HomeMy WebLinkAboutResolutions - No. 93-75RESOLUTION NO. 93-75
A RESOLUTION OF THE LODI CITY COUNCIL
APPROVING THE INTERNATIONAL CITY MANAGEMENT ASSOCIATION (ICMA)
RETIREMENT CORPORATION DEFERRED COMPENSATION PLAN, AND AUTHORIZING THE
EXECUTION OF THE DECLARATION OF TRUST OF THE ICMA RETIREMENT TRUST
NAME OF EMPLOYER: CITY OF LODI, a municipal corporation of the State
of California.
TITLE OF PROGRAM COORDINATOR: Assistant City Manager
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WHEREAS, the City of Lodi, a municipal corporation of the State
of California (hereinafter "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 its deferred compensation 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 plans;
NOW, THEREFORE, BE IT RESOLVED that the Employer hereby adopts or
has previously adopted the deferred compensation plan (the "Plan") in
the form of the ICMA Retirement Corporation Deferred Compensation Plan,
referred to as Appendix A; and
BE IT FURTHER RESOLVED that the Employer hereby executes the
Declaration of Trust of the ICMA Retirement Trust, attached hereto as
Appendix B, intending this execution to be operative with respect to
any retirement or deferred compensation plan subsequently established
by the Employer, if the assets of the plan are to be invested in the
ICMA Retirement Trust; and
BE IT FURTHER RESOLVED that the Assistant City Manager shall be
the coordinator for this program; shall receive necessary reports,
notices etc. from the ICMA Retirement Corporation or the ICMA
Retirement Trust; shall cast, on behalf of the Employer, any required
votes under the ICMA Retirement Trust; Administrative duties to carry
out the plan may be assigned to the appropriate departments, and is
authorized to execute all necessary agreements with ICMA Retirement
Corporation incidental to the administration of the Plan.
93-75
RES9375/TXTA.02J
Resolution 93-7z)
Page Two
Dated: June 16, 1993
I hereby certify that Resolution No. 93-75 was passed and adopted
by the Lodi City Council in a regular meeting held June 16, 1993 by the
following vote:
Ayes: Council Members - Davenport, Mann, Sieglock, Snider
and Pennino (Mayor)
Noes: Council Members - None
Absent: Council Members - None
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93-75
RES9375/TXTA.02J