04/26/2011 Resolutions 2011-108RESOLUTION 2011 -108
WHEREAS, the City of Grand Island has employees rendering valuable services and
WHEREAS, the City has established a deferred compensation plan for such employees
that serves the interest 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 continuation of the deferred
compensation plan will serve these objectives, and
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the City hereby amends and restates the
deferral compensation plan (City of Grand Island Plan #301716) in the form of
The ICMA Retirement Corporation 457 Governmental Deferred Compensation Plan & Trust, to
include the associated Roth amendment.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the City serving
as trustee for the exclusive benefits of Plan participants and their beneficiaries, and the assets shall not
be diverted to any other purpose. The Trustee's beneficial ownership of Plan held in VantageTrust
shall be held for the further exclusive benefit of the Plan participants and their beneficiaries.
BE IT FURTHER RESOLVED that the City hereby agrees to serve as Trustee under the Plan.
Adopted by the City Council of the City of Grand Island, Nebraska, April 26, 2011.
Attest:
RaNae Edwards, City Clerk
Approved to Form 0
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April 25, 20101 1 13 City Attorney