HomeMy WebLinkAbout1988-079 Council Resolution•
CITY OF LINO LAKES
RESOLUTION NO. 79 - 88
RESOLUTION RELATING TO A DEFERRED COMPENSATION PLAN.
WHEREAS,
WHEREAS,
WHEREAS,
the City of Lino Lakes has employees rendering
valuable services; and
the establishment of a deferred compensation plan
for such employees serves the interests of the
City of Lino Lakes 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
the City of Lino Lakes 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 of Lino Lakes desires that the investment of
funds held under its deferred compensation plan be
administered by the ICMA Retirement Corporation, and
such funds be held by the ICMA Retirement Trust, a
trust established by public employers for the
collective investment of funds held under their
deferred compensation plans and money purchased
retirement plans;
NOW THEREFORE BE IT RESOLVED, that the City of Lino Lakes hereby
executes the Declaration of Trust of the ICMA Retirement Trust,
attached hereto.
BE IT FURTHER RESOLVED, that the City Administrator shall be the
coordinator for the program and shall receive necessary reports,
notices, etc. from the ICMA Retirement Corporation or the ICMA
Retirement Trust, and shall cast, on behalf of the Employer, any
required votes under the program. Administrative duties to
carry out the plan may be assigned to appropriate departments.
Passed the
Z�c
_ c __day of ..66%74_,t/
, 1988.
Marilyn G.I/Anderson, Clerk - Treasurer
enjami G. Benso ', Tayor