HomeMy WebLinkAboutResolution No. 84-21 (2) ,� .�. ,_.
I'cESOLUTION N0 . � /��
RESOLUTION OF THE CITY QF FRIENDS�VOOD, COUNTIES OF GALVESTON AND
HARRIS , TEXAS. ,
X X X X X
WHEREAS , the City of Friendswood has employees rendering
valuable services ; and
WHEREAS , the establishment o� a deferred compensation plan
for such employees wi11 serve the interests of the City of
Friendswood by enabling it to provide reasonable retirement
security for i�s 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 Friendswood has determined that the
establisYzment of a deferred compensation plan to be administered
by the ICMA Re�irement Corporation will serve the above objectives ,
and
WHEREAS, the City of Friendswood desires that the investment
of funds held under its deferred compensation plan be administered
by the ICM.A Retirement Corporation as Trustee , with the understand-
ing that such funds will be held by the ICMA Retirement Trust , a
trust established by public em�loyers for the purpose of represent-
ing the interest� of �ur;z emnloyers wzth respect to the collective
investment o£ funds held under their deferred compensa�ion plans :
NOW THEREFORi BE IT RESOLVED that the City of Friendswood
adopts the deferred compensation plan, attached hereto as Appendix
A, and appoints the ICMA Retirement Corporation to serve as
Administrator thereunder ; and
BE TT FURTHER RESOLVED that the City of Friendswood hereby
execu�es the ICMA Retirement Trust , attached hereto as Appendix B;
and
BE IT FURTHER RLSOLVED that the City of Friendswood hereby
adopts the trust agreement , attached hereto as Appendix C, and
appoints the ICMA Retirement Corporatian as Trustee thereunder ,
and directs the ICMA Retirement Corporation, as Trustee , to invest
all funds hela under the deferred compensation plan thxough the
ICP�A Retirement Trust as soon as is practicable ; and
BE I'F FURTHER RESOLVED tha� �he, City Manager shall be the
coordinator for this program and shall receive necessary reports ,
notices , etc. , from the ICMA Retirement Corporation as Administrator ,
and shall cast , on behalf of the City of Friendswood , any reauired
votes under the program. Administra�ive duties to carry out the
plan may be assigned to the appropriate departments .
ADOPTED by the City Council of the City of Friendswood on
this the 6th day of August 1984 .
* * *
I , Deloris McKenzie , City Secretary of the City of Friendswood ,
do hereby certify that the foregoing resolution, proposed by
Councilman Robert Wicklander of the Friendswood City Council , was
duly passed and. adopted by the City Council of the City of
Friendswood on the 6th day of August 1984 , by the following vote :
AYES : Six (6)
NAYES : None
ABSENT : One (1)
(seal)
Deloris M Kenzie
City Secretary
City of Friendswood , Texas
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