City Council Resolution 1985-03s~ ..
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RESOLUTION 1985 #3
RESOLUTION TO ESTABLISH A DEFERRED COMPENSATION PLAN
WHEREAS, the City of Monticello has employees rendering
valuable services, and
WHEREAS, the establishment of a deferred compensation plan
for such employees will serve the interests of the City by enabling
it to provide reasonable retirement security for its employees,
by providing increased flexibility in its personnel management
system, and by assisting in the attraction and retention of
competent personnel, and
WHEREAS, the City has determined that the establishment
of a deferred compensation plan to be administered by the ICMA
Retirement Corporation will serve the objectives stated above,
and
WHEREAS, the City desires that the investment of funds
held under its deferred compensation plan be administered by
the ICMA Retirement Corporation, as trustee, with the understanding
that such funds will be held by the ICMA Retirement Trust, a
trust established by public employers for the purpose of representing
the interests of such employers with respect to the collective
investment of funds held under their deferred compensation plans:
NOW, THEREFORE, BE IT RESOLVED THAT THE CITY OF MONTICELLO
adopts the deferred compensation plan, attached hereto as Appendix A,
and appoints the ICMA Retirement Corporation to serve as administrator
thereunder; and
BE IT FURTHER RESOLVED THAT the City hereby executes the
ICMA Retirement Trust, attached hereto as Appendix B; and
BE IT FURTHER RESOLVED THAT the City hereby adopts the
trust agreement, attached hereto as Appendix C, and appoints
the ICMA Retirement Corporation as trustee thereunder, and directs
the ICMA Retirement Corporation, as trustee, to invest all funds
held under the deferred compensation plan through the ICMA Retirement
Trust as soon as is practicable; and
BE IT FURTHER RESOLVED .THAT the City Administrator shall
be the coordinator for this program and shall receive necessary
reports, notices, etc., from the ICMA Retirement Corporation
as administrator, and shall cast, on behalf of the City, any
required votes under the program. Administrative duties to
carry out the plan may be assigned to the appropriate departments.
Resolution 1985 #3
Page 2
Adopted this 11th day of March, 1985.
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Arve A. Grimsmo, Mayor
Thomas A. Eid m
City Administrator