Resolution 11-1279RESOLUTION NO. 11-1279
A i' SOLUTION OF THE CITY OF lLONGWOO D,
FLORIDA, RELATING TO A MONEY PURCHASE PLAN.
WHERE, AS, the City of Longwood 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 City of Longwood desires that its money purchase retirement plan be
administered by 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 Longwood hereby
establishes a money purchase retirement plan ("Plan") in the form of:
The ICMA Retirement Corporation Governmental 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; and
BE IT FURTHER RESOLVED that the City of Longwood hereby executes the
Declaration of Trust of VantageTrust, intending this execution to be operative with respect to
any retirement or deferred compensation plan subsequently established by the City of
Longwood, if the assets of the plan are to be invested in the VantageTrust; and
BE IT FURTHER RESOLVED that the City of Longwood hereby agree 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 Administrator shall be the coordinator of
the Plan; shall receive reports, notices, etc., from ICMA Retirement Corporation or the
VantageTrust; shall cast, on behalf of the City of Longwood, any required votes under the
VantageTrust; may delegate any administrative duties relating to the Plan to appropriate
departments; and
BE IT FURTHER RESOLVED that the City of Longwood hereby authorizes City
Administrator to execute all necessary agreements with the ICMA Retirement Corporation
incidental to the administration of the Plan.
PASSED AND ADOPTED by the City of Longwood this day of %' ,a , 2011..
.y
. O ph Durso,'Mayor
ayor
ATTEST:
Sarah M. Mir us, City Clerk
Approved as to foam and legality for the use and reliance of the City of Longwood, Florida, only.