HomeMy WebLinkAbout1984-05-14 84-190 RESOLVE84-190
Introduced by Councilor Cox, My 14, 1984
CITY OF BANGOR
(TITLE) gmlbe, Adopting-ICMA Deferred _Compensation FS n
By the OUR Corned 0Sw aim of Bangor:
"WIV&D.
WHEREAS, the City Of Bangor has employees rendering valuable
services; and
WHEREAS, the establishment of a deferred compensation plan for
such employees will serve the interests of the City of Bangor by_j
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 of Bangor has determined that the establish -
ant of a deferred compensation plan to be administered by the ICMA
Retirement Corporation will serve the above objectives, and
WHEREAS, the City of Bangor determines that the investment of
funds help under its deferred compensation plan be administered by
the ICMA Retirement Corporation, as Trustee, with the understanding
that such funds will be held by the ICMA Retirement Trust, a trust
established by public employers for the purpose of representing the
interests of such employers with respect to the collective investment
of funds held under their deferred compensation plans:
NOW, THEREFORE, BE IT RESOLVED that the City of Bangor adopts
the deferred compensation plan, attached hereto as exhibit A, and
appoints the ICNA Retirement Corporation to serve as Administrator
thereunder; and
BE IT FURTHER RESOLVED that the City of Bangor hereby executes
the ICMA Retirement Trust, attached hereto as Appendix B; and
BE IT FURTHER RESOLVED that the City of Bangor hereby adopts
the trust agreement, attached hereto as Appendix C, and appoints
the ICMA Retirement Corporation as Trustee thereunder, and directs
the ICMA Retirement Corporation, as Trustee, to invest all funds
held under the deferred compensation plan through the., Scm, Retire-
ment Trust as soon as is practicable,and
BE IT FURTHER RESOLVED that the Finance Director 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 City of Bangor, any required votes
under the program. Administrative duties to carry Out the plan may
be assigned to the appropriate departments.
IN CI'M CO@FIL
My 14, 1984
a ea
eI Deputy' Sty Clerk
84-190
ITesoive
Adopting ICNA Defexaed Compensation elate
fo Ci 8 1 ees
"84 MAY -3 A857
CI FY Of BRANT
CITY CLERK