HomeMy WebLinkAbout6999RESOLUTION NO. 6999
A RESOLUTION ESTABLISHING A DEFINED CONTRIBUTION MONEY
PURCHASE RETIREMENT PLAN FOR CERTAIN EMPLOYEES
WHICH SUPERSEDES RESOLUTION NO. 6960
WHEREAS, the City of Pueblo, Colorado, has in its employ certain
management personnel; and
WHEREAS, said employees are and will be rendering valuable
services to the City of Pueblo; and
WHEREAS, said employees often are unable to acquire retirement
security under other existing and available retirement plans due to
the contingencies of employment and mobility; and
WHEREAS, the ICMA Retirement Corporation has made available to
the City of Pueblo and to said employees a defined contribution money
purchase retirement plan (the "Plan ") which has additional attractive
features; and
WHEREAS, the City of Pueblo desires that the 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 employees for the collective investment of funds held under
their retirement and deferred compensation plans;
NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The City hereby established a defined contribution money purchase
retirement plan in the form of the ICMA Retirement Corporation
Prototype Money Purchase Plan and Trust (herein collectively "Plan "),
pursuant to the specific provisions of the Adoption Agreement, a copy
of which is attached hereto and incorporated herein. The Plan shall
be maintained for the exclusive benefit of eligible employees and
their beneficiaries.
SECTION 2.
The ICMA Retirement Corporation Prototype Money Purchase Plan &
Trust Document, Declaration of Trust of the ICMA Retirement Trust,
and the ICMA Retirement Corporation Administrative Services Agreement
(the "Documents "), copies of which are on file in the office of the
City Clerk having been approved as to form by the City Attorney, are
hereby approved. The President of the City Council is authorized to
execute the Documents in the name of the City. The City hereby
executes the ICMA Retirement Trust, and the City hereby agrees to
serve as trustee under the Plan and to invest funds held under the
Plan in the ICMA Retirement Trust.
SECTION 3.
The Director of Finance shall (i) be the coordinator for the
Plan; (ii) receive necessary reports and notices from the ICMA
Retirement Corporation or the ICMA Retirement Trust; (iii) cast, on
behalf of the City, any required votes under the ICMA Retirement
Trust; and (iv) may delegate any administrative duties relating to
the Plan to appropriate departments of the City.
SECTION 4.
The City Manager is authorized to execute in the name of the City
all necessary agreements with the ICMA Retirement Corporation
incidental to the administration of the Plan.
Resolution No. 6960 is superseded by this Resolution and the
effective date of this Resolution is July 13, 1992.
ATTEST:
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City Clerk
INTRODUCED September 14 1992
BY HOWARD WHITLOCK
Councilperson
APPROVED:
AZ
Pros dent of the Council