RES 1983-85 - 00005798C
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RESOLUTION NO. 85 — 1983
RESOLUTION AUTHORIZING A TRUST AGREEMENT WITH ICMA
RETIREMENT CORPORATION AS AMENDED AND APPOINTING A
COORDINATOR FOR THE PROGRAM
WHEREAS, the Employer maintains a deferred compensation plan for its employees
which is administered by the ICMA Retirement Corporation (the
"Administrator "); and
WHEREAS, the Administrator has recommended changes in the plan document to
comply with recent federal legislation and Internal Revenue Service
Regulations governing said plans; and
WHEREAS, the Internal Revenue Service has issued a private letter ruling
approving said plan document as complying with Section 457 of the Internal
Revenue Code; and
WHEREAS, other public employers have joined together to establish the ICMA
Retirement Trust for the purpose of representing the interests of the
participating employers with respect to the collective investment of funds
held under their deferred compensation plans; and
WHEREAS, said Trust is a salutary development which further advances the
quality of administration for plans administered by the ICMA Retirement
Corporation:
NOW THEREFORE BE IT RESOLVED that the Employer hereby adopted the deferred
compensation plan, attached hereto as Appendix A, as an amendment and
restatement of its present deferred compensation plan administered by the ICMA
Retirement Corporation, which shall continue to act as Administrator of said
plan; and
BE IT FURTHER RESOLVED that the Employer hereby executes the ICMA Retirement
Trust, attached hereto as Appendix B; and
BE IT FURTHER RESOLVED that the Employer hereby adopts the trust agreement
with the ICMA Retirement Corporation, as appears at Appendix C hereto, as an
amendment and restatement of its existing trust agreement with the ICMA
Retirement Corporation, and directed 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 Director of Central Services shall be the
coordinator for this program and shall receive necessary reports, notices,
etc, from the IGIA P.etirement Corporation as Administrator, and shall cast,
on behalf of the Employer, any required votes under the program.
Administrative duties to carry out the plan may be assigned to the appropriate
departments.
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Page 2 — Resolution No. 85 - 1983
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PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 26TH DAY OF
SEPTEMBER, 1983.
I
WILLIAM J. E - MAYOR
ATTEST:
SIDNEY C. INMAN - CITY CLERK