(A) The Town Council hereby adopts the Deferred Compensation Plan Program presently administered in conformance with the requirements of Section 457 of the Internal Revenue Service Code by Variable Annuity Life Insurance Company (VALIC), and its attendant investment options, and hereby establishes the additional Town of Cedar Lake Deferred Compensation Plan administered by VALIC and the voluntary participation and selection of participation by all eligible employees of the town.
(B) The Clerk-Treasurer is authorized to execute for the town, individual participation agreements with each employee requesting the same, and to act as the “Administrator” of the Deferred Compensation Plan with VALIC representing the town. The Town Council President is authorized to execute such agreements and contracts as are necessary to implement the additional Deferred Compensation Plan Program with VALIC, and the Clerk-Treasurer shall attest to the execution of the same by the Town Council President.
(C) Additional Deferred Compensation Plan.
(1) The Town Council hereby adopts the additional Deferred Compensation Plan Program presently administered in conformance with the requirements of Section 457 of the Internal Revenue Service Code by ICMA-RC and its attendant investment options, and hereby establishes the additional Town of Cedar Lake, Lake County, Indiana Deferred Compensation Plan in the form of the ICMA -Retirement Compensation Plan and Trust for the voluntary participation and selection of participation by all eligible employees of the town.
(2) The Town Council hereby authorizes its Town Council President and Clerk-Treasurer to execute the Declaration of Trust of the Vantage Trust Company, intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the town, if the assets of the plan are to be invested in the Vantage Trust Company.
(3) The Town Council resolves that the assets of the Plan shall be held in trust, with the town serving as trustee, for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted to any other purpose.
(4) The Plan will be required to permit loans and to allow a Sidecar IRA program.
(5) The Clerk-Treasurer is hereby named the Coordinator for this program and for the town’s individual participation agreements with each employee requesting the same, and to act as the administrator of the Deferred Compensation Plan with ICMA-RC. The Clerk-Treasurer is hereby authorized to receive necessary reports, notices etc. from the ICMA Retirement Corporation or the Vantage Trust Company; shall cast, on behalf of the town, any required votes under the Vantage Trust Company; administrative duties to carry out the Plan may be assigned to appropriate departments and is authorized to execute all necessary agreements with ICMA Retirement Corporation incidental to the administration of the Plan.
(6) The town’s additional Section 457 Deferred Compensation Plan administered by Variable Annuity Life Insurance Company (VALIC) is hereby established, provided that there is no cost to the town for the program except for incidental expenses of collecting and dispersing the deferrals of the eligible participating employees, and other minor administrative matters regarding the same, and provided VALIC agrees to hold harmless and indemnify the town, as well as its appointed and elected officers, officials, Council members, and participating employees, for any loss resulting from the failure of VALIC or its agents to perform its duties and services pursuant to the VALIC Deferred Compensation Plan Program.
(Ord. 807, passed 10-9-01; Am. Ord. 817, passed 2-5-02; Am. Ord. 820, passed 2-26-02; Am. Ord. 988, passed 3-6-07; Am. Ord. 1371, passed 11-17-20)