City Manager

Personnel

A RESOLUTION OF THE HOMER CITY COUNCIL ESTABLISHING THE ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST (401a).

WHEREAS, the City of Homer 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 Homer desires that its money purchase retirement plan be administered by the ICMA Retirement Corporation and that the funds held under such plan be invested in the ICMA Retirement Trust, 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 Homer City Council of Homer, Alaska, by this resolution, hereby establishes a money purchase retirement plan ("the Plan") in the form of the ICMA Retirement Corporation Governmental Money Purchase Plan & Trust (401a), pursuant to the specific provisions of the Adoption Agreement (executed copy attached hereto).

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

BE IT FURTHER RESOLVED that the City of Homer hereby executes the Declaration of Trust of the ICMA Retirement Trust, attached hereto, intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the City of Homer, if the assets of the plan are to be invested in the ICMA Retirement Trust.

BE IT FURTHER RESOLVED that the City of Homer hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in the ICMA Retirement Trust; and

BE IT FURTHER RESOLVED that the Finance Director shall be the coordinator for the Plan; shall receive reports, notices, etc., from the ICMA Retirement Corporation or the ICMA Retirement Trust; shall cast, on behalf of the City of Homer, any required votes under the ICMA Retirement Trust ; may delegate any administrative duties relating to the Plan to appropriate departments; and is authorized to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the Plan.

PASSED AND APPROVED by a duly constituted quorum of the City Council for the City of Homer on this 28th day of August 2000.

CITY OF HOMER

JACK CUSHING, MAYOR

ATTEST:

MARY L. CALHOUN, CMC, CITY CLERK