HomeMy WebLinkAboutCC RES 05-070RESOLUTION NO. 05-70
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT, CALIFORNIA, ADOPTING EMPLOYER VANTAGECARE
RETIREMENT HEALTH SAVINGS (RHS) PLAN
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS, the establishment of a retiree health savings plan for such employees
serves the interests of the Employer by enabling it to provide reasonable security regarding
such employees' health needs during retirement, by providing increased flexibility in its
personnel management system, and by assisting in the attraction and retention of
competent personnel; and
WHEREAS, the Employer has determined that the establishment of the retiree
health savings plan (the "Plan") serves the above objectives;
NOW, THEREFORE BE IT RESOLVED, that the Employer hereby adopts the Plan
in the form of the ICMA Retirement Corporation's VantageCare Retirement Health Savings
program.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with
the Employer serving as trustee, for the exclusive benefit of Plan participants and their
beneficiaries, and the assets of the Plan shall not be diverted to any other purpose prior to
the satisfaction of all liabilities of the Plan. The Employer has executed the Declaration of
Trust of the City of Palm Desert Integral Part Trust in the form of the model trust made
available by the ICMA Retirement Corporation
BE IT FURTHER RESOLVED, that the Finance Director shall be the coordinator
and contact for the Plan and shall receive necessary reports, notices, etc.
SECTION VI
This resolution is effective upon adoption.
PASSED, APPROVED, AND ADOPTED by the Palm Desert City Council this 25th
day of August, 2005 by the following vote, to wit:
AYES: BENSON, FERGUSON, KELLY, SPIEGEL, and CRITES
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
RAC
ELLE D. KLASS
N, CITY CLERK'
BUFORD A. CRITES, MAYOR