HomeMy WebLinkAbout18024 - RESOLUTIONS - 1/20/1993 r
RESOLUTION N0. 18024
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA EXECUTING THE DECLARATION OF TRUST
OF THE ICMA RETIREMENT TRUST TO ALLOW FOR THE
INVESTMENT OF EMPLOYEES' DEFERRED COMPENSATION
ACCOUNTS WITH ICMA RETIREMENT CORPORATION
WHEREAS, the City offers an Internal Revenue Code Section 457 deferred
compensation plan to its employees; and
WHEREAS, the Plan was adopted October 6, 1983; and
WHEREAS, the investment options available to employees, under this Plan have
been limited to those provided by Great Western Bank; and
WHEREAS, the City wishes to expand the number of investment options, and provide
opportunities for greater diversification; and
WHEREAS, the City's Deferred Compensation Advisory Committee has reviewed
proposals for providing deferred compensation services from a number of banks,
savings and loans, and insurance companies, and has determined that ICMA
Retirement Corporation best meets the needs of the City and its employees;
and
WHEREAS, the City desires that the funds administered by the ICMA, Retirement
Corporation shall 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 by the City Council of the City of Palm Springs
as follows:
Section 1. That the City Manager is hereby authorized to execute the Declaration
of Trust of the ICMA Retirement Trust, a copy of which is on file
in the office of the City Clerk.
Section 1. That the Director of Finance and Treasurer shall be the coordinator
for this program, but may assign administrative duties to his
designee; 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; and shall be authorized to execute all necessary
agreements with ICMA Retirement Corporation incidental to the
administration of the Plan.
ADOPTED THIS 20th day of ,January 1993
AYES: Members Hodges, Lyons, Schlendorf and Mayor Mar.anov
NOES: None
ABSENT:
ABSTAINED: Member Reller-Spurgin
ATTEST: CITY OF PALM SPRI S, FORNI e)
City-Clerk City M r
REVIEWED & APPROVED