107330 0
RESOLUTION NO. 10,733
1 714
2 A RESOLUTION TO ADOPT A UNITED STATES CONFERENCE OF MAYORS'
3 401(A) MONEY PURCHASE RETIREMENT PLAN ADMINISTERED BY EITHER
4 NATIONWIDE RETIREMENT SOLUTIONS (FORMERLY PEBSCO) OR THE ICMA
5
6 RETIREMENT CORPORATION; TO AUTHORIZE THE PARTICIPATION OF
7 ASSISTANT DEPARTMENT DIRECTORS AND DEPARTMENT DIVISION HEADS;
8 AND FOR OTHER PURPOSES.
9
10 WHEREAS, the City of Little Rock ( "Employer ") has employees rendering valuable
11
services; and
12
13 WHEREAS, the establishment of a money purchase retirement plan benefits employees
14 by providing funds for retirement and funds for their beneficiaries in the event of death; and
15 WHEREAS, the City desires to provide a United States Conference of Mayors' 401(A)
16 Money Purchase Retirement Plan to be administered by either Nationwide Retirement
17
Solutions, formerly Public Employees' Benefit Services Corporation (PEBSCO) or ICMA
18
19 Retirement Corporation, and that funds be held on behalf of Assistant Department Directors
20 and Department Division Heads and other employees in such plan and be invested in a trust
21 established by public employers for the collective investment of funds held under their
22 retirement and deferred compensation plans.
23 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
24
25 DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
26 SECTION 1. Assistant Department Directors and Department Division Heads of the
27 City are specifically permitted to benefit from the Section 401(A) Plan adopted by the City in
28 this Resolution, and the City Manager is directed to assure that these employees are permitted
29
to withdraw from the present Nonuniform Employees Defined Contribution Plan upon being
30
31 notified that the employees elect this option, and that all nontaxed funds be forwarded to either
32 Nationwide Retirement Solutions (PEBSCO) or ICMA Retirement Corporation at the soonest
33 practicable moment.
34 SECTION 2. The City hereby agrees to serve as trustee under the Plan and to invest
35
36 funds held under the Plan in the U. S. Conference of Mayors' Retirement Trust or ICMA
Retirement Corporation; and
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
3.1
,32
33
34
35
K
• •
SECTION 3. The City's Department Directors are authorized to designate what
constitutes an Assistant Department Director and Division Head that would be eligible to
participate in this plan. Only employees who are enrolled in the City's Nonuniformed Defined
Contribution Plan are eligible to participate in the 401(A) Money Purchase Retirement Plan.
Members of the Police, Fire and Nonuniformed Defined Benefit Retirement Plans are not
eligible. % I v
SECTION 4. The Finance Director shall be the coordinator for the Plan; shall receive
necessary reports, notices, etc. from the Nationwide Retirement Solutions or ICMA
Retirement Corporation; shall cast on behalf of the City, any required votes under the U. S.
Conference of Mayors' Retirement Trust; may delegate any administrative duties relating to
the Plan to appropriate departments; and
SECTION 5. The City Manager or his designee is hereby authorized to execute all
necessary agreements with the U. S. Conference of Mayors', National Retirement Solutions
or ICMA Retirement Corporation incidental to the administration of the Plan.
ADOPTED: December 20, 1999
ATTEST:
ROBBIE HANCOCK
CITY CLERK
APPROVED AS TO FORM:
A04—t-� MA .
THOMAS M. CARPENTEPJ
CITY ATTORNEY
APPROVED:
I ail, I �I A I