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HomeMy WebLinkAboutResolution 83-62RESOLUTION NO. 83- 62 ADOPTING A TRUST AGREEMENT WITH ICMA RETIREMENT CORPOP-gTION, DIRECTING THE ICb~ RETIREMENT CORPORATION AS TRUSTEE TO INVEST ALL FUNDS HELD UN~ER THE DEFERRED COP~ENSATION PLAN TO THE IC~ RETIREMENT TRUST AND NAMING A COORDINATOR FOR THE PROGRA>f BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLUMBIA HEIGHTS, that 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 ~qEREAS, the Employer has been advised by the Administrator that 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 k%IEREAS, the Employer has been advised by the Administrator that other public em- ployers 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 ~5{EREAS, the Employer has been advised by the Administrator that said Trust i~ a salu- tary development which further advances the quality of administration for plans ad- ministered by the ICbiA Retirement Corporation; and WHEREAS, based upon the above representations made by the Administrator to the Employer, the Employer has determined to take the following actions: NOW, THEREFORE, BE IT RESOLVED that the Employer hereby adopts the deferred compensa- tion plan, attached hereto as Appendix A, as an amendment and restatement of its pre- sent 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 directs the ~yor and City 5~nager to execute, on behalf of the Employer, the tCMA Retirement Trust attached hereto as Appendix B; and BE IT FURTHER RESOLVED that the Employer hereby adopts the trust agreement with the tC~.~ Retirement Corporation, as appears at Append~[ C hereto, as an amendment and re- statement of its existing trust agreement with the IC~bi Retirement Corporation, and directs the !CbQ% Retirement Corporation, as Trustee, to invest all funds held under the deferred compensation plan through the ICb~ Retirement Trust as soon as is practi- cable; and BE IT FURTHER RESOLVED that: the City ~nager shall be the coordinator for this program and shall receive necessary reports, notices, etc. from the ICM~ Retirement Corpora- tion 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 this 28th day of November , 198 3 Offered by: Norberg Seconded by: Hovland Roll Call: Ail ayes A -t-~ the Council Bruce G. Na%~oc[~i, Mayor i, William J. E!rite, Clerk of the City of Columbia Heights, a municipal corporation, do hereby certify that the foregoing resolution was duly passed and adopted at the Council meeting of the City of Columbia Heights at a regular meeting thereof assem- bled on the day of , 198 (SEAL) William J. Elrite, City Clerk - 2 -