HomeMy WebLinkAboutCity of Tamarac Resolution R-96-094ii
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Temp. Reso. #7385
April 11, 1996
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-96-_*
A RESOLUTION OF THE CITY COMMISSION
OF THE CITY OF TAMARAC, FLORIDA,
APPROVING A 401(a) MONEY PURCHASE
RETIREMENT PLAN FOR THE CITY
MANAGER THROUGH THE INTERNATIONAL
CITY MANAGEMENT ASSOCIATION
RETIREMENT CORPORATION, PROVIDING
FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING__FOR —AN
EFFECTIVE DATE.
WHEREAS, the City intends to provide a City retirement plan for the City Manager
in the form of a 401(a) money purchase retirement plan; and
WHEREAS, effective on the first pay period in January, 1996, and annually
thereafter, contributions will be funded 10% by the City; and
WHEREAS, the City desires that the 401(a) money purchase retirement plan be
administered by the ICMA Retirement Corporation and 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 under their retirement and deferred compensation plans;
and
WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in
the best interests of the citizens and residents of the City of Tamarac to approve this
retirement plan for the City Manager; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
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Temp Reso. #7385
April 11, 1996
SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and
confirmed as being true and correct and hereby made a specific part of this Resolution.
SECTION 2: The City hereby establishes a 401(a) money purchase
retirement plan (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 City Manager and his beneficiaries.
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 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 5: All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
SECTION 6: If any clause, section, 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. #7385
April 11, 1995
SECTION 7: This Resolution shall become effective immediately upon its
passage and adoption.
PASSED, ADOPTED AND APPROVED this ? day of Ma'V , 1996
ATTEST:
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CAROL A. EVANS, CMC
CITY CLERK
I HEREBY CERTIFY that I have
approved this Resolution p
M4TCHELL S. KRAPT MAYOR
CITY ATTORNEY DIST. t:
DIST. 2:
(c:\wpdata\council\reso7385\bl) DIST. 3:
DIST. 4:
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AORMAN ABRAMOWITZ'
MAYOR
RECORD OF COMMISSION VOTE
i March 4, 1996
City of Tamarac
I — 1CMA Retirement Corporation
Money Purchase (Executive)
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Pricingg Offer and Acceptance
Vle ICMA Retirement Corporation proposes the following fees and terms:
Fees
• Plan Administration Fee: Investment returns are reported net of the annual plan administration fee of 0.90% of
assets under management.
• Participant Fee: $25 per participant will be deducted from individual account balances each January.
Investment advisory and other fund expenses are detailed in the enclosed disclosure documents,
"Making Sound Investment Decisions: A Retirement Investment Guide" and A Retirement Invesment Guide for the Mutual Fund Series".
Effective April 1, 1996 the Plan Administation Fee will be reduced to 0.75% of assets, and investment advisory expenses or the
mutual fund services fee will be 0.25% of assets for all funds except the Broad Market Index Fund, which will have an
investment advisory expense of 0.15%.
Terms
• Expiration: This offer of pricing expires June 2, 1996.
By signing this page, I affirm that I understand, and am authorized to accept on behalf of the above employer, the ICMA Retirement
Corporation's offer. I understand that the ICMA Retirement Corporation will issue an Administrative Services Agreement (ASA)
which will describe their duties and those of the emploAr. The terms of this offer will be effective once the ASA has been signed.
of person signing on behalf of employer
Norman Abramowitz
Printed name of person signing on behalf of employer
Mayor
Title of person signing on behalf of employer
City of Tamarac
Tamarac, FL 333212401
(954) 724-1245
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5/10 96
Date
2618/ Return to A.E. Dunston, new Plan Intake
iCMA RC