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2 RESOLUTION NO. 9, 9 51
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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.
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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
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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
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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
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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
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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
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35 of the plan are to be invested in the ICMA Retirement Trust.
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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:
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