HomeMy WebLinkAboutRESO 9385Resolution No. 9385
Resolution of the Council of the City of Palo Alto to Adopt the ICMA
VantageCare Retirement Health Savings (RHS) Plan
RECITALS
A. The members of the Police Managers' Association and the City have agreed to
establish a VantageCare Retirement Health Savings (RHS) Plan which allows governmental
employees to accumulate assets through tax-deferred payroll deductions while working, to pay
for health expenses in retirement.
B. The establishment of a retiree health savings plan serves the interests of the
City by enabling employees to plan for their future retirement, by providing increased flexibility
in its personnel management system, and by assisting in the attraction and retention of
competent personnel; and
C. The City has determined that the establishment of the retiree health savings
plan serves the above objectives.
The Council of the City of Palo Alto RESOLVES as follows:
SECTION 1. The City adopts the retiree health savings plan (Plan) in the form of the
ICMA Retirement Corporation's VantageCare Retirement Health Savings program; and
SECTION 2. The assets of the Plan shall be held in trust by the Chief Financial
Officer ofthe City of Palo Alto for the exclusive benefit of the Plan participants and their
survivors, and the assets of the Plan shall not be diverted to any other purpose prior to the
satisfaction of all liabilities of the Plan.
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