HomeMy WebLinkAbout2017-06-19-Resolutions 17-285_Money Purchase PlanTHE CITY OF WAUKEE,IOWA
RESOLUTION 17-285
APPROVING CITY OF WAUKEE MONEY PURCHASE PLAN
IN THE NAME AND BY THE A UTHORITY OF THE CITY OF IYA UKEE,IO IYA
WHEREAS,the City of Waukee,Iowa is a duly organized municipality within Dallas County;
AND,
WHEREAS,the City of Waukee 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 City of Waukee desires that its money purchase retirement plan be
administered by ICMA-RC and that the funds held in such plan be invested in Vantage Trust,a
trust established by public employers for the collective investment of funds held under their
retirement and deferred compensation plans;
NOW THEREFORE BK IT RESOLVED by the City of Waukee City Council in session this
19'"day of June,2017,that the City of Waukee hereby establishes 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;with the
Plan maintained for the exclusive benefit of eligible employees and their beneficiaries;AND,
BK IT FURTHER RESOLVED that the City of Waukee shall annually contribute $5,040 to the
401A account of each staff member at director level and above,and the City Clerk,and an
additional $2,502 contribution to the 457 account of each staff member at director level and
above,and the City Clerk,with over fifteen years of service with the City of Waukee,for a term
of five years;AND,
BE IT FURTHER RESOLVED that the City of Waukee hereby adopts the Declaration of Trust
of Vantage Trust,intending this adoption to be operative with respect to any retirement or
deferred compensation plan subsequently established by the City of Waukee,if the assets of the
plan are to be invested in Vantage Trust;AND,
BE IT FURTHER RESOLVED that the City of Waukee hereby agrees to serve as trustee
under the Plan and to invest funds held under the Plan in VantageTrust;AND,
BE IT FURTHER RESOLVED that the City Administrator shall be the coordinator for the
Plan;shall receive reports,notices,etc.,from ICAM Retirement Corporation or Vantage Trust;
shall case,on behalf of the City of Waukee,any required votes under VantageTrust;may
delegate any administrative duties relating to the Plan to appropriate departments;AND,
BE IT FURTHER RESOLVED that the City of Waukee hereby authorizes the City
Administrator to execute all necessary agreement with the ICMA Retirement Corporation
incidental to the administration of the Plan.
Anna Bergm ayor Pro Tem
Attest:
Rebecca D.Schuett,City Clerk
ROLL CALL VOTE
Anna Bergman
R.Charles Bottenberg
Brian Harrison
Shelly Hughes
Larry R.Lyon
AYE
X
X
NAY ABSENT ABSTAIN
X