HomeMy WebLinkAboutResolution 142
"
AMBROSE.
FITZGERALD
. CROOKSTON
AlIOm",'"d
Co""oolo..
P.O. Bo,m
M"'dI8". Idaho
83...2
T",pho", ........'
RESOLUTION NO. ~
A RESOLUTION OF THE CITY OF MERIDIAN ADOPTING A GENERAL EMPLOYEES
NONQUALIFIED DEFERRED COMPENSATION PLAN FOR THE CITY EMPLOYEES
OF THE CITY OF MERIDIAN; NAMING AN INITIAL CONSULTANT AND ADVISOR
FOR THE PLAN; SETTING FORTH THAT THE PLAN SHALL BE MANAGES BY A
GROUP OF TRUSTEES; NAMING AND APPOINTING THE INITIAL TRUSTEES
GROUP AND SETTING FORTH THE TERMS OF OFFICE FOR THE INITIAL
TRUSTEES AND PROVIDING FOR SUCCESSORS; AUTHORIZING THE TRUSTEES
TO SIGN ALL APPLICATIONS AND OTHER PLAN DOCUMENTS AND PAPERS;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Internal Revenue Code, Section 457 authorizes and
allows the City of Meridian to set up and establish a nonqualified
deferred compensation plan;
WHEREAS, some of the city employees of the City of Meridian
have requested the City to adopt and implement a plan for deferred
compensation;
WHEREAS, the City has considered the concept of deferred
compensation and has
looked
into a couple of programs for a
deferred compensation plan;
WHEREAS, it is in the best interests of the city employees
to have a deferred compensation plan available to them;
WHEREAS, é;;;s-;;-~h;.;~~ has presented a proposal
to the City of Meridian for a nonqualified deferred compensation ~
..~._--..__..._--
plan; and
WHEREAS, there are applications and documents to be executed
to implement the plan and there is a need to appoint a Trustees
group
-
to
assist
with
the
deferred
compensation
plan
an d
RESOLUTION ADOPTING DEFERRED COMPENSATION PLAN
Page - 1 OfF. (p~ ",,--,+4-...- C~.\\
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AMOROSE,
FITZGERALD
> CROOKSTON
Allorney. ""d
COnn."o..
P,O. Oon '"
Me"d'en, Ideho
"""
T"epho..~..,
'I
investment.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND THE CITY
COUNCIL OF THE CITY OF MERIDIAN, IDAHO:
SECTION 1.
That the City of Meridian hereby adopts that
particular deferred compensation plan, attached hereto as Exhibit
"A" and by this reference incorporated herein as if set forth in
full herein, known as the GENERAL EMPLOYEES NONQUALIFlED DEFERRED
COMPENSATION ~
OF
THE
CITY
OF
MERIDIAN,
the
deferred
as
compensation plan for the city employees of the City of Meridian;
said plan shall herein after be referred to as the .PLAN".
That(fEi~:rs..o_~investment firm
is hereby named as the initial advisor and consultant of the Plan;
SECTION 2.
that the Trustees Group may change advisors and consultants for
the Plan as the Trustees Group deems appropriate.
SECTION 3.
That the Plan shall be managed by a Trustees
Group which shall be made up of city elected officials and/or
employees.
SECTION 4.
That the initial Trustees Group shall consist
of GraAt P. KiAgsfGrri. J"~k NiemiRn, Janice Gass, aA~ Earl Uard;
t.!rü+~j;-P. Killgsfðl& SRi" <prvp a tpr:lIl---O-f.--HrtTr (4) years; that
\/Jack Niema~~~,syall serve a term of three (3) years;, that/Ja'ni_~~)
I Ga.=..:'yhall serve a term of two (tL~s; that(Êa~!jJ) shall
serve a term of one (IJ~; that upon the termination of the
term
of
each
Trustee
above
the
Mayor
shall
appoint__a
name
successor to that Trustees term and which successor shall
be
RESOLUTION ADOPTING DEFERRED COMPENSATION PLAN
Page - 2
-",
\
approved by the City Council; that the Trustees shall serve at the
pleasure of the Mayor and City Council and may be removed without
cause by the City Council and upon removal the Mayor shall appoint
a successor who shall be confirmed by the City Counci 1 and the
tlM'fl
~I>-~\.v-t;
c,~\
serve the unexpired term of his predecessor
Pl an,
including,
but
not
1 imi ted
to
an
application
for
SECTION 5.
