HomeMy WebLinkAboutRES 04-154 RESOLUTION NO. 04-154
WHEREAS, the City of Beaumont has employees rendering valuable service; and,
WHEREAS, the establishment of a retiree health savings plan for such employees
serves the interest of the City of Beaumont by enabling it to provide reasonable security
regarding such employee's health needs during retirement, by providing an increased
flexibility in its personnel management system and by assisting in the attraction and
retention of competent personnel; and,
WHEREAS, the City of Beaumont has determined that the establishment of the
retiree health savings plan (the "Plan") serves the above objectives;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT The City of Beaumont hereby adopts the Plan in the form of the ICMA Retirement
Corporation's VantageCare health savings program; and, the City Manager be and he is
hereby authorized to execute all documents necessary for the implementation of this
program.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust with
a third party trustee provided by ICMA for the exclusive benefit of Plan participants and
their beneficiaries and the assets of the Plan shall not be diverted to any other purpose
prior to the satisfaction of all liabilities of the Plan. The City of Beaumont has directed the
execution of the Declaration of Trust of the City of Beaumont in the form of the model trust
made available by the ICMA Retirement Corporation; and,
BE IT FURTHER RESOLVED that the Human Resources Director of the City of
Beaumont or its designee shall be the coordinator and contact for the Plan and shall
receive all necessary reports and notices.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 13th day of July,
2004.
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- May sr Evelyn M. Lord -