11.05 - ICMA Resolution - Laserfiche WebLink

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RESOLUTION FOR A LEGISLATIVE BODY RELATING TO A 457 DEFERRED COMPENSATION PLAN �. Account Number 30- Name of Employer: City of Pegilnt rakimc State: MN Title of Program Coordinator: City Clerk (see definition below for duties of Program Coordinator) Resolution of the above named Employer("Employer") WHEREAS,the Employer has employees rendering valuable services;and WHEREAS;the establishment of a deferred compensation plan for such employees serves the interests of the Employer by enabling it to provide reasonable retirement security for its employees, by providing increased flexibility in its personnel management system,and by assisting in the attraction and retention of competent personnel;and WHEREAS,the Employer has determined that the establishment of a deferred compensation plan to be administered by the ICMA Retirement Corporation serves the above objectives;and WHEREAS,the Employer desires that its deferred compensation plan be administered by the ICMA Retirement Corporation, and that some or all of the funds held under such plan be invested in the VantageTrust Company,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 Employer hereby adopts the deferred compensation plan(the"Plan")in the form of:(Select one) l2f The ICMA Retirement Corporation Deferred Compensation Plan and Trust,referred to as Appendix A ❑ The plan provided by the Employer(executed copy attached hereto). BE IT FURTHER RESOLVED thatthe Employer hereby executes the Declaration of Trust of the VantageTrust Company,attached hereto as Appendix B,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 VantageTrust Company. BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust,with the Employer serving as trustee,for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted to any other purpose. BE IT FURTHER RESOLVED that the Plan: (Select one) 1) .❑ Will permit loans a Will not permit loans 2) ❑ Will offer a Sidecar IRA program Ld Will not offer a Sidecar IRA program BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the Plan. BE IT FURTHER RESOLVED that the_City Clerk (use tifle of official, not name)shall be the coordinator for this program;shall receive necessary reports, notices,etc.from the ICMA Retirement Corporation or the VantageTrust Company; shall cast, on behalf of the Employer, any required votes under the VantageTrust Company; Administrative duties to carry out the plan may be assigned to the appropriate departments, and is authorized to execute all necessary agreements with ICMA Retirement Corporation incidental to the administration of the Plan. 1, ,Clerk of the (City, County, etc.) of PeQuot Lake , do hereby certify that the foregoing resolution, proposed by . in the (Council Member, Trustee, etc.) of was duly passed and adopted in the(Council,Board,etc.)of the(City,County,etc:)of Pectuot La]sa3gegular meeting thereof assembled this 1 G} day ofguTust .20 per, by the following vote: AYES: NAYS: ABSENT: Clerk of the(City,County,etc.) (Seal)