HomeMy Public PortalAboutResolution - 02-12- 20020424 - Adopt ICMA 401(a) plan RESOLUTION NO. 02-12
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
I MPENINSULA REGIONAL OPEN SPACE DISTRICT
ADOPTING THE ICMA RETIREMENT CORPORATION
MONEY PURCHASE PLAN& TRUST—401(a) QUALIFIED
RETIREMENT PLAN
WHEREAS, the District has employees rendering valuable services; and
WHEREAS, the establishment of a money purchase retirement plan benefits employees by
providing a mechanism for employes✓contributions into a retirement program; and
WHEREAS, the Employer desires that its money purchase retirement plan be administered by the
ICMA Retirement Corporation and that the fund 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 that the District hereby establishes or has established a money
purchase retirement plan(the"Plan")in the form of the ICMA Retirement Corporation Government
Money Purchase Plan&Trust, pursuant to the specific provisions of the Adoption Agreement.
The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries.
The District 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 Employer, if the assets of the Plan are to be invested in the ICMA
Retirement Trust.
The District hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in
the ICMA Retirement Trust.
The General Manager or his or her designee shall be the coordinator for the Plan; A"receive reports,
notices, and other documents from the ICMA Retirement Corporation or the ICMA Retirement Trust;
shall cast, on behalf of the District, any required votes under the ICMA Retirement Trust; may delegate
any administrative duties relating to the Plan to appropriate department employees; and is authorized to
execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration
of the Plan.
The General Manager and General Counsel are further authorized to approve any technical revisions to
the attached Agreement and other transactional documents which do not involve any material change to
any term of the Agreement or other transactional documents.
RESOLUTION NO. 02-12
' I
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space
District on April 24, 2002, at a regular meeting thereof, by the following vote:
AYES: 0. Littee, K. N,itz, L. Hassett, M. Davey, J. CyA, P. Simms, N. Hanko
NOES: none
ABSTAIN: none
ABSENT: none
ATTEST: APPROVED:
Secr President
E�diard of Directors Board of Directors
I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that
the above is a true and correct copy of a resolution duly adopted by the Board of Directors of
the Midpemnsula Regional Open Space District by the above vote at a meeting thereof duly
held and called on the above day.
Di lerk