RES-8698 Approving a Money Purchase Retirement AgreementRESOLUTION NO. 8698
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE APPROVING A MONEY
PURCHASE RETIREMENT AGREEMENT AND
AUTHORIZING THE FINANCE DIRECTOR TO
EXECUTE NECESSARY DOCUMENTS TO AMEND
THE CITY'S MONEY PURCHASE RETIREMENT
PLAN.
WHEREAS, the City Council of the City of Orange 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 City Council of the City of Orange 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, BE IT RESOL YED that the City Council of the City
of Orange hereby establishes or has established a money purchase retirement plan
hereafter referred to as 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 which is attached hereto and made a part hereof and marked
Exhibit A", The Plan shall be maintained for the exclusive benefit of eligible
employees and their beneficiaries.
BE IT FURTHER RESOL YED that the City has previously executed the
Declaration of Trust of the ICMA Retirement Trust, intending this execution to be
operative with respect to any retirement or deferred compensation plan subsequently
established by the City Council, if the assets of the plan are to be invested in the ICMA
Retirement Trust.
BE IT FURTHER RESOLVED that the City hereby agrees to serve as trustee
under the Plan and to invest funds held under the Plan in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the Finance Director shall be the
coordinator for the Plan; shall receive necessary reports, notices, etc" from the ICMA
Retirement 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 departments.
BE IT FURTHER RESOLVED that the City Council hereby authorizes the
Finance Director to execute all necessary agreements with the ICMA Retirement
Corporation incidental to the administration of the Plan,
ADOPTED this 24th day of Seotember 1996,
ATTEST:
GMJ-#A~ ~Cr,)-C"M,;t
City Clerk of the dity 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 24th
day of September , 1996, by the following vote:
AYES: COUNCIL MEMBERS: MURPHY, BARRERA, COONTZ, SPURGEON, SLATER
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
City Clerk of the Ity of Orange
Reso.No.8698 2-DAD:ajj