HomeMy WebLinkAbout056-02RESOLUTION NO. 56-2002
APPROVING AN AMENDMENT TO THE TOWN OF DANVILLE DEFERRED
COMPENSATION PLAN
WItEREAS, the Town of Danville (the "Town") has employees currently parficipafmg in a Section
457IRC, Deferred Compensation retirement savings plan administered by Lincoln Life; and
WHEREAS, the Town wishes to adopt the Good Faith Amendment of the Deferred Compensation
Plan for Economic Growth Tax Relief Reconciliation Act of 2001 ("EGTRRA') to comply with all
statutory requirements for eligible deferred compensation plans; and
WHEREAS, Lincoln Life is able to administer the Deferred Compensation Plan for the Town in
accordance with the terms of the agreement between the parties; now, therefore, be it
RESOLVED, that the Danville Town Council establishes and adopts the Good Faith Amendment of
the Deferred Compensation Plan for EGTRRA, a copy of which is on file with the Town's Finance
Director; and, be it further
RESOLVED, that the assets of the Deferred Compensation Plan shall be held in a Trust/Custodial
Trust, with the Town Finance Director appointed as and serving as Trust Custodian, for the exclusive
benefit of the Plan participants and their beneficiaries and the assets shall not be diverted for any
other purpose; and, be it further
RESOLVED, that the Town Manager is hereby authorized to execute all necessary agreements with
Lincoln Life incidental to the administration of the Plan and to take any other actions necessary to
implement this resolution.
APPROVED by the Danville Town Council at a regular meeting on June 4, 2002 by the following
vote:
AYES:
NOES: None
ABSTAINED:None
ABSENT: Arner±ch
Waldo, Doyle, Greenberg, Shimansky
MAYOR
,r~') AP~PR~D~ TOrl~RM:
CITY ATTORNEY
CITY CLERK