R-1205-11 RESOLUTION NO. 1205-11
A RESOLUTION OF THE MIAMI SHORES VILLAGE COUNCIL
AUTHORIZING EXECUTION OF AN AMENDED DEFERRED
COMPENSATION PLAN AGREEMENT COMPLYING WITH
THE INTERNAL REVENUE CODE RELATING TO 457 PLANS,
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, Miami Shores Village has sponsored a Deferred Compensation Plan under Section
457 of the Internal Revenue Code;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 457 Plan regulations, requiring the
adoption of an amended plan document in order to continue as a sponsor of the Plan.
NOW,THEREFORE, BE IT RESOLVED by the Miami Shores Village Council that:
Section 1. The Village Council authorizes execution of the amended Deferred Compensation Plan
document.
Section 2. This resolution is effective immediately upon adoption.
Passed and Adopted this 6th day of December.2011.
ATTEST: Jim , 7,jMa or
�"v 6i, 6,61 )
Barbara A. Estep, MMC
Village Clerk