Resolution 1994-16 STATE OF ILLINOIS
COUNTY OF KENDAGL(L.�
RESOLUTION NO.: ( l
RESOLUTION AUTHORIZING INTERNAL REVENUE CODE 457 DEFERRED
COMPENSATION PLAN FOR EMPLOYEES OF THE UNITED CITY OF THE
VILLAGE OF YORKVILLE
WHEREAS, the Mayor and City Council, on behalf of the employees of the United City of
the Village of Yorkville, wish to create the opportunity for their employees to participate in an
Internal Revenue Code 457 Deferred Compensation Plan; and
WHEREAS, the participation in said plan by the employees of the United City of the Village
of Yorkville creates no new liabilities or financial obligations on behalf of the City of Yorkville,
but rather creates the opportunity for financial benefit and favorable tax treatment on the part of
its employees; and
WHEREAS, the City Council has considered the plans being offered by First of America for
said Deferred Compensation Program; and
WHEREAS, First of America Bank is currently acting as Plan Supervisor for a Deferred
Compensation Plan through First of America Brokerage; and
WHEREAS, it is the desire of First of America Brokerage to offer to the employees of the ,
City of Yorkville this service with either or both the Kemper and Parkstone Variable Annuities;
and
WHEREAS, by authorization of the Deferred Compensation Plan, all regulatory,
administrative, and fiduciary responsibilities are hereby assumed by First of America Brokerage
on behalf of the City of Yorkville; and
WHEREAS, First of America Brokerage as Plan Supervisor agrees to hold harmless and
indemnify the City of Yorkville, its appointed and elected officers and participating employees
from any loss resulting from First of America Brokerage of its agent's failure to perform its
duties and services pursuant to the Deferred Compensation Program:
NOW THEREFORE, THE UNITED CITY OF THE VILLAGE OF YORKVILLE, UPON
MOTION DULY MADE, SECONDED, AND APPROVED BY A MAJORITY OF THOSE
ALDERMEN VOTING ON SAID ISSUE, DOES HEREBY RESOLVE TO APPROVE THE
DEFERRED COMPENSATION PLAN OFFERED BY FIRST OF AMERICA BROKERAGE
AS A VIABLE PLAN FOR ALL ELIGIBLE UNI'T'ED CITY OF THE VILLAGE OF
YORKVILLE EMPLOYEES.
Passed and Approved this day of 1994.
Mayor
ATTEST:
City Jerk
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