Resolution 9510006.900000
WSS /sds
04/05/99
RESOLUTION NO. 951
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
EDMONDS, WASHINGTON, ADDING THE ICMA
RETIREMENT CORPORATION TO THE DEFERRED
COMPENSATION PLAN FOR ITS EMPLOYEES AND FIXING
A TIME WHEN THE SAME SHALL BECOME EFFECTIVE.
WHEREAS, the City of Edmonds has employees rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan for such
employees serves the interests of the City by enabling it to provide reasonable retirement security
for its employees, by providing increased flexibility in its personnel management system, and by
assisting in the attraction and retention of competent personnel; and
WHEREAS, the City has determined that the establishment of a deferred
compensation plan to be administered by the ICMA Retirement Corporation serves the above
objectives; and
WHEREAS, the City desires that its deferred compensation plan be administered
by the ICMA Retirement Corporation, and that some or all of 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;
THE CITY COUNCIL OF THE CITY OF EDMO NDS, WASHINGTON,
HEREBY RESOLVES AS FOLLOWS:
Section 1. The City hereby adopts the deferred compensation plan (the "Plan ") in
the form of the ICMA Retirement Corporation Deferred Compensation Plan and Trust, referred
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to as Exhibit A, incorporated by this reference as fully as if herein set forth;
Section 2. The Mayor is hereby authorized to execute and the City Clerk to attest
to the Declaration of Trust of the ICMA Retirement Trust, attached hereto as Exhibit B,
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.
Section 3. The Administrative Services Agreement for administration of the plan,
attached as Exhibit C is approved and the Mayor is authorized to execute such Agreement.
Section 4. The assets of the Plan shall be held in trust, with the City serving as
trustee, for the exclusive benefit of the Plan participants and their beneficiaries, and the assets
shall not be diverted to any other purpose.
Section 5. The Plan will permit loans.
Section 6. The City hereby agrees to serve as trustee under the Plan.
Section 7. The Mayor of the City of Edmonds or her designee shall be the
coordinator for this program; shall receive necessary reports, notices, etc., from the ICMA
Retirement Corporation or the ICMA Retirement Trust; shall cast, on behalf of the City, any
required votes under the ICMA Retirement Trust; Administrative duties to carry out the plan
may be assigned to the appropriate departments, and is authorized to execute all necessary
agreements with ICMA Retirement Corporation incidental to the administration of the Plan.
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RESOLVED this 27' day of April, 1999.
APPROVED:
MAYOR, BARBARA S. FAHEY
ATTEST /AUTHENTICATED :
-&P 6�'
CITY CLERK, SANDRA S. CHASE
FILED WITH THE CITY CLERK: 04/23/99
PASSED BY THE CITY COUNCIL: 04/27/99
RESOLUTION NO. 951
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