2001-02 Deferred Comp. for City EmployeesRESOLUTION NO. 01-2
RESOLUTION OF THE CITY OF OKEECHOBEE, FLORIDA TO PERMIT
EMPLOYEE PARTICIPATION IN A 457 DEFERRED COMPENSATION
PLAN; PROVIDING FOR ADOPTION OF A DECLARATION OF TRUST
WITH THE INTERNATIONAL CITY MANAGEMENT ASSOCIATION
(ICMA) RETIREMENT CORPORATION AND ADMINISTRATIVE
SERVICES AGREEMENT FOR PLAN ADMINISTRATION; PROVIDING
FOR PAYMENT OF PLAN ADMINISTRATION FEES; PROVIDING FOR
ESTABLISHING PLAN COORDINATOR; PROVIDING FOR INVESTMENT
PROCEDURES; PROVIDING FOR SEVERABILITY; PROVIDING FOR
EFFECTIVE DATE.
WHEREAS, the City of Okeechobee provides for employee benefits, including a retirement
plan, in which certain funds are invested as set by city ordinance from time to time, and;
WHEREAS, the City does not oppose the investment of retirement benefits in alternative
plans to benefit the City Administrator, as stated in his contract of employment with the City, so long
as such participation would not cause significant impact on existing plans;
WHEREAS, the establishment of a deferred compensation plan for such employee serves the
interests of the Employer by enabling it to provide reasonable retirement security for such employee
who participates, by providing increased flexibility in its personnel management system, and by
assisting in the attraction and retention of competent personnel; and
WHEREAS the Employer 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 Employer desires that its deferred compensation plan be administered by
the ICMA retirement corporation, and that some or all of the funds held under such plan be invested
by ICMA retirement trust, a trust established by public employers for the collective investment of
funds held under their retirement and deferred compensation plans;
THEREFORE, be it resolved by resolution that the Employer /City of Okeechobee hereby
adopts the deferred compensation plan (the "Plan") in the form of The ICMA retirement corporation
deferred compensation plan and trust, as referred to in Appendix A attached hereto and incorporated
herein, and further:
1. The employer is the City of Okeechobee, Florida, a municipal corporation existing
under the laws of the State of Florida, and empowered to adopt this resolution.
2. That the program co- ordinator for the ICMA retirement corporation is designated to
be the City administrator for the City of Okeechobee, Florida. The participating
employee under the plan by this resolution is limited to the City Administrator.
3. That the account number for this plan is 30 -5136.
4. That the Employer /City of Okeechobee hereby executes the declaration of trust of the
ICMA retirement trust, attached hereto as exhibit B and incorporated herein,
intending this execution to be operative with respect to any retirement or deferred
compensation plan subsequently established by Employer, if the assets of the plan are
to be invested in the ICMA retirement trust.
5. That the assets of the plan shall be held in trust, with the Employer serving as trustee,
for the exclusive benefit ofplan participants and their beneficiaries, and the assets shall
not be diverted to any other purpose.
6. That the plan will not permit loans.
7. That the Employer /City of Okeechobee agrees to serve as trustee under the plan.
8. That the City Administrator shall be the co- ordinator for this program; shall receive
necessary reports, notices etc. from the ICMA retirement corporation or the ICMA
retirement trust; shall cast, on behalf of Employer, any required votes under the
ICMA retirement trust; Administrative duties to carry out the plan may be assigned
to the appropriate departments, and is authorized to execute all necessary agreements
with the ICMA retirement corporation incidental to the administration of the plan.
9. That the contributions to be made to the plan by the Employer /City of Okeechobee
shall be such amount or percentage as set by the City Council from time to time for
all employees by ordinance, and any plan administration fees, account maintenance
fees, compensation for management services, or other assessments under the plan
shall be the sole responsibility of the Employer /City of Okeechobee, limited at this
time to the sole participant, the City Administrator.
APPROVED AND RATIFIED this day of January, 2001.
Bonnie S. Thomas, CMC, City Clerk
APPROVED FOR LEGAL SUFFICIENCY:
L
John R. Cook, City Attorney
-Ki
Dowling R. Watford, Jr.,
Mayor Pro -Tem