03-1411 ICMA City Manager Retirement Plan

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Resolution No. 03-1411 A RESOLUTION ESTABLISHING AN ICMA-RC MONEY PURCHASE PLAN AND TRUST FOR THE CITY MANAGER OF THE CITY OF CASSELBERRY; PROVIDING FOR THE VANTAGE TRUST COMPANY AS TRUSTEES; PROVIDING FOR THE EXECUTION OF THE DECLARATION OF TRUST; PROVIDING FOR THE PROGRAM COORDINATOR; PROVIDING FOR CONFLICTS; SEVERABILITY; AND EFFECTIVE DATE. WHEREAS, The Employer has a City Manager rendering valuable services; and WHEREAS, The establishment of a money purchase retirement plan benefits the employee by providing funds for retirement and funds for beneficiaries in the event of death; and WHEREAS, The Employer desires that its money purchase retirement 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 BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, AS FOLLOWS: SECTION I. The Employer hereby establishes 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 attached Adoption Agreement. The Plan shall be maintained for the exclusive benefit of the eligible employee and his beneficiaries. SECTION II. The Employer hereby executes the Declaration of Trust of the ICMA Retirement Trust, attached hereto, 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 ICMA Retirement Trust. SECTION III. The Employer hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in the ICMA Retirement Trust.