HomeMy WebLinkAboutRESOLUTIONS-1983-067-R-8367-R-83
A RESOLUTION
Adopting changes in the Deferred Compensation
Plan for City Employees and Elected offic•iAls
including the establishment of an ICMA Retirement
-Trust
WHEREAS, the City of Evanston maintains a deferred -compensation plan
for its employees which is administered by the'ICMA.Retirement Corporation
(the "Administrator"); and
WHEREAS, the Administrator has recommended changes in th e..pkandocument
to comply with recent federal legislation and Internal Revenue Service
Regulations governing said plans; and
WHEREAS, the Internal Revenue Service has issued a private letter
ruling approving said plan document as c6mplying with Section 457 of, the
Internal Revenue Code; and
WHEREAS, other public employers have joined together to establish the
ICMA Retirement Trust for the purpose of representing the interests of the
participating employers with respect to the collective investment of funds
held under their deferred compensation plans; and
WHEREAS, said Trust is a salutary development which further advances
the quality of administration for plans administered by the ICMA Retirement
Corporation;
NOW THEREFORE BE IT RESOLVED that the City of Evanston hereby adopts the
deferred compensation plan, attached•hereto as Appendix A, as an amendment''''
and restatement of its present deferred compensation plan administered by
the ICMA Retirement Corporation, which shall continue to act as Administrator
of said plan; and
BE 11' FURTHER RESOLVED that the City of Evanston hereby executes the
ICMA Retirement Trust, attached hereto as Appendix_B; and
j
BE IT FURTHER RESOLVED that the City of Evanston hereby adopts the trust
agreement with the ICMA Retirement Corporation, as appears at Appendix C
hereto, as an amendment and restatement of its existing trust agr'eement.with'.
the ICMA Retirement Corporation, and 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
rr
67-R-83
8E IT FURTHER RESOLVED that the City Manager''• '
shall be the coordinator for this program and shall receive.necessary
• reports, notices, etc. from the ICMA Retirement Corporation as Administrator,
and shall cast, on behalf.of the Employer, any required votes under the
program. Administrative duties to carry out the plan may be assigned to
the appropriate departments.
i
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City Cl rk p ro
Adopted (� tf�'- P % 1-983