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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