HomeMy WebLinkAboutResolution No. 189-13i
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RESOLUTION
AMENDING A DEFERRED COMPENSATION PLAN
Plan Number:
Name of Employer: City of Rochester, Minnesota
WHEREAS, the City of Rochester has employees rendering valuable services; and
WHEREAS, the City of Rochester has established a deferred compensation plan for,
such employees that serves the interest of the City 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 City of Rochester has determined that the continuance of the deferred
compensation plan will serve these objectives.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Wochester that the City does hereby amend and restate the deferred compensation plan,
("Plan") in tl�e' form of the ICMA Retirement Corporation 457 Governmental Deferred
Compensation Plan & Trust to include the associated Roth amendment.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust with the
City of Rochester serving as trustee ("Trustee") for the exclusive benefit of Plan participants
and their beneficiaries, and the assets shall not be diverted to any other purpose. The
Trustee's beneficial ownership of Plan assets held in VantageTrust shall be held for the further
exclusive benefit of the Plan participants and their beneficiaries.
BE IT FURTHER RESOLVED that the City of Rochester hereby agrees to serve as
Trustee under the Plan.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS DAY OF , 2013
1-� U.�
ACTING PRESIDENT OF
COMMON W� NCIL
WTTEST: da,3-L�Ag
DZFUTY CITY CL�Ekli/ U
APPROVED THIS I �h DAY OF
(Seal of the City of
Rochester, Minnesota)
STATE OF MINNESOTA
COUNTY OF OLMSTED
2013.
MAYOR OF SAID CITY
CERTIFICATION
•I, Judy Scherr, City Clerk of the City of Rochester, Minnesota, the custodian of its
records, do hereby certify the above is a true and exact .copy of a Resolution passed, adopted
and approved by the Common Council of said City on May 6, 2013, as shown by the minutes
of said meeting in my possession, by the following votes:
Ayes:
Nays:
Absent:
Abstention:
Dated at Rochester, Minnesota, this day of May, 2013.
City Clerk
Notary Public
My Commission Expires:
ReslO/Adopt.DefCompAmdl
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