(A) The city adopts the State of Indiana Deferred Compensation Plan (“Plan”) and the Trust Agreement (“Trust”) for the Plan for its employees.
(B) The city acknowledges that the Deferred Compensation Committee (“Trustees”) are only responsible for the Plan and have no responsibility for other employee benefit plans maintained by the city.
(C) The city hereby adopts the terms of the Adoption Agreement, which is attached to Res. 23-646 and made a part of this section. The Adoption Agreement sets forth the employees to be covered by the Plan, the benefits to be provided by the city under the Plan, and any conditions imposed by the city with respect to, but not inconsistent with, the Plan. The city reserves the right to amend its elections under the Adoption Agreement, so long as the amendment is not inconsistent with the Plan or the Internal Revenue Code or other applicable law and is approved by the Trustees of the Plan.
(D) (1) The city hereby authorizes the Auditor of the State of Indiana (“Administrator”), in conjunction with the Deferred Compensation Committee (“Trustees”), to amend the Plan on its behalf as provided under Section 18.01 of the Plan.
(2) The Trustees and the Administrator will maintain or have maintained on their behalf a record of the city, and the Trustees and the Administrator will make reasonable and diligent efforts to ensure that the city has actually received and is aware of all Plan amendments.
(E) (1) The city shall abide by the terms of the Plan and the Trust, including amendments to the Plan and the Trust made by the Trustees of the Plan, all investment, administrative, and other service agreements of the Plan and the Trust, and all applicable provisions of the Internal Revenue Code and other applicable law.
(2) The city accepts the administrative services to be provided by the Administrator of the Plan and any services provided by a Service Manager (as defined in the Plan) as delegated by the Administrator or Trustees. The city acknowledges that fees will be imposed with respect to the services provided and that such fees will be charged to the participants’ accounts, and not to the city.
(F) (1) (a) The city may terminate its participation in the Plan, including but not limited to. its contribution requirements, if it takes the following actions:
1. A resolution must be adopted terminating its participation in the Plan.
2. The resolution must specify when the participation will end.
(b) The Trustees shall determine whether the resolution complies with the Plan, and all applicable federal and state laws, shall determine an appropriate effective date, and shall provide appropriate forms to terminate ongoing participation. However, distributions under the Plan of existing accounts to participants will be made in accordance with the Plan.
(2) The city acknowledges that the Plan contains provisions for involuntary Plan termination.
(G) The city acknowledges that all assets held in connection with the Plan, including all contributions to the Plan, all property and rights acquired or purchased with such amounts and all income attributable to such amounts, property or rights shall be held in trust for the exclusive benefit of participants and their beneficiaries under the Plan. No part of the assets and income of the Plan shall be used for, or diverted to. purposes other than for the exclusive benefit of participants and their beneficiaries and for defraying reasonable expenses of the Plan. All amounts of compensation deferred pursuant to the Plan, all property and rights acquired or purchased with such amounts and all income attributable to such amounts, property or rights held as part of the Plan, shall be transferred to the Trustees to be held, managed, invested and distributed as part of the Trust Fund in accordance with the provisions of the Plan. All contributions to the Plan must be transferred by the city to the Trust Fund. All benefits under the Plan shall be distributed solely from the Trust Fund pursuant to the Plan. Only the assets attributable to a particular city and its employees are available to pay benefits to those employees and their beneficiaries.
(H) Res. 23-646 and the Adoption Agreement shall be submitted to the Trustees for their approval. The Trustees shall determine whether the resolution complies with the Plan, and, if it does, shall provide appropriate forms to the city to implement participation in the Plan. The Trustees may refuse to approve an Adoption Agreement by an employer that does not have state statutory authority to participate in the Plan. The Trustees may also refuse to approve an Adoption Agreement that is ambiguous or that does not comply with the requirements of the Plan. The city hereby acknowledges that it is responsible to assure that this resolution and the Adoption Agreement are adopted and executed in accordance with the requirements of applicable law.
(I) This Adoption Agreement may be used only in conjunction with the Plan. Failure to properly complete this Adoption Agreement may result in the failure of the Plan to qualify.
(Res. 23-646, passed 5-1-23