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9951M M M M M M 1 2 RESOLUTION NO. 9, 9 51 4 169 5 A RESOLUTION TO AUTHORIZE THE CITY TO OPEN A 401 (A) 6 RETIREMENT ACCOUNT FOR THE CITY OF LITTLE ROCK; TO .. 7 PERMIT THE CITY ATTORNEY TO PARTICIPATE IN SUCH A PLAN; 8 AND FOR OTHER PURPOSES. 9 X10 11 WHEREAS, during the annual evaluation of the City Attorney conducted in December, 12 1996, it was decided that he could participate in a separate nonuniform pension plan sponsored by rn 13 the ICMA Retirement Corporation; and 14 WHEREAS, the City needs to formally open an account with this organization to let the X15 16 City Attorney and other executive employees that wish to do so participate; and 17 WHEREAS, this plan is in the nature of a deferred compensation plan for valuable 18 employees to the City, as may from time to time be identified by the Board of Directors or the City 19 Manager, and this plan serves the interests of the City by enabling it to provide reasonable 20 retirement security for these employees, by providing increased flexibility in its personnel 21 22 management system, and by assisting, attracting and retaining competent personnel; and 23 WHEREAS, the City desires that a plan such as this be administered by the ICMA 24 Retirement Corporation, and that the funds held under such a plan be invested in the ICMA 25 Retirement Trust, ad trust established by public employers for the collective investment of funds 26 held under their retirement and deferred compensation plan s. 27 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF 28 29 THE CITY OF LITTLE ROCK, ARKANSAS. 30 SECTION 1. The City adopts a 401(a) deferred compensation plan which may be referred 31 to as an ICMA Retirement Corporation Deferred Compensation and Trust Plan and agrees to execute 32 an appropriate Declaration of Trust intending this execution to be operative with respect to any 33 retirement or deferred compensation plan subsequently published by the City as long as the assets 34 35 of the plan are to be invested in the ICMA Retirement Trust. 36 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 SECTION 2. The assets of this retirement plan shall be held in trust, with the City or in appropriate cases a particular City employee for the employee's plan, serving as trustee, for the exclusive benefit of the plan participants and their beneficiaries, and the assets of the plan shall not 170 be diverted to any other purpose. The Trustee's beneficial ownership of the plan assets held in the ICMA Retirement Trust shall be held for the further exclusive benefit of the plan and its beneficiaries. SECTION 3. The plan that is approved in this Resolution shall be established to allow the participants to make loans to the plan. SECTION 4. The City agrees to serve as trustee for this plan and all necessary reports, notices, or other materials from ICMA Retirement Trust shall be sent to the person designated by the City Manager as the coordinator of the program. SECTION 5. The City Attorney, Thomas M. Carpenter, is specifically permitted to benefit from such a Section 401(a) Plan, and the City Manager is directed to assure that his withdrawal from the present nonuniform employees defined contribution plan occur immediately and that all nontaxed funds be forwarded to ICMA Retirement Trust as the soonest practicable moment. ADOPTED: F.pril 1, 1997 ATTEST: c 2a " t lcyay zone, ROBBIE HANCOCK CITY CLERK APPROVED AS TO FORM: THOMAS M CARPEN ER CITY ATTORNEY APPROVED: �1,. .I i,'� ,