HomeMy WebLinkAboutResolution 819 Retirement Benefits/CM
Attachment If 1
RESOLUTION NO. 819
A RESOLUTION OF THE WINTER SPRINGS, FLORIDA
CITY COl\tll\'lISSION (EMPLOYER) PROVIDING
RETIREMENT BENEFITS TO THE CITY l\tlANAGER
THROUGH THE INTERNATIONAL CITY l\tlANAGEMENT
ASSOCIA TION RETIREMENT CORPORATION
WHEREAS, the Employer has employed a City Manager rendering valuable
services; and
WHEREAS, the establishment of a money purchase retirement plan benefits the
City Manager by providing funds for retirement and funds for his beneficiaries in
the event of death; and
WHEREAS, the Employer 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 Employer hereby ~stablishes
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 ).
The Plan shall be maintained for the exclusive benefit of the City Manager and
his beneficiaries; and
BE IT FURTHER RESOLVED, that the Employer 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 Employer, if the assets of the
plan are to be invested in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the Employer 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 City Manager 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 Employer, 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 Employer hereby authorized City
Manager to execute all necessary agreements with the lCMA Retirement
Corporation incidental to the administration of the Plan.
BE IT FURTHER-RESOLVED that the Employer hereby authorized the City
Manager to execute all necessary agreements with the lCMA Retirement
Corporation incidental to the administration of the Plan.
tt
PASSED AND ADOPTED this ~day of B.Ill~ , 19~in Chambers
at Winter Springs, Seminole County, Florida
YOR, CITY OF
FLORIDA
ATTEST:
~A.~kJ
CITY LERK'