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1988-079 Council Resolution
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1988-079 Council Resolution
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Last modified
10/31/2014 2:26:46 PM
Creation date
10/31/2014 2:19:59 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
10/24/1988
Council Meeting Type
Regular
Resolution #
88-079
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• <br />CITY OF LINO LAKES <br />RESOLUTION NO. 79 - 88 <br />RESOLUTION RELATING TO A DEFERRED COMPENSATION PLAN. <br />WHEREAS, <br />WHEREAS, <br />WHEREAS, <br />the City of Lino Lakes has employees rendering <br />valuable services; and <br />the establishment of a deferred compensation plan <br />for such employees serves the interests of the <br />City of Lino Lakes by enabling it to provide <br />reasonable retirement security for its employees, <br />by providing increased flexibility in its personnel <br />management system, and by assisting in the attraction <br />and retention of competent personnel; and <br />the City of Lino Lakes has determined that the <br />establishment of a deferred compensation plan to <br />be administered by the ICMA Retirement Corporation <br />serves the above objectives; and <br />WHEREAS, The City of Lino Lakes desires that the investment of <br />funds held under its deferred compensation plan be <br />administered by the ICMA Retirement Corporation, and <br />such funds be held by the ICMA Retirement Trust, a <br />trust established by public employers for the <br />collective investment of funds held under their <br />deferred compensation plans and money purchased <br />retirement plans; <br />NOW THEREFORE BE IT RESOLVED, that the City of Lino Lakes hereby <br />executes the Declaration of Trust of the ICMA Retirement Trust, <br />attached hereto. <br />BE IT FURTHER RESOLVED, that the City Administrator shall be the <br />coordinator for the program and shall receive necessary reports, <br />notices, etc. from the ICMA Retirement Corporation or the ICMA <br />Retirement Trust, and shall cast, on behalf of the Employer, any <br />required votes under the program. Administrative duties to <br />carry out the plan may be assigned to appropriate departments. <br />Passed the <br />Z�c <br />_ c __day of ..66%74_,t/ <br />, 1988. <br />Marilyn G.I/Anderson, Clerk - Treasurer <br />enjami G. Benso ', Tayor <br />
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