HomeMy WebLinkAboutresolution.council.031-83RECORD OF PROCEEDINGS
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RESOLUTION NO. 5\ (series of 1983)
A RESOLUTION APPROVING AMENDMENTS TO THE iNTERNATIONAL
CITY MANAGER ASSOCIATION DEFERRED cOMPENSATION
PLAN, EXECUTING THE RETIREMENT TRUST, AND ADOPTING
THE TRUST AGREEMENT
WHEREAS, the City of Aspen maintains a deferred
compensation plan for its key employees which is administered
by the ICMA Retirement Corporation (the ,,Administrator"); and
WHEREAS, the Administrator has recommended changes in the
plan document to comply with recent federal legislation and
Internal Revenue Service Regulations governing said plans; and
WHEREAS, the Internal Revenue Service has issued a private
letter ruling approving said plan document as complying with
Section 457 of the Internal Revenue Code; and
WHEREAS, other public employers have joined together to
establish the IcMA Retirment Trust for the purpose of representing
the interests of the participating employers with respect
to the collective investment of funds held under their deferred
compensation plans; and
WHEREAS, 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 CITY OF ASPEN,
COLORADO:
Section 1
That the City of Aspen hereby adopts the deferred
compensation plan, attached 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
RECORD OF PROCEEDINGS 100 Leaves
BE IT FURTHER RESOLVED THAT THE CITY OF ASPEN, COLORADO:
Section 2
That the City of Aspen hereby executes the ICMA Retirement
Trust, attached hereto as Appendix B; and
BE IT FURTHER RESOLVED THAT THE CITY OF ASPEN, COLORADO:
Section 3
That the City of Aspen 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 Retirement Corporation, as Trustee, to invest all
funds held under the deferred compensation plan through the
ICMA Retirement Trust as soon as is practicable; and
BE IT FURTHER RESOLVED:
Section 4
That the Assistant 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. Dated: ~~ /3 ; ~3.
' W~lliam L. Stirli~g, Mayor/
I, Kathryn S. Koch, duly appointed and acting City Clerk
do certify that the foregoing is a true and accurate copy of that
resolution adopted by the City Council of the City of Aspen,
Colorado, at a meeting held ~~ // , 1983.
Kathr~y~och, City clerk
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