HomeMy WebLinkAbout4655 Resolution - Updated City of Pasco Retirement Plan
Resolution – COP Retirement Plan Update - 1
RESOLUTION NO. 4655
A RESOLUTION OF THE CITY OF PASCO, WASHINGTON,
RELATING TO RETIREMENT PLANS; ESTABLISHING A 401(A) PLAN, A
457(F) PLAN FOR THE CITY MANAGER, AND ADOPTING A RETIREMENT
PLAN COMMITTEE CHARTER AND INVESTMENT POLICY STATEMENT
WHEREAS, the City of Pasco (City) established a deferred compensation plan in 1980
through Resolution No. 1352 and later amended the that plan through Resolution Nos. 1606 and
2632, which came to be known as the 457(b) deferred compensation plan (457(b) Plan); and
WHEREAS, the City has employees rendering valuable services; and
WHEREAS, the establishment of a 401(a) money purchase retirement plan (401(a) Plan)
for eligible employees serves the interest of the City; and
WHEREAS, the establishment of a 457(f) supplemental retirement plan (457(f) Plan) is
outlined in the Employment Contract for the City Manager; and
WHEREAS, the City has determined that the establishment of a 401(a) Plan and 457(f)
Plan to be administered by MissionSquare Retirement serves the above objectives; and
WHEREAS, the City desires to establish the City’s 401(a) Plan in the form of the
MissionSquare Retirement Governmental Money Purchase Plan, pursuant to the specific
provisions of the Adoption Agreement.
WHEREAS, the City desires to establish the City’s 457(f) Plan in the form of the
MissionSquare Deferred Compensation Plan and Trust, pursuant to the specific provisions of the
Adoption Agreement.
WHEREAS, the City desires that its 401(a) Plan and 457(f) Plan be administered by
MissionSquare Retirement, and that some of or all of the funds held under such a plan be invested
in VantageTrust, a trust established by public employers for the collective investment of funds
held under their retirement plans.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PASCO, WASHINGTON:
That the Human Resource Director shall be the coordinator for this program; shall receive
necessary reports, notices, etc. from MissionSquare Retirement or VantageTrust; shall cast, on
behalf of the City, any required votes under VantageTrust; Administrative duties to carry out the
plan may be assigned to the appropriate departments, and is authorized to execute all necessary
agreements with MissionSquare Retirement incidental to the administration of the Plan.
Resolution – COP Retirement Plan Update - 2
Be It Further Resolved, that the City hereby agrees to serve as trustee under the 401(a)
Plan and 457(f) Plan.
Be It Further Resolved, that this Resolution shall take effect immediately.
PASSED by the City Council of the City of Pasco, Washington, on this 6th day of October,
2025.
_____________________________
David Milne
Mayor
ATTEST: APPROVED AS TO FORM:
_____________________________ ___________________________
Debra Barham, MMC Kerr Ferguson Law, PLLC
City Clerk City Attorneys