CC RESOLUTION 4282RESOLUTION NO. —4:282
A RESOLUTION ADOPTING THE ICMA RETIREMENT
CORPORATION GOVERNMENTAL. MONEY PURCHASE PLAN
AND TRUST AGREEMENT.
BE IT RESOLVED by the Council of the City of El Segundo as follows:
SECTION 1: The City Council finds as follows:
A. Establishing a money purchase retirement plan benefits employees by
providing funds for retirement and funds for their beneficiaries in the
event of death;
B. The ICMA Retirement Corporation should administer the City's money
purchase retirement plan. Funds held under the City's Plan should be
invested in Vantage Trust, a trust established by public employers for the
collective investment of funds held under their retirement and deferred
compensation plans;
C. The City wishes to provide an additional incentive to its employees to
voluntarily set aside and invest portions of their current income to meet
their future financial requirements and supplement their existing
retirement programs(s);
D. It is in the public interest for the City to attract and retain employees of the
highest caliber in order to provide and maintain high standards of service.
SECTION 2: A money purchase retirement plan (the "Plan ") is established in the form
of the ICMA Retirement Corporation Governmental Money Purchase Plan & Trust,
pursuant to the specific provisions of the Adoption Agreement. The Plan will be
maintained for the exclusive benefit of eligible employees and their beneficiaries.
SECTION 3 The City Manager or Director of Administrative Services, or designee, is
authorized to administer the Plan and coordinate with the ICMA Retirement Corporation
or Vantage Trust. In addition, the City Manager or Director of Administrative Services,
or designee, is authorized to vote on the City's behalf for any required votes under
Vantage Trust.
SECTION 4: The City Manager is authorized to execute any agreements on the City's
behalf for the purposes set forth in this Resolution.
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SECTION 5: The City Clerk is directed to certify the adoption of this Resolution; record
this Resolution in the book of the City's original resolutions; and make a minute of the
adoption of the Resolution in the City Council's records and the minutes of this meeting.
SECTION 6: This Resolution will become effective immediately upon adoption and
remain effective unless repealed or superseded.
PASSED AND ADOPTED this 6th day of ' ovember , 2002.
Mike Gordon,
Mayor
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES 1 SS
CITY OF EL SEGUNDO
I, Cindy Mortesen, City Clerk of the City of El Segundo, California, hereby certify that the
whole number of members of the City Council of the City is five; that the foregoing
Resolution No. 4282 was duly passed and adopted by said City Council, approved and
signed by the Mayor of said City, and attested to by the City Clerk of said City, all at a
regular meeting of said Council held on the 6th day of November 2002, and
the same was so passed and adopted by the following roll call vote:
AYES: Gordon, Jacobs, McDowell, Wernick
NOES: None
ABSENT: Gaines
ABSTAIN: None
ATTEST:
t) 6YK &or, 6j
Cindy Mo esen,
City Clerk
I kyj M! I - www,
i
Karl ff. Berger
Assistant City'W,
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