(a) The Village hereby adopts and approves the Village of Palos Park Flexible Compensation Plan, as authorized under Section 125 of the Internal Revenue Code. A copy of such Plan is attached to original Resolution 1992-R11, passed October 12, 1992, and incorporated herein by reference.
(b) The Village hereby adopts and approves the Village Deferred Compensation Plan, as authorized under Section 457 of the Internal Revenue Code. A copy of such Plan is attached to original Resolution 1992-R11, passed October 12, 1992, and incorporated herein by reference.
(c) The Mayor is authorized to sign and the Village Clerk to attest to the Plan documents incorporated herein.
(d) The
Village Manager
is authorized and instructed to take whatever steps are necessary to effectuate the terms and conditions of such Plans.
(Res. 1992-R11. Passed 10-12-92.)