Res 1983 - 96 Adopting "City of MH/ICMA Deferred Compensation Plan"p1
CITY OF MENDOTA HEIGHTS
Dakota County, Minnesota
Resolution No. 83-96
RESOLUTION ADOPTING "CITY OF MENDOTA HEIGHTS/
ICMA DEFERRED COMPENSATION PLAN"
WHEREAS, the City of Mendota Heights (the "City") has employees
rendering valuable services; and
WHEREAS, the City currently maintains for the benefit of its
employees a deferred compensation plan entitled "City of Mendota
Heights Deferred Compensation Plan (1982 Revision)"; and
WHEREAS, the establishment of an alternative deferred compensation
plan, to be maintained by the City in conjunction with the above -
referenced deferred compensation plan, for the City's employees
will serve the interest of the City by enabling it to provide
increased flexibility in its personnel management system and
by assisting in the attracting and retention of competent personnel;
and
WHEREAS, the City has determined that the establishment of a
deferred compensation plan to be administered by the ICMA Retire-
ment Corporation will serve the above objective; and
WHEREAS, the City desires that the investment of funds held under
said deferred compensation plan be administered by the ICMA Re-
tirement 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 employer with respect to the collective investment of funds
held under deferred compensation plans.
NOW, THEREFORE, be it resolved that the City adopts the Deferred
Compensation Plan, attached hereto as Appendix A, to be entitled
the "City of Mendota Heights/ICMA Deferred Compensation Plan";("Plan");
and
BE IT FURTHER RESOLVED, that the City hereby appoints the ICMA
Retirement Corporation to serve as Administrator under said Plan;
and
BE IT FURTHER RESOLVED, that the City shall execute the ICMA Re-
tirement Trust, attached hereto as Appendix B; and
BE IT FURTHER RESOLVED, that the City hereby adopts the Trust
Agreement, attached hereto as Appendix C, and appoints the ICMA
Retirement Corporation as Trustee thereunder, and directs the ICMA
Retirement Corporation, as Trustee, to invest all funds held under
said Plan through the ICMA Retirement Trust, as soon as is practicable;
and
BE IT FURTHER RESOLVED, that the City Administrator shall be the
coordinator for this program and shall receive necessary reports,
notices and other documentation from the ICMA Retirement Corporation
as Administrator, and shall cast, on behalf of the City, any
required votes under the program.
CITY OF MENDOTA HEIGHTS
By Arivd-",
ATTEST: Its Mayor
au��t:lct, •1 ter/ Z. a..r
City Clerk