Res. #15-007 - Adoption of ICMA Retirement Corporation Deferred Comp. Plan & Trust

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STATE OF MINNESOTA COUNTY OF ANOKA CITY OF CENTERVILLE Res. #15-007 Authorizing Adoption of ICMA Retirement Corporation Deferred Compensation Plan and Trust(457 Plan) WHEREAS, the Employer has employees rendering valuable services; and WHEREAS, the establishment of a deferred compensation plan for such employees serves the interests of the Employer by enabling it to provide reasonable retirement security for its employees, 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 a deferred compensation plan to be administered by the ICMA Retirement Corporation serves the above objectives; and WHEREAS, the Employer desires that its deferred compensation plan be administered by the ICMA Retirement Corporation, and that some or all of the funds held under such plan be invested in 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 adopts the deferred compensation plan(the"Plan") in the form of: The ICMA Retirement Corporation Deferred Compensation Plan and Trust, referred to as Appendix A. BE IT FURTHER RESOLVED that the Employer hereby adopts the Declaration of Trust of VantageTrust, attached hereto as Appendix B, intending this adoption 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 assets of this Plan shall be held in trust, with the Employer serving as trustee, for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted to any other purpose. BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under this Plan. BE IT FURTHER RESOLVED that the City Administrator shall be the coordinator for this program; shall receive necessary reports, notices, etc. from ICMA Retirement Corporation or VantageTrust; shall cast, on behalf of the Employer, any required votes under VantageTrust; Administrative duties to carry out the plan may be assigned to the appropriate departments, and is authorized to execute all necessary agreements with ICMA Retirement Corporation incidental to the administration of the Plan.