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<br />RESOLUTION 2001- 25 <br />RESOLUTION OF THE TOWN OF LOS GATOS <br />APPROVING A REVISED TOWN OF LOS GATOS DEFERRED COMPENSATION PLAN <br />AMENDING AND RESTATING THE 457 PLAN AND TRUST CUSTODIAL DOCUMENT <br />WHEREAS, the Town has employees rendering valuable services; and <br />WHEREAS, the Town has established a .deferred compensation plan for such <br />employees that serves the interests of the Town by enabling it to provide reasonable retirement <br />security for its employees, by providing increased flexibility in its persomnel management system, <br />and ~by assisting in the attraction and retention of competent personnel; and <br />WHEREAS, the Town has determined that the continuance of the deferred <br />compensation plan administered by the ICMA Retirement Corporation serves those objectives.; and <br />RESOLVED, by the Town Council of the Town of Los Gatos, County of Santa <br />Clara, State of California, that the Town of Los Gatos hereby amends and restates the Deferred <br />Compensation. Plan in the form of the ICMA Retirement Corporation Deferred Compensation Plan <br />and Trust, attached hereto as Exhibit A; <br />BE IT FURTHER RESOLVED, that the Town hereby executes the Declaration of <br />Trust of the ICMA Retirement Trust, attached hereto as Appendix B, intending this execution to be <br />operative withrespect to any retirement or deferred compensation plan subsequently established by <br />the Town, if the assets of the plan are to be invested in the ICMA Retirement Trust. <br />BE IT FURTHER RESOLVED, that the assets of the Plan shall be :held in trust, <br />with the Employer serving as trustee, for the exclusive benefit of the Plan participants and their <br />beneficiaries, and the assets shall not be diverted for any other purpose. <br />BE IT FURTHER RESOLVED, that the Plan will not permit loans. <br />BE IT FURTHER RESOLVED, that the Town hereby agrees to serve as trustee <br />under t11e Plan. <br />