HomeMy WebLinkAbout8070RESOLUTION NO. 8070
A RESOLUTION AMENDING AND RESTATING THE CITY OF
PUEBLO'S DEFERRED COMPENSATION PLAN
WHEREAS, the City of Pueblo has employees rendering valuable services; and
WHEREAS, the City of Pueblo has established a deferred compensation plan for such
employees that serves the interest of the City of Pueblo 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 Pueblo 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 CITY COUNCIL OF PUEBLO, that:
SECTION 1
The City of Pueblo hereby amends and restates the deferred compensation plan (the "Plan ")
in the form of the ICMA Retirement Corporation Deferred Compensation Plan and Trust dated
November 1996, a copy of which is on file in the office of the Director of Finance and is
incorporated herein as if set out herein in full. The Plan will not permit loans.
SECTION 2
The assets of the Plan shall be held in trust, with the City of Pueblo 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 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 3
The City of Pueblo hereby agrees to serve as a trustee under the Plan.
ATTEST:
City Cl
INTRODUCED: March 24, 1997
By Charles Jones
Councilperson
APPROVED:
&, I.
President oft City e ouncil
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