2007R08- 457 Plan
RESOLUTION NO.
07-R-OB
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF
SCHERTZ, TEXAS ADOPTING THE ICMA RETIREMENT
CORPORATION 457 DEFERRED COMPENSATION PLAN.
WHEREAS, the City Council (the "City Council") of the City of Schertz, Texas (the
"Employer") has agreed to adopt The ICMA Retirement Corporation 457 Deferred
Compensation Plan.
WHEREAS, the "Employer" has employees rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan for such employees
serves the interests 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 establishment of a deferred
compensation plan to be administered by the ICMA Retirement Corporation serves the
above objectives; and
WHEREAS, the "Employer" desires that its deferred compensation plan be administered
by the leMA Retirement Corporation, and that some or all of the funds held under such
plan be invested in the Vantage Trust Company, a trust established by public employees
for the collective investment of funds held under their retirement and deferred
compensation plans;
NOW THEREFORE BE IT RESOLVED that the "Employer" hereby adopts the
deferred compensation plan (the "Plan") in the form of The ICMA Retirement
Corporation Deferred Compensation Plan and Trust, referred to as Appendix A
BE IT FURTHER RESOLVED that the "Employer" hereby executes the Declaration of
Trust of the Vantage Trust Company, attached hereto as Appendix B, intending this
execution to be operative with respect to any retirement or deferred compensation plan
subsequently established by the "Employer", if the assets of the plan are to be invested in
the Vantage Trust Company.
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.
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".
BE IT FURTHER RESOLVED that the Finance Director shall be the coordinator of
this program; shall receive necessary reports, notices, etc. from ICMA Retirement
Corporation or the Vantage Trust Company; shall cast, on behalf of the "Employer", any
required votes under the Vantage Trust Company; Administrative duties to carry out the
"Plan" may be assigned to the appropriate departments, and is authorized to execute all
necessary agreements with ICMA Retirement Corporation incidental to the
administration of the "Plan".
I, Judy Tokar, City Secretary of the City of Schertz, Texas do hereby certify that the
foregoing resolution was duly passed and adopted by the City Council of the City of
Schertz at the regular meeting thereof assembled this 13 day of February, 2007 by the
following vote:
Ayes: Councilmembers Fowler, Scagliola, Wilenchik and Carpenter.
Nays: None.
Absent: Councilmember Agee
c..
Hal BaldWin, Mayor
ATTEST:
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&y TO~lf, City Secretary