 COMMISS IONSSR COMI S S I ONER