Agenda - Council - 02/22/1994 - Laserfiche WebLink

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Cotmcilmember ~ introduced the fonowing resolution and moved for its adoption: ~ RESOLUTION g94-02-XXX RESOLUTION FOR A LEGISLATIVE BODY RELATING TO A DEFERRED COMPENSATION PLAN WHERElS~S, the City of Ramsey has employees rendering valuable services; and WHEREAS, the establishment of a deferred compensation plan for such employees serves the interesi of the City of Ramsey 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 a .n~raction and retention of competent personnel; and WHEREAS, the City of Ramsey has determined that the establishment of a deferred compensation plan to be administered by the ICMA Retirement Corporation serves the above objectives; and ~ WHERI~As, the City of Ramsey desires that its deferred compensation plan be administered bythe ICMA Retirement Corporation, and that the funds held under such plan be invested in the IdMA Retirement Trust, a mast established by public employers for the collective investment of funi:ls held under their retirement and deferred compensation plans. NOW T~EREFORE BE IT RESOLVED that the City of Ramsey hereby adopts or has previously a~lopted the deferred compensation plan (the "Plan") in the form of the ICMA Retirement Corpd~.' tion Deferred Compensation Plan, referred to as Appendix A. BE IT ~*URTHER RESOLVED that the City of Ramsey hereby executes the Declaration of Trgst of the ICMA Retirement Trust, attached, hereto as Appendix B, intending this execution to beloperative with respect to any retirement or deferred compensation plan subsequently established by the City of Ramsey, if the assets of the plan are to be invested in the ICMA Retiremen! Trust. BE IT FURTHER RESOLVED that the Personnel Coordinator shall be the coordinator for }his program; shall receive necessary reports, notices, etc. from the ICMA Retirement Corpc~'ation or the ICMA Retirement Trust; shall cast, on behalf of the City of Ramsey, any,required votes under the ICMA Retirement Trust; Administrative duties to carry out the pl~ ma3 be assigned, to the appropriate departments, and is authorized to execute ail necessar3 agreements with ~R2MA Rerkrement Corporation incidental to the administration of the Plan. The moron for ~e adoption of the foregoing resolution was duly seconded by Councilmember ~ upon vote being taken thereon, the following voted in favor thereof: and the following!voted against the same: and the followinglabstained: and the following! were absent: