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AN ORDINANCE ESTABLISHING A DEFERRED COMPENSATION PLAN FOR THE CITY OF JONESBORO.
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WHEREAS, The City of Jonesboro has determined that in order to attract and retain qualified employees, it is necessary to offer a deferred compensation plan;
WHEREAS, the City of Jonesboro has reviewed the plan document for the Arkansas Municipal League (AML) Deferred Compensation Plan (PLAN) and to the extent it deemed necessary obtained legal advice regarding the Plan and the impact of participating in the Plan;
WHEREAS, the City of Jonesboro wishes to participate in the Plan to provide benefits to its employees;
WHEREAS, the City of Jonesboro has determined that by participating in the AML Plan it will reduce overall administrative costs of operating a plan, and afford attractive investment options to its Employees;
WHEREAS, the City of Jonesboro is an Employer as defined in the Plan;
WHEREAS, the City of Jonesboro has executed an Adoption Agreement for the Plan; and
WHEREAS, the City Council is authorized by law to adopt this ordinance approving the Adoption Agreement on behalf of the City of Jonesboro;
NOW THEREFORE, BE IT ENACTED by the City Council for the City of Jonesboro, Arkansas that:
SECTION 1: The City of Jonesboro adopts the Plan and the Trust Agreement (Trust) for the Plan for its Employees.
SECTION 2: The City of Jonesboro acknowledges that the Executive Committee of the AML will serve as the board of trustees of the AML Defined Contribution and Deferred Compensation Plan (Trustees) and shall only be responsible for the Plan and have no responsibility for other employee benefit plans maintained by the City of Jonesboro.
SECTION 3: The City of Jonesboro is authorized to sign all documents necessary to adopt the Plan and by so signing, be bound by the terms of the Plan as stated in the Adoption Agreement and Plan or other Plan documents. The City of Jonesboro reserves the right to amend its elections under the Adoption Agreement, so long as th...
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