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Counc~]member introduced the following resolution <br /> <br />RESOLUTION <br /> <br />CITY OF RAMSEY RESOLUTION ESTABLISHING DEFERRED COMPENSATION PLAN <br /> <br /> WHEREAS, the City of Ramsey has employees rendering <br />valuable services; and <br /> <br /> WHEREAS, the establishment of a deferred compensation <br />plan for such employees will serve the interests of the City of <br />Ramsey by enabling it to provide reasonable retirement security <br />for its employees, by providing increased flexibility in its <br />Dersonnel management system, and by assisting in the attraction <br />and retention of oompetent personnel; and <br /> <br /> WHEREAS, the City of Ramsey has determined that the <br />establishment of a deferred compensation plan to be administered <br />by the ICMA Retirement Corporation will serve the above <br />objectives; and <br /> <br /> WHEREAS, the City of Ramsey desires that the investment <br />of funds held under its deferred compensation plan be <br />administered by the ICMA Retirement Corporation, as Trustee, with <br />the understanding that such funds will be held by the ICMA <br />Retire~,ent Trust, a trust established by public employers for the <br />purpose of representing the interests of such employers with <br />respect to the collective investment of funds held under their <br />deferred oompensation plans. <br /> <br />NOW T~EREFORE, BE IT RESOLVED BY T~E CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, S~TE OF MINN~ESO~, as follows: <br /> <br /> 1) That the City of Ramsey adopts the deferred <br />compensation plan, attached hereto as Appendix A, and appoints <br />the ICMA Retirement Corporation to serve as Administrator <br />thereunder. <br /> <br /> 2) That the City of Ramsey hereby executes the ICMA <br />Retir~ent Trust, attached hereto as Appendix B. <br /> <br /> 3) That the City of Ramsey hereby adopts the trust <br />agreement, attached hereto a Appendix C, and appoints the ICMA <br />Retirement Corporation as Trustee thereunder and directs the ICMA <br />Retirement Corporation, as Trustee, to invest all funds held <br />under the deferred compensation plan through the ICMA Retirement <br />Trust as soon as is practicable. <br /> <br /> 4) That the City Administrator shall be the <br />coordinator for this program and shall receive necessary reports, <br />notices, etc. from the ICMA Retirement Corporation as <br />Administrator, and shall cast on behalf of the City of Ramsey, <br />any required votes under the program. Administrative duties to <br /> <br /> <br />