RESO 1996-18 - ICMA AmendmentsWHEREAS
WHEREAS
WHEREAS
WHEREAS
RESOLUTION NO. 96 -18
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTSVILLE, TEXAS, AMENDING AND RESTATING THE ICMA
RETIREMENT CORPORATION DEFERRED COMPENSATION
PLAN AND TRUST; AND MAKING OTHER PROVISIONS
RELATED THERETO.
the City of Huntsville has employees rendering valuable services; and
the City has established a deferred compensation plan for such employees that serves the
interest of the City by enabling it to provide reasonable retirement security for its
employees, by providing increased flexibility in its personnel management system, and by
assisting in the attraction and retention of competent personnel; and
the City has determined that the continuance of the deferred compensation plan will serve
these objectives; and
amendments to the Internal Revenue Code have been enacted that require changes to the
structure of and allow enhancements of the benefits of the deferred compensation plan.
NOW, THEREFORE, be it resolved by the City Council of the City of Huntsville, Texas, that:
SECTION 1:
SECTION 2:
The City hereby amends and restates the deferred compensation plan ( "the Plan ") in the
form of the ICMA Retirement Corporation Deferred Compensation Plan and Trust.
The assets of the Plan shall be held in trust, with the City serving as trustee, for the
exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be
diverted to any other purpose. The Trustee's beneficial ownership of the Plan assets held
in the ICMA Retirement Trust shall be held for the further exclusive benefit of the Plan
participants and their beneficiaries.
SECTION 3: The Pla will - permit loans.
04.121(
1 t -)
SECTION 4: The City of Huntsville hereby agrees to serve as trustee under the Plan.
SECTION 5: This resolution shall take effect immediately upon its adoption by the City Council.
Passed and approved this 12th day of November, 1996.
AT ' ST:
Danna Welter, City Secretary
APP OVED SY 0 FORM:
S'•tt Bounds, City Attorney
THE CITY •, TS ' LE
William B. Green, Mayor