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Home My WebLink AboutRES 84-038 RESOLUTION AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE THE ICMA RETIREMENT TRUST Meeting Sheet IIIIII VIII VIII VIII VIII VIII IIII IIII 102469 Box: 23 Folder: RES 1984 Document: RES 84-038 RESOLUTION AUTHORIZING THE MAYOR AND CIN MANAGER TO EXECUTE THE ICMA RETIREMENT TRUST I • RESOLUTION 84-038 A RESOLUTION AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE THE ICMA RETIREMENT TRUST RESOLUTION OF THE CITY OF ST. ANTHONY (."Employer") . WHEREAS, the Employer maintains a deferred compensation plan for its employees which is administered by the ICMA Retirement Corporation (.the "Administrator") ; and WHEREAS, other public employers have joined together to establish the ICMA Retirement Trust for ,the purpose of representing the interests of the participa- ting employers with respect to the collective investment of funds held under their deferred compensation plans; and - WHERAS, said Trust is a salutary development which further advances the quality of administration for plans administered by the ICMA Retirement Corporation: NOW, THEREFORE, BE IT RESOLVED that the .Employer hereby executes the ICMA Retirement Trust, attached hereto; and BE IT FURTHER RESOLVED that the Finance Director shall be the coordinator for this program and shall receive necessary reports; notices, etc. from the ICMA Retirement Corporation as Administrator, 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 the appropriate departments. Adopted this 1 day of S��e,M�,r 1984. 74a I lwwl� M11yor ATTEST: City Clerk mReviewed for administration: City Manager CERTIFICATION I, 0A , Clerk of the City of St. Anthony do hereby certify that the foil ing resolution, proposed by Council Member mark�5 was duly passed and a opted in the Cuncil of the ,ty f St. Anthony at a regular .� 'meeting -tNereof assembled this Li •- day of 19 _, _,.:'' ,by the following vote: Ayes:: ldark:s., Sundland, Ranallo, Makowske , Enrooth Nays;: _None: R Absent: --Nore,, . CTerT of the City of Anthony APPENDIX B r DECLARATION OF TRUST G� - of ICMA RETIREMENT TRUST ARTICLE 1. Name and Definitions ARTICLE If. Creation and Purpose of the Trust;Ownership of Trust Property SECTION 1.1. Name. The Name of the Trust created hereby is the SECTION 2.1. Creation. The Retirement Trust is created and ICMA Retirement Trust. established by the execution of this Declaration of Trust by the Trustees SECTION 1.2. Definitions. Wherever they are used herein, the and the participating Public Employers. following terms shall have the following respective meanings: SECTION 2.2. Purpose. The purpose of the Retirement Trust is to (a) By-Laws. The By-Laws referred to in Section 4.1 hereof, as provide for the commingled investment of funds held by the Public amended from time to time. Employers in connection with their Deferred Compensation Plans.The (b) Deferred Compensation Plan.A deferred compensation plan Trust Property shall be invested in the Portfolios, in Guaranteed established and maintained by a Public Employer for the purpose Investment Contracts and in other investments recommended by the of providing retirement income and other deferred benefits to its Investment Adviser under the supervision of the Board of Trustees. employees in accordance with the provisions of section 457 of SECTION 2.3 Ownership of Trust Property. The Trustees shall have the Internal Revenue Code of 1954. as amended. legal title to the Trust Property. The Public Employers shall be the (c) Guaranteed Investment Contract.A contract entered into by beneficial owners of the Trust Property. the Retirement Trust with insurance companies that provides for a guaranteed rate of return on investments made pursuant to ARTICLE III. Trustees such contract. (d) ICMA. The International City Management Association. SECTION 3.1. Number and Qualification of Trustees. • (e) ICMA/RC Trustees. Those Trustees elected by the Public (a) The Board of Trustees shall consist of nine Trustees. Five of Employers who, in accordance with the provisions of Section the Trustees shall be full-time employees of a Public Employer 3.1(a)hereof,are also members.of the Board of Directors of ICMA (the Public Employee Trustees) who are authorized by such or RC. Public Employer to serve as Trustee.The remaining four Trustees shall consist of two persons who, at the time of election to the (f) Investment Adviser.The Investment Adviser that enters into a Board of Trustees, are members of the Board of Directors of contract with the Retirement Trust to provide advice with respect ICMA and two persons who,at the time of election,are members to investment of the Trust Property. of the Board of Directors of RC (the ICMA/RC Trustees).One of (g) Employer Trust. A trust created pursuant to an agreement the Trustees who is a director of ICMA,and one of the Trustees between RC and a Public Employer for the purpose of investing who is a director of RC,shall,at the time of election,be full-time and administering the funds set aside by such employer in employees of a Public Employer. connection with its deferred compensation agreements