RESOLUTION NO. 2012-33
A RESOLUTION TO APPROVE A TRUST AGREEMENT WITH THE ICMA RETIREMENT CORPORATION FOR THE ADMINISTRATION OF A 457 DEFERRED COMPENSATION PLAN FOR EMPLOYEES OF THE VILLAGE OF GRANVILLE
WHEREAS, Section 457 of the Internal Revenue Code of 1986 authorizes deferred compensation programs for eligible employees; and
WHEREAS, the Village of Granville is an employer of eligible employee(s) as defined by the Ohio Revised Code Section 145.71(A), and thereby may adopt a Plan under this Program; and
WHEREAS, the establishment of a deferred compensation plan for such employees serves the interests of the Employer 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 ICMA Retirement Corporation is such an Administrator of a deferred compensation plan and that some or all of the funds held under such a plan be invested in the VantageTrust Company, a trust established by public employers for the collective investment of funds held under their retirement and deferred compensation plans.
NOW, THEREFORE, BE IT RESOLVED by the Council of the Village of Granville, Ohio that:
Section 1: The Village of Granville hereby approves the ICMA Retirement Corporation Deferred Compensation Plan and Trust referred to in the attached Appendix A.
Section 2: The Village of Granville hereby executes the Declaration of Trust of the VantageTrust Company, attached hereto as Appendix B, intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the Village, if the assets of the plan are to be invested in the VantageTrust Company.
Section 3: The assets of the Plan shall be held in trust with the Village of Granville serving as trustee for the exclusive benefit of eligible employee(s) and their beneficiaries, and the assets shall not be diverted to any other purpose.
Section 4: The Village Finance Director shall be the coordinator for this program; shall receive necessary reports, notices, etc. From the ICMA Retirement Corporation or the VantageTrust Company; shall cast, on behalf of the Village of Granville, any required votes under the VantageTrust Company; 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.
Section 5: This resolution shall take effect and be in full force immediately upon passage.
Passed this 6th day of June, 2012.