Resolution No. 97-30 x
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CITY OF TIGARD,OREGON
RESOLUTION NO.97-.3D
-- A RESOLUTION AMENDING THE CITY OF TIGARD'S AETNA DEFERRED COMPENSATION F'
c 'PLAN AND TRUST IN ACCORDANCE WITH INTERNAL REVENUE CODE AMENDMENTS.
WHEREAS,the City of Tigard employees render valuable services;and
WHEREAS,the City of Tigard established a deferred compensation pian to provide a retirement
benefit for City of Tigard employees;and
WHEREAS,the City of Tigard has determined that the continuance of the AETNA Deferred
Compensation Plan will serve this objective;and
WHEREAS,amendments to the Internal Revenue Code were enacted that require changes to
the Plan structure which will allow benefit enhancements of the deferred compensation plan.
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1: The City of Tigard hereby amends and restates the deferred compensation plan
(the"Plan")in the form of the AETNA Deferred Compensation Plan and Trust.
SECTION 2: The assets of the Plan shall be held in trust,with the City of Tigard serving as trustee,for
the exclusive benefit of the Plan participants and their beneficiaries,and the assets shall not w
bediverted to any other purpose. The City of Tigard's beneficial ownership of Plan assets
held in the AETNA Deferred Compensation Trust shall be held for the further exclusive 1
benefit of the Pian participants and their beneficiaries. Notwithstanding the foregoing,all
..Plan provisions creating a Trust to hold all the assets of the Plan for the exclusive benefit of
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Participants and Beneficiaries shall become effective once the appropriate body makes the f�„
necessary amendments permitting the establishment and maintenance of such a Trust P.
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SECTION 3: The City of Tigard hereby agrees to serve as trustee under the Plan. r {
PASSED: This �� � day f' C 1997.
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Ctty Recorder-City of Tigard
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x RESOLUTION NO.97- �`,
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