HomeMy WebLinkAboutRESOLUTION NO. 06-11-18STATE OF GEORGIA
r COUNTY OF FULTON
RESOLUTION NO. 06-11-18
FOR A LEGISLATIVE BODY RELATING TO A 457 DEFERRED COMPENSATION PLAN
Name of Employer: City of Milton, Georgia
Title of Program Coordinator: City Treasurer/Director of Operations
Resolution of the above named Employer ("Employer")
WHEREAS, the Employer has employees rendering valuable services; and
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 for its employees, by providing
increased flexibility in its personnel management system, and by assisting in the attraction and retention
of competent personnel; and
WHEREAS, the Employer has determined that the establishment of a deferred compensation plan to be
administered by the ICMA Retirement Corporation serves the above objectives; and
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
VantageTrust Company, a trust established by public employers for the collective investment of funds
held under their retirement and deferred compensation plans;
NOW THEREFORE BE IT RESOLVED that the Employer hereby adopts the deferred compensation
plan ("the Plan") in the form of -
0 The ICMA Retirement Corporation Deferred Compensation Plan and Trust, referred to as
Appendix A
❑ The plan provided by the Employer (executed copy attached hereto)
BE IT FURTHER RESOLVED that 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.
BE IT FURTHER RESOLVED that 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.
BE IT FURTHER RESOLVED that the Plan:
❑ Will permit loans ® Will not permit loans
Will offer a Sidecar IRA program ❑ Will not offer a Sidecar IRA program
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the Plan.
BE IT FURTHER RESOLVED that the City Treasurer/Director of Operations shall be the coordinator
for this program; shall receive necessary reports, notices, etc. from the ICMA Retirement Corporation or
the VantageTrust Company; shall cast, on 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.
RESOLVED this 21" day of November, 2006.
Approved:
i
Joe Lockw Mayor
Attest:
r
tte R. Marchiafava, City Cle k