83-6805RRESOLUTION N0. 6805
RESOLUTION ADOPTING ICP•4A
RETIREMENT TRUST AGREEMENT
30
WHEREAS, the City (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 1:egislation 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 ICM.A Retirement Trust for the parpose of representing
the interests of the participating employers with respect to the
collective investment of funds held under their deferred compensation
plans; and
~+VHEREAS, said 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 City Council does
hereby adopt the deferred compensation plan, attached hereto as
Appendix A, as an amendment and restatement of its present def erred
compensation plan administered by the ICP•1A Retirement Corporation,
which shall continue to act as Administrator of said plan; and
BE IT FURTHER RESOLVED that the City Council does hereby
execute the ICMA Retirement Trust, attached hereto as Appendix B;
and
BE IT FURTHER RESOLVED that the City Council does hereby
adopt the trust agreement with the IC.'~IA Retirement Corporation,
as appears at Appendix C hereto, as an amendment and restatement
of its existing trust agreement with the ICP~IA Retirement Corporation,.
and directs the IC'KA Retirement Corporation, as Trustee, to invest
all funds held under the def erred compensation plan through the
IC~fIA Retirement Trust as soon as is practicable; and
BE IT FURTHER RESOLVED that the City ~~~anager shall be the
coordinator for this program and shall receive necessary reports,
notices, etc. from the IC~1A 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 appropriate departments.
Passed by the City Council of the Cit of Richfield this
26th day of September ~ it 9.83 ~ /~ ~ ;~~
ATTEST
Syl a K. Bergh, City erk~~,
I
ton, Mayor