2006-260
RESOLUTION NO. 2006-260
IRC CODE SECTION 457
A Resolution Authorizing Participation in the North Shore Bank Deferred Compensation Plan.
RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF JANESVILLE, WI
WHEREAS, the City of J anesville is a Wisconsin Municipal Corporation conducting its principal business at 18
North Jackson Street, City of Janesville, County of Rock, State of Wisconsin, 53545 (hereinafter "Employer");
WHEREAS, INTERNAL REVENUE CODE 457 and Chapter 40.81 Laws of 1989-90 of the Wisconsin
Statutes permit the City of Janesville to establish a Deferred Compensation Plan; and
WHEREAS, The Deferred Compensation Plan may permit eligible employees to voluntarily elect to participate
in the favorable tax treatment on the deferral of income; and
WHEREAS, the City of Janesville desires to establish such Deferred Compensation Plan providing for
"voluntary" contributions through North Shore Bank fsb, Brookfield, Wisconsin, to become an eligible plan for
its employees, in addition to the ICMA-RC Deferred Compensation Plan; and
WHEREAS, the Laws of Wisconsin permit the City of Janesville to make legal deposits to "custodial accounts"
established within the North Shore Bank Deferred Compensation Plan; and
WHEREAS, North Shore Bank shall be responsible to hold funds, as "custodian", for the future benefit of those
participating employees under all rules and regulations of the IRS CODE Section 457.
Now, therefore, BE IT RESOLVED, that the City of Janesville, Wisconsin, hereby amends its current Deferred
Compensation Plan, appointing North Shore Bank as an additional provider serving the City and its employees
as "custodian" and "administrator" for all investments provided within its Plan.
BE IT FURTHER RESOLVED that the City Administration execute and enter into said Plan on behalf of the
City of J anesville ("Employer") effective April 1, 2006 or as soon as administratively possible after that date;
and
BE IT FURTHER RESOLVED that the authorized representative(s) of the Employer, including, but not limited
to the Human Resources Director, hereby execute(s) any and all documents and agreements necessary for such
participation; and
BE IT FURTHER RESOLVED that the Human Resources Director and/or her designee(s), shall be the
coordinator for the Plan; shall receive reports, notices, etc., from North Shore Bank; shall cast, on behalf of the
Employer, any required votes under North Shore Bank; may delegate any administrative duties relating to the
Plan to appropriate departments; and is authorized to execute all necessary agreements with North Shore Bank
incidental to the administration of the Plan; and
BE IT FURTHER RESOLVED that the Human Resources Director and/or her designee(s), on behalf of the
Employer, is/are hereby authorized and empowered to negotiate, draft, modify, review, execute, and enter into
additional agreements, record, file, and/or make modifications and/or amendments to any and all documents,
papers, forms, and agreements, and to take whatever other actions as the Human Resources Director may
determine, from time to time and at any time, necessary and/or desirable to effectuate the intent ofthis
Resolution and/or Plan.
ADOPTED:
March 13, 2006
Jean n Wulf, City Clerk-Treasurer
APPROVED AS TO I;.ORM: 3/3/ð
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Waldemar Klimczyk, Ci A rn y
Proposed by:
Prepared by:
Human Resources Director
North Shore Bank, Human Resources Director, and
City Attorney
MOTION BY: 'rim Wpllnitz
SECOND BY: Brunner
COUNCILMEMBER AYE NAY PASS ABSENT
BRUNNER X
BRIEN X
WILLIAMS X
WELLNITZ, TIM X
WELLNITZ, TOM X
DEGARMO X
ADDDIE X