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A R�SOLUTION AMENDING AND RESTATING <br /> THE CITY'S FLEXIBL� COMPENSATION PLAN <br /> WI3EREAS, the City of Orono previously adopted the City of Orono Flexible <br /> Compensation Plan on January l, 1991; alid <br /> WHEREAS, City of Orono desires to amend and restate such Plan as presented to <br /> include the following: <br /> • The Plaii desires to amend and restate the Plan to incoiporate all previous <br /> Summary of Material Modifications and to comply with the most recent <br /> and relevant regulatory changes since the adoption of the Plan which was <br /> on Jauuary 1, 1999. <br /> NOW, THEREFORE, BE IT RESOLVED, that the City of Orono Flexible <br /> Compensation Plan Ue and the same is amended and restated effective as of January 1, 2006; <br /> BE IT FURTHER RESOLVED, that any authorized persons of the Employer are <br /> hereby authorized to make such contributions from the fitnds of tl�e Employer as are necessary to <br /> carry out the provisions of said plan at any time; and <br /> BE IT FURTHER RESOLVED, that in the event any conflict arises Uetween the <br /> provisions of said Plan and the Employee Retirement ]ilcome Security Act of 1974 (ERISA) or <br /> any other applicable law or regulation (as such law or regulation may be inteipreted or amended), <br /> the Company shall resolve such conflict in a mamier which complies with ERISA or sucll law or <br /> regulation. <br /> Adopted by the City Council oF the City of Orono, Miluiesota, at a regular meeting held <br /> J�nuary 23, 2006. <br /> ATTEST: <br /> Linda S. Vee, City Clerlc Barbara A. Peterson, Mayor <br /> Ple�ible Spending 2006.doc <br />