HomeMy WebLinkAboutResolution #3900RESOLUTION NO. 3 9 0 0
A RESOLUTION TO AUTHORIZE A DEFERRED COMPENSATION PLAN WITH THE
INTERNATIONAL CITY/COUNTY MANAGEMENT ASSOCIATION (ICMA) RETIREMENT
CORPORATION FOR THE CITY ADMINISTRATOR OF THE CITY OF CANTON AND DECLARING
THAT THIS RESOLUTION SHALL BE IN FULL FORCE AND EFFECT UPON PASSAGE, AND IN
ACCORDANCE WITH LAW.
WHEREAS, the Employer has a city administrator rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan for the city manager serves the interests of the
Employer by enabling it to provide reasonable retirement security for its city administrator, 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 determined that the establishment of a deferred compensation plan to be
administered by the ICMA Retirement Corporation serves the above objectives; and
WHEREAS, the Employer desires that its deferred compensation plan be administered by the ICMA Retirement
Corporation, and that some or all of the funds held under such plan be invested in the VantageTrust Company, 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 that the Employer hereby adopts the deferred compensation plan (the
"Plan") in the form of: The ICMA Retirement Corporation Deferred Compensation Plan and Trust.
BE IT FURTHER RESOLVED that the Employer hereby adopts the Declaration of Trust of the VantageTrust
Company, intending this acceptance to be operative with respect to any retirement or deferred compensation
plan subsequently established by the Employer, if the assets of the plan are to be invested in the VantageTrust
Company.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the Employer serving as
trustee, for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be
diverted to any other purpose.
BE IT FURTHER RESOLVED that the Mayor, and City Clerk are hereby authorized to execute all necessary
documents to put into effect the Plan's Administrative Services Agreement as contained in Attachment A hereto
BE IT FURTHER RESOLVED that the Plan: Will not permit loans and will not offer a Sidecar IRA program.
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the Plan.
BE IT FURTHER RESOLVED that the Deputy Clerk for the City of Canton shall be the coordinator for this
program; shall receive necessary reports, notices, etc. from the ICMA Retirement Corporation or the
VantageTrust Company; shall cast, on behalf of the Employer, any required votes under the VantageTrust
Company; Administrative duties to carry out the plan may be assigned to the appropriate departments, and is
authorized to execute all necessary agreements with ICMA Retirement Corporation incidental to the
administration of the Plan.
Adopted by the Council of the City of Canton, Illinois this 15th day of September 2009.
ATTEST: _
Nancy Whi s, City Clerk
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Kevin R. Meade, Mayor
RECORD OF THE VOTE Yes No Abstain Absent
Alderman Gerald Ellis x
Alderman Jim Hartford x
Alderman Rick Reed x
Alderman Jor e Rivero
Alderman Larry Sarff x
Alderman Eric Schenck x
Councilman Jason Strandber x
Councilman Crai West x