Resolution 4479 - ICMA Deferred Compensation (401k)1949
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RESOLUTION NO. 4479 69X
A RESOLUTION BY THE CITY OF KALISPELL RELATING TO THE ICMA DEF$RRED
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 II. 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
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.
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SECTION V. 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 17TH DAY OF MAY, 1999.
Attest:
Theresa White
City Clerk
Wm.E .5aharski _
Wm. E. Boharski
Mayor
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