HomeMy WebLinkAboutR-17-10 ICMA 457 Deferred CompensationRESOLUTION NO. R-17-10
A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER
COUNTY, FLORIDA, AMENDING AND RESTATING THE ICMA
RETIREMENT CORPORATION 457 DEFERRED COMPENSATION
PLAN & TRUST; RESOLVING THAT THE ASSETS OF THE PLAN
SHALL BE HELD IN TRUST; RESOLVING THAT THE CITY OF
SEBASTIAN HEREBY AGREES TO SERVE AS TRUSTEE UNDER
THE PLAN; PROVIDING FOR REPEAL OF RESOLUTIONS OR
PARTS OF RESOLUTIONS IN CONFLICT HEREWITH;
PROVIDING FOR SEVERABILITY AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the City of Sebastian (the "Employer") has employees rendering
valuable services; and
WHEREAS, the Employer has established a deferred compensation plan for such
employees that serves the interest of the Employer by enabling it to provide reasonable
retirement security for its employees, 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 continuance of the deferred
compensation plan will serve these objectives;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, that:
Section 1. The Employer hereby amends and restates the deferred
compensation plan (the "Plan") in the form of: "The ICMA Retirement Corporation 457
Governmental Deferred Compensation Plan & Trust.
Section 2. The assets of the Plan shall be held in trust, with the Employer
serving as trustee ("Trustee"), for the exclusive benefit of Plan participants and their
beneficiaries, and the assets shall not be diverted to any other purpose. The Trustee's
beneficial ownership of Plan assets held in Vantage Trust shall be held for the further
exclusive benefit of the Plan participants, and their beneficiaries:
Section 3. The Employer hereby agrees to serve as Trustee under the Plan.
Section 4. CONFLICT. All resolutions or parts of resolutions in conflict
herewith are hereby repealed.
Section 5. EFFECTIVE DATE. This resolution shall take effect March 9,
P11IyA
The foregoing Resolution was moved for adoption by Councilmember
Coy . The motion was seconded by Councilmember McPartlan and,
upon being put into a vote, the vote was as follows:
Mayor Bob McPartlan
Vice -Mayor Andrea B. Coy
Councilmember Jim Hill
Councilmember Linda Kinchen
Councilmember Ed Dodd
aye
aye
aye
aye
The Mayor thereupon declared this Resolution has been duly passed and adopted on this
8th day of March 2017.
ATTEST:
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Jbimette MMC
City Clerk
CITY OF SEBASTIAN FLORIDA
Bob McPartlan, Mayor
Approved as to form and legality for the
reliance by the City of Sebastian only:
Robert A. Ginsburg
City Attorney