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CC Resolution No. 6429 : . - • ~ ' RESOLUTION 6429 A RESOLU:ION OE THE CITY COUNCIL OF THE CITY OF CUPERTINO ADOPTING AMENDMENTS TO ICMA RETIAEMENT CORPORATION PLAN WNEREAS, the City of Cupertino (the ~~Employer") maintains a deferred compensation plan for its employees which is administered by the ICMA Retirement Corporation (the "Administrator"); and WHEREAS, the Administrator has recommended changes in the plan ~i document to comply with recent federal legislation and Internal Aevenue Service Regulations govarning said plans; and ' ~I WHEAEAS, the Internal Revenue Service has issued a private letter ruling approving said plan doeument as complying with Section 457 of the Internal Revenue Code; and WHEREAS, other public employers have ,joined together to establish the ICMA Retirement Trust for the purpose of representing the interests of the participating employers with respect to the colleetive investment of funds held under their deferred compensation plans; and WHEREAS, said Trust is a salutary development xhich further advances the quality of administration for pla~s administered by the ICMA Retirement Corporation: I ( NOW, THEREFORE, BE IT RESOLVED that the Employer hereby adopts the deferred compensation plan, attaehed hereto as Appendix A, as an amendment ; and restatement of its present deferred compensation plan administered by ~ the ICMA Retirement Corporation, which shall continue to act as Administrator of said plan; and BE IT FURTHER RESOLVED that the Employer hereby execute the ICMA Retirement Trust, attached hereto as Appendix B; and BE IT FURTHEA RESOLVED that the Employer hereby adopts the trust agreement with the ICMA Retirement Corporation, as appears at Appendix C hereto, as an amendment and restatement of its existing trust agreement with the ICMA Retirement Corporation and directs the ICMA Aetirement Corporation, as Trustee, to invest all funds held under the deferred compensation plan through the ICMA Retirement Trust as soon as is practicable; and ` . • ~ • i BE IT FURTHER RESOLYED that the City Manager 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. I PASSED AND ADOPTED at a regular meeting of the City Council of the I City of Cupertino this 5th day of November, 1984 by the following vote: ; Vote Members of the CitY Council i AYES; Gatto, Plungy, Rogers, Sparks, Johnson • NOE3: None , AESENT: None ABSTAIN: None APPROYED: ~ / ~ ~ r-City f Cupertino ATTEST: 1 ~ Cit Clerk .