WHEREAS, the Virgin Valley Water District has considered the establishment of a new Deferred Compensation Plan to be made available to any employee for which compensation is paid pursuant to Section 457 (b) of the Internal Revenue Code of 1986,
as amended;

WHEREAS, Eligible Employees would receive certain tax benefits through participation in a deferred compensation plan;

WHEREAS, such benefits act as incentives for Eligible Employees to direct a portion of their current income to a deferred compensation plan that will provide for the payment of deferred compensation upon retirement or separation from service as well as death benefits in the event of death before or after separation from service;

WHEREAS, such new Deferred Compensation Plan would be made available in addition to, and provide Eligible Employees with an investment alternative to, any prior Section 457(b) plans established by the Employer;

WHEREAS, Aetna Life Insurance and Annuity company has provided the specimen Public Employer Deferred Compensation Plan (the "Plan") attached as Exhibit A hereto for the consideration of the Employer's counsel;

WHEREAS, the Employer has consulted with counsel and concluded that the specimen document is suitable to accomplish the Employer's objectives in establishing the new Deferred Compensation Plan;

WHEREAS, Aetna Life Insurance and Annuity Company or its affiliates, have offered to provide investment products and administrative services to the new Deferred Compensation Plan on terms acceptable to the Employer; and

WHEREAS, Aetna Life Insurance and Annuity company or one of its corporate affiliates ("Aetna") agrees to hold harmless and indemnify the Employer, its appointed and elected officers and employees against any and all claims, actions and suits made or brought by any person or persons arising out of any negligence or wrongdoing of Aetna in connection with the specific investment products provided and administrative services rendered by Aetna to the Plan;

NOW THEREFORE IT IS HEREBY:

RESOLVED: That the establishment of a new Deferred Compensation Plan be, and it hereby is, approved.

RESOLVED: That the General Manager be, and he is, authorized to adopt a new Deferred Compensation Plan on behalf of the Employer by executing in the Employer's name a Plan document in substantially the same form as Exhibit A hereto.

RESOLVED: That Aetna Life Insurance and Annuity Company andlor its appropriate corporate affiliate be, and it hereby is, selected as the exclusive provider of investment products and administrative services to the Plan.

RESOLVED: That the following public officials be, and they hereby are, appointed as the Plan Committee within the meaning of Section 3.01 of the Plan document for the purpose of discharging the administrative responsibilities of the Employer under the new Deferred Compensation Plan:

• Michael Winters, General Manager
• Mary Johnson, Administrative Assistant
• John Gleave, CPA, Chief Financial Officer

RESOLVED: That the Plan Committee be, and it hereby is, authorized and directed to enter into such contractual arrangements with Aetna as shall be reasonably necessary to provide for the furnishing of investment product and administrative services to the Plan.

IT IS HEREBY FURTHER ORDERED, that a true copy of this Resolution be spread
among the District's record of this date.

• Resolution 2001-04-11: Deferred Compensation (.pdf 72K)