402.2007
RESOLUTION AUTHORIZING ONE-YEAR EXTENSION OF THE
HARTFORD LIFE INSURANCE COMPANY AND IBT TO CONTINUE AS
ADMINISTRATOR FOR THE TOWN OF QUEENSBURY’S
DEFERRED COMPENSATION PLAN
RESOLUTION NO.: 402, 2007
INTRODUCED BY: Mr. Roger Boor
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. John Strough
,
WHEREASon January 28, 2002, the Queensbury Town Board selected The Hartford
Life Insurance Company and IBT as the Town of Queensbury’s Deferred Compensation Plan
Administrators pursuant to §9003.2 of the Rules and Regulations of the New York State
Deferred Compensation Board, and
WHEREAS, in accordance with §9003.5(b) of the Rules and Regulations of the New
York State Deferred Compensation Board, the Town of Queensbury may extend, in writing, by a
vote duly taken, any contract or agreement entered into an administrative services agency for a
period having a duration of one (1) year TWICE, upon the expiration of the initial term of such
contract or agreement, and
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WHEREAS, on Nov. 6, 2006, by Resolution No.: 528,2006, the Town Board elected to
exercise the first of two extensions available upon expiration of the initial term of such contract
between the Town and The Hartford, and
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WHEREAS, on August 27, 2007, the Town’s Deferred Compensation Plan Committee
met and made a recommendation that the Town Board exercise the second of two extensions
available for a one year extension, and then, in early 2008, move forward with preparation of a
Request for Proposals for the selection of an administrative services agency of the Town’s
Deferred Compensation Plan, and
WHEREAS, the Town Board finds it to be in the best interest of the Plan to extend the
agreement with The Hartford Life Insurance Company and IBT for an additional period of one
(1) year from the date of expiration of the first extension in order to preserve stability of the
Plan’s administration, recordkeeping and account maintenance, while the Town of Queensbury
begins the process of a Request for Proposals for prudent evaluation of competitive proposals in
accordance with §9003.3 of the Rules and Regulations of the New York State Deferred
Compensation Board,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby extends for a period of one year
from its expiration date, with the administrator’s consent, the selection and agreement with The
Hartford Life Insurance Company and IBT to act as the Town of Queensbury Deferred
Compensation Plan Administrators, and
BE IT FURTHER,
RESOLVED, that the Town Board authorizes and directs the Chairperson of the Town of
Queensbury Deferred Compensation Committee to make, execute, and deliver all documents
necessary to effectuate the contents of this Resolution.
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Duly adopted this 10day of September, 2007, by the following vote:
AYES: Mr. Brewer, Mr. Stec, Mr. Boor, Mr. Sanford, Mr. Strough
NOES: None
ABSENT:None