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HomeMy WebLinkAbout12/15/2004 - STAFF REPORTS (18) RESOLUTION NO. OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, APPROVING THE ESTABLISHMENT OF A 401 MONEY PURCHASE PLAN FOR DEPARTMENT HEADS TO BE ADMINISTERED BY ICMA RETIREMENT CORPORATION. WHEREAS, the City of Palm Springs ("Employer") has wishes to recognize and distinguish Department Heads differently than members of employee organizations, and WHEREAS, the Employer has determined that the establishment of a money purchase retirement plan,benefits for Department Heads 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 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 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. ao-t-fls 16 ,8 Resolution Page 2 ADOPTED this 15th day of December 12004 AYES: Members McCulloch, Mills, Pougnet and Mayor Oden NOES: None ABSENT: Member Foat ATTEST: CITY OF PALM SPRINGS, CALIFORNIA By City Clerk City Manager REVIEWED &APPROVED as to form RESOLUTION NO. 21165 OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, APPROVING THE ESTABLISHMENT OF A 401 MONEY PURCHASE PLAN FOR DEPARTMENT HEADS, THE MANAGEMENT, PROFESSIONAL AND SUPERVISORY (MAPS) UNIT, THE POLICE MANAGEMENT UNIT, THE FIRE MANAGEMENT UNIT, AND THE POLICE SAFETY 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 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 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. Resolution 21165 Page 2 ADOPTED this 15th day of December, 2004 AYES: Members McCulloch, Mills, Pougnet and Mayor Oden NOES: None ABSENT: Member Foat ATTEST: CITY OF PALM SPRINGS, CALIFORNIA By Acting City Clerk City Manager REVIEWED & APPROVED as to form 16B