HomeMy WebLinkAboutR-97-0643J-97-649
9/15/97
RESOLUTION NO. �',�•' i — 643
A RESOLUTION, WITH ATTACHMENT(S), ESTABLISHING A
MONEY PURCHASE RETIREMENT PLAN FOR THE CITY
MANAGER, AS SET FORTH IN THE ATTACHED ICMA
PROTOTYPE MONEY PURCHASE PLAN AND TRUST (THE
"PLAN") AND THE DECLARATION OF TRUST, AND
PROVIDING FOR THE EXECUTION OF THE ADOPTION
AGREEMENT; FURTHER APPOINTING THE LABOR RELATIONS
OFFICER AS PLAN COORDINATOR AND AUTHORIZING SAID
LABOR RELATIONS OFFICER TO EXECUTE ALL NECESSARY
AGREEMENTS WITH THE ICMA RETIREMENT CORPORATION
RELATIVE TO THE ADMINISTRATION OF SAID PLAN.
WHEREAS, the City Manager renders valuable services for the City of Miami; and
WHEREAS, the establishment of a money purchase retirement plan is a benefit
providing funds for retirement and funds for the beneficiaries of the City Manager in the
event of death; and
WHEREAS, the City of Miami desires that its Plan be administered by the ICMA
Retirement Corporation and that the funds held under the 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 plans;
NOW THEREFORE BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
cIry cOMUSSION
MEETU9G OF
S E P 2 3 1997
Resolution No.
643
•
Section 1. The City of Miami hereby establishes a money purchase
retirement plan for the City Manager as set forth in the ICMA Retirement Corporation
Prototype Money Purchase Plan and Trust (the "Plan"), and the Declaration of Trust,
attached hereto and made a part hereof, pursuant to the specific provisions of the
Adoption Agreement to be executed upon adoption of this Resolution.
Section 2. The City of Miami hereby adopts the provisions set forth in the
Declaration of Trust of the ICMA Retirement Trust, intending this adoption to be operative
with respect to any retirement or deferred compensation plan subsequently established by
the City of Miami, if the assets of the Plan are to . be invested in the ICMA Retirement
Trust.
Section 3. The City of Miami hereby agrees to serve as trustee under the Plan
and to transmit funds contributed under the Plan to the ICMA Retirement Trust for
investment of said funds.
Section 4. The Labor Relations Officer is hereby appointed as the coordinator for
the Plan; shall receive necessary reports, notices, etc., from the ICMA Retirement
Corporation or the ICMA Retirement Trust; shall cast, on behalf of the City of Miami, any
required votes under the ICMA Retirement Trust, and may delegate any administrative
duties relating to the .Plan to appropriate departments.
Section 5. The City of Miami hereby authorizes the Labor Relations Officer to
execute all necessary agreements with the ICMA Retirement Corporation incidental to the
administration of the Plan.
Section 6. This Resolution shall become effective immediately upon its adoption.
2
9 7- 13"43
d
PASSED AND ADOPTED this 23rd day of September , 1997.
JO OLLO, MAYOR
ATTEST:
"-ALTER J. F E , CITY CLERK
PREPARED AND APPROVED BY:
RAFAEL 0. T51A�/
DEPUTY CITY"ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
l / -/
W
A./WiVRI JON
CITY ATTORN)
W1873:CSK:ROD
3 97 - 64-3
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO: Honorable Mayor and Members
of the City Commission
gwA 4q)ez
FROM: Edward
City Manager
RECOMMENDATION
s 9
DATE: SEP 1 6 FILE
SUBJECT: Adoption of ICMA Prototype
Money Purchase Plan and
Trust, Declaration of Trust
REFERENCES: and Execution of Adoption
ENCLOSURES: Agreement
It is recommended that the City Commission adopt the attached Resolution
providing for the adoption of the ICMA Prototype Money Purchase Plan and Trust
and the Declaration of Trust and providing for the execution of the Prototype Money
Purchase Plan and Trust Adoption Agreement.
BACKGROUND
On November 5, 1996 the City Commission approved Resolution 96-816 setting
forth the compensation, benefits and emoluments to be received by the City
Manager. One of the benefits specified in the Resolution is the provision for the
City to provide and pay for an annuity or such other retirement vehicle selected by
the City Manager.
On September 9, 1997 the City Commission passed on first reading an amendment
to Section 40-250 of the Code providing the City Manager the option to elect
participation in a public trust fund. The second reading is scheduled for September
28, 1997. The public trust fund the City Manager has elected to participate in is
the ICMA's 401(a) Money Purchase Plan.
The ICMA Retirement Corporation requires the adoption of their Prototype Money
Purchase Plan and Trust (the "Plan"), the adoption of their Declaration of Trust
(the "Trust") and the execution of the Prototype Money Purchase Plan and Trust
Adoption Agreement. Copies of these documents are attached.
The Resolution before you adopts the "Plan" and the "Trust", appoints the Labor
Relations Officer as the coordinator for the "Plan" and the authority to execute all
necessary agreements with the ICMA Retirement Corporation incidental to the
administration of the Plan and authorizes the execution of the Adoption Agreement.
97- 643