HomeMy WebLinkAbout96-14 - ADMIN Resolution - City Council - 1996/02/05RESOLUTION NO. 96-14
RESOLUTION TO ESTABLISH
A MONEY PURCHASE RETIREMENT PLAN
WHEREAS, the City of St. Louis Park ("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
the ICMA Retirement Corporation and that the funds held under such plan be invested in the ICMA
Retirement Trust, 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 establishes or has
established a money purchase retirement plan (the "Plan") in the form of the ICMA Retirement
Corporation Prototype 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 agrees to serve as trustee under the
Plan and to invest funds held under the Plan in the ICMA Retirement Trust; and
BE IT FURTHER RESOLVED that the Director of Finance shall be the coordinator for the
Plan; shall receive necessary reports, notices, etc., from the ICMA Retirement Corporation or the
ICMA Retirement Trust; shall cast, on behalf of the Employer, any required votes under the ICMA
Retirement Trust; may delegate any administrative duties relating to the Plan to appropriate
departments; and
BE IT FURTHER RESOLVED that the Employer hereby authorized the Director of Finance to
execute all necessary agreements with the ICMA Retirement Corporation incidental to the
administration of the Plan.
Adopted b the City Council, February 5, 1996
OLP 0
May
Reviewed for Administration:
Approved as to form & execution:
Aue/Isc41 .04 Z.,
City Attorney