[Res. 77-14, 12/14/1977; as amended by Res. 83-14, 9/27/1983;
by Ord. 548, 2/1/1993, § 1; and by Res. 2004-5, 1/19/2004]
1. The Township hereby adopts the deferred compensation plan, attached
hereto as Exhibit "A," as an amendment and restatement of its present
deferred compensation plan administered by the ICMA Retirement Corporation,
which shall continue to act as administrator of said plan.
2. Amended Plan Adopted.
A. The Ferguson Township Board of Supervisors amends and restates the
plan a copy which is attached hereto and made a part hereof as Exhibit
B.
B. The Board of Supervisors hereby specifies that the assets of the
plan, with the Township serving as trustee, for the exclusive benefit
of the plan participants and their beneficiaries, and the assets shall
not be diverted for any other purpose. Indicia of the Township's beneficial
ownership of the plan assets held in Vantage Trust further shall be
held for the exclusive benefit of the plan participants and their
beneficiaries.
[Res. 77-14, 12/14/1977; as amended by Res. 83-14, 9/27/1983]
The Township executes the ICMA Retirement Trust, attached hereto
as Exhibit "B."
[Res. 77-14, 12/14/1977; as amended by Res. 83-14, 9/27/1983]
The Township hereby adopts the trust agreement with the ICMA
Retirement Corporation, as appears as Exhibit "C" hereto, as an amendment
and restatement of its existing trust agreement with the ICMA Retirement
Corporation, and directs the ICMA Retirement Corporation, as trustee,
to invest all funds held under the deferred compensation plan through
the ICMA Retirement Trust as soon as is practicable.
[Res. 77-14, 12/14/1977; as amended by Res. 83-14, 9/27/1983]
The Township Manager shall be the coordinator for this program
and shall receive necessary reports, notices, etc., from the ICMA
Retirement Corporation as administrator, and shall cast, on behalf
of the Township, any required votes under the program.