Resolution No. 08-07RESOLUTION NO: 08-07
A RESOLUTION OF THE CITY OF ATLANTIC BEACH, FLORIDA
ESTABLISHING A SECOND DEFERRED RETIREMENT OPTION PROGRAM
(DROP) PLAN TO SEPARATELY ACCOUNT FOR POLICE OFFICER AND
GENERAL EMPLOYEE BENEFITS; CHANGE THE PLAN NAME OF THE
EXISTING DROP PLAN; AND, CHANGE THE DESIGNATED PLAN
COORDINATOR OF THE EXISTING DROP PLAN
WHEREAS, the City of Atlantic Beach has employees rendering valuable
services; and
WHEREAS, the City established anICMA-RC DROP plan through Resolution
No. 04-04 to benefit employees by providing funds for retirement and funds for their
beneficiaries in the event of death; and
WHEREAS, the State of Florida has advised the City to have separate DROP
plans for each of the two City retirement plans, Police Officer and General Employee,
and
WHEREAS, the City of Atlantic Beach desires that the new DROP plan also be
administered by the ICMA-RC and that the funds held by such a plan be invested in the
VantageTrust Company, a trust established by public employers for the collective
investment of funds held under their retirement and deferred compensation plans, and
WHEREAS, the City would like to designate the Finance Director to be the plan
coordinator for both the existing DROP administered by the ICMA-RC, plan # 108619,
and the new DROP plan:
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND
COMMISSION OF THE CITY OF ATLANTIC BEACH THAT;
1. The City of Atlantic Beach hereby establishes a new DROP plan for the
benefit of general employees to be titled (401) City of Atlantic Bch (DROP) General (the
"General Employee Plan") in the form of the Plan and Trust provided by the City of
Atlantic Beach (executed copy attached hereto), and
2. The General Employee Plan shall be maintained for the exclusive benefit
of eligible general employees and their beneficiaries; and
3. The existing DROP plan, Plan # 108619 (401) City of Atlantic Beach
(DROP) Police, to be used exclusively for the benefit of eligible police officers (the
"Police Officer Plan"); and
4. The City of Atlantic Beach hereby executes the Declaration of Trust of the
VantageTrust Company, and attached hereto, intending this execution to be operative
with respect to any retirement or deferred compensation plan subsequently established by
the City of Atlantic Beach, if the assets of the plan are to be invested in the VantageTrust
Company.
5. The City of Atlantic Beach hereby agrees to serve as trustee under the
General Employee Plan and to invest funds held under the General Employee Plan in the
VantageTrust Company; and
6. The Finance Director shall be designated the plan coordinator for the
General Employee Plan and the Police Officer Plan; shall receive reports, notices, etc.,
from the ICMA-RC or the VantageTrust Company; shall cast, on behalf of the City of
Atlantic Beach, any required votes under the VantageTrust Company; may delegate any
administrative duties relating to the General Employee Plan and/or Police Officer Plan to
appropriate departments; and
7. The Finance Director will coordinate with ICMA-RC to transfer the
existing general employee assets in Plan # 108619 into the General Employee Plan in a
timely manner; and
8. The City of Atlantic Beach hereby authorizes the City Manager to execute
all necessary agreements with the ICMA-RC incidental to the administration of the
General Employee Plan and Police Officer Plan.
2 ~~ASSED AND ADOPTED by the City Co ion of Atlantic Beach this
day of , 2008. \
1
JO
AS TO FORM AND CORRECTNESS:
C. ~ENSEN, ESQUIRE
ATTEST:
~~~/YL'YI.GL. ~X
DONNA L. BUSSEY, CMC
City Clerk