95-27Councilmember Black introduced the following resolution and moved its adoption:
RESOLUTION NO. 95-27
RESOLUTION ESTABLISHING A DEFERRED COMPENSATION
PLAN FOR CITY EMPLOYEES
WHEREAS, the City of Otsego has employees rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan for such
employees serves the interests of the City of Otsego 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 City of Otsego 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 City of Otsego desires that its deferred compensation 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 employers for
the collective investment of funds held under their retirement and deferred compensation
plans;
NOW THEREFORE BE IT RESOLVED that the City of Otsego hereby adopts or
has previously adopted the deferred compensation plan in the form of the ICMA
Retirement Corporation Deferred Compensation Plan, referred to as Appendix A.
BE IT FURTHER RESOLVED that the City of Otsego hereby executes the
Declaration of Trust of the ICMA Retirement Trust, attached hereto as Appendix B,
intending this execution to be operative with respect to any retirement or deferred
compensation plan subsequently established by the City, if the assets of the plan are to be
invested in the ICMA Retirement Trust
BE IT FURTHER RESOLVED that the Business/Finance Director shall be the
coordinator for this program; shall receive necessary reports, notices, etc. from the ICMA
Retirement Corporation or the ICMA Retirement Trust; shall cast, on behalf of the City,
any required votes under the ICMA Retirement Trust; 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.
The motion for the adoption of the foregoing resolution was duly seconded by Mayor
Freske and upon vote being taken thereon, the following voted in favor thereof: Mayor
Freske, Councilmembers Ackerman, Black, Fournier and Heidner and the following voted
against the same: none, whereupon said resolution was passed this 26th day of June,
1995.
9/,.
No ske, Mayor
ATTEST: