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RESOLUTION NO. 98-29 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, ESTABLISmNG AN EMPLOYEE FUNDED 457 DEFERRED COMPENSATION PLAN. WHEREAS, the Employer has employees rendering valuable services, and WHEREAS, the establishment of a deferred compensation plan for such employees serves the interests of the Employer by enabling it to provide reasonable retirement security for its employees, by providing increased flexibility in its personnel management system, and by assisting in the attraction and retention of competent personnel; and WHEREAS, the Employer has determined that the establishment of a deferred compensation plan to be administered by ICMA Retirement Corporation serves the above objectives; and WHEREAS, the Employer desires that its deferred compensation plan be administered by the ICMA Retirement Corporation and that the funds held under such plan be invested in the ICMA Retirement Trust, a trust established by public employers for the collective investment of funds held under their retirement and deferred compensation plans; NOW THEREFORE, BE IT DUL Y RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section 1. The Employer hereby adopts or has previously adopted the deferred compensation plan (the "Plan") in the form of The ICMA Retirement Corporation Deferred Compensation Plan and Trust, referred to as Appendix A. Section 2. The Employer hereby executes the Declaration of Trust of the ICMA Retirement Trust, attached hereto as Appendix B, intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the Employer, if the assets of the plan are to be invested in the ICMA Retirement Trust. Section 3. The assets of the Plan shall be held in trust, with the Employer serving as trustee, for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted to any other purpose. The Trustee's beneficial ownership of Plan assets held in the ICMA Retirement Trust shall be held for the further exclusive benefit of the Plan participants and their beneficiaries. Section 4. The Plan will permit loans. Section 5. The Employer hereby agrees to serve as trustee under the Plan. Section 6. The City Manager shall be the coordinator for this program; shall receive necessary reports notices, etc. from ICMA Retirement Corporation or the ICMA Retirement Trust; shall cast, on behalf of the Employer, any required votes under the ICMA Retirement Trust; Administrative duties to carry out the plan