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. '.. . pT - RESOLUTION NO. 1301 . '" ' ~' 4 . STATE OF MINNESOTA ' '> COUNTY OF RAMSEY VILLAGE OF NEW BRIGHTON RESOLUTION ESTABLISHING DEFERRED COMPENSATION PLAN, AUTHORIZING AND DIRECTiNG MAYOR AND MANAGER TO EXECUTE PLAN AND CREATING COMMITTEE TO ADMINISTER THE PLAN WHEREAS, the Village Council of the Village of New Brighton desires to provide retirement benefits for employees and independent contractors as portions of their compensation, NOW, THEREFORE, BE IT RESOLVED as follows: 1. A deferred compensation plan is hereby established for the Village of New Brighton. 2. The mayor and manager are hereby authorized and directed to enter into and execute, on behalf of the Village of New Brighton, a plan of deferred compensation, a copy of which is attached hereto and made a part hereof, with those eligible to participate therein. 2. In order to accumulate the appropriate funds to pay benefits to participants in accordance with the deferred compensation plan, the Village Council does hereby authorize and approve the purchase of insurance or annuity contracts as issued by Aetna Variable Annuity Life Insurance Company of Hartford, Conn. in such amounts as may be appropriate to provide plan benefits. 3. It is the intention of the Village Council of the Village of New Brighton that the premiums paid by the said Village of New Brighton for such annuity contracts will not currently be considered as income paid to the staff members concerned, thus the Village of New Brighton will own and have all rights under the said annuity contracts, and such contracts will not be held in any way as collateral security for the fulfillin.gof the obligations of the Vina~e of New Brighton, but shall be';,: held as a general, unpledged, and unrestricted asset , of the Village of New Brighton. 4. That said Village Council of the Village of New Brighton hereby authorizes a committee of three consisting of the mayor, manager and clerk-treasurer of said Village, to act in its behalf in respect to these annuity contracts and said committee of said Village shall formulate rules and procedures for the purchase and administration of the said annuity contracts. ADOPT ED This 27th day of Dece~l:73', ~(l~anb/ /' ATTEST i.212. .... jayor ft .. ~) e.. ..!uuJ. ~~?,~u~- Clerk-Manager' (SEAL)