CC Resolution 9661
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RESOLUTION NO. 9661
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
RELATING TO A MONEY PURCHASING PLAN
WHEREAS, the City of Campbell 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 of Campbell desires that its money purchase retirement plan
be administered by the ICMA Retirement Corporation and that the funds held in 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 Council hereby authorizes
the establishment of a money purchase retirement plan (the "Plan") in the form of:
The ICMA Retirement Corporation Governmental Money Purchase & 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; and
BE IT FURTHER RESOLVED that the City of Campbell hereby executes the
Declaration of Trust of the ICMA Retirement Trust, and attached hereto, intending this
execution to be operative with respect to any retirement or deferred compensation plan
SUbsequently established by the City of Campbell, if the assets of the plan are to be
invested in the ICMA Retirement Trust;
BE IT FURTHER RESOLVED that the City of Campbell 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 reports, notices, etc. from the ICMA Retirement
Corporation or the ICMA Retirement Trust; shall cast, on behalf of the City of Campbell
any required votes under the ICMA Retirement Trust; may delegate any administrative
duties relating to the Plan to appropriate departments; and
BE IF FURTHER RESOLVED that the City of Campbell hereby authorizes the
Personnel Manager to execute all necessary agreements with the ICMA Retirement
Corporation incidental to the administration of the Plan.
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Resolution - Money Purchase Plan
Page 2
PASSED AND ADOPTED THIS 4th
call vote:
day of April 2000, by the following roll
Ayes:
Councilmembers: Dougherty, Furtado, Watson, Dean, Kennedy
Nos:
Councilmembers: None
APPROVED:
Absent:
Councilmembers: None
ATTEST: