Resolution 4369 - ICMA-Retirement Corporation Trust117U6
RESOLUTION NO. 4369
A RESOLUTION AMENDING THE ICKA RETIRBM M CORPORATION DEFERRED
COMPENSATION PLAN.
WHEREAS, The City of Kalispell has employees rendering
valuable services; and
WHEREAS, The City of Kalispell has established a deferred
compensation plan for such employees that serves the interest of
the City of Kalispell 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 Kalispell has determined that the
continuance of the deferred compensation plan will service 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 CITY COUNCIL OF THE CITY OF
KALISPELL, MONTANA AS FOLLOWS:
SECTION I. That the City of Kalispell hereby amends and
restates the deferred compensation plan in the form of the
ICMA Retirement Corporation Deferred Compensation Plan and
Trust.
SECTION II. That the assets of the Plan shall be held in
trust, with the City of Kalispell 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.
SECTION IiI. That the Trustee'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.
SECTION ly. That the Plan will not permit loans.
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.S.ECTION V. This Resolution shall become effective
immediately following its passage by the City Council and
approval by the Mayor.
PASSED AND APPROVED BY THE CITY COUNCIL AND THE MAYOR OF THE CITY
OF KALISPELL, THIS 6-h DAY OF OCTOBER, 1997.
ATTEST:
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Debbie Gif r C
Clerk of Coun 1
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So "fivir
M-�lag D. Rauthe, Mayor