486.2003
RESOLUTION AUTHORIZING AMENDMENT TO DEFERRED
COMPENSATION PLAN ADMINISTRATIVE SERVICES AGREEMENT
RESOLUTION NO.: 486, 2003
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Daniel Stec
,
WHEREAS Hartford Life Insurance Company (Hartford Life) entered into an
Administrative Services Agreement (Agreement), effective January 28, 2002 with theTown of
Queensbury (Plan Sponsor) to provide certain nondiscretionary recordkeeping, reporting and
processing services to the 457 Deferred Compensation Plan (Plan) on behalf of the Plan Sponsor,
and
,
WHEREAS Hartford Life and the Plan Sponsor desire and agree to amend the
Agreement,
NOW THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby amends the Administrative Services
Agreement to the Town’s 457 Deferred Compensation Plan by adding a new Section 5.5. as
follows:
“5.5
Participant Loans - The Plan Administrator shall notify Hartford Life in writing of
each Participant the Plan Administrator has determined is entitled to receive a loan under
the terms of the Plan. Such notice shall include a copy of the loan agreement and
promissory note. Loan requests will be processed within one business day following
receipt by Hartford Life and the distribution will be mailed within three business days
following trade settlement. Loans from a Participant’s Account will be accounted for
separately and repayments of the loans will be allocated to the Participant’s Account in
accordance with the instructions filed with Hartford Life by the Plan Administrator. The
Plan Administrator shall notify Hartford Life in writing of any Participant loan it
considers to be in default. For loans in default, where Hartford Life processed and
distributed such loan, Hartford Life will prepare and file the appropriate federal tax
reporting form. The provisions of Section 5.4 shall also apply to tax reporting under
this paragraph.”
and
BE IT FURTHER,
RESOLVED, that this Amendment shall be made a part of the Agreement effective
immediately upon execution by both parties, and
BE IT FURTHER,
RESOLVED, the Town Board authorizes and directs the Town Supervisor and/or Town
Comptroller to sign the Amendment to Administrative Services Agreement and any other
documentation and take any action necessary to effectuate the terms of this Resolution.
th
Duly adopted this 17 day of November, 2003, by the following vote:
AYES : Mr. Stec, Mr. Brewer, Mr. Brower, Mr. Boor, Mr. Turner
NOES : None
ABSENT: None