Resolution No. 13-07 v RESOLUTION NO. 13-07
A RESOLUTION OF THE CITY OF ATLANTIC BEACH,FLORIDA,
ADOPTING THE ICMA-RETIREMENT CORPORATION 401
GOVERNMENTAL PROFIT-SHARING PLAN & TRUST
RETIREMENT BASIC DOCUMENT AND TRUST ADOPTION
AGREEMENT AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Atlantic Beach (Employer) has offered participation of all eligible
employees hired on or after September 1, 2008; and
WHEREAS, the employer has established a qualified plan for those employees referenced
above that serves the interest of the Employer by enabling it to provide reasonable retirement
security for these employees, by providing increased flexibility in its personnel management
system,and by assisting in the attraction and retention of future employees; and
WHEREAS, the Employer has determined that the continuance of the qualified retirement
plan will serve these objectives; and
NOW THEREFORE BE IT RESOLVED by the Commission of the City of Atlantic Beach,
Florida:
Section 1. That the Plan is hereby adopted as the qualified retirement plan (the "401 Profit
Sharing Plan") in the form of the ICMA Retirement Corporation Government 401
Governmental Profit Sharing Plan.
Section 2. That the assets of the Plan shall be held in trust, with the Employer serving as
trustee ("Trustee"), for the exclusive benefit of Plan participants and their beneficiaries, and
the assets shall not be diverted to any other purpose. The Trustee's beneficial ownership of
Plan assets held in Vantage Trust shall be held for the further exclusive benefit of Plan
participants and their beneficiaries.
Section 3. That the Employer hereby agrees to serve as Trustee under the Plan.
Section 4. That this resolution shall be effective upon adoption.
PASSED AND ADOPTED by the City Commission of the City of Atlantic Beach, Florida
on this VI' day of tl�Yt,e._ 2013.
6$44A0
Mike Borno
Mayor
Approved as to form and correctness: Attest:
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04129.141-di V
At._.
Jensen, Esquire Donna L. Bartle, CMC
• Attorney City Clerk