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364 <br /> pd d1r <br /> PM 0,1 <br /> October 5,1983 <br /> d' .1 WHEREAS,the Administrator has recommended changes in the plan <br /> document to comply with recent federal legislation and Internal Revenue <br /> Service Regulations governing said plans;and <br /> WHEREAS,the Internal Revenue Service has issued a private letter <br /> wuying wpprowmnp said own document as complying with Section 451 of the <br /> Internal Revenue Code;and <br /> WHEREAS,other public employers have joined together to estatlish <br /> the/CM Retirement Trust for the purpose of repreeenting the interests <br /> of the participating employers with respect to the collective investment <br /> of funds held under theom deferred compensation plans:and <br /> WHEREAS,said Trust is a salutary development which further advances <br /> the quality of administratoon for plans administered by the ICHA Retire- <br /> ment Corporation: <br /> NOW,THEREFORE,BE IT RESOLVED that the Employer hereby adopts the <br /> deferred compensation plan,attached hereto as APPendin A,es vn vmevd- <br /> ment and restatement of its present deferred compensation plan <br /> .Ak1'1 <br /> administbred by the ICMA Retirement Corporation,which shall continue <br /> to act as Administrator of said plan;and <br /> BE IT FURTHER RESOLVED that the Employer hereby executes the ICIAA <br /> I'd'LI Retirt Trust,attached hereto as Appendix B;and <br /> BeE IT FURTHER RESOLVED that the Employer 00 00001:the trust <br /> agreement with the ICICA Retirement Corporation,as appears at Append.C <br /> hereto,as an amendment and restatement of its existing trust agreement <br /> with the ICMA Retirement Corporation,and directs the ICMA Retirement <br /> ,111' Corporation,as Trustee,to invest all funds held under the deffered <br /> compensation plan through the IC.,Retirement Trust as soon as is <br /> practicable;and <br /> 1:1301,22:TrILER.,.R.ESOLyE11,ligivtr.RcilM,,,anasreer,orrsIttlnolve,ct,co„otcrciirro.tom <br /> the ICI.Retirement Corporation ae Administrator,and shall cast,on <br /> behalf of the Employer,any required votes under the Progremm <br /> ' , trative duties to carry out the plan may be awsigned to the appropriate <br /> . departments. <br /> Councilman Overstreet asked if there was anything to preclude the City <br /> from adopting another plan and Bruce Jones replied no,and seid that thmm <br /> resolution was requested 0101 to evidence acceptance of their new pl.. <br /> Roll was called with all Councilmen voting yes. <br /> Motion Carried <br /> COUNCIL BILL NO.839-90 <br /> FINAL READI0G1 <br /> 16. 4,4S.E. <br /> .theeasvtaecralty ito o3rf dMAcGveinlul <br /> e S.E. <br /> Councilman Langus asked about putting the money fox this VaCdtiOn.00 <br /> I) another fund rather than the Real Property Acquisition Fund es <br /> stipulated in the ordinance,as Council had discussed before to help <br /> improve 3rd,anderadgFullerton,of the Engineering Department,rePlied <br /> the ordinance would have to be changed to do this. However,it has tam <br /> ,jmZ'' usual procedure to put this money into the Real Property Acwuieition Fund <br /> A:121'r' <br />