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13 <br /> <br />A RESOLUTION AUTHORIZING THE EXECUTION OF THE INTERNATIONAL <br />CITY MANAGEMENTASSOCIATION [I~MA) RETIREMENT CORPORATION <br />DECLARATION OF TRUST AND AMENDED TRUST AGREEMENT. <br /> <br />the <br />and <br /> <br />WHEREAS, the City of Portsmouth has previously established <br />ICMA Retirement Corporation Deferred Compensation Plan; <br /> <br /> WHEREAS, the Internal Revenue Service has issued a <br />private letter ruling approving said plan document as complying <br />with Section 457 of the Internal Revenue Code; and <br /> <br /> WHEREAS, other public employers have joined together to <br />establish the ICMA Retirement Trust for the purpose of repre- <br />sentin9 the interests of the participating employers with <br />respect to the collective investment of funds held under <br />their deferred compensation plans; and <br /> <br /> WHEREAS, said Trust is a salutary development which <br />further advances the quality of administration for plans <br />administered by the ICMA Retirement Corporation. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the <br />City of Portsmouth hereby approves the execution of the <br />ICMA Retirement Trust, attached hereto as Appendix A and <br />hereby adopts the trust agreement with the ICMA Retirement <br />Corporation, as appears at Appendix B hereto, as an amendment <br />and restatement of its existing trust agreement with the <br />ICSIARetirement Corporation, and directs the ICMA Retirement <br />Corporation, as Trustee, to invest all funds held under the <br />deferred compensation plan through the ICMA Retirement Trust <br />as soon as practicable. <br /> <br /> BE IT FURTHER RESOLVED, except for the Joinder Agreement <br />of the City Manager, which is to be executed by the Mayor, the <br />City Manager shall be the coordinator for this program and <br />shall receive necessary reports and notices from the ICMA <br />Retirement Corporation as Administrator, and shall cast, on <br />behalf of the City of Portsmouth, any required votes under <br />the program. Administrative duties to carry out the plan <br />may be assigned by the City Manager to the appropriate de- <br />partments. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held February 14, 1~84. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />