Res 003-84 1/17/1984RESOLUTION NO:3-84
A Resolution appointing the City Manager coordinator of the ICMA
Retirement Trust.
WHEREAS, The Employer maintains a deferred compensation plan for its employees
which is administered by the ICMA Retirement Corporation (the "Administrator")
and
WHEREAS, the Administrator has recommended changes in the plan document to
comply with recent federal legislation and Internal Revenue Service Regulations
governing said plans; and
WHEREAS, the Internal Revenue Service has issued a private letter ruling
approving said plan document as complying with Section 457 of the Internal
Revenue Code; and
WHEREAS, other public employers have joined together to establish the ICMA
Retirement Trust for the purpose of representing the interests of the participating
employers with respect to the collective investment of funds held under their
deferred compensation plans; and
WHEREAS, the Trust is a salutary development which further advances the quality
of administration for plans administered by the ICMA Retirement Corporation:
NOW THEREFORE BE IT RESOLVED that the Employer hereby adopts the deffered
compensation plan, attached hereto as Appendix A, as an amendment and restatement
of its present deferred compensation plan administered by the ICMA Retirement
Corporation, which shall continue to act as Administrator of said plan; and
BE IT FURTHER RESOLVED that the Employer hereby executes the ICMA Retirement
Trust, attached hereto as Appendix B; and
BE IT FURTHER RESOLVED that the Employer hereby adopts the trust agreement with
the ICMA Retirement Corporation, as appears at Appendix C hereto, as an amendment
and restatement of its existing trust agreement with the ICMA Retirement Corporation
and directs the ICMA Retirement Corporation, as Trustee, to invest all funds held
under the deferred compensation plan through the ICMA Retirement Trust as soon
as is practicable; and
BE IT FURTHER RESOLVED that the City Manager shall be the coordinator for this
program and shall receive necessary reports, notices, etc. from the ICMA
Retirement Corporation as Administrator, and shall cast, on behalf of the Employer,
any required votes under the program. Administrative duties to carry out the plan
may be assigned to the appropriated departments.
PASSED AND APPROVED THIS THE 17TH DAY OF JANUARY, 198
MAYOR
ATTEST:
City Clerk