Res 186-96 12/17/1996RESOLUTION NO. I n (' '1 o
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, ADOPTING CHANGES IN THE ICMA CORPORATION
DEFERRED COMPENSATION PLAN AND TRUST AS REQUIRED BY THE
INTERNAL REVENUE SERVICE WHICH GOVERNS SECTION 457
DEFERRED COMPENSATION PLANS.
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS, the Employer has established a deferred compensation plan for such
employees that serves the interest of the Employer by enabling it to provide reasonable
retirement security for its employees, by providing increased flexibility in it personnel
management system, and by assisting in the attraction and retention of competent
personnel; and
WHEREAS, the Employer 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 that the Employer hereby amends and
restates the deferred compensation plan(the"Plan") in the form of"The ICMA
Retirement Corporation Deferred Compensation Plan and Trust".
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust,
with the Employer serving as trustee, for the exclusive benefit of the Plan participants and
their beneficiaries, and the assets shall not be diverted to any other purpose. The
Trustee's beneficial ownership of Plan assets held in the ICMA Retirement Trust shall
beheld for the further exclusive benefit of the Plan participants and their beneficiaries;
BE IT FURTHER RESOLVED that the Plan will permit loans.
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as
trustee under the plan.
PASSED AND APPROVED this the
1711
day of December, 1.96.
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MAYS•
ATTEST:
1;,: :
CITY CLERK