1993-051City of Southlake, Texas
RESOLUTION NO. 93-51
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AGREEMENTS WITH ICMA RETIREMENT
CORPORATION INCIDENTAL TO THE ADMINISTRATION
OF A DEFERRED COMPENSATION PLAN; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, the establishment of a deferred compensation plan for
such employees serves the interests of the City of Southlake 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
WHEREAS, the City of Southlake has determined that the
establishment of a deferred compensation plan to be administered by
the ICMA Retirement Corporation serves the above objectives; and
WHEREAS, the City of Southlake desires that an alternate
deferred compensation plan be administered by the ICMA Retirement
Corporation, and that the funds held under such 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; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS,
THAT:
SECTION 1. The City of Southlake hereby adopts or has
previously adopted the deferred compensation plan (the "Plan") in
the form of: The ICMA Retirement Corporation Deferred Compensation
Plan, referred to as Appendix A.
SECTION 2.' The City of Southlake hereby executes the
Declaration of Trust of the ICMA Retirement Trust, attached hereto
as Appendix B, intending this execution to be operative with
respect to any retirement or deferred compensation plan
subsequently established by the City of Southlake, if the assets of
the plan are to be invested in the ICMA Retirement Trust.
SECTION 3. The City Manager shall be the coordinator for this
program; shall receive necessary reports, notices, etc. from the
ICMA Retirement Corporation or the ICMA Retirement Trust; shall
cast, on behalf of the City of Southlake, any required votes under
the ICMA Retirement Trust; Administrative duties to carry out the
plan may be assigned to the appropriate departments, and is
authorized to execute all necessary agreements with ICMA Retirement
Corporation incidental to the administration of the Plan.
SECTION 4. This resolution shall take effect from and after
its passage, and it is accordingly so resolved.
Resolution No. 93-51
Page 2
PASSED"jwPROVED this
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ATT$yST'•..... '
ndra LeGrand
City Secretary
b:93-51.RRS/ORDLRRS/kb
day 1993.
nary Fickes,/Mayor