HomeMy Public PortalAboutr 97:303 No, 97-303 Dale o[Adoplion OCTOBER 2~ 1997
AMENDING DEFERRED COMPENSATION PLAN
- VALIC -
WHEREAS, Borough of Carteret, (hereinafter referred to as the "Employer") by Resolution
adopted a Deferred Compensation Plan (hereinafter referred to as the "Plan") effective August
27, 1996 for the purpose of making available to eligible employees the accrual of tax benefits of
a Section 457 Deferred Compensation Plan; and
WHEREAS, the Small Business Job Protection Act of 1996 mended Section 457 of the Internal
Revenue Code (the "Code") to require that assets and income under the Plan be held in trust, in
annuity contracts or in one or more custodial accounts for the exclusive benefit of Plan
participants and their beneficiaries; and
WHEREAS, the Employer desires the Plan to comply with the Small Business Job Protection
Act of 1996 amendments to Section 457 of the Code, such amendments being necessary to
.-_ maintain the Plan as an eligible Deferred Compensation Plan within the meaning of Section 457
of the Code.
NOW, THEREFORE, BE IT RESOLVED that the Employer hereby adopts the attached
Amendment to the Deferred Compensation Plan 03 PD-VALIC-022295 to be part of and
incorporated into its existing Deferred Compensation Plan Document.
BE IT FURTHER RESOLVED that a certified copy of this Resolution shall be forwarded to
the Director of Local Government Services in the State Department of Community Affairs.
Adopted this 2nd day of October, 1997 and
certified as a true copy of the ohginal on
October 3, 1997.
KATHLEEN M. BARNEY
Municipal Clerk
RECORD OI? COUNCIL VOTE
DuPONT FEINGOLD
FAILACE GUTOWSKI
X - l.dicate Vote Alt - Absent NV - Not Voting XOR - [.dicatcs Vqte to Overrule Veto
Adopted at a .meting of Ih¢ Mulficipal Cou.cil
/ J OCTOBER 2, 199~
/ ~ ' ' 'CLERK