Resolution 3960 - Adopts ICMA Retirement PlanRESOLUTION NO. 3960
A RESOLUTION ADOPTING AN ICMA RETIREMENT CORPORATION DEFERRED
COMPENSATION PLAN.
WHEREAS, the Employer desires to create a deferred
compensation plan for its employees which is administered by the
ICMA Retirement Corporation (the "Administrator"); and
WHEREAS, the plan document must comply with recent federal
legislation and Internal Revenue Service Regulations governing
said plans; and
WHEREAS, public employers may join together to establish the
ICMA Retirement Trust for the purpose of representing the
interests of the participating employers with respect to the
collective investment of funds held under their deferred
compensation plans; and
WHEREAS, the Internal Revenue Service has issued a private
letter ruling approving said plan document as complying with
Section 457 of. the Internal Revenue Code; and
WHEREAS, said Trust is a salutary development which further
advances the quality of administration for plans administered by
the ICMA Retirement Corporation.
NOW THEREFORE BE IT RESOLVED that the Employer hereby adopts
the deferred compensation plan, attached hereto as Appendix A,
administered by the ICMA Retirement Corporation, which shall act
as Administrator of said plan; and
BE IT FURTHER RESOLVED that the Employer hereby executes the
ICMA Retirement Trust, attached hereto as Appendix B; and
BE IT FURTHER RESOLVED that the Employer hereby adopts the
trust agreement with ICMA Retirement Corporation, as appears as
Appendix C hereto, as a trust agreement with the ICMA Retirement
Corporation, and directs the ICMA Retirement Corporation as
Trustees, to invest all funds held under the deferred
compensation plan through the ICMA Retirement Trust as soon as
practicable; and
BE IT FURTHER RESOLVED that the City Manager shall be the
coordinator for this program and shall receive necessary reports,
notices, etc. from the ICMA Retirement Corporation as
Administrator, and shall cast, on behalf of the Employer, any
required votes under the program. Administrative duties to carry
out the plan may be assigned to the appropriate departments.
PASSED BY THE CITY COUNCIL OF THE CITY OF KALISPELL AND APPROVED
BY THE MAYOR THIS ] 5th DAY OF October , 1990.
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