HomeMy Public PortalAbout1992-17 Adopting of money purchase retirement planRESOLUTION NO. (10T-1
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A RESOLUTION OF THE BOARD OF TRUSTEES OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA; ADOPTING A
MONEY PURCHASE RETIREMENT PLAN; PROVIDING FOR
THE VILLAGE TO SERVE AS TRUSTEE UNDER THE
PLAN; PROVIDING FOR THE VILLAGE TO INVEST
FUNDS HELD UNDER THE PLAN IN THE ICMA
RETIREMENT TRUST; DESIGNATING THE MAYOR AS
COORDINATOR OF THE PLAN; AUTHORIZING THE MAYOR
TO RECEIVE NECESSARY REPORTS, CAST REQUIRED
VOTES UNDER THE PLAN, DELEGATE ADMINISTRATIVE
DUTIES RELATING TO THE PLAN, AND EXECUTE ALL
NECESSARY AGREEMENTS WITH THE PLAN AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Village has employees rendering valuable
services; and
WHEREAS, the establishment of a money purchase retirement plan
benefits employees by providing funds for retirement and funds for
their beneficiaries in the event of death; and
WHEREAS, the Village 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 BOARD OF TRUSTEES OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, as follows:
Section 1. That the Village 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. The
Plan shall be maintained for the exclusive benefit of eligible
employees and their beneficiaries; and
Section 2. That the Village hereby agrees to serve as trustee
under the Plan and to invest all funds held under the Plan in the
ICMA Retirement Trust.
Section 3. That the Mayor shall be the coordinator for the
Plan and shall receive necessary reports and notices from the ICMA
Retirement Corporation or the ICMA Retirement Trust, and shall
cast, on behalf of the Village any required votes under the ICMA
Retirement Trust. Administrative duties relating to the plan may
be further delegated to appropriate persons.
Section 4. That the Village hereby authorizes the Mayor to
execute all necessary agreements with the ICMA Retirement
Corporation necessary to enroll the Village Manager and for the
implementation and administration of the Plan in a form acceptable
to the Village Attorney. The enrollment of other employees must be
approved by the Board of Trustees.
Section 5. Effective Date. This resolution shall become
effective immediately.
PASSED AND ADOPTED this IL1 day,o
1992.
Rafael H.t Conte, Mayor
Village Clerk
Approved as to Legal Sufficiency:
Vi l ll ge Attorney
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