(A) The city shall accept and adopt the IDS Prototype Profit Sharing (Pension) Plan as presented.
(B) The City Council is authorized and directed to execute in the name and on behalf of the city and under its corporate seal such agreement or agreements as may be necessary for the initiation and continuity of the plan.
(C) Such sums of money as may be necessary according to the agreement or agreements to provide benefits and to meet the expenses incurred in the administration thereof, shall, from time to time, be paid out of the funds of the city by its Treasurer, to the order of the Trustee(s).
(D) The City Council is authorized, directed and designated as Trustee(s) under the agreement to administer the plan and the funds entrusted to them under the agreement for such plan.
(E) The officers of the city are authorized and directed to execute in the name of and on behalf of the city, and under its corporate seal, any amendments to the Adopting Instrument attached to the IDS Prototype Profit Sharing (Pension) Plan to meet the requirements of Section 401 (a) of the Internal Revenue Code of 1954, as amended, even though such amendments may cause the plan to no longer be a part of the IDS Prototype Sharing (Pension) Plan.
(Res. 324, passed 5-6-74)