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RESOLUTION <br /> THE ESTABLISHMENT OF A DEFERRED COMPENSATION PLAN <br /> WHEREAS, the City of Pequot Lakes has employees rendering valuable services; <br /> and <br /> WHEREAS, the establishment of a deferred compensation plan for such employees <br /> will serve the interests of the City of Pequot Lakes by enabling it to provide <br /> reasonable retirement security for its employees, by profiding increased flexibility <br /> in its personnel management system, and by assisting in the attraction and retention <br /> of competent personnel; and <br /> WHEREAS, the City of Pequot Lakes has determined that the establishment of a <br /> deferred compensation plan to be administreed by the ICMA Retirement Corporation <br /> will serve the above objectives, and <br /> WHEREAS, the City of Pequot Lakes desires the investment of funds held under <br /> its deferred compensation plan be administered by the ICMA Retirement Corporation, <br /> as Trustee, with the understanding that such funds will be held by the ICMA <br /> Retirement Trust, a trust established by public employers for the purpose of <br /> representing the interests of such employers with respect to the collective <br /> investment of funds held under their deferred compensation plans; <br /> NOW THEREFORE BE IT RESOLVED that the City of Pequot Lakes adopts the <br /> deferred compensation plan, attached hereto as Appendix A, and appoints the ICMA <br /> Retirement Corporation to serve as Administrator thereunder; and <br /> BE IT FURTHER RESOLVED the the City of Pequot Lakes hereby executes the ICMA <br /> Retirement Trust, attached hereto as Appendix B; and <br /> BE IT FURTHER RESOLVED that the City of Pequot Lakes hereby adopts the trust <br /> agreement, attached hereto as Appendix C, and appoints the ICMA Retirement <br /> Corporation, as Trustee, to invest all funds held under the deferred compensation <br /> plan through the ICMA Retirement Trust as soon as is practicable; and <br /> BE IT FURTHER RESOLVED that the City Clerk shall be the coordinator for this <br /> program and shall receive necessary reports, notices, etc. from the ICMA <br /> Retirement Corporation as Administrator, and shall cast, on behalf cf the City of <br /> Pequot Lakes, any required votes under the program. <br /> El/ ' <br /> • Ed Larsen, ayor <br /> 4,6v72--e-e(% I' <br /> Terri Russell, City - - . <br />