HomeMy WebLinkAbout12-004 Amending Resolution 97-45 Concerning ICMA Deferred Compensation Resolution 12-004
Deferred Compensation
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RESOLUTION NO. 12-004
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT
TOWNSEND, WASHINGTON AMENDING RESOLUTION 97-45 CONCERNING
INTERNATIONAL CITY MANAGEMENT ASSOCIATION (ICMA) DEFERRED
COMPENSATION AND AUTHORIZING THE CITY MANAGER TO EXECUTE
ANY INSTRUMENTS OR AGREEMENTS WITH THE INTERNATIONAL CITY
MANAGEMENT ASSOCIATION (ICMA) THAT UPDATE OR CHANGE PLAN
REQUIREMENTS AND TERMS
RECITALS:
A. Resolution 97-45 (passed April 7, 1997) adopted a deferred compensation plan for
City employees through the International City Management Association (ICMA).
The plan was voluntary and self-funded by employees. At the time of the adoption
of the plan, the plan requirements required the City to serve as the trustee of plan
assets for the benefit of the participants and beneficiaries. Further, at the time of
adoption, the plan approved by the City did not permit loans against plan assets.
B. Since adoption of the Resolution in 1997, the City is no longer required to serve as
the trustee of plan assets for the benefit of the participants and beneficiaries.
Further, the plan allows loans against the plan subject to plan requirements and
limitations.
C. This Resolution authorizes and confirms the authority of the City Manager to
execute any instruments or agreements with the International City Management
Association(ICMA) that update or change plan requirements and terms (including
allowing City employees to fund retirement through deferred compensation plans
with ICMA and removing the City as trustee and allowing loans against an
employee's plan assets).
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Port Townsend as follows:
The City Council authorizes and confirms the authority of the City Manager to execute any
instruments or agreements with the International City Management Association (ICMA)
that update or change plan requirements and terms (including allowing City employees to
fund retirement through deferred compensation plans with ICMA and removing the City as
trustee and allowing loans against an employee's plan assets).
Resolution 12-004
Deferred Compensation
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ADOPTED by the City Council of the City of Po Townsend at a regular meeting
thereof, held this 6th day of February 2012. i
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David King, May4
Attest: Approved as to form:
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Pamela Kolacy, MMC John P. Watts
City Clerk City Attorney