HomeMy WebLinkAbout25-10RESOLUTION NO. 2 5 -10
A RESOLUTION of the City Council of the City of Port Angeles,
Washington, adopting a Deferred Compensation Plan for Fire
Department Volunteers under IRS Regulation 401.
WHEREAS, the City of Port Angeles Fire Department volunteers render valuable
services; and
WHEREAS, the establishment of a deferred compensation plan benefits the Fire
Department by providing incentives to recruit and retain volunteers; and
WHEREAS, Internal Revenue Service regulations allow deferred compensation plans
for these volunteers under Section 401;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Angeles as follows:
Section 1. The City hereby adopts the 401 Deferred Compensation Plan (the Plan)
of International City Management Association Retirement Corporation (ICMA -RC) for City of
Port Angeles Fire Department volunteers, including volunteer firefighters, emergency medical
technicians, or other approved volunteer who meets the eligibility criteria set by the State of
Washington Volunteer Firefighter Retirement Program.
Section 2. In December each year, the City shall contribute to the Plan an amount
for the benefit of each then eligible and qualifying volunteer. The amount for each volunteer
1
shall be the quotient of $5,000 divided by the number of eligible and qualifying volunteers,
rounded to the nearest whole dollar; provided; however, that in any event the City's annual
contribution shall not exceed $300 per volunteer.
Section 3. The City hereby agrees to serve as trustee under the Plan Document.
Section 4. The City's Human Resources Manager shall be the coordinator of the
Plan, and shall receive necessary reports, notices, etc. from ICMA -RC.
Section 5. The City shall retain the services of VantageTrust to administer the Plan.
An Administrative Services Agreement is attached hereto. The City Manager is hereby
authorized to execute on behalf of the City.
PASSED by the City Council of the City of Port Angeles at a regular meeting of said
Council held on the 7th day of December, 2010.
ATTEST:
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sa Hurd, City Clerk
G \LEGAL \a ORDINANCES &RESOLUTIONS\RESOLUTIONS 2010\26 Deferred Comp for Fire Volunteers wpd, December 3, 2010
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Mayor Dan bi Gui io
APPIjiOVED AS TO F RM:
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William E. Bloor, City Attorney