2013-R-08 RESOLUTION NO. 2013-R-08
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EDGEWATER, FLORIDA; AUTHORIZING A
SECTION 401 MONEY PURCHASE RETIREMENT PLAN
(PLAN #106890) TO BE ADMINISTERED BY ICMA-RC
WITH ASSETS BEING INVESTED IN THE VANTAGE
TRUST; REPEALING RESOLUTIONS IN CONFLICT
HEREWITH AND ESTABLISHING AN EFFECTIVE DATE.
WHEREAS, the City of Edgewater (Employer) 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 establishment of a money purchase retirement plan serves the interest of
the Employer 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 Employer has previously executed the Declaration of Trust of Vantage
Trust, intending this execution to be operative with respect to any retirement or deferred
compensation plan subsequently established, if the assets of the plan are to be invested in the
Vantage Trust.
NOW,THEREFORE, be it resolved by the City Council of Edgewater, Florida:
Section 1. The City of Edgewater hereby wishes to establish the Employer's 401 money
purchase plan (the "Plan") in the form of The ICMA Retirement Corporation Governmental
Money Purchase Plan and Trust; and
Section 2. The City wishes to specify that the assets of the Plan shall be held in trust,
with the Employer serving as trustee ("Trustee"), for the exclusive benefit of the Plan
participants and their beneficiaries. The assets shall be invested in the VantageTrust, and shall
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not be diverted to any other purpose. The Employer's beneficial ownership of Plan assets held in
the VantageTrust shall be held for the further exclusive benefit of the Plan participants and their
beneficiaries; and
Section 3. The City Manager shall be the coordinator of the Plan; shall receive reports,
notices, etc., from the ICMA Retirement Corporation or the VantageTrust; shall cast, on behalf
of the Employer, any required votes under the VantageTrust; may delegate any administrative
duties relating to the Plan to appropriate departments; and is authorized to execute all necessary
agreements with the ICMA Retirement Corporation incidental to the administration of the Plan;
and
Section 4. The City of Edgewater (Employer) hereby affirms to serve as Trustee under
the Plan.
Section 5. All resolutions or parts of resolutions in conflict herewith are hereby repealed.
Section 6. This resolution shall take effect upon adoption.
After a motion by with Second by , the vote on this
resolution held on May 6, 2013 was as follows:
AYE NAY
Mayor Mike Thomas
Councilwoman Christine Power
Councilwoman Gigi Bennington
Councilman Mike Ignasiak
Councilman Gene Emter
2013-R-08 2
PASSED AND DULY ADOPTED this 6th day of May, 2013.
ATTEST: CITY COUNCIL OF THE
CITY OF EDGEWATER, FLORIDA
U■.,LQ. Lc Cam` -O B . ' l /' '`' _ `‘Bonnie Wenzel- U ' ike Thomas
City Clerk Mayor
IMP 4111'
Robin L. Matusick
Paralegal
For the use and reliance only by the City of Edgewater, Approved by the City Council of the City of Edgewater
Florida. Approved as to form and legality by: at a meeting held on this 6th day of May,2013 under
Aaron R. Wolfe,Esquire Agenda Item No 8 d .
City Attorney
Doran,Sims,Wolfe&Kundid
2013-R-08 3