1976-08-23 - Resolution 1976-41 - Establishing a Deffered CompensationPlan RESOLUTION NO. 76 - `y C
RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN
WHEREAS, the Village of Buffalo Grove has in its employ certain
personnel ; and
WHEREAS, said employees are and will be rendering valuable services
to the Village of Buffalo Grove; and
WHEREAS, the Village of Buffalo Grove has considered the establishment
of a Deferred Compensation Plan for the said employees made available to the
Village of Buffalo Grove and to said employees by the International City
Management Association Retirement Corporation; and
WHEREAS, said employees often are unable to acquire retirement security
under other existing and available retirement plans due to the contingencies of
employment mobility; and
WHEREAS, the Village of Buffalo Grove receives benefits under said plans
by being able to assure reasonable retirement security to said employees, by
being more able to attract competent personnel to its service, and by increasing
its flexibility in personnel management through elimination of the need for
continued employment for the sole purpose of allowing an employee to qualify
for retirement benefits.
NOW, THEREFORE, BE IT RESOLVED that the Village of Buffalo Grove establish
said Deferred Compensation Plan for said employees and hereby authorizes its
Village President to execute the Deferred Compensation Plan with the International
City Management Association Retirement Corporation, attached hereto as Appendix A;
and
IT IS FURTHER RESOLVED that the Village President may on behalf of the
Village of Buffalo Grove execute all Joinder Agreements with said employees and
other eligible officials and officers, which are necessary for said persons
participation in the plan, an example of which appears at Appendix B, except that
any Joinder Agreement for said designated official shall be executed by the
Village President.
ti/
AYES:
NAYES: 0
ABSENT: /
PASSED this -:22 day of ; , 1976.
APPROVED this .-2 5 day of , 1976.
APPROVED:
Villa/z.,,,.,,p1 a AZ/
ge Presiden
ATTEST:
Village Clerk
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