R88-05CITY OF KENNEDALE
RESOLUTION NO. 88 -5
A RESOLUTION RELATING TO A DEFERRED COMPENSATION PLAN.
WHEREAS: the city of Kennedale has employees rendering valuable services;
and
WHEREAS: the establishment of a deferred compensation plan for such
employees serves the interests of the City of Kennedale 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 City of Kennedale has previously determined that a deferred
compensation plan administered by the ICMA Retirement Corpora-
tion serves the above objectives and has already established
that plan; and
WHEREAS: in order for the City of Kennedale to continue to invest funds
held under its deferred compensation plan through the ICMA
Retirement Corporation, it is mandatory that such funds must be
held by the ICMA Retirement Trust, a trust established by public
employers for the collective investment of funds held under
their deferred compensation plans and money purchase retirement
plans;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KENNEDALE,
TEXAS, hereby executes the Declaration of Trust of the ICMA Retirement
Trust attached hereto as Appendix B.
BE IT FURTHER RESOLVED that the City of Kennedale is hereby designated as
the coordinator for this program and shall receive necessary reports,
notices, and other information from the ICMA Retirement Corporation or
the ICMA Retirement Trust, and shall cast, on behalf of the City of
Kennedale, any required votes under the program. Administrative duties
to carry out the plan may be assigned to the appropriate departments.
PRESENTED AND PASSED in open session at a regularly scheduled meeting of
the City Council of the City of Kennedale on this 13th day of October,
1988 with 3 councilmembers voting aye and 0 councilmembers voting nay.
Mayor
ATTEST:
City Secretary