HomeMy WebLinkAboutItem #7 State of Idaho 457 Planit t
\FYi`Nz1,'tJrC 4 STATE OF IDAHO 457 PLAN
Entity Name City of Chubbuck Notice/Resolution#
A Resolution to adopt The State Plan for Deferred Compensation
WHEREAS, the State of Idaho has enacted Idaho Code Section 59-513 which permits the State of Idaho and
any county, city, or political subdivision of the state, working through its governing body, to contract with an
employee to defer income to a 457 Deferred compensation plan, and
WHEREAS, the State of Idaho, by the State board of examiners has established and maintains the Deferred
Compensation Plan ("Plan") for participation by state employees, and
WHEREAS City of Chubbuck
Idaho, (hereinafter referred to as the "Participating
by its employees.
desires to adopt the State Plan for participation
WHEREAS, the Participating Employer has also determined that it wishes to encourage employee's savings for
retirement by offering salary reduction contributions.
WHEREAS, the Participating Employer has reviewed the Plan.
By adopting the Plan, City of Chubbuck , adopts the
investments and services selected by the State of Idaho Board of Examiners.
Therefore, the Participating Employer hereby resolves:
Section 1. The Employer shall abide by the terms of the Plan, including amendments to the Plan made by the
State of Idaho Board of Examiners, all investment, administrative, and other service agreements of the Plan, and
all applicable provisions of the Internal Revenue Code and other applicable law.
Section 2. The Employer may terminate its participation in the Plan.
City Treasurer and the Human Resources Dir for
The (Official Title of Authorized Individual) has authority to execute on behalf of the (Employer) documents to
implement the Plan for the (Employer), and to take action to correctly maintain the Plan under this Resolution.
Approved by the Governing Body of the (Employer) this day of
By:
(Name)
Attest:
(Name)
Official Title:
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