HomeMy WebLinkAboutCC Resolution 11500 (ICMA Deferred Compensation Plan Amendment)RESOLUTION NO. 11500
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL
AMENDING THE ICMA DEFERRED COMPENSATION PLAN TO PERMIT THE
ADOPTION OF A 401 MONEY PURCHASE PLAN
WHEREAS, the City of San Rafael 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 San Rafael 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, the City Council of the City of San Rafael does hereby establish a
money purchase retirement plan in the form of the ICMA Retirement Corporation Governmental
Money Purchase Plan & Trust, pursuant to the specific provisions of the Adoption Agreement.
The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries;
and
BE IT FURTHER RESOLVED, that the City 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, if the assets
of the plan are to be invested in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED, that the City 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 reports, notices, etc. from the ICMA Retirement Corporation or the ICMA
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Retirement Trust; shall cast, on behalf of the City, any required votes under the ICMA Retirement
Trust; may delegate any administrative duties relating to the Plan to appropriate departments; and
is authorized to execute all necessary agreements with the ICMA Retirement Corporation
incidental to the administration of the Plan.
City Manager shall be the coordinator and contact for the Plan and shall receive necessary
reports, notices, etc.
I, Jeanne M. Leoncini, Clerk of the City of San Rafael, hereby certify that the foregoing resolution
was duly and regularly introduced and adopted at a regular meeting of the City Council of said City
held on Tuesday, February 17, 2004, by the following vote, to wit:
AYES: COUNCILMEMBERS: Cohen, Heller, Hiller, Phillips & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
JEAM�E M. LEONCi II, CITY CLERK