97-8438r
13
CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 8438
RESOLUTION RELATING TO
ESTABLISHMENT OF A MONEY PURCHASE PLAN
WHEREAS, the City of Richfield has employees rendering valuable services;
and
WHEREAS, the establishment of a money purchase retirement plan benefits
employees by providing funds for retirement and funds for their beneficiaries in the
event of death; and
WHEREAS, the City of Richfield desires that its money purchase retirement plan
be administered by the ICMA Retirement Corporation and that the funds held under
such plan be invested in the ICMA Retirement Trust, a trust established by public
employers for the collective investment of funds held under their retirement and
deferred compensation plans:
NOW, THEREFORE, BE IT RESOLVED that the City of Richfield hereby
establishes or has established a money purchase retirement plan (the "Plan") in the
form of: The ICMA Retirement Corporation Prototype Money Purchase Plan and Trust,
pursuant to the specific provisions of the Adoption Agreement (executed copy attached
hereto).
BE IT FURTHER RESOLVED that the City of Richfield hereby executes the
Declaration of Trust of the ICMA Retirement Trust, attached hereto, intending this
execution to be operative with respect to any retirement or deferred compensation plan
subsequently established by the City of Richfield, if the assets of the plan are to be
invested in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the City of Richfield hereby agrees to serve
as trustee under the Plan and to invest funds held under the Plan in the ICMA
Retirement Trust; and
BE IT FURTHER RESOLVED that the Administrative Services Director shall be
the coordinator for the Plan; shall receive necessary reports, notices, etc., from the
ICMA Retirement Corporation or the ICMA Retirement Trust; shall cast, on behalf of the
Employers, any required votes under the ICMA Retirement Trust; may delegate any
administrative duties relating to the Plan to appropriate departments; and
BE IT FURTHER RESOLVED that the City of Richfield hereby authorized the
Administrative Services Director to execute all necessary agreements with the ICMA
Retirement Corporation incidental to the administration of the Plan.
Adopted by the City Council of the City of Richfield, Minnesota this 27th day of
January,1997. . .~
fl;dZtn~ ~
Martin J. Ki Mayor
ATTEST:
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Thomas P. Ferber, City Clerk