Resolution No. 2922RESOLUTION NO. 2922
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS
ESTABLISHING AN ICMA (INTERNATIONAL CITY MANAGEMENT
ASSOCIATION) DEFERRED COMPENSATION PLAN.
WHEREAS, the City of Cypress ("Employer") has employees rendering
valuable services; and
WHEREAS, the establishment of a deferred compensation plan for such
employees will serve the interests 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 establishment of a
deferred compensation plan to be administered by the ICMA Retirement
Corporation will serve the above objectives; and
WHEREAS, the Employer desires that the investment of funds held under
its deferred compensation plan be administered by the ICMA Retirement
Corporation, as Trustee, with the understanding that such funds will be held
by the ICMA Retirement Trust, a trust established by public employers for
the purpose of representing the interests of such employers with respect to
the collective investment of funds held under their deferred compensation
plans:
NOW, THEREFORE, BE IT RESOLVED that the Employer adopts the deferred
compensation plan on file in the office of the City Clerk and incorporated
herein by reference as Appendix A, and appoints the ICMA Retirement
Corporation to serve as Administrator thereunder; and
BE IT FURTHER RESOLVED that the Employer hereby executes the ICMA
Retirement Trust on file in the Office of the City Clerk and incorporated
herein by this reference as Appendix B; and
BE IT FURTHER RESOLVED that the Employer hereby adopts the trust
agreement on file in the Office of the City Clerk and incorporated herein by
this reference as Appendix C, and appoints the ICMA Retirement Corporation
as Trustee thereunder, 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 that the Finance Director of the City of Cypress
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.
PASSED AND ADOPTED by the City Council of the City of Cypress at a
regular meeting held on the 13th day of May 1985.
ATTEST:
CITY CLERK OF THt CITY OF PRESS
MAYOR O$THE CITY OF CYPRESS
315
316
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY CERTIFY
that the foregoing Resolution was duly adopted at a regular meeting of the
said City Council held on the 13th day of May 1985; by the following roll
call vote:
AYES: 3 COUNCIL MEMBERS: Mullen, Partin, and Kanel
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 2 COUNCIL MEMBERS: Coronado and Lacayo
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1T7 CLERK THE CjJi<Y
C OF CYPRESS