HomeMy WebLinkAboutResolution No. 01-34 ORIGINAL
CITY OF THE COLONY, TEXAS
RESOLUTION NO. O l- ~
A RESOLUTION OF THE CITY OF THE COLONY, TEXAS,
ESTABLISHING THE INTERNATIONAL CITY/COUNTY MANAGER'S
ASSOCIATION (ICMA) GOVERNMENTAL MONEY PURCHASE PLAN
AND TRUST; AND ESTABLISHING AN EFFECTIVE DATE FOR THE
ORDINANCE.
WHEREAS, the City of The Colony has employees rendering valuable services;
WHEREAS, the establishment of money purchase retirement plan benefits employees by
providing funds for retirement and funds for their beneficiaries in the event of death;
WHEREAS, the City of The Colony desires that its money purchase retirement plan be
administered by the ICMA Retirement Corporation and that the funds held under such plan be
invested in the ICMA Retirement Trust, a trust established by public employees for the collective
investment of ftmds held under their retirement and deferred compensation plans;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF THE COLONY, TEXAS that the City of The Colony 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 (Attachment "A")
The Plan shall be maintained for the exclusive benefit of eligible employees and their
beneficiaries; and
BE IT FURTHER RESOLVED that the City of The Colony hereby executes the
Declaration of Trust of the ICMA Retirement Trust, attached hereto, intending this execution to be
operative with respect to any retirement or deferred compensation plan subsequently established by
the City of The Colony, if the assets of the plan are to be invested in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the City of The Colony 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 Human Resources Director 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 Employer, any required votes under the ICMA
Retirement Trust; may delegate any administrative duties relating to the Plan to appropriate
departments; and is authorized to execute all necessary agreements with the ICMA Retirement
Corporation incidental to the administration of the Plan.
I, Patti A. Hicks, City Secretary for the City of The Colony, do hereby certify that the
foregoing resolution proposed by the City Council of the City of The Colony, was duly passed and
adopted by the City Council of the City of The Colony at a regular meeting thereof assembled~_
19th day of November, 2001, by the following vote:
AYES'
Patti A. Hicks, T~MC, City Secret~
This resolution shall become effective immediately from and after its passage.
Signed this 19th day of November, 2001.
enville-Shannon, Mayor
Patti A. Hicks, TRMC, City Secretary