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RESOLUTION <br /> FOR A LEGISLATIVE BODY RELATING TO A 457 DEFERRED COMPENSATION PLAN <br /> Account Number 30- <br /> Name of Employer: City of Pequot Takes State: MN <br /> Title of Program Coordinator: City Clerk <br /> (see definition below for duties of Program Coordinator) <br /> Resolution of the above named Employer("Employer") <br /> WHEREAS,the Employer has employees rendering valuable services;and <br /> WHEREAS,the establishment of a deferred compensation plan for such employees serves the interests of the Employer by <br /> enabling it to provide reasonable retirement security for its employees, by providing increased flexibility in its personnel <br /> management system,and by assisting in the attraction and retention of competent personnel;and <br /> WHEREAS,the Employer has determined that the establishment of a deferred compensation plan to be administered by the <br /> ICMA Retirement Corporation serves the above objectives; and <br /> WHEREAS,the Employer desires that its deferred compensation plan be administered by the ICMA Retirement Corporation, <br /> and that some or all of the funds held under such plan be invested in the VantageTrust Company,a trust established by public <br /> employers for the collective investment of funds held under their retirement and deferred compensation plans; <br /> NOW THEREFORE BE IT RESOLVED that the Employer hereby adopts the deferred compensation plan(the"Plan")in the form <br /> of: (Select one) <br /> a The ICMA Retirement Corporation Deferred Compensation Plan and Trust, referred to as Appendix A <br /> ❑ The plan provided by the Employer(executed copy attached hereto). <br /> BE IT FURTHER RESOLVED that the Employer hereby executes the Declaration of Trust of the VantageTrust Company,attached <br /> hereto as Appendix B,intending this execution to be operative with respect to any retirement or deferred compensation plan <br /> subsequently established by the Employer, if the assets of the plan are to be invested in the VantageTrust Company. <br /> BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust,with the Employer serving as trustee, for <br /> the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted to any other <br /> purpose. <br /> BE IT FURTHER RESOLVED that the Plan: (Select one) <br /> 1) .❑ Will permit loans l' Will not permit loans <br /> 2) ❑ Will offer a Sidecar IRA program ' Will not offer a Sidecar IRA program <br /> BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the Plan. <br /> BE IT FURTHER RESOLVED that the City Clerk (use tifle of official, not name)shall be <br /> the coordinator for this program;shall receive necessary reports, notices, etc.from the ICMA Retirement Corporation <br /> or the VantageTrust Company; shall cast, on behalf of the Employer, any required votes under the VantageTrust <br /> Company; Administrative duties to carry out the plan may be assigned to the appropriate departments, and is <br /> authorized to execute all necessary agreements with ICMA Retirement Corporation incidental to the administration of <br /> the Plan. <br /> I, ,Clerk of the (City, County, etc.) of Pequot Lakes , do hereby certify that the foregoing resolution, <br /> proposed by , in the (Council Member, Trustee, etc.) of was duly passed and <br /> adopted in the(Council, Board, etc.)of the(City,County,etc.)of Pequot Laknieegular meeting thereof assembled <br /> this 5thday of;September , 20 06 , by the following vote: <br /> AYES: Malecha, Bolz—Andolshek, Oraskovich <br /> Nagel , Pfeiffer, Ryan, Sjoblad <br /> NAYS: None 74-‘-race <br /> ABSENT: None �° Clerk of the(City,County,etc.) <br /> (Seal) <br />