1998_0323_packet - Laserfiche WebLink

Home

EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL CITY OF RO EVILLE RAMS E Y COUNTY,MINNESOTA pm=t to due e e al and notice thereof,a regular meeting of the City Council of the C i F of Roseville, County of Rams, Minnesota was duly held on the 23rd day of March, 1998 at 630 p.m. The foll owing members were present: The following were absent: W Member introduced the following resolution and moved its adoption: RESOLUTION NO* RESOLUTION ESTABLISHING A 401(a)MONEY PURCHASE FLAN F i important that all City employees have an equal access to a tax deferred annuity(45 7)plan and WHEREAS.It � � p WHEREAS: Currently the e City Manager does not have a 457 plan available for his use,since the City's contribution is � directed to that plan and i desires to establish a 401 (a)money purchase p 1 an and that it be administered bar the ICMA WHEREAS: The City Retirement Corporation oration and that the funds held under such a plan be invested in the ICMA Retirement Trusty a trust established by pub employers lie em ers for the collective investment of funds held under their retirement and deferred Y compensation plans: NOW THEREFORE BE IT RESOLVED that the Emplover hereby establishes or has established a money purchase ret (the Plan"�in the form of The ICMA Retirement Corporation Prototype Money Purchase Plan and �rr�ent plan " Trust,purse P ant to the specific provision of the Adoption agreement(executed copy attached hereto)- The Flan shall be maintained for the exclusive benefit of eligible employees ant their beneficiaries; and RESOLVED that the Employer hereby executes the Declaration of Trust of IC MA Retirement Trust, �E IF FURTHER RED attached hereto,intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established b the Employer,er,if the assets of the plan are to be invested in the 1CMA Retirement Trust. s p y BE IT FURTHER RESOLVED Employer ED that the Ern to er hereby agrees to servc as trustee under the Flan and to invest funds field under the Plan in the ICMA Retirement Trust; and BE IT FURTHER RESOLVED that the Finance Director shall be the coordinator for the Plan; shall receive necessary I MA Retirement corporation of the ICMA Retirement Trust} shall cast,on behalf of the reports,,notices,etc,from the � � delegate aired votes under the ICA Retirement Corporation or the 1C11lA Retirement Trust;may g Employer,any � any administrative duties relating to the Plan to appropriate departments and l? BE IF FURTHER RESOLVED that the Employer hereby authorized The Finance Director to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the Flan. y seconded The foregoing resolution was dui h member and upon a vote being taken thereon,the following voted � in favor thereof:, and the following voted against the sarne: Whereupon said resolution was declared duly passed and adopted. p