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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: w City Clerk INTRODUCED September 14 1992 BY HOWARD WHITLOCK Councilperson APPROVED: AZ Pros dent of the Council