HomeMy WebLinkAboutRES 95-43RESOLUTION 95- 4 3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF -DIAMOND BAR, CALIFORNIA, ESTABLISHING A
401(A) DEFERRED COMPENSATION PLAN
WHEREAS, the City of Diamond Bar has employees rendering valuable services; and
WHEREAS, the establishment of a money purchase retirement plan benefits the
employees by providing funds for retirement and funds for their beneficiaries in the event of
death; and
WHEREAS, the City of Diamond Bar desires that its money purchase retirement plan 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, THE CITY COUNCIL OF THE CITY OF DIAMOND BAR,
CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS
FOLLOWS:
SECTION 1. That the City of Diamond Bar hereby establishes 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 (copy
attached hereto). The Plan shall be maintained for the exclusive benefit of eligible employees
and their beneficiaries; and
SECTION 2. That the Employer hereby executes the Declaration of Trust of the ICMA
Retirement Trust, attached hereto, intending this execution to be operative with respect to any
retirement or deferred compensation plan subsequently established by the City of Diamond Bar,
if the assets of the plan are to be invested in the ICMA Retirement Trust.
SECTION 3. That the City of Diamond Bar hereby agrees to serve as trustee under the
Plan and to invest funds held under the Plan in the ICMA Retirement Trust; and
SECTION 4. That the City Manager shall be the coordinator of the Plan; shall receive
necessary reports, notices, etc., from the ICMA Retirement Corporation or the ICMA Retirement
Trust; shall cast, on behalf of the City of Diamond Bar any required votes under the ICMA
Retirement Trust; may delegate any administrative duties relating to the Plan to appropriate
departments; and
SECTION 5. That the City of Diamond Bar hereby authorizes the City Manager to
execute all necessary agreements with the ICMA Retirement Corporation incidental to the
administration of the plan; and
SECTION 6. That the Mayor of the City of Diamond Bar shall sign and the City Clerk
shall certify to the passage and adoption of this Resolution No. 95- 4 3
PASSED, APPROVED AND ADOPTED this 25th _$y of July ,1995.
I, LYNDA BURGESS, City Clerk of the City of Diamond Bar do hereby certify that the
foregoing Resolution was passed, and approved and adopted at a regular meeting of the City
Council of the City of Diamond Bar held on the __15 thday of July , 1995, by the
following vote:
AYES: COUNCIL MEMBERS: Ansari, Harmony, MPT/Werner,
M/Papen
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAINED: COUNCIL MEMBERS: None
ATTEST:
Ci Clerk of the
City of Diamond Bar