06. Resolution 4479 - ICMA Deferred Compensation ProgramThe City of Kalispell
Incorporated 1892
Office of the City Attorney
Glen Neier, City Attorney
Richard Hickel, Asst. City Attorney
REPORT TO: Mayor and City Council
FROM: Glen Neier, City Attorney
Chris Kukulski, City Manager
SUBJECT: ICMA Retirement Program
MEETING DATE: May 17, 1999
P.O. Box 1997
Kalispell MT 59903-1997
Telephone: (406) 758-7708
Fax (406) 758-7771
BACKGROUND: Resolution No. 4479 authorizes the City's partic-
ipation in the ICMA Retirement Corporation Governmental Money
Purchase and Trust. ICMA provides access to a retirement program
for City Managers desiring to take advantage of the program. Under
the program the City acts as trustee for funds deposited by the
City and the employee for retirement benefits.
RECOMMENDATION: Council action on Resolution No. 4479 is
necessary to implement the program.
FISCAL EFFECTS: The contract with the City Manager obligates
the City to pay ICMA retirement benefits. Fiscal impacts in this
regard have been anticipated. As of this date no other employee is
or may take part in this particular plan, so no other fiscal impact
should be anticipated.
ALTERNATIVES As suggested by the City Council.
n N er Chris A. Kukulski
City Atorney City Manager
Report compiled May 14, 1999
RESOLUTION NO. 4479
A RESOLUTION BY THE CITY OF KALISPELL RELATING TO THE ICMA DEFERRED
COMPENSATION PLAN.
WHEREAS, City of Kalispell (the Employer), has employees rendering
valuable services; and
WHEREAS, the establishment of a money purchase retirement plan
benefits employees by providing funds for retirement and
funds for their beneficiaries in the event of death; and
WHEREAS, the Employer desires that its money purchase retirement
plan be administered by the ICMA Retirement Corporation
and that the funds held in such plan be invested in the
ICMA Retirement Trust, 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 BY THE CITY COUNCIL OF THE CITY OF
KALISPELL, MONTANA, AS FOLLOWS:
SECTION I. That the Employer hereby establishes or has
established a money purchase retirement plan
(the "Plan") in the form of: (select one)
X_ The ICMA Retirement Corporation
Governmental Money Purchase & Trust, pursuant
to the specific provisions of the Adoption
Agreement (executed copy attached hereto).
The Plan and Trust provided by the
Employer (executed copy attached hereto).
The Plan shall be maintained for the exclusive
benefit of eligible employees and their
beneficiaries.
SECTION U. That the Employer hereby executes the
Declaration of Trust of the ICMA Retirement
Trust, and attached hereto, intending this
execution to be operative with respect to any
retirement or deferred compensation plan
subsequently established by the Employer, if
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the assets of the plan are to be invested in
the ICMA Retirement Trust.
SECTION III. That the Employer hereby agrees to serve as
trustee under the Plan and to invest funds
held under the Plan in the ICMA Retirement
Trust.
SECTION IV. That the Personnel Specialist shall be the
coordinator for the Plan; shall receive
reports, notices, etc., from the ICMA Retire-
ment Corporation or the ICMA Retirement Trust;
shall cast, on behalf of the Employer, any
required votes under the ICMA Retirement
Trust; may delegate any administrative duties
relating to the Plan to appropriate depart-
ments.
That the plan will permit loans.
SECTION VI. That the Employer hereby authorizes the City
Manager to execute all necessary agreements
with the ICMA Retirement Corporation
incidental to the administration of the Plan.
SECTION VII. This Resolution shall become effective
immediately following its passage by the City
Council and approval by the Mayor.
PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR
THIS DAY OF MAY, 1999.
Wm. E. Boharski
Mayor
Attest:
Theresa White
City Clerk
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