HomeMy WebLinkAboutCC RES 2016-31RESOLUTION NO. 2016-31
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT, CALIFORNIA, RESTATING THE ICMA RETIREMENT
CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN AND
TRUST (401 A);
WHEREAS, the IRS has a six -year review schedule for this type of 401 plan document,
and plan sponsors, such as the City, using the ICMA-RC document must execute a new
adoption agreement by April 30, 2016; and
WHEREAS, Employer has employees rendering valuable services; and
WHEREAS, the establishment of a money purchase retirement plan benefits employees
by providing funds for retirement and funds for their beneficiaries in the event of death;
and
WHEREAS, the Employer desires that its money purchase retirement plan be
administered by ICMA-RC and that funds held in such plan be invested in the
VantageTrust, 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 that the Employer hereby has established and
is restating a money purchase retirement plan (the "Plan") in the form of the ICMA
Retirement Corporation Governmental Money Purchase Plan and Trust, pursuant to the
specific provisions of the Adoption Agreement (executed copy attached hereto).
The Plan shall be maintained for the exclusive benefit of eligible employees and their
beneficiaries; and
BE IT FURTHER RESOLVED that the Employer hereby executes the Declaration of
Trust of VantageTrust, intending this execution to be operative with respect to any
retirement or deferred compensation plan subsequently established by the Employer, if
the assets of the plan re to be invested in the VantageTrust.
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee
under the Plan and to invest funds held under the Plan in the VantageTrust; and
BE IT FURTHER RESOLVED that the Director of Finance/City Treasurer shall be the
coordinator for the plan; shall receive reports, notices, etc., from the ICMA Retirement
Corporation or the VantageTrust; shall cast, on behalf of the Employer, any required
RESOLUTION NO. 2016-31
votes under the VantageTrust; may delegate any administrative duties relating to the
Plan to appropriate departments; and
BE IT FURTHER RESOLVED that the Employer hereby authorizes the City Manager to
execute all necessary agreements with the ICMA Retirement Corporation incidental to
the administration of the plan.
PASSED, APPROVED AND ADOPTED at the regular meeting of the Palm Desert City
Council, held on this 14th day of April, 2016 by the following vote, to wit:
AYES: Harnik, Jonathan, Tanner, Weber, and Spiegel
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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Robert A. Spiegel, MA'O;f
ATTEST:
Race le D. Klassen, Cit• Clerk
City of Palm Desert, California