HomeMy WebLinkAboutCity of Tamarac Resolution R-98-3471
Temp. Reso. # 8402
September 10, 1998
Revised November 13, 1998
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-98-��
A RESOLUTION OF THE CITY
COMMISSION OF THE CITY OF
TAMARAC, FLORIDA, APPROVING
401(a) MONEY PURCHASE
RETIREMENT PLANS FOR THE
ADMINISTRATIVE EMPLOYEES
THROUGH THE INTERNATIONAL
CITY MANAGEMENT ASSOCIATION
(ICMA) RETIREMENT CORPORATION,
PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY;
AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the City of Tamarac intends to provide an alternative City
retirement plan for the Administrative employees in the form of 401(a) money
purchase plans; and
WHEREAS, the establishment of a money purchase retirement plans
benefit employees by providing funds for retirement and funds for their
beneficiaries in the event of death; and
WHEREAS, effective with the first pay period in January, 1999, the City
will contribute to the plan ten percent of each employee participant's gross
earnings with a mandatory contribution by each employee participant of either
five or ten percent of gross earnings; and
WHEREAS, the City desires that the 401(a) money purchase retirement
plans be administered by the ICMA Retirement Corporation and the funds held
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Temp. Reso. # 8402
September 10, 1998
Revised November 13, 1998
under such plans be invested in the ICMA Retirement Trust, a trust established
by public employers for the collective investment of funds under their retirement
and deferred compensation plans; and
WHEREAS, the City Manager recommends the approval of 401(a)
money purchase retirement plans for the Administrative employees not
participating in the City's defined benefit pension plan; and
WHEREAS, the City Commission of the City of Tamarac, Florida deems it
to be in the best interest of the citizens and residents of the City of Tamarac to
approve these plans for the Administrative employees.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: The foregoing "WHEREAS" clauses are hereby
ratified and confirmed as being true and correct and are hereby made a specific
part of this Resolution.
SECTION 2: The City hereby establishes 401(a) money purchase
retirement plans (the "Plan") in the form of:
The ICMA Retirement Corporation Money Purchase Plan and Trust,
pursuant to the specific provisions of the Adoption Agreement (agreement
attached), to be maintained for the exclusive benefit of the Executive,
Managerial/Professional and Administrative employees not participating
in the City's defined benefit pension plan and their beneficiaries.
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Temp. Reso. # 8402
September 10, 1998
Revised November 13, 1998
SECTION 3: The City hereby agrees to serve as trustee under the
Plan and to invest funds held under the Plan in the ICMA Retirement Trust
according to the administrative procedures of the ICMA Retirement
Corporation.
SECTION 4: The City hereby executes the declaration of trust of
the ICMA Retirement Trust intending this execution to be operative with respect
to any retirement or deferred compensation plan subsequently established by
the employer, if the assets of the plan are to be invested in the ICMA
Retirement Trust.
SECTION 5: The City hereby authorizes the City Manager to
execute all necessary agreements with the ICMA Retirement Corporation
incidental to the administration of the plan.
SECTION 6: The Director of Finance shall be the coordinator for
the Plan; shall receive necessary reports, notices, etc. for the ICMA Retirement
Corporation of the ICMA Retirement Trust; shall cast, on behalf of the Employer
any required votes under the ICMA Retirement Trust; and may delegate any
administrative duties relating to the Plan to appropriate departments.
SECTION 7: All resolutions or parts of resolutions in conflict
herewith are hereby repealed to the extent of such conflict.
SECTION 8: In any clause, section, or other part or application of
this Resolution is held by any court of competent jurisdiction to be
unconstitutional or invalid, in part or application, it shall not affect the validity of
the remaining portions or applications of this Resolution.
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Temp. Reso. # 8402
September 10, 1998
Revised November 13, 1998
SECTION 9: This Resolution shall become effective immediately
upon its passage and adoption.
PASSED, ADOPTED AND APPROVED this aC day of , 1998.
JOE SCHREIBER
MAYOR
ATTEST:
CAROL GO , CMC, AAE
CITY CLERK
I HEREBY CERTIFY that I
Have roved this
RESOLUTION -as to forrry
RECORD OF COMMISSION VOTE
ITCH L . KRAV MAYOR SC-inE-:i RER
ITY A ORNEY DIST 1: t: U','.4y,,ti McKAYE
DIST 2: V/;Vf ',;';,44 �<1NA&C
KF/bl DIST 3: qL-) %!- SU FANOF
DIST 4: COM.M.. ROBERTS