431.98
RESOLUTION APPOINTING TRUSTEE UNDER DEFERRED
COMPENSATION PLAN, APPROVING TRUST AGREEMENT AND
APPROVING AMENDMENT OF CONTRACT WITH HARTFORD LIFE
INSURANCE COMPANY
RESOLUTION NO.: 431.98
INTRODUCED BY: MR. DOUGLAS IRISH
WHO MOVED ITS ADOPTION
SECONDED BY: MR. THEODORE TURNER
WHEREAS, pursuant to Section 5 of the New York State Finance Law (Section 5) and the
Regulations of the New York State Deferred Compensation Board (the Regulations), the Town Board
of the Town of Queensbury has adopted and currently administers the Deferred Compensation Plan for
Employees of the Town of Queensbury (the Plan), and
WHEREAS, the Town has requested proposals from prospective trustees under the Plan, and
WHEREAS, in response to amendments to Section 457 of the Internal Revenue Code, as
amended (the Code), the Town Board has amended the Plan effective January 1, 1999 by adopting the
Model Deferred Compensation Plan for Employees of the Town of Queensbury (the Model Plan) as
amended and restated April 1, 1998, promulgated by the New York State Deferred Compensation
Board, and
WHEREAS, the Town of Queensbury Deferred Compensation Committee met on October 22,
1998 to discuss issues related to the amendment of the Deferred Compensation Plan and has
recommended that the Town Board adopt certain additional amendments and to discuss certain
administrative regulations to make administration more orderly and efficient,
NOW, THEREFORE, BE IT
RESOLVED, that FMB Trust of Baltimore, Maryland is hereby appointed to act as trustee
(the Trustee) under the Plan pursuant to the proposed Trust Agreement to serve until such time, if any,
as one or more successor trustee(s) are appointed in accordance with the Regulations, and
BE IT FURTHER,
RESOLVED, that the Town Supervisor is hereby authorized and directed to execute and
deliver the Trust Agreement by and between FMB Trust of Baltimore, Maryland and the Town
substantially in the form attached hereto as Exhibit A, and
BE IT FURTHER,
RESOLVED, that the annual fee of five hundred dollars ($500) for services of the Trustee is
hereby approved and that such fee shall be paid from the appropriate account as determined by the
Town Controller, and
BE IT FURTHER,
RESOLVED, that the Amendment by and between Hartford Life Insurance Company
(Hartford) and the Town attached hereto as Exhibit B, which provides that Hartford shall render
certain administrative services related to “hardship requests” under the amended Plan, is hereby
approved and the Town Supervisor is hereby authorized and directed to execute and deliver the
Amendment substantially in the form attached hereto as Exhibit B, and
BE IT FURTHER,
RESOLVED, that the proposed administrative regulations in the form attached hereto as
Exhibit C are hereby authorized and that the Town Controller is directed to follow such administrative
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regulations in the administration of the Plan, and
BE IT FURTHER,
RESOLVED, that the Town Supervisor is hereby authorized and directed to execute such
documents and take such actions as are necessary and proper to carry out the intent of this Resolution.
th
Duly adopted this 16 day of November, 1998, by the following vote:
AYES : Mr. Tucker, Mr. Merrill, Mr. Turner, Mr. Irish, Mr. Champagne
NOES : None
ABSENT: None
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