City Council Resolution 1990-56RESOLUTION 90- 56
RESOLUTION ESTABLISHING
AN ADDITIONAL DEFERRED COMPENSATION PLAN
WHEREAS, the City of Monticello has employees rendering valuable
services, and
WHEREAS, the establishment of a deferred compensation plan for such
employees will serve the interests 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 has determined that the establishment of
additional deferred compensation plans would provide the
opportunity for the employees to make alternate selections, and
WHEREAS, pursuant to City Resolutions 1985 #3 and #4, the City has
established two deferred compensation plans to be administered by
the ICMA Retirement Corporation and Safeco Life Insurance Company,
and
WHEREAS, the City has determined that the establishment of a third
deferred compensation plan as offered by IDS Financial Services
will also serve the above objectives, and
WHEREAS, the City desires that the investment of funds held under
its deferred compensation plan be administered by IDS Financial
Services for the purpose of representing the interests of the City
and its employees with respect to the collective investment of
funds held under their deferred compensation plans:
NOW, THEREFORE, BE IT RESOLVED THAT THE CITY OF MONTICELLO adopts
the deferred compensation plan, attached hereto as Appendix A, and
appoints IDS Financial Services to serve as the investor of funds;
and
BE IT FURTHER RESOLVED THAT the City Administrator shall be the
coordinator for this program and shall receive necessary reports,
notices, etc., from the IDS Financial Services and shall submit all
necessary and required forms as required under appropriate law.
Administrative duties to carry out the execution of the plan may be
assigned to appropriate departments.
Adopted this 10th day of December,
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City Admin strator
1990.
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Ma r