HomeMy WebLinkAboutResolution 814 Retirement Benefits
RESOLUTION NO. 814
A RESOLUTION OF THE WINTER SPRINGS, FLORIDA
CITY COMMISSION (EMPLOYER) PROVIDING
VOLUNTARY RETIREMENT BENEFITS TO CITY EMPLOYEES
THROUGH THE INTERNATIONAL CITY MANAGEMENT
ASSOCIA TION RETIREMENT CORPORATION 457
DEFERRED COMPENSATION PLAN
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan for such
employees serves the interests of the Employer by enabling it to provide
reasonable retirement security for its employees, by providing increased
flexibility in its personnel management system, and by assisting in the attraction
and retention of a competent personnel; and
WHEREAS, the Employer has determined that the establishment of a deferred
compensation plan to be administered by the ICMA Retirement Corporation
serves the above objectives; and
WHEREAS, the Employer desires that its deferred compensation 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 Employer hereby adopts the
deferred compensation plan (the "Plan") in the form of the ICMA Retirement
Corporation Deferred Compensation Plan, referred to as Appendix A;
BE IT FURTHER RESOLVED that the Employer hereby executes the
Declaration of Trust of the ICMA Retirement Trust, attached hereto as Appendix
B, intending this execution to be operative with respect to any retirement or
deferred compensation plan subsequently established by the Employer, if the
assets of the plan are to be invested in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the City Manager shall be the coordinator
for this program; shall receive necessary reports, notices, etc. from the leMA
Retirement Corporation or the ICMA Retirement Trust; shall cast, on behalf of
the Employer, any required votes under the ICMA Retirement Trust;
Administrative duties to carry out the plan may be assigned to the appropriate
departments, and is authorized to execute all necessary agreements with ICMA
Retirement Corporation incidental to the administration of the plan.
PASSED AND ADOPTED this ~day of dn Ju'IAiL' 19'1? in
Chambers at Winter Springs, Seminole County~
MAYOR, CITY OF WINT
FLORIDA
ATTEST:
~1f~. ~
CITY LERK