HomeMy Public PortalAbout1993-11 Adopting Money Purchase Retirement Plan for Village EmployeesRESOLUTION NO. 93-11
A RESOLUTION OF THE VILLAGE OF KEY
BISCAYNE, FLORIDA; ADOPTING A MONEY
PURCHASE RETIREMENT PLAN FOR THE VILLAGE
OF KEY BISCAYNE; 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 FINANCE
DIRECTOR AS COORDINATOR OF THE PLAN;
AUTHORIZING THE FINANCE DIRECTOR 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.
BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY BISCAYNE,
FLORIDA, AS FOLLOWS:
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 THAT:
SECTION 1. 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.
SECTION 2. 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.
Page 1 of 2
SECTION 3. The Finance Director 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.
SECTION 4. The Village hereby authorizes the Finance Director
to execute all agreements with the ICMA Retirement Corporation
necessary to enroll full-time Village employees and for the
implementation and administration of the Plan in a form acceptable
to the Village Attorney.
SECTION 5. This resolution specifically supersedes Resolution
92-17 adopted by the Board of Trustees on April 14, 1992.
SECTION 6. This resolution shall take effect immediately
upon adoption.
PASSED AND ADOPTED this 23rd day of MARCH , 1993.
MAYOR 1 FAEL CONTE
VILLAGE CLERK
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
Page 2 of 2