HomeMy WebLinkAboutResolution No. 04 02 Def CompRESOLUTION NO. 04-02
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UNIVERSITY
PARK, TEXAS, AMENDING ITS DEFERRED COMPENSATION PLAN; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City has employees rendering valuable services; and
WHEREAS, the City has established a deferred compensation plan for providing such
employees that serves the interests 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
WHEREAS, the City has determined that the continuance of the deferred compensation
plan will serve these objectives; and
WHEREAS, 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 UNIVERSITY
PARK, TEXAS:
SECTION 1. That the City hereby amends and restates its deferred compensation plan
(the "Plan") in the form of the ICMA Retirement Corporation Deferred Compensation Plan and
Trust (November, 2003), a true copy of which is adopted by reference as Exhibit "A' and made
part hereof for all purposes, the same as if fully copied herein. The City Secretary shall keep and
maintain a true and correct copy of the Plan with a copy of this resolution, available for public
inspection at any time.
SECTION 2. The assets of the Plan shall be held in trust, with the City serving as
Trustee ("Trustee"), for the exclusive benefit of Plan participants and their beneficiaries, and the
assets shall not be diverted to any other purpose. Indicia of the Trustee's beneficial ownership of
Plan assets held in Vantage Trust further shall be held for the exclusive benefit of the Plan
participants and their beneficiaries.
SECTION 3. That the City hereby agrees to serve as Trustee under the Plan.
DULY PASSED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY
PARK, TEXAS, on the 6th day of January 2004.
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CITY ATTORNEY
A~~
NII~~SO'N, CTrY SECRETARY
I, Nina Wilson, City Secretary of the City of University Park, Dallas County, Texas, do
hereby certify that the foregoing Resolution, proposed by Council Member
ROBERTS , was duly passed and adopted in the City Council Meeting of the
City of University Park, Dallas County, Texas at a regular meeting thereof assembled this
3lin day of FEBRUARY ., 2004, by the following vote:
AYES: 4
NAYS: 0
ABSENT: 1
O~ITY OF UNIVERSITY PARK,
DALLAS COUNTY, TEXAS
(Seal)
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