HomeMy WebLinkAbout 19-45 457 Deferred Comp PlanRESOLUTION 19-45
A RESOLUTION APPROVING A 451 DEFERRED COMPENSATION PLAN FOR THE TOWN OF
FIRESTONE, COLORADO -Account # 30-0418
WHEREAS, the Town of Firestone has employees rendering valuable services; and
WHEREAS, the establishment of a Deferred Compensation Plan for such employees serves the
interests of the Town of Firestone 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 Town of Firestone has determined that the establishment of a Deferred
Compensation Plan to be administered by the ICMA Retirement Corporation serves the above
objectives, and
WHEREAS, the Town of Firestone desires that its Deferred Compensation Plan be administered
by the ICMA Retirement Corporation, and the some or all of the funds held under such plan be invested
in VantageTrust. a trust established by Dublic emDlovers for the collective investment of funds held
under their retirement and deferred compensation plans;
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF FIRESTONE,
COLORADO:
Adopts the Deferred Compensation Plan (the "Plan") in the form of:
The ICMA Retirement Corporation Deferred Compensation Plan and Trust, referred to as
Appendix A.
BE IT FURTHER RESOLVED THAT THE Town of Firestone hereby adopts the Declaration of Trust
of VantageTrust, attached hereto as Appendix B, intending this adoption to be operative with respect to
any retirement or Deferred Compensation Plan subsequently established by the Town of Firestone, if
the assets of the plan are to be invested in VantageTrust.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held intrust, with the Town of
Firestone serving as a trustee, for the exclusive benefit of the Plan participants and their beneficiaries,
and the assets shall not be diverted to any other purpose.
BE IT FURTHER RESOLVED that the Town of Firestone hereby agrees to serve as trustee under
the Plan.
BE IT FURTHER RESOLVED that the Finance Director shall be the coordinator for this program;
shall receive necessary reports, notices, etc. from ICMA Retirement Corporation or VantageTrust; shall
cast, on behalf of the Town of Firestone, any required votes under VantageTrust; Administrative duties
to carry out the plan may be assigned to the appropriate departments; and is authorized to execute all
necessary agreements with ICMA Retirement Corporation incidental to the administration of the Plan.
PASSED AND ADOPTED this 121" day of June 2019. `
ATTEST:
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Leah Vanarsdall, Town Clerk
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