RES 98035 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO.98-35 RESOLUTION AUTHORIZING ADOPTION OF AN EXECUTIVE MANAGEMENT AND MIDDLE MANAGEMENT 401(a) MONEY PURCHASE PLAN WHEREAS, the City 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 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, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: The City Council 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 (executed copy attached hereto). The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries. Section 2: The City Council hereby authorizes the City Manager to execute the Declaration of Trust of the ICMA Retirement Trust, attached hereto, intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the City, if the assets of the plan are to be invested in the ICMA Retirement Trust. Section 3: The City of Pleasanton hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in the ICMA Retirement Trust.