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RESOLUTION NO. 10-042
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 CERTAIN CITY
ATTORNEYS; AND FOR OTHER PURPOSES.
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 the Chief Deputy & Deputy City Attorneys 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 o£
The U.S. Conference of Mayors' Prototype Money Purchase Plan
and Trust, pursuant to the specific provisions of the Adoption
Agreement.
The Plan shall be maintained for the exclusive benefit of eligible employees and their
beneficiaries.
SECTION 2. The City Attorney, Chief Deputy City Attorney and Deputy City
Attorneys 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 employees defined contribution plan
upon being notified that the employees elect this option, and that all nontaxed funds be
forwarded to the USCM Retirement Trust at the soonest practicable moment.
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SECTION 3. The City hereby executes the Declaration of Trust of the USC081
Retirement Trust, intending this execution to be operative with respect to any retirement or
deferred compensation plan subsequently established by the City, if the assets of the plan are
to be invested in the USCM Retirement Trust.
SECTION 4. The City hereby agrees to serve as trustee under the Plan and to invest
funds held under the Plan in the USCM Retirement Trust.
SECTION 5. The Finance Director shall be the coordinator for the Plan; shall
receive necessary reports, notices, etc. from the PEBSCO or the USCM Retirement Trust;
shall cast, on behalf of the City, any required votes under the USCM Retirement Trust; may
delegate any administrative duties relating to the Plan to appropriate departments.
SECTION 6. The City Manager or his designee is hereby authorized to execute all
necessary agreements with the USCM and PEBSCO incidental to the administration of the
Plan.
ADOPTED: August 5, 1997
ATTEST:
ROBBIE HAN OCK
CITY CLERK
APP AS TO FORM:
THOMAS M. CARPENT
CITY ATTORNEY
APPROVED:
JI AILEY
MAYOR
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