HomeMy WebLinkAboutResolution-1996-1518
RESOLUTION NO ~8
Series of 1996
TITLE:
RESOLUTION CREATING A MONEY PURCHASE RETIREMENT PLAN
FOR DEPARTMENT HEADS
WHEREAS, the City of Wheat Ridge (the "City") has department heads
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 City desires that its money purchase retirement plan for
department heads 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 employers for the collective investment of funds held under their
retirement and deferred compensation plans,
NOW THEREFORE BE IT RESOLVED that the City hereby establishes or has
established a money purchase retirement plan (the "Plan") in the form of'
The ICMA Retirement Corporation Prototype Money Purchase Plan and Trust,
pursuant to the specific provisions of the Adoption Agreement (executed copy
attached hereto)
The Plan shall be maintained for the exclusive benefit of eligible employees and their
beneficiaries, and
BE IT FURTHER RESOLVED that the City hereby executes the Declaration of
Trust of the ICMA Retirement Trust, attached hereto, intending this executien to be
operative with respect to any retirement or deferred compensation plan subsequently
established by the City, if the assets of the plan are to be invested in the ICMA
Retirement Trust
BE IT FURTHER RESOLVED 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; and
BE IT FURTHER RESOLVED that the City Administrator shall be the
coordinator for the Plan, shall receive necessary reports, notices, ete , from the ICMA
Retirement Corporation or the ICMA Retirement Trust; shall cast, on behalf of the City
any required votes under the ICMA Retirement Trust; may delegate any administrative
duties relating to the Plan to appropriate departments, and
BE IT FURTHER RESOLVED that the City hereby authorized the City
Administrator to execute all necessary agreements with the ICMA Retirement
Corporation incidental to the administration of the Plan
BE IT FURTHER RESOLVED that the City hereby authorized the City
Administrator to execute all necessary agreements with the ICMA Retirement
Corporation incidental to the administration of the Plan
1996.
DONE AND RESOLVED by a vote of --.2. to -2. on this ..ll!l{Jay of February,
~~
Dan Wilde, Mayor
ATTEST
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Wanda Sang, City Clerk '- )