HomeMy WebLinkAboutResolution 1759 :� '
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RESOLUTION OF THE CITY COUNCIL
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A R$SOLUTION ESTABLISHING A
DEFERRED COMPENSATION PLAN
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� WHEREAS, the Employer has employees rendering� valuable
services; and ,
WHEREAS, the establishment of a deferred compensation
plan for such employees will serve 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 will serve the above
objectives, and
WHEREAS, the Employer desires that the investment of
funds held under its deferred compensation plan to be
administered by the ICMA Retirement Coproration, as Trustee, with "
the understanding that such funds wi 11 be held by the ICMA �'1
Retirement Trust, a trust established by public employers for the
purpose of r�pre.senting the interests of sach employers with
. respect to the collective investment of funds held under their
deferred compensation plans:�
NOW THEREFORE BE IT RESOLVED that the Employer adopts
the deferred compensation plan, attached hereto as Appendix A,
a�nd 'appoints the ICMA Retirement Corporation to serve as
Administrator thereunder; and
BE IT FURTHER RgSOLVED that the Employer hereby executes
the ICMA Retirement Trust, attached hereto as Appendix B; and
- BE IT FURTHER RESOLVED that the Employer hereby adopts
the trust ag,reement, attached hereto as Appendix C, and appoint
the ICMA Retirement Corporation as Trustee thereunder, and
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. : Clt� of ORONO .
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RESOWTION OF THE CITY COUNCIL
Q� . . NO. 1759
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directs the ICMA Retirement Corporation, as Trustee, to invest �
all funds held under the deferred compensation plan through the
, � ICMA Retirement Trust as soon as is practicable; and
BE IT FORTHER RESOLVED that the City Administrator shall
be the coordinator for this vrogram and shal l receive necessary .
reports, notices, etc. from the ICMA Retirement Corporation as
Administrator, and shall cast, on behlaf of the Employer, any
required votes under the program. Administrative duties to carry �
out the plan may be assigned to the appropriate departments.
Ma C. B ler, I�yor
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' Tom Frahm, Acting Mayor
I , Dorothy M. Hallin, Clerk of the City of Orono, do hereby
ceitify that the foregoing resolution proposed by
Councilmember L. Adams was duly passed and
adopted in the Council of the City of Orono at a regular meeting
thereof assembled the 13th day of May, 1985, by the following
vote:
AYES : 5
NAYS: 0
ABSENT: 0
rothy M allin, City Clerk
(SEAL) '
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DEFERR�D C . ees xe�ae�l�� ion
loY sat .
. loYe'� �a5 emp �e� ed C°�p EmQo oY�s
t�e Em'P a ae �S of , tY f �el
, W�ERE.AS r . i lshmen��oe ipl���t �?ci�g p�io,�� a'�d
, l�es� a�a tre esWl�l SS�a�le exi1�i11�� e attxa
. �. se�� RgAS � ee5 zea eg �1 in � tire
W uE,n em'Qo p��viaei'��zeasSisti�g ea �ha s�exea
\, fo� s i� t via;,ng �Y a�a e�R'l� aaml� a�°�e
. P1a ena�'ll�� '�Y Qtem� a�'exson°el� �as aia toe e�e tre
` es� s t t P o z i p 1 s
empl°emen� S�om'�e e� EmP 1 Y enSa� on W 11 en� °�
•c ma�,agtion °� tlie ed c°�`oratl - aeS�m o �'e �
, �e�en gEREASa aef nt C°zP rat ��e 1 Pla� er wltr
W a.� em � iori �s�e .�CMA l
�`� is�ment Reti�c aeSizes e�Sat as 2� ��e t�e `
� tabl ZCMA ex comP ationr la bY �S �oz it� �
�, �� eS tre es� a�a Em'�1°�ezxea Cop�°� be he 1�Ye zs W it
• � �t oy�jec�l V g$.Ag , t�i ts eti.reme�as w 11 p�bll��� ec°Q1�°,�a,e� ��e �,r
WKE nae'� �A R r £u ea bY o f sv �ela 1
C c
`� . �dS, �'exe �'Y in9 th�S�Ses�abi,��e�en�°� �u�aS ez aao,��,
I , D�i` aasnin1Sae�S�a Ust, a ttin9 tinv es�m e gmPl p'pe°a�e I
c e i t� tre u� ent `�z � re.se�'e�ti�e tha� �heto a� o se�
Coui eti�em o� � p coll la°s� VE� d '�jez on t
adopte� g vr'P°s ti �� ��ensat��� p IR R$S�at�a��ozQ°�a�l
thereo�, '�ese�zea ComP R�gOR$ Bo� ,�la�ement C he�ebY eae
vote: ae� �OeaT�o pe�'S5.CMA. an �re Emps pPe�alX B' �l
AYES : ae�ex� ��S th eupde�� D �y�a� xe�o a . �exeb�
tY'e •a'Pp°ltpz trex RSS�T'VEc�ed re loYe� a�ao
NAYS: �, .. andlnis,�za vRTgB�Str a��a a� ��e penalXrexev�'
�, Adm IT F t T� D ��n as A'� ee � �
ABSENT: 0�., CMA Re�i�ec�en ��E� RaCOT,aB�ox�?taS Txugt '
\ �be I � FvR att o�at
,` a$ 1 eementrt CoxP
x en
� , ti�vst Retizem
i��. �'ne 1CMA . ,
(SEAL) 1 the ---
, age 1 0� 2 .
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