That the Trustees Group is hereby authorized
to sign all appl ications and other documents pertaining to the
American Funds Group; that a majority of the Trustees must
all documents, applications and other papers.
PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR OF THE
CITY OF MERIDIAN, this 15th day of October, 1991.
APPROVED:
~ K~~R---
ATTEST:
, CITY CLERK
AMBROSE.
FITZGERALD
. CROOKSTON
AU"""""nd
Co...""",
RESOLUTION ADOPTING DEFERRED COMPENSATION PLAN
Page - 3
P.O. Bo>427
".,ldlOn,ld,M
83....
T,lephone"""'"
EXHIBIT "A"
GENERAL EMPLOYEES NONQUALIFIED DEFERRED ÇOMPENSATION PLAN
WHEREAS, The City of Meridian desires to provide a Section
457 plan for general employees deferred compensation.
WHEREAS, The general employees deferred compensation Plan
Trustee Group recommends the following deferred compensation plan
in order to comply with the Internal Revenue Code to meet certain
trustee objectives.
Now, therefore, by executing this agreement, the City of
Meridian ("Employer") agrees to do the following:
1.
COMPENSATION DEFERRAL
A. Monthly Deferral. Employer shall credit on its records
to a book reserve (herein called Deferred Compensation
Account) for the Participants monthly contribution to the
plan. This contribution shall be included as part of the
employees assets.
The minimum amount of compensation which may be deferred in
anyone pay period is TWENTY-FIVE and NO/IOO DOLLARS
($25.00).
B. Timing and Changes. Compensation will be deferred for
any calendar month only if an agreement providing for such
deferral has been entered into before the 20th of such month
and provided the Employee has met all probationary
requirements. with respect to unearned income, the amount
to be deferred may increase or decrease, by completion of a
revised deferred compensation agreement form. However, such
deferral of income shall be subject to maximum and minimum
limitations herein and shall become effective for the
calendar months beginning after the date of execution of the
revised agreement.
/\
oX
A participant may terminate any and all deferred compensation
agreements previously executed by an agreement in writing
signed by Participant and Employer. However such termination
only operates prospectively and does not affect amounts
previously credited to the Deferred Compensation Account
which remain subject to the provisions of the terminated
agre ent.
~...,. . Maximum Deferral. Except as may be permitted in
. Paragraph 1.D. below, based upon the Employee's income the
maximum amount of co.mpensation which may be deferred under
, the plan for a taxable year shall not exceed the lesser of
1. ~ THOUSAND FIVE HUNDRED and NO/IOO DOLLARS
11,000-
GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION PLAN
PAGE - 1
V
AMBROSE. Ii
FITZGERALD,
. CROOKSTON
Allom,y,and
Co""lo,"
P.O. 50' 427
M"Id"n,ldoho
&3542
T",phon"""'"
AMBROSE.
FITZGERALD
& CROOKSTON
A"o,"ey. BOd
Co"..lo,"
P.O. eo""
M..ldlon, Idaho
'36"
TalaphoOB ......."
2 .
($7,500.00); or
THIRTY-THREE PERCENT (33%)
includible compensation.
of the Participant's
The term "includible compensation" means compensation
for service performed for the Employer which (taking
into account the provisions of Section 457 and 403 (b)
of the Internal Revenue Code) is currently includible
in gross income. Includible compensation for a taxable
year only includes Employer compensation attributable
to services performed for the Employer and includible
~. Participant's base annual compensation for the
taxable year.
. Limited Catch-Up Clause. For any of the Participant's
last three taxable years ending before the Participant
attains normal retirement age, the Plan ceiling set
forth in Paragraph 1. C., herein above shall be the
lesser of
1.
FIFTEEN THOUSAND and NO/IOO DOLLARS ($15,000,00)
reduced by any annual amount excludible from the
Participant's gross income for the taxable year
under Section 403 (b) on account of contributions
made by the Employer; or
2.
The sum of
(a) The plan ceiling established for purpose of
Paragraph 1. C. for the taxable year (determined
without regard to this paragraph), plus
(b) So much of the plan ceiling established for
purposes of Paragraph l.C. for taxable years bet '~e
the taxable year as has not therefore been u\ .
under Paragraph 1.C. or this Paragraph 1.D. .
