Laserfiche WebLink
Sponsored by: Hunt <br /> CITY OF SEWARD,ALASKA <br /> RESOLUTION 2016-027 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, AMENDING AND RESTATING THE ICMA RETIREMENT <br /> CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN AND <br /> TRUST DOCUMENT, IN RESPONSE TO CHANGES IN THE INTERNAL <br /> REVENUE CODE <br /> WHEREAS,the City of Seward("Employer")maintains a 401 Plan which is administered <br /> by the ICMA Retirement Corporation(the"Administrator"); and <br /> WHEREAS,the Administrator has recommended changes in the Plan document to comply <br /> with instructions from the Internal Revenue Service, to incorporate recent federal legislation and <br /> Internal Revenue Service Regulations governing said plans; and <br /> WHEREAS,employers are required to execute a new adoption agreement by April 30,2016 <br /> to incorporate regulatory changes enacted since the prior plan restatement; and <br /> WHEREAS,the city has established a qualified retirement plan for eligible employees that <br /> serves the interest of the city by enabling it to provide reasonable retirement security for its <br /> employees,by providing increased flexibility in its personnel management system,and by assisting <br /> in the attraction and retention of competent personnel; and <br /> WHEREAS,the city has determined that the continuation of the qualified retirement plan <br /> will help meet these objectives. <br /> NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF SEWARD,ALASKA,that: <br /> Section 1. The City of Seward hereby amends and restates the qualified retirement plan in <br /> the form of the ICMA Retirement Corporation Governmental Money Purchase Plan& Trust. <br /> Section 2. The assets of the Plan shall be held in trust,with the City of Seward serving as the <br /> trustee,for the exclusive benefit of the Plan participants and their beneficiaries,and the assets shall <br /> not be diverted to any other purpose. The Trustee's beneficial ownership of Plan assets held in <br /> VantageTrust shall be held for the further exclusive benefit of the Plan participants and their <br /> beneficiaries. <br /> Section 3. The Employer hereby agrees to serve as Trustee under the Plan. <br /> Section 4. This resolution shall take effect immediately upon its adoption. <br />