HomeMy WebLinkAbout9095M! �' M �
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80
RESOLUTION NO. 9,095
A RESOLUTION TO AMEND LITTLE ROCK,
ARK., RESOLUTION NO. 7,630 (JULY 15,
1986), TO PERMIT THE BOARD OF TRUSTEES
OF THE NONUNIFORMED EMPLOYEE DEFINED
BENEFIT AND DEFINED CONTRIBUTION
PENSION PLANS TO CONTRACT WITH ANY
APPROPRIATE ENTITY, STANDING IN A
FIDUCIARY POSITION AND SELECTED BY A
COMPETITIVE SELECTION PROCESS, TO
PROVIDE INVESTMENT ADVICE AND
ASSISTANCE; AND FOR OTHER PURPOSES.
WHEREAS, the City of Little Rock, Arkansas, has created its
own nonuniformed employee pension plan ( "the Plan "), and
WHEREAS, the Plan consists of a defined benefit plan for
employees hired prior to January 1, 1978, and a defined
contribution plan for employees hired after that date, and
WHEREAS, Sections 4 and 5 Little Rock, Ark., Resolution No.
7,630 (July 15, 1986) ("LRR "), grants certain authority to the
Board of Trustees for the Plan to invest the monies with the Aetna
Life Insurance Company, and
WHEREAS, it has been determined that the Board of Trustees
should be given greater freedom to utilize an insurance company,
an investment advisor, or some other responsible entity to deal
with the investment of these funds as long as the entity stands in
• fiduciary position with the City and, the entity is selected by
• competitive process,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1: Sections 4 and 5 of LRR 7,630 are hereby
repealed.
SECTION 2: LRR 7,630 is hereby amended to add the
following new Section 4:
F -/1
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• • 91
The Board of Trustees of the Nonuniformed
Employee Pension Plan ("the Plan") are hereby
authorized to contract with any reputable firm to
provide investment advice, counseling, and
management of the assets of the Plan, provided
such firm agrees to stand in a fiduciary position
with the Plan and the City, and the firm is
selected by a competitive selection process. No
trustee shall receive any economic benefit
whatsoever from the firm selection pursuant to
this section, except to the extent of the
benefits received pursuant to the Plan.
SECTION 3: All resolutions and policies inconsistent with
this resolution are hereby repealed to the extent of such
inconsistency.
ADOPTED: February 1, 1994
ATTEST:
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APPROVED AS TO FORM:
•
"PROVED: