TC Res. No. 1996-59RESOLUTION NO- 96-59
SERIES OF 1996
A RESOLUTION RELATING TO AMENDING A DEFEND
COMPENSATION PLAN
WHEREAS, the Town of Avon has employees rendering valuable services; and
WHEREAS, the Town of Avon has established a deferred compensation plan for
such employees that senres the interest of the Town 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 Avon has determined that the continuance of the
deferred compensation plan will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that
require changes to the structure of and allow enhancement of the benefits of the deferred
compensation plan:
NOW THEREFORE BE IT RESOLVED THAT THE TOWN COUNCIL OF
THE TOWN OF AVON, COLORADO, hereby amends and restates the deferred
compensation plan (the "Plan") in the form of The ICMA Retirement Corporation
Deferred Compensation Plan and Trust.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust,
with the Town of Avon serving as trustee, for the exclusive benefit of the Plan
participants and their beneficiaries, and the assets shall not be diverted to any other
purpose. The trustee's beneficial ownership of Plan assets held in the ICMA Retirement
Trust shall be held for the further exclusive benefit of the Plan participants and their
beneficiaries.
BE IT FURTHER RESOLVED that the Plan will not permit loans.
BE IT FURTHER RESOLVED that the Town of Avon hereby agrees to serve as
trustee under the Plan.
ADOPTED this 10" day of December, 1996.
TOWN OF AVON, COLORADO
Jacklawcett, Mayor
A'
Patty Lambert;