CC - 2008-16 - Amending the ICMA-RC Retirement Plan to Include the Profit-Sharing Plan•
RESOLUTION: 2008-16
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD,
COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, IN THE MATTER OF
AMENDING THE ICMA-RC RETIREMENT PLAN TO INCLUDE THE PROFIT-
SHARING PLAN.
WHEREAS, the City of Rosemead has employees rendering valuable services;
and
WHEREAS, the establishment of a Profit-Sharing retirement plan benefits
employees by providing funds for retirement and funds for their beneficiaries in the event
of death; and
WHEREAS, the City of Rosemead desires that its Profit-Sharing retirement plan
be administered by ICMA-RC and that the funds held in such plan be invested in the
VantageTrust, a trust established by public employers for the collective investment of
funds held under their retirement and deferred compensation plans:
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF ROSEMEAD
HEREBY RESOLVES AS FOLLOWS:
The City of Rosemead hereby establishes or has established a Profit-Sharing
retirement plan (the "Plan") in the form of the ICMA Retirement Corporation
Governmental Profit-Sharing Plan & Trust, pursuant to the specific provisions of
the Adoption Agreement (executed copy attached hereto).
The Plan shall be maintained for the exclusive benefit of eligible employees and
their beneficiaries; and
BE IT FUTHER RESOLVED that the City of Rosemead hereby executes the
Declaration of Trust of VantageTrust, (executed copy attached hereto), intending this
execution to be operative with respect to any retirement or deferred compensation plan
subsequently established by the City of Rosemead, if the assets of the plan are to be
invested in the VantageTrust.
BE IT FURTHER RESOLVED that the City of Rosemead hereby agrees to serve
as trustee under the Plan and to invest funds held under the Plan in the VantageTrust;
and
BE IT FURTHER RESOLVED that the City Manager shall be the coordinator for
the Plan; shall receive reports, notices, etc., from the ICMA Retirement Corporation or
the VantageTrust; shall cast, on behalf of the City of Rosemead, any required votes
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under the VantageTrust; may delegate any administrative duties relating to the Plan to
appropriate departments; and
BE IT FURTHER RESOLVED that the City of Rosemead hereby authorizes the
City Manager to execute all necessary agreements with the ICMA Retirement
Corporation incidental to the administration of the plan.
PASSED, APPROVED AND ADOPTED this 8th day of January 2008.
A`TTT11IEIST~: _ F
J4 J~1)Ityl JL77i
Gloria Molleda
City Clerk
John Tran
MAYOR
CITY ATTORNEY
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD )
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I, Gloria Molleda, City Clerk of the City of Rosemead, do hereby certify that the
foregoing Resolution No.2008-16 being:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD,
COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, IN THE MATTER OF
AMENDING THE ICMA-RC RETIREMENT PLAN TO PERMIT LOANS TO
INCLUDE THE PROFIT SHARING PLAN.
was duly and regularly approved and adopted by the Rosemead City Council on the 25th
of March, 2008, by the following vote to wit:
Yes:Clark, Low, Nunez, Taylor, Tran
No:None
Abstain: None
Absent:Nonc
lea a ~A Act
Gloria Molleda
City Clerk