HomeMy WebLinkAbout~Master - Establishment of 401(a) money purchase retirement plan RESOLUTION NO. 07-120
RESOLUTION AUTHORIZING THE CITY OF AMES,IOWA
TO ESTABLISH A MONEY PURCHASE RETIREMENT
PLAN
WHEREAS, the Employer,City of Ames,Iowa,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,the Employer desires that its money purchase retirement plan be administered by the
ICMA Retirement Corporation and that the funds held such plan be invested in the Vantage 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 establishes or has established
a money purchase retirement plan(the"Plan")in the form of. (Select one)
❑ The ICMA Retirement Corporation Governmental Money Purchase Plan
& Trust, pursuant to the specific provisions of the Adoption Agreement
(executed copy attached hereto).
❑ The Plan and Trust provided by the Employer (executed copy attached
hereto).
The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries; and
BE IT FURTHER RESOLVED that the Employer hereby executes the Declaration of Trust of the
Vantage Trust,and 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 Vantage Trust.
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the Plan
and to invest funds held under the Plan in the Vantage Trust; and
BE IT FURTHER RESOLVED that the Finance Director shall be the coordinator for the Plan;
shall receive reports,notices,etc., from the ICMA Retirement Corporation or the Vantage Trust; shall cast,
on behalf of the Employer, any required votes under the Vantage Trust; may delegate any administrative
duties relating to the Plan to appropriate departments; and
BE IT FURTHER RESOLVED that the Employer hereby authorizes the Mayor of Ames to execute
all necessary agreements with the ICMA Retirement fCorporation incidental to the administration of the Plan.
ADOPTED this day of )2007.
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Diane R. Voss, City Clerk Ann H. Campbell,Mayor
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