with its (b) No person may serve as a Trustee for more than one term in employees. any ten-year period. (h) Portfolios. The Portfolios of investments established by the SECTION 3.2. Election and Term. Investment Adviser to the Retirement Trust, under the supervision of the Trustees, for the purpose of providing (a) Except for the Trustees appointed to fill vacancies pursuant investments for the Trust Property. to Section 3.5 hereof,the Trustees shall be elected by a vote of a majority of the Public Employers in accordance with the (i) Public Employee Trustees. Those Trustees elected by the procedures set forth in the By-Laws. Public Employers who, in accordance with the provisions of Section 3.1(a) hereof, are full-time employees of Public (b) At the first election of Trustees, three Trustees shall be Employers. elected for a term of three years,three Trustees shall be elected for a term of two years and three Trustees shall be elected for a (j) Public Employer. A unit of state or local government,or any term of one year. At each subsequent election, three Trustees agency or instrumentality thereof, that has adopted a Deferred shall be elected for a term of three years and until his or her Compensation Plan and has executed this Declaration of Trust. successor is elected and qualified. (k) RC. The International City Management Association SECTION 3.3. Nominations. The Trustees who are full-time Retirement Corporation. employees of Public Employers shall serve as the Nominating (1) Retirement Trust. The Trust created by this Declaration of Committee for the Public Employee Trustees. The Nominating Trust. Committee shall choose candidates for Public Employee Trustees in (m) Trust Property.The amounts held in the Retirement Trust on accordance with the procedures set forth in the By-Laws. • behalf of the Public Employers.The Trust Property shall include SECTION 3.4. Resignation and Removal. any income resulting from the investment of theamountsso held. (a) Any Trustee may resign as Trustee(without need for prior or (n) Trustees. The Public Employee Trustees and ICMA/RC subsequent accounting)by an instrument in writing signed by the Trustees elected by the Public Employers to serve as members of Trustee and delivered to the other Trustees and such resignation the Board of Trustees of the Retirement Trust. shall be effective upon such delivery,or at a later date according 1 ICMA Retirement Corporation THE DECLARATION OF TRUST FOR THE ICMA RETIREMENT TRUST: SUMMARY The ICMA Retirement Trust is anew feature . of our organizational structure. We currently have a direct Retirement Trust relation- ship with you which will continue. The new. trust establishes a Board of Trustees selected by participating employees, thus giving the employers ultimate control over the management of funds. Included in the Trustees' responsibilities are oversight of our performance, appointment of auditors, and monitoring of investment goals and objectives. The Retirement Trust was created by a Founders Committee of persons representative of the participants in the RC program. The first elections were held in November 1983 . Nine Trustees were elected: five at-large members represent RC participating employers, two represent the RC Board of Directors, and two represent the ICMA • Executive Board. Public employers that adopted the trust partici- pated in that election. The next election will be held in spring 1985. All investments made on your behalf currently are held under the ICMA Retirement Trust. However, unless you adopt the Declaration of Trust, investment will not be held thereunder following a transitional period. Therefore, while failure to adopt the Declaration of Trust will not directly affect your plan or have any immediate effect on the investment of your funds, it is required for your full and continuing participation in the Retirement Trust. ' These changes improve and enhance the program. The addition of the ICMA Retirement Trust is done in the spirit of our long-standing objective of serving the best interests of our participants. If you need additional information, please call our office toll-free at 800-424-9249. As always, we are prepared to assist you. 8/84 i RETIREMENT CORPORATION 1120 Area Code 202 G Street 737.6616 Northwest Suite 700 Toll free 800 Washington DC 424-9249 ' 20005 FILE INFORMATION SHEET I The information you provide on this sheet is essential for proper plan administration.As you complete this form, please refer to the instructions on the reverse side. 1. Employer's full name (City of, County of, etc.) City of St . Anthony 2. Plan Coordinator (Name and title of official to whom all correspondence and reports are to be mailed) Carol B. Johnson, Finance Director 3. Employer's address 3301 Silver Lake Road N.E. • tsi,eer.PO Boy.etc 1 Minneapolis MN 55418 (ary) �.s;,;e� ��,�coaei 4. Phone number (612) 789-8881 5. Employer's Federal Tax Identification Number 41-6005512 6. How often will you make contributions? Bi -weekly 7. What is the first pay date of plan implementation? i j 8. Number of employees eligible to participate all i 9. Total number of employees 50 r i I i i