214.2004
RESOLUTION APPOINTING SUCCESSOR TRUSTEE FOR TOWN OF
QUEENSBURY DEFERRED COMPENSATION PLAN AND APPROVING
SUCCESSOR TRUSTEE AGREEMENT
RESOLUTION NO.: 214, 2004
INTRODUCED BY: Mr. John Strough
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Tim Brewer
WHEREAS, the Town of Queensbury has adopted and currently administers the Town of
Queensbury Deferred Compensation Plan, (Plan) a qualified retirement plan under Section 457 of the
Internal Revenue Code of 1986, as amended, and
WHEREAS, the Town previously entered into a Trust Agreement with Manufacturers and
Traders Trust Company (M&T Bank), successor to Allfirst Trust Company, N.A., f/k/a FMB
Trust Company, N.A., wherein M&T Bank acted as directed Trustee for the Plan, and
WHEREAS, M&T Bank wishes to resign as the Town Plan’s directed Trustee, and
WHEREAS, upon the recommendation of the Town’s Plan Administrator, The Hartford,
the Town Board wishes to appoint Investors Bank and Trust (IBT) as the Successor Trustee for
the Plan, and
WHEREAS, IBT agrees to serve as Successor Trustee for the Plan as provided under the
terms of the Successor Trustee Agreement presented at this meeting,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes Investors Bank and Trust
(IBT) to serve as Successor Trustee under the Town of Queensbury Deferred Compensation Plan in
accordance with the Successor Trustee Agreement presented at this meeting, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor to
execute such Successor Trustee Agreement, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor and/or
Budget Officer to deliver the executed Successor Trustee Agreement to the Hartford and take such
other and further action as may be necessary to effectuate all terms of this Resolution.
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Duly adopted this 19 day of April, 2004, by the following vote:
AYES : Mr. Turner, Mr. Strough, Mr. Brewer, Mr. Stec, Mr. Boor
NOES : None
ABSENT: None
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