CC Resolution No. 6429
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' 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:
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( 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 `
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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: ~
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r-City f Cupertino
ATTEST:
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Cit Clerk
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