2004-149-Establishing A Retiree Health Saving Plan And Adopting The Plan In The Form Of The Icma Retirement Corporations Vantagecare Retirement Health Savings ProgramRESOLUTION 2004-149
RESOLUTION OF'THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
ESTABLISHING A RETIREE :HEALTH 'SAVINGS .PLAN AND ADOPTING THE PLAN
IN THE FORM OF THE ICMA RETIREMENT CORPORATION'S VANTAGECARE
RETIREMENT HEALTH SAVINGS PROGRAM
WHEREAS., the Town of Los Gatos has employees rendering valuable services; and
WHEREAS, the establishment of a retiree health savings plan for such employees
serves the interests of the Town of Los Gatos 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 Town of Los Gatos has determined that the establishment of the
retiree health savings plan (the "Plan") serves the above objectives;
RESOLVED, by the Town Council of the Town of Los Gatos, County of S anta Clara,
State of 'California, that the Town of 'Los Gatos hereby adopts the Plan in the form of the ICMA
Retirement Corporation's Vantagecare Retirement Health Savings program.
BE IT FURTHER RESOLVED, that the assets of the Plan shall be held in trust, with
the Employer 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. The Employer will execute the Declaration of Trust of the Town of Los Gatos
integral Part Trust in the form of the model trust made available by the ICMA Retirement
Corporation.
BE IT FURTHER RESOLVED, that the Town Manager is authorized to prepare and
.execute the Employer Vantagecare Retirement Health Savings Plan Adoption Agreement, an
amendment to the existing Administrative Services Agreement between the Town of Los Gatos (the
"Employer") and the ICMA Retirement Corporation ("ICMA-RC"), and the Town of Los. Gatos
Retiree Medical and Dental Reimbursement Plan;
Page 1
BE IT FURTHER RESOLVED, that the Assistant Town Manager shall be the
coordinator and contact for the Plan :and shall receive necessary reports, notices, etc.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of
Los Gatos, California, held on the 20`" day of December, 2004 by the following vote:
COUNCIL MEMBERS:
AYES: Steve Glickman, Diane McNutt, Joe Pirzynski, Barbara Spector,
Mayor Mike Wasserman
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED: ~''~~
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
J
CLERK ADMIlVIS I~ATOR OF'THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
Page 2