05-77 - R TOWN OF PROSPER,TEXAS RESOLUTION NO. 05-77
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, HEREBY
ADOPTING THE ICMA-RC 457 DEFERRED COMPENSATION PLAN AND AUTHORIZING THE
TOWN ADMINISTRATOR OR HIS/HER DESIGNEE TO EXECUTE ALL DOCUMENTS NECESSARY
TO IMPLEMENT THE PLAN.
WHEREAS, THE TOWN OF PROPER HAS EMPLOYEES RENDERING VALUBLE SERVICES;AND
WHEREAS, THE ESTABLISHMENT OF A DEFERRED COMPENSATION PLAN FOR SUCH EMPLOYEES
SERVES THE INTERESTS OF THE TOWN OF PROSPER BY ENABLING THE TOWN TO PROVIDE REASONABLE
RETIRMENT SECURITY FOR ITS EMPLOYEES AND BY ASSISTING IN THE ATTRACTION AND RETENTION OF
COMPETENT PERSONNEL;AND
WHEREAS, THE TOWN OF PROSPER HAS DETERMINED THAT THE ESTABLISHMENT OF A DEFERRED
COMPRENSATION PLAN TO BE ADMINISTERED BY THE ICMA RETIREMENT CORPORATION SERVES THE
ABOVE OBJECTIVES;AND
WHEREAS, THE TOWN OF PROSPER DESIRES THAT THE DEFERRED COMPENSATION PLAN BE
ADMINISTERED BY THE ICMA RETIRMENT CORPORATION, AND THAT SOME OR ALL OF THE FUNDS HELD
UNDER SUCH PLAN BE INVESTED IN THE VANTAGE TRUST 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 TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS:
SECTION 1: The Town of Prosper, Texas, adopts the deferred compensation plan (the "Plan") in the form of
the ICMA Retirement Corporation Deferred Compensation Plan and Trust.
SECTION 2: The Town of Prosper hereby executes the Declaration of Trust of the VantageTrust Company
intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently
established by the Employer, 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 Town of Prosper 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.
SECTION 4: The Plan will permit loans and will offer a sidecar IRA program.
SECTION 5: The Town of Prosper hereby agrees to serve as trustee under the Plan.
SECTION 6: The Town Administrator or his/her designee is hereby authorized to execute all documents
necessary to implement the ICMA-RC 457 Deferred Compensation Plan and 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 Town of Prosper, any required votes under the VantageTrust Company.
SECTION 7: This Resolution shall take effect immediately upon its passage.
RESOLVED THIS THE 11th day of October, 2005.
h s Nis anger, May
ATTEST TO:
hanae Jennings, n Secretary