Resolution - 2015-79RESOLUTION NO. 2015-79
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA AUTHORIZING THE CITY MANAGER TO EXECUTE ALL
NECESSARY DOCUMENTS TO ESTABLISH A 401(A) DEFERRED
COMPENSATION PLAN WITH ICMA RETIREMENT CORPORATION
WHEREAS, the 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 ICMA-RC and that the funds held in such plan be invested in 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 Employer hereby establishes or has
established a money purchase retirement plan (the "Plan") in the form of the lCMA Retirement
Corporation Governmental Money Purchase Plan & 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; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of West
Covina as follows:
SECTION 1. That the City Council of the City of West Covina hereby adopts the
Declaration of Trust of VantageTrust, intending this adoption to be operative with respect to any
retirement or deferred compensation plans subsequently established by the Employer, if the assets
of the plan are to be invested in VantageTrust.
SECTION 2. That the Employer hereby agrees to serve as trustee under the Plan and to
invest funds held under the Plan in VantageTrust; and
SECTION 3. That the Finance Director shall be the coordinator for the Plan; shall receive
reports, notices, etc., from 1CMA Retirement Corporation or VantageTrust; shall cast, on behalf of
the Employer, any required votes under VantageTrust; may delegate any administrative duties
relating to the Plan to appropriate departments; and
SECTION 4. That the Employer hereby authorizes the City Manager to execute all
necessary agreements with lCMA Retirement Corporation incidental to the administration of the
Plan.
PASSED, APPROVED AND ADOPTED this 20'h day of October, 2015.
APPROVED AS TO FORM:
k7imberly Rb Barlow
City Attorney
,,�Frjdrick �y-kes
Mayor
ATTEST:*,
Nickolas�S. Lewis
City Clerk - '
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City Council of the
City of West Covina, California, at a regular meeting thereof on the 20, th day of October, 2015, by
the following vote of City Council:
AYES:
Spence, Toma, Warshaw, Wong, Sykes
NOES:
None
ABSENT:
None
ABSTAIN:
None
Nickolas S. Lewis' -
City Clerk