HomeMy WebLinkAboutRES-2009-083 Authorizing County Participation in a 457 Deferred Compensation PlanRE S - aoo~i - 08 3
RESOLUTION BY THE ORANGE COUNTY BOARD OF COMMISSIONERS AUTHORIZING
COUNTY PARTICIPATION IN A 457 DEFERRED COMPENSATION PLAN
Employer: The County of Orange in the State of North Carolina
Title of Program Coordinator: Human Resources Director
WHEREAS, Orange County has Employees rendering good and valuable services; and
WHEREAS, Orange .County has entered into an employment agreement with Frank W.
Clifton to act as the County Manager ("County Manager"), rendering a valuable service to
Orange County for good and valuable consideration; and in which the County agreed to
participate in the International City Management Retirement Corporation ("ICMA-RC") 401 k/457
Supplemental Retirement Program Plan; and
WHEREAS, the establishment of a deferred compensation plan for employees and the
County Manager serves the interest of Orange County by enabling it to provide reasonable
retirement security for the County Manager, by providing increased flexibility in its personnel
management system and by assisting in the attraction and retention of competent personnel;
and
WHEREAS, Orange County has determined that the establishment of a deferred
compensation plan to be administered by the ICMA Retirement Corporation serves the above
objectives; and
WHEREAS, Orange County desires that the County Manager and other Orange County
employee's have the option of having their deferred compensation plan be administered by the
ICMA Retirement Corporation, and that some or all of the funds held under such plan be
invested in the VantageTrust Company, a trust established by public employers for the
collective investment of funds held under their retirement and deferred compensations plans;
NOW THEREFORE BE IT RESOLVED that Orange .County hereby adopts the deferred
compensation plan (the "Plan") in the form of:
The ICMA Retirement Corporation Deferred Compensation Plan and Trust, referred to as
Appendix A
BE IT FURTHER RESOLVED that Orange County hereby executes the Declaration of Trust of
the VantageTrust Company, attached hereto as Appendix B, intending this execution to be
operative with respect to any retirement of deferred compensation plan subsequently
established by Orange County, if the assets of the plan are to be invested in the VantageTrust
Company.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with Orange
County serving as trustee, for the exclusive benefit of the Plan participant and his beneficiaries,
and the assets shall not be diverted to any other purpose.
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BE IT FURTHER RESOLVED that Orange County hereby agrees to serve as trustee under the
Plan.
BE IT FURTHER RESOLVED that the Human Resources Director shall be the coordinator for
this program; shall receive necessary reports, notices, etc. from the ICMA Retirement
Corporation or the VantageTrust Company; shall case, on behalf of Orange County, any
required votes under the VantageTrust Company; administrative duties to carry out the plan are
assigned to the Human Resource Department, and the Human Resource Department is
authorized to execute all necessary agreements with ICMA Retirement Corporation incidental to
the administration of the Plan after review by the County Attorney's Office.
This the 7th day of December, 2009.
Attest:
Donna Baker, Clerk to the Board
of Commissioners
Val e ,
Orange County Board of Commissioners
I, Donna Baker, Clerk to the Orange County Board of Commissioners, do hereby certify that the
foregoing resolution, was duly passed and adopted by the Orange County Board of
Commissioners, in Orange County, North Carolina at a regular meeting thereof this the 2 day
of December, 2009, by the following vote:
-Ayes: _~
Nays:
Absent:
This the ~ day of December, 2009.
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Donn Baker, Clerk
Orange County Board of Commissioners