1997-01 Provide for Revision for ICMA Retirement Plan
RESOLUTION NO. 97-01
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF PARKLAND, FLORIDA, TO PROVIDE FOR
REVISION OF THE CITY OF PARKLAND ICMA
RETIREMENT PLAN; CONTAINING AN EFFECTIVE DATE
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 its 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 RESOL VEn 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
Employer's beneficial ownership of Plan assets held in the ICMA Retirement Trust shall
be held for the further exclusive benefit of the Plan participants and their beneficiaries.
Notwithstanding the foregoing, all Plan provisions creating a Trust to hold all the assets of
the Plan for the exclusive benefit of participants and beneficiaries shall become effective
once the appropriate body makes the necessary amendments permitting the establishment
and maintenance of such a Trust;
BE IT FURTHER RESOLVED that the Plan will not permit loans;
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as
trustee under the Plan.
This Resolution shall become effective upon adoption.
\ RESOLUTION NO. 97-01
PAGE 2
PASSEDANDADOPTEDmIS 22 DAYOF JANUARY ,1997.
ATTESTED:
~- Q.~
SUSAN ARMSTRONG, C. . .
CITY CLERK
CITY OF PARKLAND, FLORIDA
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