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1 RESOLUTION NO. 10,185
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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 USCM 401(a) MONEY PURCHASE
6 RETIREMENT PLAN ADMINISTERED BY THE PUBLIC
7 EMPLOYEES BENEFIT SERVICES CORPORATION; AND FOR
8 OTHER PURPOSES.
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10 WHEREAS, the City of Little Rock ( "Employer ") has employees rendering valuable
11 services; and
12 WHEREAS, the establishment of a money purchase retirement plan benefits
13 employees by providing funds for retirement and funds for their beneficiaries in the event of
14 death; and
15 WHEREAS, the City desires to provide a United States Conference of Mayors'
16 ( "USCM ") Section 401(a) money purchase retirement plan to be administered by the Public
17 Employees' Benefit Services Corporation ( "PEBSCO "), and that the funds be held on behalf
18 of the Assistant City Attorneys and the Law Office Manager in such plan and be invested in
19 the USCM Retirement Trust, a trust established by public employers for the collective
20 investment of funds held under their retirement and deferred compensation plans.
21 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
22 OF THE CITY OF LITTLE ROCK, ARKANSAS:
23 SECTION 1. The City of Little Rock (the "City ") has established a money purchase
24 retirement plan (the "Plan ") in the form of:
25 The U. S. Conference of Mayors' Prototype Money Purchase Plan and
26 Trust, pursuant to the specific provisions of the Adoption Agreement.
27 The Plan shall be maintained for the exclusive benefit of eligible employees and their
28 beneficiaries.
29 SECTION 2. Assistant City Attorneys and the Law Office Manager are specifically
30 permitted to benefit from the Section 401(a) Plan adopted by the City in Resolution 10,042 and
31 the City Manager is directed to assure that these employees are permitted to withdraw from
32 the present nonuniform employees defined contribution plan upon being notified that the
33 employees elect this option, and that all nontaxed funds be forwarded to the USCM
34 Retirement Trust at the soonest practicable moment.
35 SECTION 3. The City has previously executed the Declaration of Trust of the USCM
36 Retirement Trust, intending that execution to be operative with respect to any retirement or
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1 deferred compensation plan subsequently established by the City, if the assets of the plan are
2 to be invested in the USCM Retirement Trust.
3 SECTION 4. The City has agreed to serve as trustee under the Plan and to invest funds
4 held under the Plan in the USCM Retirement Trust.
5 SECTION 5. The Finance Director shall be the coordinator for the Plan, shall receive
6 necessary reports, notices, etc. from the PEBSCO or the USCM Retirement Trust; shall cast,
7 on behalf of the City, any required votes under the USCM Retirement Trust; and may delegate
8 any administrative duties relating to the Plan to appropriate departments.
9 SECTION 6. The City Manager or his designee is hereby authorized to execute all
10 necessary agreements with the USCM AND PEBSCO incidental to the administration of the
1l Plan.
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13 ADOPTED: January 20, 1998
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15 �ATTEST: APPROVED::�� '
17 �n ✓L v�l
ROBBIE HANCOCK JI AILEY
18 CITY CLERK MAY OR
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APPROVED AS TO FORM:
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21 kt—,
22 THOMAS M. CARP ER
CITY ATTORNEY
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