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RESOLUTION NO. 10, 025
A RESOLUTION TO PERMIT CITY DEPARTMENT
HEADS TO PARTICIPATE IN THE MONEY
PURCHASE RETIREMENT PLAN ADMINISTERED
BY THE ICMA RETIREMENT CORPORATION; AND
FOR OTHER PURPOSES.
WHEREAS, The International City Manager's Association ( "ICMA ") money
purchase retirement plan is in the nature of a deferred compensation plan for valuable
employees of the City, as may from time to time be identified by the Board of Directors or the
City Manager, and this plan serves the interests of the City by enabling it to provide reasonable
retirement security for these employees, by providing increased flexibility in its personnel
management system, and by attracting and retaining competent personnel; and
WHEREAS, the City desires that a plan such as this be administered by the ICMA
Retirement Corporation, and that the funds held under such a plan be invested in the ICMA
Retirement Trust, a trust established by public employers for the collective investment of funds
held under their retirement and deferred compensation plans; and
WHEREAS, the City formally authorized the opening of a 401(a) retirement account
to accomplish these purposes with the adoption of Resolution No. 9,987; and
WHEREAS, the City wishes to make this retirement plan option available to
Department Heads of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS.
SECTION 1. Department Heads of the City are specifically permitted to benefit from
the Section 401(a) Plan adopted by the City in Resolution No. 9,987 and the City Manager is
directed to assure that these employees are permitted to withdraw from the present nonuniform
employees defined contribution plan upon being notified that the employees elect this option,
and that all nontaxed funds be forwarded to ICMA Retirement Trust at the soonest practicable
moment.
347
I ADOPTED: July 15, 1997
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3 ATTEST:
5 n_ /_ /_,. _ AL&,�.�.�,� /,__
ROBBIE HANCOCK
6 CITY CLERK
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8 APPROVED AS TO FORM:
10 THOMAS M. CARPENT
11 CITY ATTORNEY
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APPROVED:
DAILEY
MAYOR
:•