(A) The town hereby establishes or has established a Money Purchase Retirement Plan (the "Plan") in the form of the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust, pursuant to the specific provisions of the adoption agreement attached to Resolution No. 05-12.
(1) The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries.
(2) The Plan shall be a Social Security Replacement Plan.
(B) The town hereby executes the Declaration of Trust of the ICMA Retirement Trust, attached hereto, intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the town, if the assets of the plan are to be invested in the ICMA Retirement Trust.
(C) The town hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in the ICMA Retirement Trust.
(D) The Town Manager shall be the coordinator for the Plan; shall receive reports, notices and the like from the ICMA Retirement Corporation or the ICMA Retirement Trust; shall cast, on behalf of the town, any required votes under the ICMA Retirement Trust; may delegate any administrative duties relating to the Plan to appropriate departments; and is authorized to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the Plan.
(Res. 05-12, passed 6-21-2005)