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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 -2-