(A) The town hereby adopts 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 Resolution No. 05-13. The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries.
(B) The town hereby executes the Declaration of Trust of the Vantage Trust Company, attached to Resolution No. 05-13 as Appendix B, 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.
(C) The town hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in the ICMA Retirement Trust.
(D) The Town Manager shall be the coordinator for the Plan; shall receive reports, notices and the like 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 the appropriate departments; and is authorized to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the Plan.
(Res. 05-13, passed 6-21-2005)