Alaska Inter-Tribal Council : Advocating for Alaska Tribal Governments

Alaska Inter-Tribal Council
Resolution 98-04

A RESOLUTION ESTABLISHING EMPLOYEE RETIREMENT ACCOUNTS

WHEREAS, the Alaska Inter-Tribal Council desires to provide retirement annuity contracts for its employees as portions of their compensations, the Alaska Inter-Tribal Council does hereby authorize and approve the purchase by the Alaska Inter-Tribal Council of retirement annuity contracts as issued by The Minnesota Mutual Life Insurance Company, the amount of each to be determined by agreed premiums not exceeding the amount of the employee's exclusion allowance as determined by the formula in section 403 (b) of the Internal Revenue Code, and;

WHEREAS, it is the intention of the Alaska Inter-Tribal Council that these annuity contracts will qualify under the terms of section 403 (b) of the Internal Revenue Code (or any section that may replace it) and that the premiums paid by the Alaska Inter-Tribal Council for such annuity contracts will not be considered as income paid to the employees concerned, and ;

WHEREAS, it is further the intention of the Alaska Inter-Tribal Council that the purchasing of each of such annuity contracts shall continue in full effect until the employee concerned retires or his or her services with the Alaska Inter-Tribal Council are terminated or until he or she dies, whichever event occurs first. However, all rights under the said annuity contract shall be exercisable by the employee concerned;

NOW THEREFORE BE IT RESOLVED that the Alaska Inter-Tribal Council hereby authorizes the Executive Director to act on its behalf in respect to these annuity contracts and to formulate rules and procedures for the purchase and administration of them.

PASSED BY A DULY CONSTITUTED QUORUM OF THE ALASKA INTER-TRIBAL COUNCIL THIS 12th DAY OF MARCH 1998 BY A VOTE OF YES, NO, AND ABSTAINING.

Steve E. Ginnis Deborah Vo
Chairman Executive Director