(a) The village has in the past and may in the future adopt deferred compensation plans in the form specifically set forth and described in past and future village resolutions passed by Village Council for that purpose.
(b) Village Administrator and Village Clerk-Treasurer are specifically authorized to execute, on behalf of the village, all documents necessary to implement a deferred compensation plan approved by Village Council by a specific resolution for such plan.
(c) The assets of any deferred compensation plan adopted by the village 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.
(d) Any deferred compensation plan adopted by the village will permit loans.
(e) The village agrees to serve as trustee under any deferred compensation plan adopted by the village.
(f) The Clerk-Treasurer shall be the coordinator for any deferred compensation plan adopted by the village; shall cast, on behalf of the village, any required votes under any trust related to the approved plan; and, in conjunction with the Village Administrator, is authorized to execute all necessary agreements with the manager of the deferred compensation plan incidental to the administration of the plan. Administrative duties to carry out the plan may be assigned to the appropriate departments.
(Ord. 2844, passed 12-20-10; Ord. 2947, passed 6-17-13)