Resolution - #94-02-037 - 02/22/1994

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Councilmernber Hardin introduced the following resolution and moved for its adoption: RESOLUTION g94-02-037 RESOLUTION FOR A LEGISLATIVE BODY RELATING TO A DEFERRED COMPENSATION PLAN WHEREAS, the City of Ramsey has employees rendering valuable services; and WHEREAS, the establishment of a deferred compensation plan for such employees serves the interest 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 attraction and retention of competent personnel; and WHEREAS, the City of Rarnsey has determined that the establishment of a deferred compensation plan to be administered by the ICMA Retirement Corporation serves the above objectives; and WHEREAS, the City of Ramsey desires that its deferred compensation plan be administexed 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 BY THE-CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the City of Ramsey hereby adopts or has previously adopted the deferred compensation plan (the "Plan") in the form of the ICMA Retirement Corporation Deferred Compensation Plan, referred to as Appendix A. 2) That the City of Ramsey 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 retirement or deferred compensation plan subsequently established by the City of Ramsey, ff the assets of the plan are to be invested in the ICMA Retirement Trust. 3) That the Personnel Coordinator shall be the coordinator for this program; shall receive nec~sary reports, notices, etc. from the ICMA Retirement Corporation or the ICMA Refireinent Trust; shah cast, on behalf of the City of Ramsey, any required votes under the ICMA Retirement Trust; Administrative duties to carry out the plan may be assigned to the appro~n'iate departments, and is authorized to execute all necessary agreements with ICMA Retirement Corporation incidental to the administration of the Plan. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Zimmerman upon vote being taken thereon, the following voted in favor thereof: Mayor Gilbenson Councilmember Hardin Couneilmember Zimmerman Couneilmember Beyer Councilmember Peterson and the following voted against the same: None