528.2006
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.: 528,2006
INTRODUCED BY: Mr. Richard Sanford
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Tim Brewer
WHEREAS,
the Town Board of the Town of Queensbury on January 28, 2002 selected
The Hartford Life Insurance Company and IBT as the Town of Queensbury Deferred
Compensation Plan Administrators pursuant to Section 9003.2 of the Rules and Regulations of
the New York State Deferred Compensation Board, and
WHEREAS, pursuant to Section 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
vote duly taken, any contract or agreement entered into an administrative services agency for a
period having a duration of one (1) year, upon the expiration of the initial term of such contract
or agreement, and
WHEREAS, the Town Board of the Town of Queensbury finds it to be in the best interest
of the Plan to extend the agreement with The Hartford Life Insurance Company and IBT for a
period of one (1) year from the date of expiration of such agreement’s initial five (5) year term
for reasons which include, but are not limited to, the preservation of the stability of the Plan’s
administration, recordkeeping and account maintenance, while the Town of Queensbury begins
the process of replacing the Budget Officer, due to her resignation, and establishes a Request for
Proposals for prudent evaluation of competitive proposals in accordance with Section 9003.3 of
the Rules and Regulations of the New York State Deferred Compensation Board,
NOW, THEREFORE BE IT RESOLVED , the Town Board of the Town of Queensbury
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 FURTHERED RESOLVED, that the Chairperson of the Town of Queensbury
Deferred Compensation Committee is hereby authorized to make, execute, and deliver all
documents necessary to effectuate the contents of the foregoing resolution.
IN WITNESS WHEREOF, the undersigned have executed this Resolution in Warren
County, New York this November 20, 2006 and directed that it be filed as appropriate.
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Duly adopted this 6 day of November, 2006, by the following vote:
AYES: Mr. Strough, Mr.Brewer, Mr. Stec, Mr. Boor, Mr. Sanford
NOES: None
ABSENT:None