HomeMy WebLinkAboutResolution 2003-098 N.C.S. 06/02/2003resolution No.2003-098N.C.S.
of the City of Petaluma, California
ADOPTING THE ICMA SECTION 457
DEFERRED COMPENSATION PLAN
FOR THE CITY OF PETALUMA
WHEREAS, the City of Petaluma has employees rendering valuable services;
and,
WHEREAS, the establishment of a deferred compensation plan for such
employees serves the interests of the City 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 City has determined that the establishment of a deferred
compensation plan to be administered by the ICMA Retirement Corporation, as one of
the deferred compensation options available to employees, serves the above objectives;
and,
WHEREAS, the City of Petaluma desires its deferred compensation plan that is
administered by the ICMA Retirement Corporation, and that some or all of the funds held
under such plan be invested in the Vantage Trust Company, 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 that the City of Petaluma adopts the
deferred compensation plan (the "Plan") in the form of the ICMA Retirement
Corporation Deferred Compensation Plan and Trust, referred to as Appendix A.
BE IT FURTHER RESOLVED that the City of Petaluma executes the
Declaration of Trust of the Vantage Trust Company, attached hereto as Appendix B,
intending this execution to be operative with respect to any retirement or deferred
compensation plan subsequently established by the City, if the assets of the plan are to be
invested in the Vantage Trust Company.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust,
with the City of Petaluma serving as trustee, for the exclusive benefit of the Plan
participants and their beneficiaries, and the assts shall not be diverted to any other
purpose.
BE IT FURTHER RESOLVED that the Plan will permit loans.
Resolution No, 2003-098 N.C.S.
BE IT FURTHER RESOLVED that the City of Petaluma hereby agrees to serve
as trustee under the Plan.
BE IT FURTHER RESOLVED that the Finance Director shall be the
coordinator of this program; shall receive necessary reports, notices, etc., from the ICMA
Retirement Corporation or Vantage Trust Company; shall cast, on behalf of the City of
Petaluma, any required votes under the Vantage Trust Company; administrative duties to
carry out the plan may be assigned to the appropriate departments, and is authorized to
execute all necessary agreements with ICMA Retirement Corporation incidental to the
administration of the Plan.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the e a o
Council of the City of Petaluma at a (Regular) (Adjourned) (Special) meeting
on the ...........,d
2 ............ day of ....... June ....................................... 20.03., by the
following vote: ....................................
City Attorney .
AYES: Canevaro, Mayor Glass, Harris, Healy, Moynihan, Vice Mayor O'Brien, Torliatt
NOES: None
ABSENT: None
ATTEST: .... .... .. ......................................................... ~.. .... ...............................
City Clerk Mayor
Council File ...................................
Res. No....._20Q3-Q98.........N.C.S.