HomeMy WebLinkAboutResolution 94-034 providing for a funded and unfunded deferred compensation (457) programRESOLUTION NO. 94-34
A RESOLUTION OF THE MAYOR AND TOWN COUNCIL OF THE TOWN OF MARANA,
ARIZONA, PROVIDING FOR DEFERRED COMPENSATION PROGRAM (457) FUNDED
WHEREAS, the Town of Mararia has employees rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan for such employees serves
the interest of the Town 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 Town had determined that the establishment of a deferred compensation
plan to be administered by the ICMA Retirement Corporation serves the above objectives; and
WHEREAS, the Town desires that the investment of funds held under its deferred
compensation plan be administered by the ICMA Retirement Corporation, and that such funds
be held by the ICMA Retirement Trust, a trust established by public employers for the collective
investment of funds held under their deferred compensation plans.
NOW, THEREFORE, BE IT RESOLVED that the Town hereby adopts the deferred
compensation plan attached hereto as Appendix A, and appoints the ICMA Retirement
Corporation to serve as Administrator themeunder.
BE IT FURTHER 1LESOLVED that the Town hereby executes the Declaration of Trust
of the ICMA Retirement Trust attached hereto as Appendix B, intending this execution to be
operative with respect to any retirement or deferred compensation plan subsequently established
by the Town, if the assets of the plan are to be invested in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the Mayor and the administrative officials of the
Town of Mararia are hereby authorized to execute the agreement with ICMA and any
documents necessary to establish the deferred compensation plan(s) herein.
BE IT FURTHER RESOLVED that the Town of Mararia Controller shall be the
coordinator of this program and shall receive necessary reports, notices, etc. from the ICMA
Retirement Corporation or the ICMA Retirement Trust, and shall cast, on behalf of the Town,
any required votes under the program, administrative duties to carry out the plan may be
assigned to the appropriate departments.
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R¢~olution No. 94.34
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PASSED AND ADOPTED by the Mayor and Town Council of the Town of Marana,
Arizona, this 15th day of November, 1994.
Mayor ORA HAI(N
Town Attorney
Resolution No. ¢4.~4
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