HomeMy WebLinkAbout97-045RESOLUTION 97- ~'
A RESOLUTION adopting the Intemational City Management
Association (ICMA) Retirement Corporation Deferred Compensation
Plan and Trust for the purpose of providing additional opportunities
for city employees to provide for their retirement security.
Whereas, employees of the City of Port Townsend render valuable services on behalf of the public;
and
Whereas, the establishment of an additional deferred compensation plan for such employees serves
the interests of the City by enabling it to assist its employees to provide for their own, self-funded
retirement security, by providing increased flexibility in its personnel management system, and by
assisting it in attracting and retaining competent personnel; and
Whereas,' the City has determined that the establishment of a deferred compensation plan to be
administered by the International City Management Association (ICMA) Retirement Corporation
serves the above objectives; and
Whereas, the City desires that this deferred compensation 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 City of Port Townsend hereby adopts the Deferred Compensation Plan
("the Plan") in the form of the ICMA Retirement Corporation Deferred Compensation Plan and
Trust, referred to as Appendix A.
BE IT FURTHER RESOLVED that the City of Port Townsend hereby executes the Declaration of
Trust of the ICMA Retirement Trust, attached hereto as Appendix B, intending this execution to be
operative with respect to any ret'rrement 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 assets of the Plan shall be held in trust, with the City serving
as trustee, for the exclusive benefit of the Plan participants and their beneficiaries, and the assets held
in the ICMA Retirement Trust shall not be diverted to any other purpose. The Trustee's beneficial
ownership of Plan assets held in the ICMA Retirement Trust shall be held for the further exclusive
benefit of the Plan participants and their beneficiaries.
BE IT FURTHER RESOLVED than the Plan will not permit loans.
BE IT FURTHER RESOLVED that the City hereby agrees to serve as trustee under the Plan.
BE IT FURTHER RESOLVED that the City Administrator shall be the coordinator for this program;
shall receive necessary reports, notices, etc. from the ICMA Retirement Corporation or the ICMA
Retirement Trust; shall cast, on behalf of the City, any required votes under the ICMA Retirement
Trust; may assign administrative duties to carry out the plan to the appropriate departments; and is
authorized to execute all necessary agreements with ICMA Retirement Corporation incidental to the
administration of the Plan.
Adopted by the City Council of the City of Port Townsend in regular session assembled this
seventh dayof April,1997.
Mayo~/~lie McCulloch
T[moth L.[L.[~aNin, City Attorney
ATTEST:
I, Pamela Kolacy, City Clerk of the City of Port Townsend, do hereby certify that the foregoing
resolution was duly adopted by the City Council of the City of Port Townsend at a regular meeting
thereof assembled this seventh day of April, 1997, by the following vote:
AYES:
NAYS:
ABSENT: O
Pamela Ko~acy, City Clerk
Resolution q 7' t~ Page 2