HomeMy WebLinkAbout21173 - RESOLUTIONS - 1/5/2005 RESOLUTION NO. 21173 '
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING THE ESTABLISHMENT OF A 401 MONEY
PURCHASE PLAN FOR THE FIRE SAFETY UNIT AND THE GENERAL
UNIT TO BE ADMINISTERED BY ICMA RETIREMENT CORPORATION.
WHEREAS, the City of Palm Springs ("Employer") wishes to recognize members of
employee organizations, and
WHEREAS, the Employer has determined that the establishment of a money purchase
retirement plan benefits for employees will improve the City's ability to attract and retain
outstanding employees by providing funds for retirement and funds for their 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 establishes or has
established a money purchase retirement plan (the "Plan") in the form of the ICMA
Retirement Corporation Governmental Money Purchase Plan & Trust, pursuant to the
specific provisions of the Adoption Agreement (executed copy attached hereto).
The Plan shall be maintained for the exclusive benefit of eligible employees and their
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
subsequentlyestablished 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 Director of Finance & Treasurer shall be the
coordinator for the Plan; shall receive 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 is authorized to execute all
necessary agreements with the ICMA Retirement Corporation incidental to the
administration of the Plan. '
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ADOPTED this 5" day of January, 2005
AYES: Members Foat, McCulloch, Mills, Pougnet and Mayor Oden
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
// City Clerk City ManagerE