HomeMy WebLinkAboutCC RES 12-15RESOLUTION NO. 12-15
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, RELATING TO A 457 DEFFERRED
COMPENSATION PLAN
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 deferred compensation plan for such
employees serves the interests of the Employer by enabling it to provide reasonable
retirement security far its employees, by providing increased flexibility in its personnel
management system, and by assisting in the attraction and retention of competent
personnel;
WHEREAS, the Employer has determined that the establishment of a deferred
compensation plan to be administered by the IGMA Retirement Corporation serves the
above objectives;
WHEREAS, the Employer desires that its deferred compensation plan be
administered by the ICMA Retirement Corporation, and that some or all of the funds
held under such plan be invested in the Van#ageTrust Company, a trust es#ablished 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 adapts the deferred compensation plan (the "Plan") in the
form of The IGMA Retirement Corporation Deferred Compensation Plan and Trust,
referred to as Appendix A.
SECTION 1: The Employer hereby executes the Declaration of Trust of the
VantageTrust Company, attached hereto as Appendix B, 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 Company.
SECTION 2: The assets of the Plan shall be held in trust, with the Employer
serving as trustee, for the exclusive benefit of the Plan participants and their
beneficiaries, and the assets shall not be diverted to any other purpose.
SECTION 3: The Employer hereby agrees to serve as trustee under the Plan.
Resolution 12-15
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SECTION 4: The Finance Director shall be the coordinator for this program; shall
receive necessary reports, notices, etc. from the ICMA Retirement Corporation or the
VantageTrust Company; shall cast, an behalf of the Employer, any required votes under
the VantageTrust Company; Administrative duties to carry out the plan may be assigned
to the appropriate departments, and is authorized to execute all necessary agreements
with ICMA Retirement Corporation incidental to the administration of the Plan.
PASSED AND ADOPTED by the City Council of the City of Tustin, at a regular
meeting on the 20t" day of March, 2Q12.
J,OFIN NIELSEN,
~1layor
ATTEST:
PAMELA STOKER,
City Clerk
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF TUSTIN )
I, 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. 12-15 was duly
passed and adopted at a regular meeting of the Tustin City Council, held on the 20t"day
of March, 2(?12, by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED
COUNCILMEMBER ABSENT:
PAMELA STOKER,
City Clerk
Nielsen, Murray, Amante, Gavello, Gomez (5)
None ~~)
None ~~)
None ~d)
Resolution 12-15
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