(A) The City Council of this MERS participating municipality, as Employer, desires that MERS Hybrid Program DC Component be administered by MERS' duly-designated third-party administrator and that some or all of the funds held under such plan be invested in the TPA's retirement trust established for the collective investment of funds held under the Employer's retirement, defined contribution, and deferred compensation plans.
(B) The Employer hereby establishes MERS Hybrid Program DC Component as authorized by Section 19B(5)-(16) of the Municipal Employees' Retirement System of Michigan Plan Document, in the form of the third-party administrator's IRS-qualified retirement trust.
(C) The Declaration of Trust of the Vantage Trust, adopted and executed concurrent with and incorporated by reference in this subchapter, is operative and applies with respect to any MERS Hybrid Program DC component, DC plan, retirement or deferred compensation plan previously or subsequently established by the employer, if the assets are to be invested in the Vantage Trust.
(D) The City Manager shall be the Employer's MERS Hybrid Program Plan coordinator; shall receive necessary reports, notices, etc. from MERS and the third-party administrator or its retirement trust; shall cast, on behalf of the Employer, any required votes under the retirement trust; may delegate any administrative duties relating to the defined contribution plan to appropriate departments.
(E) The Municipal Employees' Retirement Board retains full and unrestricted authority over the administration of MERS Benefit Program H, including but not limited to the appointment and termination of the third-party administrator, or MERS' self-administration of the defined contribution program in whole or in part.
(Ord. 091012-1, passed 10-12-2009)