HomeMy WebLinkAbout~Master - Amendment to Deferred Compensation Plan RESOLUTION NO. 07-086
RESOLUTION APPROVING AMENDMENT TO
DEFERRED COMPENSATION PLAN
FOR THE CITY OF AMES
WHEREAS, the City is the plan sponsor for an IRS Section 457 Employee Deferred
Compensation Plan,which is fully funded through payroll deductions from the employees, with the
International City Managers' Association Retirement Corporation(ICMA-RC) acting as trustee and
plan administrator; and,
WHEREAS,to keep administrative fees low and ensure compliance with IRS regulations,the
City of Ames has adopted a model plan document developed by ICMA-RC; and,
WHEREAS, the model plan document has recently been amended to reflect the following
changes in IRS regulations: 1) salary deferrals allowed from pay-outs at retirement or other
termination; 2) protection for employees who serve in the military; and, 3) expanded in-service
distribution options.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that
the amended deferred compensation plan document is hereby approved.
ADOPTED THIS 27th day of February, 2007.
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Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Mahayni
Seconded by: Goodman
Voting aye: Doll, Goodman, Larson, Mahayni, Popken, Rice
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 271h day of February, 2007.