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Coun~:i]m~:~iCer Cox introduced the following resolution and moved <br />for <br /> <br />RESOLUTION #86- 20 <br /> <br />CITY ftC' i~ni~k~.iEY RESOLUTION ESTABLISHING DEFERRED COMPENSATION PLAN <br /> <br /> W!iEREAS, the City of Ramsey has employees rendering <br />valuabi! ~-, ~-:.~vices; and <br /> <br /> W[iEREAS, the establishment of a deferred compensation <br />plan f,), [~'~c:h employees will serve the interests of the City of <br />Ramses/ I-:i~ '~nabling it to provide reasonable retirement security <br />for :i.i:~ el~ployees, by providing increased flexibility in its <br />~.~rscn~]~:.l. }~lanagement system, and by assisting in the attraction <br />and r(:~er~:J {:.~ of compete~t personnel; and <br /> <br /> W~iEREAS, the City of Ramsey has determined that the <br />establ:~.~;I-}mc~lt of a deferred compensation plan to be administered <br />by tb~~ Zili:~A ~etirement Corporation will serve the above <br /> <br /> WHqREAS, the City of Ramsey desires that the investment <br />of f,,])-~i~ t-.!e.]d under its deferred compensation plan be <br />admini..~:l:e~e~"~ by the ICMA Retirement Corporation, as Trustee, with <br />the ti~c'ie~:- tanding that such funds will be held by the ICMA <br />Retireme~'~ :!'rust, a trust established by public employers for the <br />purpo~ ~:F fepresentJ, ng the interests of such employers with <br />respect ~'~ the collective investment of funds held under their <br /> <br />NOW 'I~I~,R_,,~,3_',E, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY~ ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br /> , ) ~.['h;~.t the C. ity of Ramsey adopts the deferred <br />compeJ..~,i-J(.n plan, attached hereto as Appendix A, and appoints <br />,~he ICf~l,, ._tirement Corporation to serve as Administrator <br /> <br /> 2) 9.'hat the City of Ramsey hereby executes the ICMA <br />Retir~ie~-]~ '?zq:~d~, attached hereto as Appendix B. <br /> <br /> i-.) '~'hat the City of Ramsey hereby adopts the trust <br />agreeme~.~ ,~.ttached hereto a Appendix C, and appoints the ICMA <br />Retirem~nt c.~r~ration as Trustee thereunder and directs the ICMA <br />RetJ. z:e}~.~e~.~i~ ~:orporation, as Trustee, to invest all funds held <br />under ~..b(~ !)eiierred con-lpensation plan through the ICMA Retirement <br />Trust ~3~; ;:o~.~ as is practicable. <br /> <br /> ,i~ ']'hat the City Administrator shall be the <br />coordi~a~: :~' this program and shall receive necessary reports, <br />notJc~ ~: tc'~ from the tCMA Retirement Corporation as <br />Admini~;t'~c~.~r, and shall cast on behalf of the City of Ramsey, <br />any re({t]j:,:~'~-~:.l votes under the program. Administrative duties to <br /> <br />Page 1 of 2 <br /> <br /> <br />