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1 RESOLUTION NO. In 1(,l t
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3 A RESOLUTION TO AUTHORIZE THE PARTICIPATION OF
4 ASSISTANT CITY ATTORNEY'S AND THE LAW OFFICE
5 MANAGER IN THE ICMA 401(a) MONEY PURCHASE
6 RETIREMENT PLAN ADMINISTERED BY THE ICMA
7 RETIREMENT CORPORATION; AND FOR OTHER PURPOSES.
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9 WHEREAS, the City of Little Rock ( "Employer ") has employees rendering valuable
10 services; and
11 WHEREAS, the establishment of a money purchase retirement plan benefits
12 employees by providing funds for retirement and funds for their beneficiaries in the event of
13 death; and
14 WHEREAS, the City desires to provide an International City Manager's Association
15 ( "ICMA ") Section 401(a) money purchase retirement plan to be administered by the ICMA
16 and that the funds be held on behalf of the Assistant City Attorneys and the Law Office
17 Manager in such plan and be invested in the ICMA Retirement Trust, a trust established by
18 public employers for the collective investment of funds held under their retirement and
19 deferred compensation plans.
20 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
21 OF THE CITY OF LITTLE ROCK, ARKANSAS:
22 SECTION 1. The City of Little Rock (the "City ") has established a money purchase
23 retirement plan (the "Plan") in the form of:
24 The ICMA Retirement Corporation Prototype Money Purchase Plan and
25 Trust, pursuant to the specific provisions of the Adoption Agreement.
26 The Plan shall be maintained for the exclusive benefit of eligible employees and their
27 beneficiaries.
28 SECTION 2. Assistant City Attorneys and the Law Office Manager are specifically
29 permitted to benefit from the Section 401(a) Plan adopted by the City in Resolution 9,987 and
30 the City Manager is directed to assure that these employees are permitted to withdraw from
31 the present nonuniform employees defined contribution plan upon being notified that the
32 employees elect this option, and that all nontaxed funds be forwarded to the ICMA Retirement
33 Plan Trust at the soonest practicable moment.
34 SECTION 3. The City has previously executed the Declaration of Trust of the ICMA
35 Retirement Trust, intending that execution to be operative with respect to any retirement or
36 deferred compensation plan subsequently established by the City, if the assets of the plan are
I to be invested in the ICMA Retirement Trust.
2 SECTION 4. The City has agreed to serve as trustee under the Plan and to invest funds
3 held under the Plan in the ICMA Retirement Plan.
4 SECTION 5. The Finance Director shall be the coordinator for the Plan, shall receive
5 necessary reports, notices, etc. from the ICMA or the ICMA Retirement Trust; shall cast, on
6 behalf of the City, any required votes under the ICMA Retirement Trust; and may delegate any
7 administrative duties relating to the Plan to appropriate departments.
8 SECTION 6. The City Manager or his designee is hereby authorized to execute all
9 necessary agreements with the ICMA incidental to the administration of the Plan.
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11 ADOPTED: December 16, 1997
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13 ATTEST: APPROVED:
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15 �j4.lLi�n W(
ROBBIE HANCOCK DAILEY
16 CITY CLERK MAYOR
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APPROVED AS TO FORM:
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19 oG tll.Au.� fe•� rL( G�•r, ,"�_
20 THOMAS M. CARPENT
CITY ATTORNEY
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