HomeMy WebLinkAboutResolutions - R-91-23 - 09/18/1991 - Establishing ICMA Deferred CompR-91-23
RESOLUTION
RESOLUTION of the City of McHenry, Illinois ("Employer").
WHEREAS, the Employer has employees rendering valuable services;
and
WHEREAS, the establishment of a deferred compensation plan for
such employees serves 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 serves the above objectives; and
WHEREAS, the Employer desires that the investment of funds held
under its deferred compensation plan be administered by the ICMA
Retirement Corporation, and that such funds be held by the ICMA
Retirement Trust, a trust established by public employers for the
collective investment of funds held under their deferred compensation
plans and money purchase retirement plans.
NOW, THEREFORE, BE IT RESOLVED that the Employer hereby adopts the
deferred compensation plan attached hereto as Appendix "A" and appoints
the ICMA Retirement Corporation to serve as Administrator thereunder; and
BE IT FURTHER RESOLVED that the Employer hereby executes the
Declaration of Trust of the ICMA Retirement Trust, attached hereto as
Appendix "B".
BE IT FURTHER RESOLVED that the City Administrator shall be the
coordinator for this program and shall receive necessary reports,
notices, etc., from the ICMA Retirement Corporation or the ICMA
Retirement Trust, 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.
PASSED and APPROVED this 18th day of September, 1991
AYES: Lieder, Locke,
Adams, Smith.
NAYS: None.
ABSENT: None.
(SEAL)
Attest:
..)
Cit
yClef*
Donahue, Bolger, Serritella, Patterson,
I, Barbara E. Gilpin, Clerk of the City of McHenry, Illinois, DO
HEREBY CERTIFY that the foregoing Resolution was duly passed and adopted
in the City Council of the City of McHenry at a regular meeting thereof
assembled this 18th day of September, 1991.
(SEAL)
City Clerk