TC Resolution 17-29 Adopting Restated 457 DocumentsRESOLUTION 17-29
SERIES OF 2017
A RESOLUTION OF THE TOWN OF AVON, COLORADO, TERMINATING
AND ADOPTING DEFERRED COMPENSATION PLAN ARRANGEMENTS FOR THE
GENERAL EMPLOYEES & PART-TIME, TEMPORARY, AND SEASONAL
EMPLOYEES DEFERRED COMPENSATION PLANS
WHEREAS, pursuant to Article XX of the Colorado Constitution and to the Home Rule Charter
and Code of the Town of Avon, the Town of Avon (the "Town") is authorized to adopt
retirement programs for the benefit of its employees; and
WHEREAS, under Section 457(b) of the Internal Revenue Code, the Town maintains the Town
of Avon Deferred Compensation Plan for its general employees (the "457 FT Plan") and the
Town of Avon Part -Time, Temporary and Seasonal Employees Deferred Compensation Plan for
its part-time, temporary, and seasonal employees (the "457 PTS Plan") (collectively, the "457
Plans"); and
WHEREAS, the Town has determined that its employees, who benefit from the 457 Plans, will
be best served by terminating the Town's prior deferred compensation plan recordkeeping and
custodial services arrangements with ICMA; and
WHEREAS, the Town has determined that the prudent and efficient operation of the 457 Plans
will be well served by appointing the Principal Financial Group ("Principal") as the record
keeper and asset custodian for those Plans; and
WHEREAS, the Town desires to adopt amended and restated plan documents governing its 457
Plans, in conjunction with the appointment of Principal as the record keeper and asset custodian
of those Plans; and
WHEREAS, the Town desires to ratify the determinations and decisions of its Finance Director,
acting in his capacity as the fiduciary and administrator of the 457 Plans, with respect to the
termination of ICMA and appointment of Principal to serve as record keeper and asset custodian
for those Plans;
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Avon,
Colorado, to wit:
The Town hereby approves the termination of its arrangement with ICMA as the record keeper
and asset custodian of the 457 Plans, effective November 8, 2017.
The Town hereby appoints Principal as the record keeper and asset custodian of the 457 Plans,
effective November 8, 2017.
The Town hereby amends and restates its current 457 FT Plan document, identified as ICMA
457 Governmental Deferred Compensation Plan & Trust Number 301948, and replaces that
document, in its entirety, with the First Western Trust Eligible 457 Plan document.
The Town hereby amends and restates its current 457 PTS Plan document, identified as ICMA
457 Governmental Deferred Compensation Plan & Trust Number 304553, and replaces that
document, in its entirety, with the First Western Trust Eligible 457 Plan document.
The Town hereby ratifies those determinations and decisions of its Finance Director, acting in
his capacity as the fiduciary and administrator of the Plans, with respect to the termination of
ICMA and the appointment of Principal to serve as record keeper and asset custodian to the 457
Plans, with respect to the transfer of the Plans' assets, effective September 8, 2017, to Principal,
and with respect to the preparation, review, and approval of amended and restated plan
documents.
ADOPTED this )e day of 201-4
ATTESTED:
Debbie Hoppe, o n Clerk
i
ennie Fancher, Mayor