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7/14/2016 8:51:25 AM
City of Seward Legislative Hist
Doc Type - Legislative History
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Sponsored by: Hunt <br />CITY OF SEWARD, ALASKA <br />RESOLUTION 2016-042 <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 AND RESCINDING 2016-027 <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; and <br />WHEREAS, the former Resolution 2016-027 was accompanied by a Plan document which <br />was returned to the City with suggested modifications by the Administrator and the administration <br />desires Council's acceptance of the modified Plan document. <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 />
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