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<br />RESOLUTION NO. 97-23 <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF TIlE CITY OF SUNNY <br />ISLES BEACH, FLORIDA, RELA TINGTO PENSIONS AND RETIREMENT, <br />AUTHORIZING THE ESTABLISHMENT OF AN ALL EMPLOYEES 401 <br />MONEY PURCHASE PLAN; AUTHORIZING TIlE CITY MANAGER TO <br />ENGAGE ICMA RETIREMENT CORPORATION AS THE <br />ADMINISTRATOR OF THE MONEY PURCHASE RETIREMENT PLAN <br />IN ACCORDANCE WITH THE ADOPTION AGREEMENT; <br />AUTHORIZING THE CITY OF SUNNY ISLES BEACH TO SERVE AS <br />TRUSTEE AND AUTHORIZING THE CITY MANAGER TO DO SUCH <br />OTIlER THINGS AS ARE NECESSARY TO ESTABLISH SAID PLAN; AND <br />PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City of Sunny Isles Beach, Florida, has employees rendering valuable public <br />services; and <br /> <br />WHEREAS, the City Commission of the City of Sunny Isles Beach desires to establish a <br />Money Purchase Retirement Plan which will benefit all employees by providing funds for retirement <br />and funds for their beneficiaries in the event of death; and <br /> <br />WHEREAS, the City Commission has reviewed the Money Purchase Retirement Plan <br />agreement proposed for administration by the ICMA Retirement Corporation and has found that for <br />the funds to be held under such Plan and invested in the ICMA Retirement Trust will serve the best <br />interest of the program and the employees involved. <br /> <br />NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. A Money Purchase Retirement Plan (the "Plan") for the employees is hereby <br />established in the form of the ICMA Retirement Corporation prototype money purchase plan and <br />trust adoption agreement, a true copy of which is attached hereto as Exhibit "A" and made a part of <br />this Resolution by reference. <br /> <br />Section 2. The Plan shall be maintained for the exclusive benefit of eligible employees and their <br />beneficiaries. <br /> <br />Section 3. The City of Sunny Isles Beach, Florida, shall serve as Trustee under the Plan and to <br />invest funds held under the Plan in the Trust. <br /> <br />Section 4. <br /> <br />The City Manager is hereby authorized to: <br /> <br />(a) <br /> <br />Execute the Declaration of Trust of the ICMA Retirement Trust; and <br /> <br />RES97-23 <br />