The limited catch-up provision in Paragraph 1. D. 1
restricted to: 1) use only once, 2) whether or not i
has been utilized in less than all three taxable year.
ending before the Participant attains normal retirement
age, and 3) whether or not the Participant or former
Participant rejoins the plan or participates in another
eligible plan after retirement.
E. Normal Retirement Age. Normal retirement age is the
earliest age at which the Participant can retire under the
existing retirement plan without a reduction in benefits.
If a Participant continues to work beyond this age, normal
retirement age shall be the age designated by the Participant
GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION PLAN
PAGE - 2
I
~fX
AMSROSE.
FITZGERALD
. CROOKSTON
A,,",",y, ond
Cou","o,"
P.O.So,<Z7
M"'d"'. 'd,ho
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but not later than the mandatory age stated in the existing
retirement plan or the date the Participant separates from
Employer's service. If no age is stated, sixty-~ (65) is
the assumed normal retirement age. :;", v'-
Normal retirement age for this plan is sixty-five (65) for
a combination of age plus service equal to ninety (90).
. s will commence no later than the close of the tax
in which the Participant attains age seventy and one-
(70 1/2). .
Plans
notes,
mutual
by the
F. INVESTMENT. The employer through the
trustees is authorized to invest in such bonds,
debentures, mortgages, preferred or common stock,
funds and cash equivalents as deemed advisable
trustees.
It is understood that said investment will be managed
by a professional money manager.
2.
All dividends, earnings and other distributions of the
Deferred Compensation Account will be reinvested on
behalf of the Participant.
AVAILABILITY OF FUNDS. /
~~m;:ns~~~~~ :::;~e~~e b:~: 1'v~l~~~~e u~~e~het~~r~~;~~~~~
or other beneficiaries ~rlier than when the Participant is
separated from service/with the employer or is faced with an
unfor eeable emerge~y.
)
. SEPARATION OF/SERVICE. Separation from service
occurs when paryfcipant is separated from the service
within the meaping of Section 402(e) (4) (A) (iii) of the
Internal Re~enue Code, relating to lump sum
distributio~; and on account of the Participant's death
or retir~ent. In the event thp p~rticipant is
se ar m' e with he 0 er, the Emplover
s all d' ec or to a partici ant an amount
as s e ified in the Settlement Opt~on. Any alteration
of tJ;le payment commencement ate on the Settlement
Opt~n must be executed prior to separation or within
60; days of separation of service. If payment
c encement date is not elected prior to separation of
ervice or within 60 days after separation of service,
ayments shall commence 60 days after separation of
service. ""..J:'s!ft1""d °f};';-- è
r/ ,:¡.r~.
, If the Settlement Option is not signed, selecting method
GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION PLAN
PAGE - 3
AMBROSE.
FITZGERALD
. CRDOKSTON
Anome,.end
Co,n.elo",
P.O. Bo.m
Me"dlen, Ideho
83'"
Telephone""""
Ii
"7
,)
ENCY. Unforeseeable emergency
nancial hardship to participate
nd unexpected illness or accident
of a dependent of the Participant,
, s property due to casualty, or
ry and unforeseeable circumstances
of events beyond the control of the
B. UNFORESEEABLE EME
is defined as severe
resulting from sudden
of the Participant 0
loss of Participa
similar extraordi
arising as a resu
Participant.
The circumst ces constituting an unforeseeable
emergency dep nd upon the facts of each case, but,
payment may n t be made to the extent that such hardship
is or may be relieved:
1.
T rough reimbursement or compensation by
nsurance or otherwise.
3.
OF DEFERRED COMPENSATION ACCOUNT.
2.
By liquidation of Participant's assets
to the extent that liquidation would not
itself cause severe financial hardship.
By cessation of deferrals under the Plan.
