96-40 CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE: May 6, 1996
RESOLUTION NO: 96-40
MOTION BY: Berquist
SECONDED BY: Mason
A RESOLUTION ADOPTING ICMA RETIREMENT CORPORATION
DEFERRED COMPENSATION PLAN
WHEREAS, the City of Chanhassen has employees rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan for such employees serves
the interests of the City 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 City 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 City desires that its deferred compensation 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 that the City Council of the City of
Chanhassen, Minnesota hereby adopts or has previously adopted the deferred compensation plan
(the "Plan") in the form of the ICMA Retirement Corporation Deferred Compensation Plan,
referred to as Appendix A.
BE IT FURTHER RESOLVED that the City 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 Employer, if the assets of the plan are to be invested in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the Accounting Clerk shall be the coordinator for
this program; shall receive necessary reports, notices, etc. from the ICMA Retirement Corporation
or the ICMA Retirement Trust; shall cast, on behalf of the City, any required votes under the ICMA
Retirement Trust; 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.
Passed and adopted by the Chanhassen City Council this 6th day of May, 1996.
ATTEST:
Don Ashw'orth, Cl~lerk/Manager
Donald J. C~i, M~yo'~-
YES
Chmiel
Dockendorf
Senn
Mason
Senn
NO ABSENT
None None