RESOLUTION NO. 6713

A RESOLUTION BY THE CITY OF LAWRENCE, KANSAS TO  REPLACE THE CURRENT 457 DEFERRED COMPENSATION PLAN PROVIDER AND TRUSTEE WITH A NEW PLAN PROVIDER AND TRUSTEE.

WHEREAS, the City of Lawrence, Kansas (City), sponsors the 457 Deferred Compensation Plan (Plan) for eligible employees and, pursuant to such Plan and related trust, reserved to itself the right to appoint and remove service providers and trustees of the Plan and trust; and 

WHEREAS, the ICMA Retirement Corporation (ICMA-RC) currently provides administrative, recordkeeping and investment services for the Plan and also serves as the trustee of the trust; and

WHEREAS, the City recently completed a request for proposals for Plan administrative, investment, recordkeeper and trustee services, following which a staff recommendation was presented to and approved by the City Commission on January 23, 2007, to terminate the current arrangement with ICMA-RC and to establish a new arrangement with Diversified Investment Advisors (Diversified).

BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY:

RESOLVED, that the City hereby removes ICMA-RC as the administrator, recordkeeper and investment services provider of the Plan and appoints Diversified as the successor administrator, recordkeeper and investment services provider of the Plan, the same to be effective as of May 1, 2007; and

FURTHER RESOLVED, that the City hereby removes ICMA-RC as the trustee of the Plan’s trust and appoints Investors Bank and Trust Company of Boston, Massachusetts (Investors) as the successor trustee of the Plan’s trust; and

FURTHER RESOLVED, that ICMA-RC is directed to transfer the assets in the trust accounts of the Plan to Investors on May 1, 2007, or such later date or dates as is administratively practicable or such assets become available for transfer; and

FURTHER RESOLVED, that the City hereby delegates to the City Manager authority to appoint and remove one or more individuals to be responsible for the administrative and investment oversight of the Plan; and

FURTHER RESOLVED, that the City Manager and delegatees should be, and hereby are, authorized and directed to take such further actions as they deem necessary or appropriate to implement the foregoing resolutions, including but not limited to the provision of timely notice of removal to ICMA-RC and execution of an amended and restated Plan document, a new trust agreement, and any other appropriate documents or agreements with Diversified and Investors, including but not limited to documents necessary to complete a withdrawal, transfer, election or distribution request under the terms of the Plan.

            ADOPTED by the Governing Body this 10^th day of April 2007.

                                                APPROVED.

                                                                                    __________________________                                                                             Mike Amyx, Mayor

ATTEST:

___________________________

Frank S. Reeb, City Clerk