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~~ S - aoc~G - c~8 3 <br />2 <br />RESOLUTION BY THE ORANGE COUNTY BOARD OF COMMISSIONERS AUTHORIZING <br />COUNTY PARTICIPATION IN A 457 DEFERRED COMPENSATION PLAN <br />Employer: The County of Orange in the State of North Carolina <br />Title of Program Coordinator: Human Resources Director <br />WHEREAS, Orange County has Employees rendering good and valuable services; and <br />WHEREAS, Orange County has entered into an employment agreement with Frank W. <br />Clifton to act as the County Manager ("County Manager"), rendering a valuable service to <br />Orange County for good and valuable consideration; and in which the County agreed to <br />participate in the International City Management Retirement Corporation ("ICMA-RC") 401k/457 <br />Supplemental Retirement Program Plan; and <br />WHEREAS, the establishment of a deferred compensation plan for employees and the <br />County Manager serves the interest of Orange County by enabling it to provide reasonable <br />retirement security for the County Manager, by providing increased flexibility in its personnel <br />management system and by assisting in the attraction and retention of competent personnel; <br />and <br />WHEREAS, Orange County has determined that the establishment of a deferred <br />compensation plan to be administered by the ICMA Retirement Corporation serves the above <br />objectives; and <br />WHEREAS, Orange County desires that the County Manager and other Orange County <br />employee's have the option of having their deferred compensation plan be administered by the <br />ICMA Retirement Corporation, and that some or all of the funds held under such plan be <br />invested in the VantageTrust Company, a trust established by public employers for the <br />collective investment of funds held under their retirement and deferred compensations plans; <br />NOW THEREFORE BE IT RESOLVED that Orange County hereby adopts the deferred <br />compensation plan (the "Plan") in the form of: <br />The ICMA Retirement Corporation Deferred Compensation Plan and Trust, referred to as <br />Appendix A <br />BE IT FURTHER RESOLVED that Orange County hereby executes the Declaration of Trust of <br />the VantageTrust Company, attached hereto as Appendix B, intending this execution to be <br />operative with respect to any retirement of deferred compensation plan subsequently <br />established by Orange County, if the assets of the plan are to be invested in the VantageTrust <br />Company. <br />BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with Orange <br />County serving as trustee, for the exclusive benefit of the Plan participant and his beneficiaries, <br />and the assets shall not be diverted to any other purpose. <br />BE IT FURTHER RESOLVED that Orange County hereby agrees to serve as trustee under the <br />Plan. <br />