HomeMy WebLinkAboutRes1998-144
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CITY OF SEWARD, ALASKA
RESOLUTION NO. 98-144
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, ADOPTING A RETIREMENT PLAN FOR THE CITY MANAGER
WITH THE ICMA RETIREMENT CORPORATION AND MAKING
AMENDMENT NUMBER TWO TO THE CITY MANAGER'S CONTRACT
TO REFLECT ADOPTION OF THE PLAN
WHEREAS, the City has a city manager rendering valuable services; and
WHEREAS, the establishment of a money purchase retirement plan benefits the city
manager by providing funds for retirement and funds for his/her beneficiaries in the event of death;
and
WHEREAS, the City Council desires that its money purchase retirement 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 BY THE CITY COUNCIL OF THE CITY
OF SEWARD, ALASKA, that:
Section 1. The City Council authorizes the City Manager to enter into an agreement between
the City of Seward and the ICMA Retirement Corporation for the purpose of providing a retirement
plan for the City Manager and making Amendment 2 to the City Manager's contract to reflection
adoption ofthe plan.
Section 2. The City hereby establishes a money purchase retirement plan (the "Plan") in the
form of the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust, pursuant to
the specific provisions of the Adoption Agreement (executed copy attached hereto) and the Plan
shall be maintained for the exclusive benefit of the city manager and his/her beneficiaries.
Section 3. The City hereby executes the Declaration of Trust of the ICMA Retirement Trust,
attached hereto, intending this execution to be operative with respect to any retirement or deferred
compensation plan subsequently established by the City, if the assets ofthe plan are to be invested
in the ICMA Retirement Trust.
Section 4. The City hereby agrees to serve as trustee under the Plan and to invest funds held
under the Plan in the ICMA Retirement Trust.
CITY OF SEWARD, ALASKA
RESOLUTJONNO. 98-144
Section 5. The City Manager and the Director ofPinance and Administrative Services shall
be 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 ofthe City, any required
votes under the ICMA Retirement Trust; may delegate any administrative duties relating to the Plan
to appropriate departments.
Section 6. The City Council hereby authorizes the City Manager to execute all necessary
agreements with the ICMA Retirement Corporation incidental to the administration of the Plan.
Section 7. This resolution shall take effect immediately upon its adoption.
PASSED AND APPROVED by the City Council ofthe city of Seward, Alaska, this 14th
day of December, 1998.
THE CITY OF SEWARD, ALASKA
~
Lowell R. Satin, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Blatchford, Callahan, Gage, King, Orr, Satin, Shafer
None
None
None
ATTEST:
./7:/C/ /:Zt/~
Patrick Reilly /
City Clerk
(City Se~i\lt,: C.;,'"
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