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RESOLUTION NO. 10, 026
A RESOLUTION TO ADOPT A UNITED STATES
CONFERENCE OF MAYORS' 401(a) MONEY PURCHASE
RETIREMENT PLAN ADMINISTERED BY THE PUBLIC
EMPLOYEES BENEFIT SERVICES CORPORATION; TO
AUTHORIZE THE PARTICIPATION OF CITY
DEPARTMENT HEADS; AND FOR OTHER PURPOSES.
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WHEREAS, the City of Little Rock ( "Employer ") has employees rendering valuable
services; and
WHEREAS, the establishment of a money purchase retirement plan benefits
employees by providing funds for retirement and funds for their beneficiaries in the event of
death; and
WHEREAS, the City desires to provide a United States Conference of Mayors'
( "USCM ") Section 401(a) money purchase retirement plan to be administered by the Public
Employees' Benefit Services Corporation ( "PEBSCO "), and that the funds be held on behalf
of Department Heads and other employees in such plan and be invested in the USCM
Retirement Trust, a trust established by public employers for the collective investment of funds
held under their retirement and deferred compensation plans.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City of Little Rock (the "City ") hereby establishes or has established
a money purchase retirement plan (the "Plan ") in the form of
The U.S. Conference of Mayors' Prototype Money Purchase Plan
and Trust, pursuant to the specific provisions of the Adoption
Agreement (executed copy attached hereto).
The Plan shall be maintained for the exclusive benefit of eligible employees and their
beneficiaries; and
SECTION 2. Department Heads of the City are specifically permitted to benefit from
the Section 401(a) Plan adopted by the City in this Resolution and the City Manager is
directed to assure that these employees are permitted to withdraw from the present nonuniform
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1 employees defined contribution plan upon being notified that the employees elect this option,
2 and that all nontaxed funds be forwarded to the USCM Retirement Trust at the soonest
3 practicable moment.
4 SECTION 3. The City hereby executes the Declaration of Trust of the USCM
5 Retirement Trust, intending this execution to be operative with respect to any retirement or
6 deferred compensation plan subsequently established by the City, if the assets of the plan are
7 to be invested in the USCM Retirement Trust.
8 SECTION 4. The City hereby agrees to serve as trustee under the Plan and to invest
9 funds held under the Plan in the USCM Retirement Trust; and
10 SECTION 5. The Finance Director shall be the coordinator for the Plan; shall receive
11 necessary reports, notices, etc. from the PEBSCO or the USCM Retirement Trust; shall cast,
12 on behalf of the City, any required votes under the USCM Retirement Trust; may delegate any
13 administrative duties relating to the Plan to appropriate departments; and
14 SECTION 6. The City Manager or his designee is hereby authorized to execute all
15 necessary agreements with the USCM and PEBSCO incidental to the administration of the
16 Plan.
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18 ADOPTED: July 15, 1997
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20 ATTEST:
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ROBBIE HANCOCK
23 CITY CLERK
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APPROVED AS TO FORM:
26 q
28 THOMAS M. CARPEN R
CITY ATTORNEY
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APPROVED:
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JIM PAILEY
MA OR
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