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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 All resolutions or parts of resolutions in conflict herewith are hereby repealed.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: t`� (il/AGc..YYw 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