R-1107-05 Resolution No. 1107-05
A RESOLUTION OF THE MIAMI SHORES VILLAGE COUNCIL
ADOPTING A DEFERRED COMPENSATION PLAN DOCUMENT
WHICH WILL COMPLY WITH ELIGIBILITY REQUIREMENTS SET
FORTH BY THE INTERNAL REVENUE SERVICE IN INTERNAL
REVENUE CODE SECTION 457(b), PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS,the Village has sponsored a deferred compensation plan under Section 457(b)of the
Internal Revenue Code; and,
WHEREAS, the Village has contracted with AIG-Valic and the ICMA-Retirement Corporation
to provide investment and management services for the plan; and,
WHEREAS, the plan is voluntary, allowing employees to defer income and the corresponding
income taxes from their earnings until retirement; and,
WHEREAS, the Internal Revenue Service has amended the regulations of the plan,requiring the
adoption of a revised plan document in order to secure the tax deferral status of employees' voluntary
contributions.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MIAMI SHORES VILLAGE,
COUNCIL,that:
1. The Village Council adopts the form of the Deferred Compensation Plan document
attached hereto in compliance with the terms, conditions and revisions of the Internal
Revenue Code Section 457(b).
2. The effective date of the Plan adoption is December 1,2005.
PASSED and ADOPTED this 6t'day of December,2005.
S ORES VILLAGE,FLORIDA
s
Al Davis,Mayor
Attest: Approved as to form:
Barbara A.Estep, CMC Richard Sarafan, Esq.