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<br />158 <br /> <br />RESOLUTION 1988-27R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SAN MARCOS, TEXAS APPROVING AND <br />ADOPTING A DEFERRED COMPENSATION PLAN; <br />AUTHORIZING ADMINISTRATION OF SAID PLAN <br />BY ICMA RETIREMENT CORPORATION AS <br />TRUSTEE; APPOINTING THE CITY MANAGER TO <br />SERVE AS COORDINATOR FOR SAID PLAN; AND <br />DECLARING AN EFFECTIVE DATE. <br /> <br />WHEREAS, the Ci ty of San Marcos recognizes <br />establishment of a deferred compensation plan <br />employees will serve the interests of said City by <br />it to provide reasonable retirement security <br />employees, by providing increased flexibility <br />personnel managemenT. system and by assisting <br />attraction and retention of competent personnel: and <br /> <br />tha t the <br />for its <br />enabling <br />for i T.S <br />in iT.s <br />in the <br /> <br />WHEREAS, the City of San Marcos has determined that the <br />establishment. of a deferred compensaT.ion plan to be <br />adminisT.ered by the ICMA Retirement Corporation will serve <br />the above objectives: and <br /> <br />WHEREAS, the City of San Marcos desires that the investment <br />of funds held under its deferred compensation plan be <br />administered by the ICMA Retirement Corporation, as Trustee, <br />with the understanding that such funds will be held by the <br />ICMA Trust, a trust established by public employers for the <br />purpose of representing the interests of such employers with <br />respect to the collective investmenT. of funds held under <br />their deferred compensation plans; now therefore, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS: <br /> <br />PART 1. That the City of San Marcos adopts the <br />deferred compensation plan, attached hereto as Appendix A and <br />appoints the ICMA Retirement Corporation to serve as <br />Administrator of said plan. <br /> <br />PART 2. That the City Manager of the City of San <br />Marcos is hereby directed and authorized to execute the ICMA <br />Retirement Trust, attached hereto as Appendix B. <br /> <br />PART 3. That the City of San Marcos adopts the trusT. <br />agreement, attached hereto as Appendix C and appoints the <br />ICMA Retirement Corporation as Trustee thereunder, and <br />directs the ICMA Retirement Corporation, as Trustee, to <br />invest all funds held under T.he deferred compensation plan <br />through the ICMA Retirement Trust as soon as is practicable. <br /> <br />PART 4. That the City Manager, or his designee, shall <br />be the coordinator for this program and shall receive <br />necessary reports, notices, etc., from the ICMA Retirement <br />Corporation as AdminisT.rator, and shall caST., on behal f of <br />the City of San Marcos, any required votes under the <br />program. Administrative duties to carry OUT. the plan may be <br />assigned to appropriate City Departments and administrators. <br /> <br />PART 5. That this Resolution shall be in full <br />and effect from and after its passage. <br /> <br />force <br /> <br />ADOPTED this 22 (' <br /> <br /> <br />February <br /> <br />',./'v'1j",--~...~_.._'- <br /> <br />,J E. Younger <br />Mayor <br /> <br />1988. <br /> <br />~~ tJ!I~~) <br />;~ß.; K. Womack <br /> <br />City Secretary <br />