Board Resolution 1977-10238

(See also Resolution 1992-03-16)

WHEREAS, the Illinois Municipal Retirement Fund has in its employ certain personnel; and

WHEREAS, said employees are and will be rendering valuable services to the Fund; and

WHEREAS, the Fund has considered the establishment of a Deferred Compensation Plan for the said employees made available to the Fund and to said employees by the International City Management Association Retirement Corporation; and

WHEREAS, said employees often are unable to acquire retirement security under other existing and available retirement plans due to the contingencies of employment mobility; and

WHEREAS, the Fund receives benefits under said plans by being able to assure reasonable retirement security to said employees, by being more able to attract competent personnel to its service, and by increasing its flexibility in personnel management through elimination of the need for continued employment for the sole purpose of allowing an employee to qualify for retirement benefits;

RESOLVED, that the Illinois Municipal Retirement Fund establish said Deferred Compensation Plan for said employees and hereby authorizes its Executive Director to execute the Deferred Compensation Plan with the International City Management Association Retirement Corporation, attached hereto as Appendix A; and

FURTHER RESOLVED that the Executive Director may, on behalf of the Fund execute all Joinder Agreements with said employees and other eligible officials and officers, which are necessary for said persons participation in the plan, an example of which appears at Appendix B, except that any Joinder Agreement for said designated official shall be executed by the President of the Board of Trustees.