485.2003
RESOLUTION TO AMEND AND RESTATE DEFERRED COMPENSATION
PLAN FOR TOWN OF QUEENSBURY EMPLOYEES
RESOLUTION NO.: 485, 2003
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Roger Boor
WHEREAS, the New York State Deferred Compensation Board (the "Board"), 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"), has promulgated the Plan
Document of the Deferred Compensation Plan for Employees of the Town of Queensbury (the
"Model Plan") and offers the Model Plan for adoption by local employers, and
WHEREAS, the Town of Queensbury, pursuant to Section 5 and the Regulations, has
adopted and currently administers the Model Plan known as the Deferred Compensation Plan for
Employees of the Town of Queensbury,
WHEREAS, effective January 1, 2003, the Board amended the Model Plan to adopt
provisions relating to regulations pertaining to Section 457 and Section 401(a)(9) of the internal
Revenue Code, technical amendments to the Economic Growth and Tax Relief Reconciliation Act
of 2001 ("EGTRRA") as they apply to the Model Plan and to adopt modifications that update
certain administrative provisions, and
WHEREAS, the Board has offered for adoption the amended and restated Model Plan to
each Model Plan sponsored by a local employer in accordance with the Regulations, and
WHEREAS, upon due deliberation, the Town of Queensbury has concluded that it is
prudent and appropriate to amend the Deferred Compensation Plan for Employees of the Town of
Queensbury by adopting the amended and restated Model Plan, and
WHEREAS, the Deferred Compensation Committee has decided to permit loans under
this plan, and has established clear procedures for the administration of loans, a copy of which is
attached, in accordance with Section 6.5 of the Model Plan Document, with Section 9001.4 of the
Rules & Regulations, and with Sections 457 and 72(p) of the Internal Revenue Code and any
Treasury Regulations promulgated thereunder,
NOW, THEREFORE, BE IT
RESOLVED, that the Town of Queensbury hereby amends the Deferred Compensation
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Plan for Employees of the Town of Queensbury effective November 17, 2003 by adopting the
amended and restated Model Plan effective January 1, 2003, a summary of such changes to the
Model Plan being attached to this Resolution, and
BE IT FURTHER,
RESOLVED, that the Town Board authorizes and directs the Town Supervisor and/or
Town Comptroller to sign any documentation and take all actions necessary to effectuate the
terms of this Resolution.
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Duly adopted this 17 day of November, 2003, by the following vote:
AYES : Mr. Turner, Mr. Stec, Mr. Brewer, Mr. Brower, Mr. Boor
NOES : None
ABSENT: None