HomeMy WebLinkAbout2010-042 --A EN MILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 2010-042
RESOLUTION FOR THE CITY OF ARDEN HILL RELATING TO A MONEY
PURCHASE PLAN
PLAN NUMBER 106944
WHEREAS,the 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 the 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 City of Arden Hills hereby establishes -
or has established a money purchase retirement plan(the "Plan") in the form of:
• The ICMA Retirement Corporation Governmental Money Purchase Plan& Trust,
pursuant to the specific provisions of the Adoption Agreement (executed copy attached
hereto).
The Plan shall be maintained for the exclusive benefits 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 are to be
invested in 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 Finance Director 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, and required 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 Finance Director to
execute all necessary agreements with ICMA Retirement Corporation incidental to the
administration of the Plan.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDE ILLS THIS
30th DAY OF August, 2010.
k
Stanley D arpstea ayor
ATTEST:
Patrick Klaers, City Administrator