RES 2006-26 - 00013713RESOLUTION NO. 2006 -26
RESOLUTION OF CITY OF FRIDLEY TERMINATING ICMA AS THE
ADMINISTRATOR OF THE CITY OF FRIDLEY DEFERRED COMPENSATION
PLANAND AUTHORIZING THE CITY OF FRIDLEY, THROUGH ITS CITY
MANAGER, TO ENTER INTO NECESSARY AGREEMENTS TO HIRE WELLS
FARGO, N.A. TO ADMINISTER THE PLAN
Whereas, the City of Fridley (the "City ") has, for over thirty years, sponsored and maintained a
deferred compensation plan (the "Plan ") for the benefit of certain employees of the City; and
Whereas, the Plan has been administered by International City Management Association (ICMA)
and ICMA has served as the trustee with respect to the Plan; and
Whereas, the City has determined that the Plan has not performed at a level adequate and
appropriate for the benefit of all of its affected employees; and
Whereas, the City has undertaken an active examination of alternative service providers for the
purpose of continuing its practice of providing a deferred compensation plan for the benefit of
certain employees of the City; and
Whereas, the City has determined that it is in its best interest, and in the interest of at least a
majority of the aforesaid affected employees, to terminate ICMA's services and to replace ICMA
with Wells Fargo, N.A.; and
Whereas, the replacement of ICMA with Wells Fargo, N.A. will require amendment and
restatement of the Plan document and trust agreement; and
Whereas, Wells Fargo N.A. will be submitting to the City of Fridley a proposed trust agreement
for the purpose of administering the Plan for the City, which will be reviewed by the City's staff
and recommended for approval at the next meeting of the City Council; and
Whereas, Wells Fargo N.A. is preparing a proposed restated and amended Plan document; and
Whereas the City wishes to encourage a more active supervision of the Plan by the creation of an
"Internal Investment Committee" that will include representation from the management and
affected employees of the City, as well as the City Council; and
Whereas, the City wishes to engage the services of Financial Concepts, Inc., as the Registered
Investment Advisor and education consultant for the Plan.
NOW BE IT, THEREFORE, RESOLVED that the City of Fridley shall remove ICMA as a
trustee with respect to the Plan and will cease to use ICMA services with respect to the Plan; and
BE IT FURTHER RESOLVED that the City Manager be directed to take any and all steps
necessary to effect the termination of ICMA's services on behalf of the City; and
Resolution No. 2006 -26
page 2
BE IT FURTHER RESOLVED, that the City of Fridley approves appointing Wells Fargo, N.A.
as a trustee with respect to the Plan; and
BE IT FURTHER RESOLVED, that the City Manager is authorized, on behalf of the City of
Fridley, to execute any and all necessary documents to implement an amended and restated
Plan, including, but not limited to, the amended and restated Plan document when it is
completed; and
BE IT FURTHER RESOLVED, that Financial Concepts, Inc., is hereby approved as the City's
consultant and financial advisor with respect to the Plan; and
BE IT FURTHER RESOLVED, that the City shall establish an "Internal Investment Committee"
for the purpose of overseeing the Plan, the membership of which shall be as subsequently
established by appointment by the City Manager.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
8TH DAY OF MAY, 2006.
SCOTT J. LUND — MAYOR
ATTEST:
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DEBRA A. SKOGEN — TY CLERK