HomeMy WebLinkAboutResolution 764 r
:OLUTION FILENO. _-7lo�y__
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CITY COUNCIL TO ESTABLISH DEFERRED COMPENSATION PLAN �
INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORPORATION
WHEREAS, The City has in its employ certain personnel ; and
WHEREAS, said employees are and will be rendering valuable services to the
City; and
WHEREAS, the City has considered the establishment of a Deferred Compensation
Plan for the said employees made available to the City and to said
employees by the International City Management Association Retirement
Corporation; and
WHEREAS, said employees often are unable to acquire retirement security under
other existing and available. retirement plans due to the contingencies
of the employment mobility; and
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WHEREAS, the City receives benefits under said plans by being able to assure
reasonable retirement security to said employees, by being better able
^ ` to attract competent personnel to its service, and by increasing its
flexibility in personnel management through elimination of the need
for continued employment for the sole purpose of allowing an employee
to qualify for retirement benefits.
NOW, THEREFORE, BE IT RESOLVED that the City establish said Deferred Compen—
sation Plan for said employees and hereby authorizes its City Manager
to execute the Deferred Compensation Plan with the International City
Management Association Retirement Corporation, attached hereto as
Appendix A; and
IT IS FURTHER RESOLVED that the City Manager may, on behalf of the City execute
all Joinder Agreements with said employees and other eligible officials and
officers, which are necessary for said persons participation in the Plan, an
example of which appears as Appendix B, except that any Joinder Agreement for
said designated official shall be executed by the Personnel Director.
CITY OF FORT WORTH