A. COMMENCEMENT DATE. Payments of amounts deferred
co ence no later than 60 days after close of the plan
in which separation occurs or 60 days after close of
ye r in which the Participant attains (or would
a tained) normal retirement age, whichever comes last.
plan
have
BENEFITS OF RETIREMENT. The pay-out option
esignated by a Participant may be subsequently modified
by the Participant before distribution begins. Should
the participant die at any time after Retirement,
whether prior to or after he has begun to receive the
Retirement payment(s) pr~deà þ~ Ärticl§ 3.B.l., his
designated Beneficiary or Beneficiaries shall be
entitled to receive the balance remaining of such
payment(s). If no Beneficiary is designated as provided
in Paragraph 2. of this Plan, or if the designated
GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION PLAN
PAGE - 4
AMBROSE,
FITZGERALD
& CROOKSTON
Atlo,"oy.."
eo,","lo,"
P.D.So,427
M"'dlan.Id'ho
83'"
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Beneficiary does not survive the per):od during which
such payment (s) are to be made, the;( the executors or
administrators of the particip~~X shall receive the
lump-sum amount equal to the rem~ing account balance.
1. Minimum Distribution. ,~plan meets the minimum
distribution requirem;:xnt of this paragraph if such plan
meets the requirements f sub paragraphs (a) and (b) and
(c) :
/
(a) Application oVSection 401 (a) (9) - A plan meets the
requirements ,(}f this subparagraph if the plan meets
the require ents of Section 401 (a) (9).
'7
Aé/f> I
Additiona distribution Requirements - A plan meets
the req rements of this subparagraph if -
lump sum distribution is paid.
(b)
monthly, quarterly, semiannual or
annually over a 1) 5 year; 2) 10 year;
3) 15 year period, as long as at least
2/3 of the total amount payable with
respect to the participant will be paid
during the life expectancy of such
participant (determined as of the
commencement of the distribution), and
any amount not distributed to the participant
during his life will be distributed after the
death of the participant at least as rapidly
as under the method of distributions being
used under subclause a. as of the date of his
death.
b.
Nonincreasing Benefits. A plan meets the
requirements of the subparagraph if any
distribution payable for a period of more than 1
year can only be made in substantially
nonincreasing amounts (paid not less frequently
than annually) .
(c)
C. BENEFITS ON TERMI TION OF SERVICES OR DEATH PRIOR TO
RETIREMENT. In the vent the Participant terminates his
services for reason other than Retirement, the Participant
may choose to rece" e the balance available under one of the
following forms:
GENERAL EMPLOYE
PAGE - 5
The ployer shall pay the Participant an amount
equ to that which would be available in the
De erred Compensation Account Balance in a lump sum
1.
NONQUALIFIED DEFERRED COMPENSATION PLAN
AMBROSE,
FITZGERALD
. CROOKSTON
Allom.,..e"
Co""elo"
P.O. Bo,'"
Me""e', Idaho
.,oa'
Teleph"e .......,
!
.:)
distribution.
2.
The Employer shall ay the Participant an amount
equa I to that w . ch would be av ai lable in the
Deferred Compe sation Account Balance, such
payments to b in on the first day of the month
next follow' g the date of termination, and
continuing or a period of sixty (60) consecutive
months.
'1
xdt'? I
3.
The Emp yer shall transfer to any Code Section 457
deferr d compensation plan the amounts previously
defer ed on behalf of the Participant.
4.
amount available in the Participant's Deferred
pensation Account Balance at the time of
rmination shall abe deferred until such date not
ater than the Participant's 65th birth date when
the Participant shall retire from full-time
employment, at which time the balance shall be
/ disbursed to the Participant in equal payments
i,! which shall continue for a period of sixty (60)
consecutive months.
Th employer, in its sole discretion, may defer or accelerate
the beginning of payments to a date not to extend beyond the
Participant's 65th birthday, and/or make payment in a lump-
sum or in installments over some per'od other than sixty (60)
months except that once any inst ent payments have begun
the trustees may not there ter alter the method of
settlement.
D. EVENT OF DEATH OF P TICIPANT. In the event of the
death of Participant, Em oyer shall direct Depository to pay
Participant's revocabl designated beneficiary the value of
Deferred Compensatio 4.ccount as specified on the Designation
of Beneficiary Form over:
-7
1.
in excess of 15 years, if the
not the participant's surviving
),,~f7
Life 0 beneficiary (or any shorter period) if the
benef'ciary is the Participant's surviving spouse,
or
2.
