Res 01-004RESOLUTION NO. 01-004
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA,
ESTABLISHING A 401(a) MONEY PURCHASE RETIREMENT PLAN TO BE
ADMINISTERED BY THE ICMA RETIREMENT CORPORATION
WHEREAS, the City of Poway has employees rendering valuable services;
and
WHEREAS, the establishment of a money purchase retirement plan benefits
employees by providing funds for retirement and funds for their beneficiaries in the
event of death; and
WHEREAS, medical costs are becoming a major concern of retirement and
the City of Poway desires to establish a deferred compensation program to assist
retirees in meeting these costs; and
WHEREAS, the City of Poway desires that its money purchase plan be
administered by the. ICMA Retirement Corporation and that the funds held under
such plan be invested in the ICMA Retirement Trust, a trust established by public
employers for the collective investment of funds held under their retirement and
deferred compensation plan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Poway as follows:
Section 1. The City of Poway hereby establishes a money purchase
retirement plan (the "Plan"), which conforms to the ICMA Retirement Corporation
Governmental Money Purchase Plan and Trust, pursuant to the specific provisions of
the Adoption Agreement.
Section 2. The Plan shall be maintained for the exclusive benefit of eligible
employees and their beneficiaries.
Section 3. The City of Poway hereby executes the Declaration of Trust of the
ICMA Retirement Trust 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 ICMA Retirement Trust.
Section 4. The City of Poway hereby agrees to serve as trustee under the
Plan and to invest funds held under the Plan in the ICMA Retirement Trust.
Section 5. The Director of Administrative Services shall be the coordinator for
the Plan; shall receive reports, notices, etc., from the ICMA Retirement Corporation
or the ICMA Retirement Trust; shall cast, on behalf of the City of Poway, any required
Resolution No. 01- 004
Page 2
votes under the ICMA Retirement Trust; may delegate any administrative duties
relating to the Plan to appropriate departments or personnel; and is authorized to
execute all necessary agreements with the ICMA Retirement Corporation incidental
to the administration of the Plan.
PASSED, ADOPTED, and APPROVED by the City Council of the City
of Poway, California, at a regular meeting this 23rd day of January ,2001.
ATTEST:
Micha~
E'~riilAnne Peoples, ~t~]~3~rk -
STATE OF CALIFORNIA )
) SS,
COUNTY OF SAN DIEGO )
I, Lori Anne Peoples, City Clerk of the City of Poway, do hereby certify under
the penalty of perjury, that the foregoing Resolution No. 01-004 , was duly adopted
by the City Council at a meeting of said City Council held on the 23rd day of
January ,2001, and that it was so adopted by the following vote:
AYES:
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
EMERY, GOLDBY, HIGGINSON, REXFORD, CAFAGNA
EorilAnne Peoples, cit-y-~l~"~k'''v
City of Poway