HomeMy WebLinkAboutCC RES 12-17RESOLUTION NO. 12-17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, RELATING TO A 401
GOVERNMENTAL MONEY PURCHASE PLAN AND
TRUST
The City Council of the City of Tustin does hereby resolve as follows:
WHEREAS, the City of Tustin ("Employer") has employees rendering valuable
services;
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;
WHEREAS, the Employer desires that its money purchase retirement plan be
administered by ICMA-RC and that the funds held in such plan be invested in the
Vantage Trust, a trust established by public employers for the collective investment of
funds held under their retirement and deferred compensation plans;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
That the Employer hereby establishes or has established a money purchase retirement
plan (the "Plan"} in the form of The ICMA Retirement Corporation Governmental Money
Purchase Plan & Trust, pursuant to the specific provisions of the Adoption Agreement
{executed copy attached hereto). The Plan shah be maintained for the exclusive benefit
of eligible employees and their beneficiaries.
SECTION 1: The Employer hereby executes the Declaration of Trust of
VantageTrust, 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 VantageTrust.
SECTION 2: The Employer hereby agrees to serve as trustee under the Plan and
to invest funds held under the Planrn the VantageTrust;
SECTION 3: The Finance Director shall be the coordinator for the Plan; shall
receive reports, notices, etc, from the ICMA Retirement Corporation or the Vantage
Trust; shall cast, on behalf of the Employer, any required votes under the VantageTrust;
may delegate any administrative duties relating to the Plan to appropriate departments;
and
SECTION 4: The Employer hereby authorizes Finance Director to execute all
necessary agreements with the ICMA Retirement Corporation incidental to the
administration of the Plan.
Resolution 12-17
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PASSED AND ADOPTED by the City Council of the City of Tustin, ata regular
meeting on the 20th day of March, 2012.
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J NIELSEN,
Mayor
ATTEST:
PAMELA STOKER,
City Clerk
STATE OF CALIFORNIA )
GOUNTY OF ORANGE ) SS
CITY OF TUSTIN )
1, Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of Tustin,
California, do hereby certify that the whole number of the members of the City Council
of the City of Tustin is five; that the above and foregoing Resolution No. 12-17 was duly
passed and adapted at a regular meeting of the Tustin Gity Council, held on the 20tt' day
of March, 2012, by the following vote:
COUNCILMEMBER AYES: Nielsen, Murray, Amante, Gavello, Gomez (5)
COUNCILMEMBER NOES: None (~)
COUNCILMEMBER ABSTAINED: None (Q)
COUNCILMEMBER ABSENT: None (~)
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PAMELA STOKER,
City Clerk
Resolution 12-17
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