120.2002
RESOLUTION TO AMEND AND RESTATE DEFERRED COMPENSATION
PLAN FOR TOWN OF QUEENSBURY EMPLOYEES
RESOLUTION NO.: 120, 2002
INTRODUCED BY: Mr. Daniel Stec
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Theodore Turner
WHEREAS, the New York State Deferred Compensation Board (Board), in accordance with
New York State Finance Law Section 5 (Section 5) and the New York State Deferred Compensation
Board Regulations (Regulations) has promulgated the Model Deferred Compensation Plan for Town
of Queensbury Employees (Model Plan) and offers the Model Plan for adoption by local employers,
and
WHEREAS, the Town of Queensbury, in accordance with Section 5 and the Regulations, has
adopted and currently administers the Model Plan known as the Deferred Compensation Plan for its
employees, and
WHEREAS, effective January 1, 2002, the Board amended the Model Plan to adopt
provisions of 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 to
accommodate prospective state-of-the-art methods and procedures, 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 Town of Queensbury Employees by
adopting the amended and restated Model Plan,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby amends the Deferred Compensation
Plan for its Employees effective February 26, 2002 by adopting the amended and restated Model Plan
in the form attached to this Resolution as Exhibit A, and
BE IT FURTHER,
RESOLVED, that the Town Board authorizes and directs the Town Supervisor, Town
Comptroller and/or Town Counsel to prepare and sign any documentation necessary to effectuate the
terms of this Resolution.
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Duly adopted this 25 day of February, 2002, by the following vote:
AYES : Mr. Turner, Mr. Stec, Mr. Brewer, Mr. Brower, Mr. Boor
NOES : None
ABSENT: None