HomeMy WebLinkAboutResolution No 03 14 Retire HlthRESOLUTION NO. 03-14
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UNIVERSITY
PARK, TEXAS, ADOPTING A RETIREE HEALTH SAVINGS PLAN; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of University Park has employees rendering valuable services; and
WHEREAS, the establishment of a retiree health savings plan for such employees serves
the interests of the City of University Park by enabling it to provide reasonable security regarding
such employees' health needs during retirement, 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 University Park has determined that the establishment of the
retiree health savings plan (the "Plan") serves the above objectives;
NOW, THEREFORE BE IT RESOLVED, that the City of University Park hereby
adopts the Plan in the form of the ICMA Retirement Corporation's VantageCare Retirement
Health Savings program, attached hereto.
BE IT FURTHER RESOLVED, that the assets of the Plan shall be held in trust, with
Investors Bankers Trust Company (IBT) serving as trustee, for the exclusive benefit of Plan
participants and their beneficiaries, and the assets of the Plan shall not be diverted to any other
purpose prior to the satisfaction of all liabilities of the Plan. The City of University Park has
executed the Declaration of Trust of the City of University Park Integral Part Trust in the form of
the model trust made available by the ICMA Retirement Corporation.
BE IT FURTHER RESOLVED that the Director of Human Resources shall be the
coordinator and contact for the Plan and shall receive necessary reports and notices.
DULY PASSED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY
PARK, TEXAS, on the 11~ day of November, 2003.
APPROVED:
APPROVED AS TO
CITY ATTORNEY
W. RICHARD DAVIS
MAYOR PRO TEMPORE
~qI~ WI ~~C~~E T ARY