Resolution No. 6483262
RESOLUTION NO. 6483
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS,
AND ACTING AS EX- OFFICIO GOVERNING BOARD OF DIRECTORS
OF THE CYPRESS RECREATION AND PARK DISTRICT, ADOPTING A 401(a)
GOVERNMENTAL MONEY PURCHASE PLAN
WHEREAS, the City of Cypress has employees rendering valuable services; and
WHEREAS, the establishment of a money purchase retirement plan benefits
employees by providing funds for retirement and funds for their beneficiaries in the event of
death; and
WHEREAS, the Employer desires that its money purchase retirement plan be
administered by ICMA Retirement Corporation (ICMA -RC).
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Cypress,
and acting as ex- officio governing Board of Directors of the Cypress Recreation and Park
District, hereby establishes or a money purchase retirement plan (the "Plan ") in the form of
The ICMA Retirement Corporation Governmental Money Purchase Plan & Trust, pursuant
to the specific provisions of the Adoption Agreement.
The Plan shall be maintained for the exclusive benefit of Executive Management employees
and their beneficiaries; and
BE IT FURTHER RESOLVED that the City of Cypress hereby executes the
Declaration of Trust of VantageTrust, intending this execution to be operative with respect
to any retirement or deferred compensation plan subsequently established by the City of
Cypress, if the assets of the plan are to be invested in the VantageTrust.
BE IT FURTHER RESOLVED that the City of Cypress hereby agrees to serve as
trustee under the Plan and to invest funds held under the Plan in the VantageTrust; and
BE IT FURTHER RESOLVED that the City Manager hereby authorizes the Director
of Finance and Administrative Services to execute all necessary agreements with the ICMA
Retirement Corporation incidental to the administration of the Plan.
BE IT FURTHER RESOLVED that the City Manager or his /her designee shall have
the authority to add or amend the plans.
PASSED AND ADOPTED by the City Council of the City of Cypress, and acting as
ex- officio governing Board of Directors of the Cypress ' ecreation and Park District, at a
regular meeting held on the 10th day of November, 201
ATTEST:
CITY CLERK OF THE CITY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
MAYOR •F THE CITY OF CYPRESS
I, DENISE BASHAM, 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 10th day of November, 2014, by the following roll call vote:
AYES: 5 COUNCIL MEMBERS: Bailey, Narain, Yarc, Johnson and Mills
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
CITY CLERK OF THE CITY OF CYPRESS