Res 64-99RESOLUTION NO. 64-99
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA, AMENDING RESOLUTION NO. 52-99
AND SUBSTITUTING THIS RESOLUTION ESTABLIHSING A
DEFERRED RETIREMENT OPTION PLAN FOR CERTAIN
ELIGIBLE EMPLOYEES AND ADOPTING THE DECLARATION OF
TRUST OF ICMA RETIREMENT TRUST; PROVIDING FOR A
COORDINATOR; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Delray Beach, Florida (hereinafter referred to as the "City") has previously
established and maintains a deferred compensation plan for certain of its employees which is administered
by the ICMA Retirement Corporation (hereinafter referred to as the "Administrator"); and
WHEREAS, the City desires to establish a Deferred Retirement Option Plan (DROP Plan) for
certain eligible employees; and
WHEREAS, the City desires that the DROP Plan be administered by the ICMA Retirement
Corporation and the funds held under such a plan.~hall be invested in the ICMA Retirement Trust, a trust
established by public employees for the collective investment of funds held under their retirement plans.
WHEREAS, other public employers have joined together to establish the ICMA Retirement Trust
for the purpose of representing the interests of the participating employers with respect to the collective
investment of funds held under their deferred compensation plans; and
WHEREAS, the City does hereby wish to execute the Declaration of Trust of ICMA Retirement
~rust; and
WHEREAS, the City does hereby wish to amend Resolution No. 52-99 by amending Section 1 of
said resolution upon the direction of the ICMA Retirement Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. That Resolution No. 52-99 is amended by amending Section 1 to read as follows:
That the City does hereby establish a DROP Plan in the form provided by the plan attached
hereto as Appendix A for certain eligible employees and executes the Declaration of Trust with the
ICMA Retirement Corporation, as same appears in Appendix "B" which is attached hereto and
made a part hereof, as an amendment and restatement of its existing agreement with the ICMA
Retirement Corporation, intending that this execution to be operative with respect to any retirement
or deferred compensation plan subsequently established by the City if the assets of the plan are to 0e
invested in the ICMA Retirement Trust, omd ~'_'reetr *~e !C_~.s_A_ P_e?_'rement Ce_~er~._*ien, ~ Tmr*_ee,
Section 2. Employees eligible to participate in the DROP plan are those employees who ~'e
eligible members of the General Employee Pension Plan under the terms and conditions set forth in City
ordinances as may be amended from time to time.
Section 3. That the City hereby agrees to serve as trustee under the Plan and to invest funds
held under the Plan in the ICMA Retirement Trust.
Section 4. That the City does hereby authorize the City Manager of the City of Delray Beach,
Florida to be the coordinator for this program, and to be the official of the City authorized to receive the
necessary reports, notices, etc. from the ICMA Retirement Corporation or ICMA Retirement Trust as
administrator, and to cast, on behalf of the City, any required votes under the program and is authorized to
execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of
the program. All administrative duties to carry out the plan may be assigned by the City Manager to either
the City Manager's Office or to appropriate departments of the City.
Section 5. That this resolution intended to substitute for Resolution 52-99.
ATTEST:
City Clerk'
PASSED AND ADOPTED in regular session on this the/,,?~A day of ~, 1999.
2 RES. NO. 64-99
[ITY OF DELRrlY BEACH
CiTY ATTORNEY'S OFFICE
DELRAY BEACH
1993
DATE:
October 11, 1999
200 NW 1st AVENUE · DELRAY BEACH, FLORIDA 33444
TELEPHONE 561/243-7090 · FACSIMILE 561/278-4755
Writer's Direct L~ne: 561/243-7091
TO:
City Commission
FROM: Susan A. Ruby, City Attorney
SUBJECT: Amended Resolution for General Employees Drop Plan
The attached resolution amends Resolution No. 52-99 previously approved by the City
Commission, which establishes a Drop Plan for certain eligible general employees, by
deleting a part of the last sentence in Section 1. The ICMA Corporation is requiring this
revision.
Please place on the October 12, 1999 City Commission meeting.
Attachment
CC:
David Harden, City Manager
Alison MacGregor Harty, City Clerk