RESO 2003-24 - Approve participation in ICMA-RC Section 457 PlanRESOLUTION NO. 2003-24
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTSVILLE,
TEXAS, AUTHORIZING AND APPROVING PARTICIPATION IN THE CITY'S
ICMA -RC (INTERNATIONAL CITY /COUNTY MANAGEMENT
ASSOCIATION RETIREMENT CORPORATION) SECTION 457 PLAN; AND
DECLARING AN EFFECTIVE DATE.
WHEREAS, the City has traditionally contributed an amount equal to 15.5% for
employees retirement programs; and
WHEREAS, in FY 01 -02 the City approved participation in the City's ICMA -RC
Section 457 Plan in an amount equal to 15.5% less the percentage cost of the TMRS Plan,
but the City did not participate in FY02 -03 because the contributions to the TMRS Plan
were a little over 15.5 %; and
WHEREAS, the City's contributions to the TMRS Plan in FY 03 -04 are 14.91%
and the City desires to renew participation in the ICMA -RC Section 457 plan in order to
keep the contributions at 15.5 %; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE,
TEXAS, that:
SECTION 1: The City Council authorizes and approves participation in the
City's ICMA -RC (International City /County. Management Association Retirement
Corporation) Section 457 Plan for employees eligible to participate in the Texas
Municipal Retirement System ( "TMRS ") system in an amount equal to 15.5 %, less the
percentage cost of the TMRS retirement plan. This resolution shall be applicable to
Fiscal Year 2003 -2004 and any subsequent fiscal year in which the TMRS contribution
rate is below 15.5% so that the City will participate in the ICMA -RC Section 457 Plan in
a percentage amount for each eligible employee which brings the total percentage
contribution amount to 15.5% when combining the TMRS contribution rate with the
ICMA -RC Section 457 contribution rate.
SECTION 2: That this Resolution shall become effective from and after the date
of its passage.
PASSED AND APPROVED ON THE 16TH DAY OF DECEMBER 2003.
CITY UNTSVI ; XAS
G
Karl ]7avidson, Mayor
AT EST:
Danna Welter, City Secretary