A RESOLUTION FOR THE ESTABLISHMENT OF THE VANTAGECARE RETIREE HEALTH SAVINGS PLAN PROVDIED BY THE ICMA RETIREMENT CORPORATION
WHEREAS, all professional service engagements, which require the expenditure of over $10,000, require Board of Trustee approval; and
WHEREAS, The Village has employees rendering valuable services; and
WHEREAS, the establishment of a retiree health savings plan for such employees serves the interests of the Village by enabling it to provide reasonable security regarding such employees’ health needs during retirement, by providing increased flexibility in its personnel management system, and by assisting in the attraction and retention of competent personnel; and
WHEREAS, the Village has determined that the establishment of the retiree health savings plan (the “Plan”) serves the above objectives; and
WHEREAS, the Village has determined that the ICMA Retirement Corporation is well suited to provide services for the Village’s Retiree Health Savings Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF VERNON HILLS, COUNTY OF LAKE AND STATE OF ILLINOIS:
THAT, the Village hereby adopts the Plan in the form of the ICMA Retirement Corporation’s VantageCare Retirement Health Savings program.
BE IT FURTHER RESOLVED, that the assets of the Plan shall be held in trust, with the Village serving as trustee, for the exclusive benefit of Plan participants and their beneficiaries, and the assets of the Plan shall not be diverted to any other purpose prior to the satisfaction of all liabilities of the Plan. The Village has executed the Declaration of Trust of the Village of Vernon Hills Integral Part Trust in the form of the model trust made available by the ICMA Retirement Corporation
Dated this 7th day of October, 2003.
Adopted by a roll call vote as follows:
AYES: 5- Cashman, Hebda, Koch, Weil, Williams
NAYS: 0- None
ABSENT AND NOT VOTING: 1- Duros
Roger L. Byrne
Jeanne M. Schwartz