1067RESOLUTION NO. 1067
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROLLING
HILLS ADOPTING THE ICMA RETIREMENT CORPORATION
DEFERRED COMPENSATION PLAN AND TRUST.
WHEREAS, the City of Rolling Hills has employees rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan for such employees
serves the interests of the City of Rolling Hills 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 of Rolling Hills has determined that the establishment of a
deferred compensation plan to be administered by the ICMA Retirement Corporation serves
the above objective; and
WHEREAS, the City of Rolling Hills desires that its deferred compensation plan be
administered by the ICMA Retirement Corporation, and that some or all of the funds held
under such plan be invested in the VantageTrust Company, 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 Rolling Hills herby adopts the
deferred compensation plan (the ."Plan") in the form of the the ICMA Retirement Corporation
Deferred Compensation Plan and Trust.
BE IT FURTHER RESOLVED that the City of Rolling Hills hereby executes the
Declaration of Trust of the VantageTrust Company, attached hereto as Appendix A, intending
this execution to be operative with respect to any retirement or deferred compensation plan
subsequently established by the City of Rolling Hills, if the assets of the plan are to be invested
in the VantageTrust Company.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the
City of Rolling Hills serving as trustee, for the exclusive benefit of the Plan participants and
their beneficiaries, and the assets shall not be diverted to any other purpose.
BE IT FURTHER RESOLVED that the City of Rolling Hills hereby agrees to serve as
trustee under the Plan.
BE IT FURTHER RESOLVED that the City Manager shall be the coordinator for this
program; shall receive necessary reports, notices, etc. from the ICMA Retirement Corporation
or the VantageTrust Company; shall cast, on behalf of the City of Rolling Hills, any required
votes under the VantageTrust Company; 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, APPROVED AND ADOPTED THIS 24TH DAY OF AU�4'ST 2009.
MAYOR
FWAN 0 9
HEIDI LUCE
DEPUTY CITY CLERK
Resolution No. 1067
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F. HEINSHEIVlER
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) §§
CITY OF ROLLING HILLS )
I certify that the foregoing Resolution No. 1067 entitled:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROLLING
HILLS ADOPTING THE ICMA RETIREMENT CORPORATION
DEFERRED COMPENSATION PLAN AND TRUST.
was approved and adopted at a regular meeting of the City Council on August 24, 2009
by the following roll call vote:
AYES:
Councilmembers Black, Hill, Lay, Mayor Pro Tem Pernell and Mayor Heinsheimer
NOES:
None.
ABSENT:
None.
ABSTAIN:
None.
and in compliance with the laws of California was posted at the following:
Administrative Offices
HEIDI LUCE
DEPUTY CITY CLERK
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Resolution No. 1067 -2-