HomeMy WebLinkAboutResolution No. 6720 RESOLUTION NO. 6720
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY,
CALIFORNIA ADOPTING THE ICMA RETIREMENT CORPORATION
VANTAGECARE RETIREMENT HEALTH SAVINGS (RHS) PROGRAM.
WHEREAS, the City of Downey has employees rendering valuable services; and
WHEREAS, the establishment of a retiree health savings plan for such employees serves the
interests of the City of Downey 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 Downey has determined that the establishment of the retiree
health savings plan serves the above objectives;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City of Downey hereby adopts the Plan in the form of the ICMA
Retirement Corporation's VantageCare Retirement Health Savings program.
SECTION 2. The assets of the Plan shall be held in trust, with the City of Downey 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.
SECTION 3. The City of Downey hereby adopts the Declaration of Trust of the City of Downey
Integral Part Trust in the form of the model trust made available by the ICMA Retirement Corporation.
SECTION 4. The City of Downey hereby adopts the City of Downey Retiree Health, Medical
and Dental Expense Reimbursement Plan in the form of the model Welfare Benefit Plan made available
by the ICMA Retirement Corporation.
SECTION 5. The Director of Finance shall be the coordinator and contact for the Plan and shall
receive necessary reports, notices, etc.
SECTION 6. The City Manager, or his Designee, is hereby authorized and directed to execute
such documents as may be required to implement and /or modify the Plan.
RESOLUTION NO. 6720
PAGE TWO
APPROVED AND ADOPTED this the 25 day of November, 2003.
Ate_
RICK THE • 674, ayor
ATTEST:
JOY (1:
. DOYLE, Chief eputy City Clerk
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of
the City of Downey at a regular meeting thereof held on the 25 day of November 2003, by the
following vote to wit:
AYES: 5 Council Members: Bayer, Cartozian, McCarthy, Perkins, Mayor Trejo
NOES: 0 Council Member: None
ABSENT: 0 Council Member: None
ABSTAIN: 0 Council Member: None
J C E. DOYLE, Chief Deputy City Clerk