HomeMy WebLinkAboutRes 03-95 01/17/1995 caf
1/11/95
RESOLUTION NO. 3-95
a RESOLUTION ESTABLISHING A MONEY PURCHASE
RETIREMENT PLAN WITH THE
INTERNATIONAL CITY MANAGERS' ASSOCIATION (ICMA) RETIREMENT TRUST
WHEREAS, the Village of Mount Prospect (hereinafter referred to as 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 Employer desires that its money purchase retirement plan be
administered by the ICMA Retirement Corporation and that the funds held under such
plan be invested in the ICMA Retirement Trust, a trust established by public
employers for the collective investment of funds held under their retirement and
deferred compensation plans.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the Mayor and Board of Trustees of the Village of Mount
Prospect hereby establish a money purchase retirement plan (hereinafter referred to
as "the Plan") in the form of The ICMA Retirement Corporation Prototype Money
Purchase Plan and Trust, pursuant to the specific provisions of the Adoption
Agreement. The Plan shall be maintained for the exclusive benefit of eligible
employees and their beneficiaries.
SECTION TWO: The Employer hereby executes the Declaration of Trust of the ICMA
Retirement Trust, intending this execution to be operative with respect to any
retirement or deferred compensation plan subsequently established by the Employec if
the assets of the Plan are to be invested in the ICMA Retirement Trust.
SECTION THREE: That the Finance Director of the Employer shall be the coordinator
for the Plan, and as such shall receive necessary reports, notices, etc. from the ICMA
Retirement Corporation or the ICMA Retirement Trust and shall cast, on behalf of the
Employer any required votes under the ICMA Retirement Trust. The Finance Director
may delegate any administrative duties relating to the Plan to appropriate parties.
SECTION FOUR: That the Employer hereby authorizes the Mayor of the Village of
Mount Prospect to execute all necessary agreements with the ICMA Retirement
Corporation incidental to the administration of the Plan.
SECTION FIVE: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES: Corcoran, Hoefert, Hendricks, Skowron, Wilks
NAYS: None
ABSENT: C1 owes
PASSED and APPROVED this 17th day of January , 1995.
'Gerald L. Farley, M~;or ~
Carol A. Fields, Village Clerk