Res 133-99 11/16/1999RESOLUTION NO. 133 -99
RESOLUTION AUTHORIZING THE ESTABLISHMENT OF A MONEY
PURCHASE RETIREMENT PLAN; DETERMINING THAT THE
MEETING AT WHICH THIS RESOLUTION WAS PASSED WAS OPEN
TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, the City of Wichita Falls has employees rendering valuable services;
and
WHEREAS, the establishment of a money purchase retirement plan benefits
employees by providing funds for retirement and funds for their beneficiaries in the
event of death; and
WHEREAS, the City of Wichita Falls desires that its money purchase retirement
plan be administered by the ICMA Retirement Corporation and that the funds held in
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 WICHITA FALLS, TEXAS, THAT:
SECTION 1. The City of Wichita Falls hereby establishes or has established a
money purchase retirement plan (the "Plan ") in the form of the ICMA Retirement
Corporation Governmental Money Purchase & Trust, pursuant to the specific provisions
of the Adoption Agreement. The Plan shall be maintained for the exclusive benefit of
eligible employees and their beneficiaries.
SECTION 2. The City of Wichita Falls hereby executes the Declaration of Trust
of the ICMA Retirement Trust, attached hereto, intending this execution to be operative
with respect to any retirement or deferred compensation plan subsequently established
by the City of Wichita Falls, if the assets of the plan are to be invested in the ICMA
Retirement Trust.
SECTION 3. The City of Wichita Falls hereby agrees to serve as trustee under
the Plan and to invest funds held under the Plan in the ICMA Retirement Trust.
SECTION 4. The City Manager shall be the coordinator for the Plan; shall receive
reports, notices, etc., from the ICMA Retirement Corporation or the ICMA Retirement
Trust; shall cast, on behalf of the City of Wichita Falls, any required votes under the
ICMA Retirement Trust; may delegate any administrative duties relating to the Plan to
appropriate departments.
SECTION 5. The City of Wichita Falls hereby authorizes the City Manager to
execute all necessary agreements with the ICMA Retirement Corporation incidental to
the administration of the Plan
SECTION 6. It is hereby officially found and determined that the meeting at which
this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the 16th day of November, 1999.
ATTEST: