HomeMy WebLinkAboutRes1983-076
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 83-76
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEWARD, ALASKA, AMENDING THE CITY'S DEFERRED COMPENSATION
AGREEMENT WITH THE ICMA RETIREMENT CORPORATION
WHEREAS, the City of Seward maintains a deferred compensation
plan for its employees which is administered by the ICMA Retirement
Corporation (the "Administrator"); and
WHEREAS, the Administrator has recommended changes in the plan
document to comply with recent federal legislation and Internal Revenue
Service Regulations governing said plans; and
WHEREAS, the Internal Revenue Service has issued a private
letter ruling approving said plan document as complying with Section 457
of the Internal Revenue Code; and
WHEREAS, other public employers have joined together to
establish the ICMA Retirement Trust for the purpose of representing the
interests of the participating employers with respect to the collective
investment of funds held under their deferred compensation plans; and
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WHEREAS, said Trust is a salutary development which further
advances the quality of administration for plans administered by the
ICMA Retirement Corporation;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The City of Seward hereby adopts the deferred
compensation plan, attached hereto as Appendix A, as an amendment and
restatement of its present deferred compensation plan administered by
the ICMA Retirement Corporation, which shall continue to act as Adminis-
trator of said plan.
Section 2. The City of Seward hereby executes the ICMA
Retirement Trust, attached hereto as Appendix B.
Section 3. The City of Seward hereby adopts the trust agree-
ment with the ICMA Retirement Corporation, as appears at Appendix C
hereto, as an amendment and restatement of its existing trust agreement
with the ICMA Retirement Corporation, and directs the ICMA Retirement
Corporation, as Trustee, to invest all funds held under the deferred
compensation plan through the ICMA Retirement Trust as soon as is
practicable.
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Section 4. The City Manager shall be the coordinator for this
program and shall receive necessary reports, notices, etc. from the ICMA
Retirement Corporation as Administrator, and shall cast, on behalf of
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