§ 31.14 DEFERRED COMPENSATION PLAN.
   (A)   The village hereby establishes the deferred compensation plan (the "plan") in the form of the ICMA Retirement Corporation Deferred Compensation Plan and Trust, referred to as Appendix A, attached to Ordinance No. 1426, passed May 1, 2006.
   (B)   The assets of the plan shall be held in trust with the village 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.
   (C)   The plan will permit loans.
   (D)   The village hereby executes the Declaration of Trust of the ICMA Retirement Trust, attached to Ordinance No. 1426, passed May 1, 2006 as Appendix B, intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the village if the assets of the plan are to be invested in the ICMA Retirement Trust.
   (E)   The village hereby agrees to serve as trustee under the plan and to invest funds held under the plan in the ICMA Retirement Trust.
   (F)   The Village Treasurer shall be the coordinator for this plan; shall receive necessary reports, notices, etc., from the ICMA Retirement Corporation or the ICMA Retirement Trust; shall cast on behalf of the village any required votes under the ICMA Retirement Trust, administrative duties to carry out the plan may be assigned to the appropriate departments, and is authorized to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the plan.
(Ord. 1426, passed 5-1-06)