(A) Adoption of State Plan.
(1) Council hereby adopts the Ohio Public Employees Deferred Compensation Program and extends to all eligible employees the opportunity to join the program.
(2) The Village Manager is hereby authorized by the village to execute an agreement with the Ohio Public Employees Deferred Compensation Board on terms and conditions which the Village Manager determines are in the best interest of the village, which agreement shall authorize the Board to offer the program to all eligible employees of the village, and thereafter to administer the program on behalf of such employees.
(Res. C-388, passed 10-9-79)
(B) Adoption of ICMA Plan.
(1) The village hereby adopts the deferred compensation plan, attached to Res. C-562 as Appendix A, and appoints the ICMA Retirement Corporation to serve as administrator thereunder.
(2) The village hereby executes the ICMA Retirement Trust, attached to Res. C-562 as Appendix B.
(3) The village hereby adopts the trust agreement, attached to Res. C-562 as Appendix C, and appoints the ICMA Retirement Corporation as trustee thereunder, 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.
(4) The Village Manager shall be the coordinator for this program and shall receive necessary reports, notices, and the like from the ICMA Retirement Corporation as administrator, and shall cast, on behalf of the village, any required votes under the program. Administrative duties to carry out the plan may be assigned to the appropriate departments.
(Res. C-562, passed 6-11-84)
Statutory reference:
Ohio public employees deferred compensation programs, see R.C. § 145.71 et seq.