In the event of death of Participant, and in the
event Participant has not filed Designation of
Beneficiary, Employer shall direct the Depository
to liquidate and pay the entire Deferred
GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION PLAN
PAGE 6
...,)
Compensation Ace
nt to Participant's estate.
E. HARDSHIP WITHDRA . In the event of the approval of
a hardship withdrawa , Employer shall direct Depositary to
pay the participan the value of the Deferred
Compensation Ace nt as of the last valuation date
(September 30, x and March 31, xx) plus contributions made
since the lag valuation date plus interest at a rate of five
percent (5 per annum from the date of last valuation and
the cont ution date(s) to the anticipated payment date.
4.
PLAN
The amount in a Deferred Compensation Account of a former
Participant, shall be transferred to another eligible plan
of which the former participant has become a Participant, if
the following conditions are met:
A.
and
The new plan provides for acceptance of such amounts,
01 plan provides for such transfer if the
separates from service with the Employer in order
employment with another eligible entity.
This Plan accepts amounts of compensation deferred by
Participant pursuant to another eligible deferred
compensation plan as stated in the prior paragraph.
RIGHTS OF EMPLOYER/PARTICIPANT.
4-
AMBROSE,
FITZGERALD
. CROOKSTON
Participant may not anticipate or assign any of the rights
he or she may have under the Deferred Compensation Agreement
and Employer shall reject and refuse to honor any
anticipation or assignment of such rights.
Allo,"".a'd
Co"..to,"
GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION PLAN
PAGE - 7
P.O. ..""
M"'dlon. Idaho
83""
Telepho'e .......,
6.
LEAVE OF ABSENCE.
If a Participant is on an approved leave of absence from the
Employer with compensation, or on an approved leave of
absence without compensation, his participation in this Plan
will continue.
/
7.> DISTRIBUTION OF FUNDS. //
Administration of the plan r!¥Ìuires
participant balances twice each/year as
September 30. /
accounting for
of MarCh .:U ana
In order to facilitate distribution of funds as allowed by
the plan the following procedure will be used. If funds are
to be distributed at a d.ate other than March 31 or September
30 the participant wi],l receive as an interim distribution
the balance in the p rticipants account as of the previous
accounting date. he participant will receive a final
distribution based pon the next accounting period which will
include the empl ee contribution since the account balance
used for the' terim distribution and the related plan
earnings or 10 ses for the same period.
~~f7 I
follows:
as of June 30, ~
distribution of the participant account
as of March 31, 19X1.
A final distribution of the participant account
balance as of September 30, 19X1. Balance would
represent employee contribution after March 31,
19X1 plus net plan earnings or losses from March
31, 19X1 to June 30, 19X1.
For the convenience and benefit of the participants, the
participants have been allowed to make lump sum
contributions into the plan based upon anticipated base
annual earnings.
8.
NONASSIGNABILITY.
?
AMBROSE.
FITZGERALD
. CROOKSTON
A. In general: Except as provided in section 8 .B., B.,o
participant shall have any right to commute, sell, assign,
pledge, transfer or otherwise conveyor encumber the right
to receive any payments hereunder, which payments and rights
are expressly declared to be non-assignable and non-
transferable.
A"",.e,.."
Co"..elo"
GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION PLAN
PAGE - 8
P.O. Bo> 4"
Me.dle.. Ideho
8384'
Tele,ho..-"'.'
, ' )
B.
Domestic Relations Order:
1. Allowance of Transfers: To the extent required
under a final judgment, decree, or order (including
approval of a property settlement agreement) made
pursuant to a state domestic relations law, any portion
of the Participant's Account may be paid or set aside
for payment to a spouse, former spouse, or child of the
Participant. Where necessary to carry out the terms of
such an order, a separate Account shall be established
with respect to the spouse, former spouse, or child who
shall be entitled to make investment selections with
respect thereto in the same manner as the Participant;
any amount so set aside for a spouse, former spouse, or
child shall be paid out in a limp sum at the earliest
dates that the benefits may be paid to the Participant,
unless the order directs a different time or form of
payment. Nothing in this Section shall be construed
to authorize any amount to be distributed under the Plan
at a time or in a form that is not permitted under
Section 457 of the Internal REvenue Code. Any payment
made to a person other than the Participant pursuant to
this Section shall be reduced by required income tax
withholding; the fact that payment is made to a person
other than the Participant may not prevent such payment
from being includible in the gross income of the
Participant for withholding and income tax reporting
purposes.
