HomeMy WebLinkAboutResolution No. 511-05 RESOLUTION
WHEREAS, the City of Rochester has employees rendering valuable services; and
WHEREAS, the establishment of a retiree health savings' plan for such employees
serves the interests of the City by enabling it to provide reasonable security regarding such
employees' health needs during retirement 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 Rochester has determined that the establishment of the retiree
health savings plan ("Plan") serves the above objectives; and
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Rochester that the City of Rochester does hereby adopt the Plan in the form of the ICMA
Retirement Corporation's VantageCare Retirement Health Savings Program.
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the
City of Rochester serving as trustee, for the exclusive benefit of Plan participants and their
beneficiaries, and the assets of the Plan shall not be diverted to any other purpose prior to the
satisfaction of all liabilities of the Plan. The City of Rochester has executed the Declaration of
Trust of the City of Rochester Integral Part Trust in the form of the model trust made available
• by the ICMA Retirement Corporation.
BE IT FURTHER RESOLVED that the Director of Finance shall be the coordinator and
contact for the Plan and shall receive necessary reports, notices and other documents.
BE IT FURTHER RESOLVED that the Mayor and City Clerk are authorized to execute
all documents and agreements, including the declaration of trust, plan document and
assignment of administrator documents, to implement this resolution and to carry out this
program.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 17 70_FfQ6UL 005.
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: D-U Qm
CITY CL K nn '' " �
APPROVED THIS b ?4-h DAY` -OF 0 l.. abtA_ , 2005.
S MAYOR OF SAID CITY
(Seal of the;City of
Rochester, Minnesota)
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