RES-9666 ICMA Retirement Corporation Governmental Money Purchase Plan and TrustRESOLUTION NO. 9666
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE AMENDING AND RESTATING
A QUALIFIED RETIREMENT PLAN IN THE FORM
OF THE ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN AND
TRUST.
WHEREAS, the City of Orange (the City) is a municipal corporation which exercises
governnlental fimctions and powers, and is organized and existing under the laws of the State of
California; and
WHEREAS, the City has employees rendering valuable services; and
WHEREAS, the City has established a qualified retirement plan for such employees
that serves the interest of the City by enabling it to provide reasonable retirement security for
its employees, by providing increased flexibility in its pl~rsonnel management system, and by
assisting in the attraction and retention of competent personnel; and
WHEREAS, the City has determined that the continuance of the qualified retirement
plan will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that
require changes to the structure, and allow enhancements, of the benefits of the qualified
retirement plan; and
WHEREAS, this City Council desires to amend and restate the qualified retirement
plan for the purpose of incorporating therein the aforementioned amendments to the Internal
Revenutl Code.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Orange as follows:
Section 1.The foregoing recitals are true and correct.
Section 2. The qualified retirement plan is hereby amended and restated in the
form of the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust on
file with the City Clerk (the Plan), which Plan shall become effective as of the first day of
January, 2002.
Section 3. The assets of the Plan shall be held in trust, with the City serving as
trustee (Trustee), for the exclusive benefit of Plan participants and their beneficiaries, and the
assets shall not be diverted to any other purpose. The Trustee's beneficial ownership of Plan
assets held in Vantage Trust shall be held for the further exclusive benefit of the Plan
particip,mts and their beneficiaries.
Section 4.That the City hereby agrees to serve as Trustee under the Plan.
Section 5. All actions heretofore taken by the officers and agents of the City with
resp,ect to the administration of the Plan are hereby approved, confirmed and ratified, with
such additions thereto or changes therein as are approved by the Director of Finance of the
City upon consultation with the City Attorney. Moreover, the Director of Finance of the City
is hereby authorized and directed to do any and all things and take any and all actions and
execute any and all custodial agreements, trusts, certificates, agreements and other
documents, which she may deem necessary or advisable in order to administer the Plan in
accordance with this Resolution.
ADOPTED this 22nd day of October, 2002.
ATTEST:
rdAfA'AAZ
Cassandra J. Cat art, City Clerk, City of Orange
I hereby certify that the foregoing Resolution was duly and regularly adopted by the
City Council of the City of Orange at a regular meeting thereof held on the 22nd day of
October, 2002 by the following vote:
AYES: COUNCILMEMBERS: Alvarez, Murphy, Cavecche
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Slater, Coontz
ABSTAIN: COUNCILMEMBERS: None
C44,J-'~ U.x-A.-< ...;2'
Cassandra J. Cath , CIty Clerk, CIty of Orange
Reso. No. 9666 2 TJR