HomeMy WebLinkAbout2632 Resolution RESOLUTION NO. 2632
A RESOLUTION of the City of Pasco approving changes in
the ICMA Retirement Corporation Deferred Compensation Plan.
WHEREAS, the City of Pasco has employees rendering valuable services;
and
WHEREAS, the City of Pasco has an established deferred compensation
plan for such employees that serves the interest of the City by enabling it to
provide reasonable additional 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 Pasco maintains a deferred compensation plan for
its employees which is administered by the ICMA Retirement Corporation (the
"Administrator"); and
WHEREAS, the continuance of this deferred compensation plan will
serve employment objectives; and
WHEREAS, the Administrator has recommended changes in the plan
document to comply with recent federal legislation in the form of the Economic
Growth and Tax Relief Reconciliation Act of 2001; and
WHEREAS, amendments to the Internal Revenue Code have been
enacted that require changes to the structure of and allow enhancements of
the benefits of the deferred compensation plan; and
NOW THEREFORE BE IT FURTHER RESOLVED that the City Council
of the City of Pasco hereby amends and restates the deferred compensation
plan (the "Plan") in the form of:
The ICMA Retirement Corporation Deferred Compensation Plan and
Trust
(Copy of Plan included as Attachment A)
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in
trust, with the City of Pasco serving as trustee ("'Trustee"), for the exclusive
benefit of Plan participants and their beneficiaries, and the assets shall not be
diverted to any other purpose. The Trustee's beneficial ownership of the Plan
assets held in VantageTrust shall be held for the further exclusive benefit of the
Plan participants and their beneficiaries;
BE IT FURTHER RESOLVED that the City of Pasco hereby agrees to
serve as Trustee under the Plan.
PASSED by the City Council of the City of Pasco, Washington at a
regular meeting thereof assembled this 17th day of December, 2001.
?A r
Michael L. arrison, Mayor
ATTEST: APPROVED AS TO FORM:
r
Catherine D. Seaman, Deputy City Clerk Leland B. Kerr, City Attorney