Legislation # 09-0231 Enactment Number none
Type Resolution Effective Date none
Introduction Date 6/10/2009
Title Resolution Adopting the International City/County Management Association –Retirement Corporation Governmental Profit-Sharing Plan & Trust and Final Pay Plan
 
Legislation History 09-0231
DateNotice Of ActionDescription
6/10/2009 Approved
5/29/2009 Received By Clerk's Office
 
View Attachments 09-0231
FileTypeSizeDescription
DECLARATION OF TRUST (3).pdf Other 82K Declaration of Trust
 
Legislation Text 09-0231

 

City of Hampton, Virginia

Resolution

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 09-0231

 

Enactment Number: -

 

Resolution Adopting the International City/County Management Association Retirement Corporation Governmental Profit-Sharing Plan & Trust and Final Pay Plan

 

RESOLUTION

WHEREAS, the City of Hampton, Virginia has employees rendering valuable services; and

WHEREAS, the establishment of a Governmental Profit Sharing Plan & Trust benefits employees by providing funds for retirement and funds for their beneficiaries in the event of death; and

WHEREAS, the City of Hampton, Virginia desires that its Governmental Profit Sharing Plan & Trust be administered by The International City/County Management Association-Retirement Corporation (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, BE IT RESOLVED that the City of Hamptons Council hereby establishes a Governmental Profit Sharing Plan & Trust (Plan) in the form of the ICMA-RC Governmental Profit Sharing Plan & Trust, pursuant to the specific provisions of the Adoption Agreement and Final Pay Amendment.

 

The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries; and

 

BE IT FURTHER RESOLVED that the City of Hamptons Council hereby adopts the Declaration of Trust of VantageTrust, and attached hereto, intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the City of Hampton, Virginia, if the assets of the Plan are to be invested in the VantageTrust; and

 

BE IT FURTHER RESOLVED that the City of Hampton, Virginia 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 of Hampton, Virginias Director of Finance shall be designated as the coordinator for the Plan; shall receive reports and notices from the ICMA-RC or the VantageTrust; shall cast, on behalf of the City of Hampton, Virginia, any required votes under the VantageTrust; may delegate any administrative duties relating to the Plan to the appropriate departments; and

 

BE IT FURTHER RESOLVED that the City of Hamptons Council hereby authorizes the Director of Finance to execute all necessary agreements with the ICMA-RC incidental to the administration of the Plan.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on June 10, 2009.

 

 

 

Signed by ____________________________ Date _________________

Molly Joseph Ward, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council