HomeMy WebLinkAboutRESOLUTION NO. 08-08-42STATE OF GEORGIA
COUNTY OF FULTON
RESOLUTION NO. 08-08-42
A RESOLUTION FOR A LEGISLATIVE BODY RELATING TO A MONEY
PURCHASE PLAN
BE IT RESOLVED by the City Council of the City of Milton, GA while in regular session
on the 4TH day of August, 2008 at 6:00 p.m. as follows:
WHEREAS, the Employer has employees rendering valuable services; and
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; and
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 THREFORE BE IT RESOLVED 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 shall be maintained for the exclusive benefit of eligible employees and their
beneficiaries; and
BE IT FURTHER RESOLVED that the Employer hereby executes the Declaration of Trust
of Vantage Trust, and 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 Vantage Trust.
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under
the Plan and to invest funds held under the Plan in the Vantage Trust; and
BE IT FURTHER resolved that the Human Resource Manager shall be the coordinator for
the Plan; shall receive reports, notices, etc., from the ICMA Retirement Corporation or the
law Vantage Trust; shall cast, on behalf of the Employer, any required votes under the Vantage
Trust; may delegate any administrative duties relating to the Plan to appropriate departments;
and
bow BE IT FURTHER RESOLVED that the Employer hereby authorizes the Human Resource
Manager to execute all necessary agreements with the ICMA Retirement Corporation
incidental to the administration of the Plan.
I, Jeanette Marchiafava, Clerk of the City of Milton, do hereby certify that the forgoing
resolution proposed by Council Member Bill Lusk of the City of Milton, was duly passed and
adopted by the Mayor and City Council of the City of Milton at a regular meeting thereof
assembled this 4`" day of August, 2008, by the following vote:
AYES: 7-0
NAYS: 0
ABSENT: 0
RESOLVED this the 4TH day of August, 2008.
Approved:
Joe LockwJfoq Mayor
Attest:
�A
Jean a R. Marchiafava, City Clerk
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