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<br />RESOLUTION NO. 97-22 <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, RELATING TO PENSIONS <br />AND RETIREMENT, AUTHORIZING THE ESTABLISHMENT OF <br />A MANAGEMENT LEVEL EMPLOYEE 401 MONEY PURCHASE <br />PLAN; AUTHORIZING THE CITY MANAGER TO ENGAGE ICMA <br />RETIREMENT CORPORATION AS THE ADMINISTRATOR OF <br />THE MONEY PURCHASE RETIREMENT PLAN IN <br />ACCORDANCE WITH THE ADOPTION AGREEMENT; <br />AUTHORIZING THE CITY OF SUNNY ISLES BEACH TO SERVE <br />AS TRUSTEE AND AUTHORIZING THE CITY MANAGER TO DO <br />SUCH OTHER THINGS AS ARE NECESSARY TO ESTABLISH <br />SAID PLAN; AND PROVIDING AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City of Sunny Isles Beach, Florida, has employees rendering valuable public <br />service; and <br /> <br />WHEREAS, the City Commission of the City of Sunny Isles Beach desires to establish a Money <br />Purchase Retirement Plan which will benefit management level 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 agreement <br />proposed for administration by the ICMA Retirement Corporation and has found that for the funds to be <br />held under such Plan and invested in the ICMA Retirement Trust will serve the best interest ofthe program <br />and the employees involved. <br /> <br />NOW THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY <br />OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. A Money Purchase Retirement Plan (the ''Plan'') for the management level <br />employees, including the City Manager, the City Attorney and department heads to be determined, is hereby <br />established in the form of the ICMA Retirement Corporation prototype money purchase plan and trust <br />adoption agreement, a true copy of which is attached hereto as Exhibit "N' and made a part of this <br />Resolution by reference. <br /> <br />Section 2. The Plan shall be maintained for the exclusive benefit of eligible employees and <br />their 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 />RES97-22 <br />