HomeMy WebLinkAboutRES 96-300 RESOLUTION NO. �-
WHEREAS, the City of Beaumont has employees rendering valuable services; and,
WHEREAS, the City of Beaumont has established a deferred compensation plan
for such employees that serves the interest of the City of Beaumont 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 Beaumont 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 BY
THE CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the City of Beaumont hereby amends and restates the deferred compensation plan
(the "Plan") in the form of the ICMA Retirement Corporation Compensation Plan and Trust.
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.
PASSED BY THE CITY COUNCIL of the City of Beaumont on this the 11Y1, day
of E 1996.
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