2. Release of Liability to Participant: The
Employer's liability to pay benefits to a Participant
shall be reduced to the extent that amounts have been
paid or set aside for payments to a spouse, former
spouse, or child pursuant to Paragraph 1 of this
Section. No such transfer shall be effectuated unless
the Employer or Administrator has been provided with
satisfactory evidence that the Employer and the
Administrator are released from any further claim by the
Participant with respect to such amounts. The
Participant shall be deemed to have released the
Employer and Administrator from any claim with respect
to such amounts, in any case in which
a.
the Employer or Administrator has been served with
legal process or otherwise joined in a proceeding
relating to such transfer,
AMBROSE,
FITZGERALD
. CROOKSTON
b.
the Participant has been notified of the pendency
of such proceeding in the manner prescribed by law
of Idaho for service of process in such action or
AIIO,""""
Co""'o,,
GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION PLAN
PAGE - 9
P.O, eo, 427
M"ldl,,",ldoho
"'"
Telepho'e""""
AMBROSE,
FITZGERALD
SCROOKSTON
A"om.,..,'
CO",,"o..
P.O.Bo'427
M""",."oho
83'"
Telepho,,"""'.'
9.
.' 'j
by mail from the employer or Administrator to the
Participant's last known mailing address, and
c.
the Participant fails to obtain an order of the
court in the proceedings relieving the Employer or
Administrator from the obligation to comply with
the judgment, decree. or order.
3. Participation in Legal Proceedings: The Employer
and Administrator shall not be obligated to defend
against or set aside any judgment, decree, or order
described in paragraph (a) or any legal order relating
to the garnishment of the Participant's benefits, unless
the full expense of such legal action is bone by the
Participant. In the event that the Participant's action
(or inaction) nonetheless causes the Employer of
Administrator to incur such expense, the amount of the
expense may be charged against the Participant's Account
and thereby reduce the Employer's obligation to pay
benefits to the Participant. In the course of any
proceeding relating to divorce, separation or child
support, the Employer and Administrator shall be
authorized to disclose information relating to the
Participant's Account to the Participant's spouse,
former spouse, or child (including the legal
representative of the spouse, former spouse, or child),
or to a court.
AMENDMENT OR TERMINATION OF PLAN.
The Employer ma at an time is Plan. Upon sxn
terminat10n, e artici ants in the Plan will be deemed to
have withdrawn from the Plan as of the dat such
termination. The participant's full compensation on a non-
deferred basis will thereupon be restored and the committee ~
treat such Participants as if they had terminated their
services on the date of the termination and direct the ::--'i
Em¡loyer to pay such benefit or benefits prov1ded 1n Section(~~'
~ ,
10. The Depository is not a party to the deferred compensation
agreement.
12.
In the event the terms of this Plan shall be in conflict with
Section 457 of the Internal Revenue Code or the regulations
thereunder, as amended, Employer and Participant aqree to
cooperate in correcting sam to be' com liance
t ereW1 ~.~~ s',.:.:h.',-_",
This Deferred Compensation Plan shall be binding upon the
assigns and successors of Employer and upon the legal
representatives of Participant.
GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION PLAN
PAGE - 10
'.
AMBROSE,
FITZGERALD
. CROOKSTON
A"o"O" ,,"
c.o.."o..
P.O. Boo '27
Me,'"'en, Ideho
-,
Tolephone .......,
'.
13.
This Plan shall be construed under the laws of the State of
Idaho. IN WITNESS WHEREOF, the parties have set their hands
and seals on the date shown below.
14.
This Plan shall be in full force and effect on October 15,
1991.
CITY OF MERIDIAN CITY ("EMPLOYER")
ATTEST:
GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION PLAN
PAGE - 11
AMBROSE,
FITZGERALD
. CROOKSTON
Anome,"'d
Co.n,e'o"
P.O. Bo,'"
Melldlen.ldeho
8364'
Telephone"""'"
EXHIBIT "B"
GENERAL EMPLOYEES NONQUALIFIED DEFERRED COMPENSATION PLAN
TRUSTEE DUTIES AND RESPONSIBILITIES
WHEREAS,
the City of Meridian, by City Council Action, has
adopted an employees nonqualified deferred Compensation plan, the
following described Committee is established with the duties and
responsibilities described below:
1.
