Resolution No. 97-19 u.,
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CITY OF TIGARD,OREGON -
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RESOLUTION NO,97-Ia .0
A RESOLUTION AMENDING THE CITY OF TIGARD'S ICMA DEFERRED COMPENSATION i
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PLAN AND TRUST IN ACCORDANCE WITH INTERNAL REVENUE CODE AMENDMENTS. ` -
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'y WHEREAS,the City of Tigard employees render valuable services;and
,k WHEREAS,the City of Tigard established a deferred compensation plan to provide a retirement benefit for
# City of Tigard employees;andyr'�
WHEREAS,the City of Tigard has determined that the continuance of ICMA Deferred Compensation Plan
9300206 will serve this objective;and
WHEREAS,amendments to the Internal Revenue Code were enacted that require changes to the Plan !'N '
structure which will allow benefit enhancements of the deferred compensation plan. xgk '
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
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SECTION 1: The City of Tigard hereby amends and restates the deferred compensation plan(the"Plan")
in the form of the ICMA Retirement Corporation Deferred Compensation Plan and Trust.
SECTION 2: The assets of Plan 9300206 shall be held in trust,with the City of Tigard serving as trustee,
for the exclusive benefit of the PIan participants and their beneficiaries,and the assets shall 2g'�'°� ,
not be diverted to any other purpose_ The City of Tigard's beneficial ownershipof Plan
' `assets held in the ICMA.Retirement Trust shall be held for the further exclusive benefit ofe�„:i
the Plan participants and their beneficiaries...:Notwithstanding the foregoing,
Plan
provisions creating a Trust to hold all the assets of the Plan for the exclusive benefit of
Participants and Beneficiaries shall become effective once the appropriate body makes the
necessary amenumcnts ycM."uing the establishment and maintenance of such a Trust. " T
SECTION 3. The City of Tigard hereby agrees to serve as trustee undcr the Plan.
PASSED: This IBJ day of 1 97.
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or-City of Tig s
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City Recorder-City of Tigard
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RESOLUTION N0.97-_
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