1997-023 Amends ICMA Retirement Plan5~
RESOLUTION NO. 23-97
A RESOLUTION OF THE VILLAGE COUNCIL
OF THE VILLAGE OF NORTH PALM BEACH,
FLORIDA, AUTHORIZING THE MAYOR AND
VILLAGE CLERK TO ENTER INTO AN
AMENDMENT TO THE ICMA RETIREMENT
CORPORATION PROTOTYPE MONEY PURCHASE
PLAN AND TRUST FOR CERTAIN EMPLOYEES
OF THE VILLAGE ADOPTED UNDER
RESOLUTION NO. 74-96 OF THE VILLAGE;
AND, PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the Village of North Palm Beach, under
Resolution No. 74-96 established a money purchase retirement plan
to be administered by the ICMA Retirement Corporation, with the
funds held under such plan to be invested in the ICMA Retirement
Trust, a trust established by public employers for the collective
investment of funds held under their retirement and deferred
compensation plans; and
WHEREAS, the Village Council desires to amend and
supplement the provisions of Resolution No. 74-96.
BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM
BEACH, FLORIDA:
Section 1. The Village has established a money purchase
• retirement plan (the "Plan") in the form of the ICMA Retirement
Corporation Prototype Money Purchase Plan and Trust, pursuant to
the specific provisions of the Adoption Agreement attached as
Exhibit "A". The Plan shall be maintained for the exclusive
benefit of eligible employees and their beneficiaries.
Section 2. The Village, as Employer, hereby authorizes
and directs the Mayor and Village Clerk to execute the Declaration
of Trust of the ICMA Retirement Trust, attached hereto, intending
this execution to be operative with respect to any retirement or
deferred compensation plan subsequently established by the
Employer, if the assets of the plan are to be invested in the ICMA
Retirement Trust.
Section 3. The Village hereby agrees to serve as trustee
under the Plan and to invest funds held under the Plan in the ICMA
Retirement Trust.
Section 4. The Finance Director shall be the coordinator
for the Plan; shall receive necessary reports, notices, etc., from
the ICMA Retirement Corporation or the ICMA Retirement Trust; shall
cas'~ on behalf of the Employer, any required votes under the ICMA
Retirement Trust; may delegate any administrative duties relating
to the Plan to appropriate departments.
Section 5. The Village Council upon approval of
agreements hereby authorizes the Finance Director to execute such
agreements with the ICMA Retirement Corporation incidental to the
administration of the Plan.
Section 6. This Resolution shall take effect immediately
upon its adoption.
PASSED AND ADOPTED THIS 10th DAY OF APRIL
1997.
(Village Seal)
~l
M R
ATTEST : (!/f7~.
ILLAGE CLERK
•