There
shall
established
General
Employees
be
a
Nonqualified Compensation Plan Trustee Group (Trustee Group) which
shall be charged with the responsibility of administration of said
deferred compensation plan.
The duties, responsibilities
and
powers of the TRUSTEE GROUP shall be delineated by this document
and no amendment shall be effective unless memorialized in an
addendum equal force to this document.
2.
The TRUSTEE GROUP shall be initially composed o~~
P. KiBjJsfðrd,
J'aek NiClllflllll,
.Janiga 1"." ."".
"nñ ..."...1 W¡rd.
The
qualifications to be Trustee and the terms of office of the
Trustees Group and their mode of succession has been set forth in
the resolution of the City Council to which this document has been
attached.
All decisions of the TRUSTEE GROUP shall be by majority
vote and shall be binding on the TRUSTEE GROUP.
3.
A TRUSTEE GROUP has been established by action of the
City Council, however, by agreement, the Trustee Group may select
an investment manager by the competitive Request for Proposal
process.
The investment manager shall be given, by the TRUSTEE
TRUSTEE DUTIES AND RESPONSIBILITIES - PAGE 1
-.
AMBROSE.
FITZGERALD
. CROOKSTON
Allom.y.and
C,""',".
P.O. .., 427
M"'d'an.ldoho
....,
T"00.."B88"'"
GROUP, direction and investment guidelines sufficient to establish
an investment portfolio goal.
4. The TRUSTEE GROUP shall meet at l~(t;;ce y~ once
in the three months period form October to December of each year,
and again during the period April to June of each year.
Any
member of the TRUSTEE GROUP may call a special meeting upon notice
to other members.
Such notice must be made within a reasonable
period prior to the meeting.
5.
The
TRUSTEE GROUP
shall meet
to consider,
but not
limited to, the following:
(A)
Review the deferred compensation plan eve~:.~?
(2)
~ to determine the
feasibility of adjusting the plan to
include alternative funding vehicles and pooling arrangements
which are available and economically prudent.
(B)
Develop performance criteria for the~"y.~~_~_of..!:lLe
investment manager.
The investment manager ~-:1?Eõ!_-:t..erm~_.È:Y
the
GROUP
for
failure
fulfill
reasonable
to
the
TRUSTEE
expectations
the
GROUP
measured
against
the
TRUSTEE
of
as
performance criteria developed by the TRUSTEE GROUP.
(C)
Review the perform;,"""" "of the investment manager at
least annually.
Such review shall contemplate the performance of
the
investment
measured
against
the
investment
manager
as
guidelines described in Paragraph 3 and anticipated performance
criteria to be established by the TRUSTEE GROUP.
(D)
Establish hardship guidelines consistent with the intent
of the General Employees Nonqualified Deferred Compensation Plan
TRUSTEE DUTIES AND RESPONSIBILITIES - PAGE 2
r
AMBROSE.
FITZGERALD
. CROOKSTON
AIt..ne,e end
Coun..'o,"
P.O. Bo.'"
Me"dlen,ldeho
8364'
Telephone"""'"
"~?ì
and applicable Internal Revenue Service guidelines.
The TRUSTEE
GROUP shall review all hardship requests for the withdrawal of
... .....-"- ---
....--......
funds
the
General
from
Compensation Plan in accordance with guidelines to be established
u¡;:'~~oye~.s_.. .Non5Lu..Ç\¡if":¡'êd..J:)~ ferr_ed
by the TRUSTEE GROUP.
(E)
Periodically review and amend the plan document as
and
program
necessary
desired
to
or
objectives.
-----
......, .
-...............' .._"---,,,
meet
IRS
guidelines
6.
The TRUSTEE GROUP shall prepare an annual- performance..
Such
report for presentation to the employee_s_.¡:¡:r:~. the Citj'.
report shall state the performance of the fund and the achievement
of its stated objectives.
DATED this/.CØ day of
ATTEST:
@& /-0 h ~r-/
,1991.
CITY OF MERIDIAN
~ant1G;tI
TRUSTEE DUTIES AND RESPONSIBILITIES - PAGE 3