TC Res. No. 2002-14RESOLUTION NO. 02-14
SERIES OF 2002
A RESOLUTION AMENDING A DEFERRED COMPENSATION PLAN
WHEREAS, the Town of Avon ("Town") has established a deferred compensation plan
for employees that serves the interest of the Town by enabling it to provide reasonable retirement
security for its employees, by providing increased flexibility in it personnel management system,
and by assisting in the attraction and retention of competent personnel; and
WHEREAS, the Town 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 BY THE TOWN COUNCIL OF THE TOWN
OF AVON, COLORADO:
Section 1. That the Town 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. That the assets of the Plan shall be held in trust, with the Town serving as
trustee ("Trustee"), for the exclusive benefit of 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 Vantage Trust. shall be held for the further exclusive benefit of the Plan participants
and their beneficiaries;
Section 3. That the Town of Avon hereby agrees to serve as Trustee under the Plan.
ADOPTED this 26th day of February, 2002.
TOWN OF AVON, COLORADO
C1 Jud Y d r, Mayor
N
ash, Town Clerk