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RESOLUTION NO. 7440
CITY OF STILLWATER
RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN WITH ICMA RETIREMENT
CORPORATION.
February 5, 1985
WHEREAS, the City of Stillwater has employees rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan for such employees
will serve the interest of the City of Stillwater by enabling it to provide
reasonable retirement security for its employees by providing increased flexi-
bility in its personnel management system, and by assisting in the attraction
and retention of competent personnel; and
WHEREAS, the City of Stillwater has determined that the establishment of a
deferred compensation plan to be administered by the ICMA Retirement Corporation
will serve the above objectives, and
WHEREAS, the City of Stillwater desires that the investment of funds held under
its deferred compensation plan be administered by the ICMA Retirement Corporation,
as Trustee, with the understanding that such funds will be held by the ICMA
Retirement Trust, a trust established by public employers for the purpose of
representing the interests of such employers with respect to the collective
investment of funds held under their deferred compensation plans;
NOW, THEREFORE, BE IT RESOLVED that the City of Stillwater adopts the deferred
compensation plan, a copy of which plan, dated February 5, 1985 is on file in
the office of the City Clerk, and appoints the ICMA Retirement Corporation to
serve as Administrator thereunder; and
BE IT FURTHER RESOLVED that the Employer hereby executes the ICMA Retirement
Trust, a copy of which Trust, dated February 5, 1985 is on file in the office
of the City Clerk; and
BE IT FURTHER RESOLVED that the Employer hereby adopts the trust agreement, a
copy of which trust agreement, dated February 5, 1955, is on file in the Office
of the City Clerk, and appoints the ICMA Retirement Corporation as Trustee there-
under, and directs the ICMA Retirement Corporation, as Trustee, to invest all
funds held under the deferred compensation plan through the ICMA Retirement Trust
as soon as is practicable; and
BE IT FURTHER RESOLVED that the City Coordinator shall the
coordination
ate ICfA
this program and shall receive necessary reports, hallcbe, etc.
Retirement Corporation as Administrator, and shall cast, on behalf of the Employer,
any required votes under the program. Administrative duties to carry out the
plan may be assied to the appropriate departments.
Adopted by the Council this 5th day of February, 1985
Published: February 11, 1985
Attest:
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