HomeMy WebLinkAbout1995-06-27 - RESOLUTIONS - MONEY PURCHASE RETIREMENT PLAN (2)-- RESOLUTION NO. 95-79
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA RELATING TO THE
ESTABLISHMENT OF A MONEY PURCHASE RETIREMENT PLAN
WHEREAS, the City of Santa Clarita currently provides an ICMA/RC deferred
compensation program for the benefit of its employees; and
WHEREAS, the City of Santa Clarita considers its employees to be one of its most
valuable resources; and
WHEREAS, the establishment of a money purchase retirement plan will provide an
additional benefit for employees by providing funds for retirement and funds for their
beneficiaries in the event of death; and
WHEREAS, the City of Santa Clarita 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 RESOLVED that the City of Santa Clarita 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
BE IT FURTHER RESOLVED that the City of Santa Clarita hereby executes the ICMA
Retirement Trust; and
BE IT FURTHER RESOLVED that the City of Santa Clarita 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 personnel manager 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; and
BE IT FURTHER RESOLVED that the City of Santa Clarita hereby authorizes the
Assistant City Manager to execute all necessary agreements with the ICMA Retirement
Corporation incidental to the administration of the Plan.
PASSED AND ADOPTED by the City Council of the City of Santa Clarita at a regular
meeting held on the 27th day of June 1995.
ATTEST: '
1
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) SS
CITY OF SANTA CLARITA )
dVl
AYOR
I, Donna M. Grindev, City Clerk, do hereby certify that the foregoing Resolution was duly
adopted by the City Council of the City of Santa Clarita at a regular meeting thereof, held on
the 27th day of Jim,. , 1995, by the following vote of the Council:
AYES: COUNCILMEMBERS: Pederson, Boyer, Heidt, Smyth, Darcy
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS None
CITY CLERK
reso9579.jr1