HomeMy WebLinkAboutRES 07-057 RESOLUTION NO. 07-057
WHEREAS,The City of Beaumont,hereinafter referred to as"City," has employees
rendering valuable services; and,
WHEREAS, the City has established a deferred compensation plan for such
employees that serves the interest of the City by enabling it to provide reasonable
retirement security for its employees, by providing flexibility in its personnel management
system, and by assisting in the attraction and retention of competent personnel; and,
WHEREAS, the City 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 BEAUMONT:
THAT the City hereby amends and restates the deferred compensation plan, hereinafter
referred to as "Plan," in the form of the ICMA Retirement Corporation Deferred
Compensation Plan and Trust.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust with
the City serving as trustee, hereinafter referred to as "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 VantageTrust shall be
held for the further exclusive benefit of the Plan participants and their beneficiaries.
BE IT FURTHER RESOLVED that the City hereby agrees to serve as Trustee under
the Plan.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 6th day of
March, 2007.
Mp ��1111
U ilk"
w - Mayor Guy N. Goodson -
,l� X
oily
ATTACHMENT D
STATEMENT OF INTENT TO AMEND A h iY
GOVERNMENTAL DEFERRED COMPENSATION PLAN �AW\
Page 1 (of 2) ft4kjjM#.
pim Nomber:_ 3 7 40 07- 057
Masts of Employer. 0 if of T lri-- SWe: —re X R S
1. Employer Intention(Select one):
"e employer is amending the ICMA-RC model 457 deferrer)compensation plan documem provisions indicated below.
❑ The employer is amending an individually designed plan document to include the provisions indicated below.
II. Employer Instructions Regarding Plan Administration(Select one):
l� The employer instructs ICMA-RC to administer this plan in accordance with this Statement of Intent.
❑ The employer instructs ICMA-RC to administer this plan as if the employer is adopting I0AA-RCs amended model plan document.
If neither alternative is checked,ICMA-RC will administer your plan as if you are using ICMA-R('s amended model plan document with no changes.
Ill. Please indicate the optional provisions that you would like to add to your 457 deferred compensation plan.See Attachment A for an overview of the
amended model plan document provisions related to these options.
1) Age AI-1/2 in-service distributions are permitted under the Man.
W Yes (default selection) ❑ No
2) In-service distributions of Rollover Assets are permitted under the Plan. c,
6d Yes ❑ No(default selection) -,
�x
ry T1
i
ATTACHMENT D
STATEMENT OF INTENT TO AMEND A
GOVERNMENTAL DEFERRED COMPENSATION PLAN
Page 2 (of 2)
Plan Nanb is-i:
Name of Eiia�dliioy�ri,;.. . �: ';A U State:
N Effecti iii Bate: If yOu d,li i of return this signed Agreement within 75 days from the postmark date on the 457 Governmental Deferred Compensation Plan
Amend un mi,u9 liri gpdk';niwitr; i m Po&age,the Anrendment shall be effective and you wdI be deemed to have consented to all of its provisions.
Y. Aftachrux riihi;
1f a fc& cl ixunmwii c re attached to the Statement of Intent:
Isd K[al y of a cecu*l r;ii l irmative statement or resolution if required.
U Cu3t y of tivienda) ;:,ri n document(for employers using an individually designed plan).
Please f++rmiiaii all upjOli r ii Ae docunarts to KMA-RC as soon as possible.
YII. Employe r°,4m,iiiure
Ircaae of(JI+Ia ial'I'laa (p6sm print) '�• �f�
wwm 11 's Title
'ielephoi wc;iiwa ulhnr_ '' 1,` — 7J�' I We
Email,hililiress tt(d 1 i,11)PQUiYtdriL*'
The completed in meadwn-, it ad any attadxne■ts should be retvmW to the enclosed postage-paid envelope,or mailed to:
ICMA-RC
Attention:New Brsiness Unit Aaallyst
777 North Capitol Street NE
Wasbiagton,DC 20002-4240
ATTACHMENT E2
SUGGESTED RESOLUTION FOR A LEGISLATIVE BODY RELATING TO
AMENDING A DEFERRED COMPENSATION PLAN
Plan Number: '_5 0
Name of Empleyir: d �( State:
V nee Resolution of the adore named Erigiloyer("Employer")
at1 z"
MHEREAS,the h0eyer has employees rmlermg valuable services;and
NHEREAS,the Employer has established a deferred compensation plan for such employees that serves the interest of the Employer by enabling it to provide
•eosonable retirement security for its employees,by providing increased flexibility in its personnel management system,and by assisting in the attraction and
-etention of competent personnel;and
NHEREAS,the Employer has determined that the continuance of the deferred compensation plan will serve these objectives;and
IOW THEREFORE BE IT RESOLVED that the Employer hereby amends and restates the deferred compensation plan(the"Plan")in the form of:(Select one)
❑ The KW Retirement Corporation Deferred Compensation Plan and Trust*
❑ The Plan and Trust provided by the Employer(executed copy attached hereto)**
1E IT FURTHER RESOLVED that the assets of the Plan shall be held in trust,with the Employer serving as trustee("Trustee"),for the exclusive benefit of
%n 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
fonfogetrust stroll lie held for the further exclusive benefit of the Plan participants and their beneficiaries;
tE IT FURTHER RESOLVED that the employer hereby agrees to serve as Trustee under the Plan.
,Clerk of the(City,County,etc.) of
lo ►that 16 foregoing resolution,Pry by(Council Wmber,Trustee,dL) .was duly passed and adapted in
he(Council,Board,,etc.) of the(City,(owft etc-) of
d a regular meeting thereof assembled this day of ,20 ,by the following vote:
►YES:
LAYS:
►BSENT-
Seal) Clerk of the(City,County,etc.)
If you are adopting ICMA-RC's ameWW moll 437 plan docen a without modilic Wa%there is ne need to wd this resolution to
CMiA-RC.
*ff yw we amemling yoor own'Wiry dosig W phm document,this ezecoted resolothoo dmAl be returned in the enclosed -
rostage-pal enwebpe,w maw to:
ICMA-RC
Attention:New Business Unit Am*d
777 Nortb Copitol Street NE
Washbpon,DC 20002-4240