RESOLUTION R20XX-XX
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MANTECA, STATE OF CALIFORNIA, APPROVING THE MISSIONsquare retirement corporation governmental money purchase plan & trust adoption restatement and agreements WHEREAS, the City of Manteca has employees rendering valuable services; and WHEREAS, the establishment of a money purchase retirement plan benefits employees by providing funds for retirement and funds their beneficiaries in the event of death; and WHEREAS, the City of Manteca desires that its money purchase retirement plan be administered by MissionSquare Retirement; and WHEREAS, the City Council has considered all information related to this matter, as presented at the public meetings of the City Council identified herein, including any supporting reports by City Staff, and any information provided during public meetings.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Manteca, as follows:
1. The City Council hereby finds that the facts set forth in the recitals to this Resolution are true and correct, and establish the factual basis for the City Council’s adoption of this Resolution.
2. The City of Manteca hereby establishes or has established a money purchase retirement plan (the “Plan”) in the form of The MissionSquare Retirement Governmental Money Purchase Plan, pursuant to the specific provisions of the Adoption Agreement.
3. The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries.
4. The City of Manteca hereby adopts the Declaration of Trust of VantageTrust Company dated May 2001, intending this adoption to be operative with respect to any retirement or deferred compensation plan subsequently established by the City of Manteca, if the assets of the Plan are to be invested in the trust created by such Declaration of Trust (the “VantageTrust”) that provides for the commingled investment of retirement funds.
5. The City of Manteca hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in the VantageTrust or in any other qualified investment options for the Plan.
6. The Director of Human Resources shall be the coordinator for the Plan, shall receive reports, notices, etc. from MissionSquare Retirement or the VantageTrust; shall cast, on behalf of the City of Manteca, any required votes under the VantageTrust; may delegate any administrative duties relating to the Plan to appropriate departments.
7. The City of Manteca hereby authorizes the City Manager and/or The Director of Human Resources to execute all necessary agreements with MissionSquare Retirement incidental to the administration of the plan.
4. This Resolution shall take effect immediately upon its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Manteca at a public meeting of said City Council held on the 15th day of March, 2022, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
MAYOR: __________________________
BENJAMIN J. CANTU
Mayor
ATTEST: __________________________
CASSANDRA CANDINI-TILTON
Director of Legislative Services
R20XX-XX Page 1 of 2 Type approved date of resolution here R20XX-XX Page 1 of 2 Type approved date of resolution here ATTACHMENT 3