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RESOLUTION TO ADOPT THE SECTION 457 PLAN AND TRUST FOR NON-UNIFORM EMPLOYEES AND APPOINT FIRST COMMERCIAL TRUST COMPANY AS THE TRUSTEE (NOTE: THIS RESOLUTION WAS AMENDED BY RES-01:856 ON MAY 21, 2001)
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WHEREAS, the City Council of the City of Jonesboro is committed to providing the strongest and soundest retirement program possible to their Non-Uniformed employees, and
WHEREAS, a supplemental 457 Plan, coupled with the current Defined Benefit Retirement Plan, would provide the employees of the City of Jonesboro flexibility, stability, and enhanced retirement opportunities,
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF JONESBORO:
SECTION 1: That the City of Jonesboro, by and through its legally constituted officers, does hereby adopt the City of Jonesboro Section 457 Plan and Trust for Non-Uniform Employees (the "Plan"), effective July 1, 1998, copies of which are by this reference incorporated herein as if fully set out; and
SECTION 2: That the appointment of First Commercial Trust Company as Trustee of the Plan and Trust is approved; effective July 1, 1998; and
SECTION 3: That the City of Jonesboro be designated as Plan Administrator of the Plan that authorized officers of the City of Jonesboro may appoint a committee to perform the function of Plan Administrator; and
SECTION 4: That the legally constituted officers be, and thereby are, authorized and directed on behalf of the City of Jonesboro to execute the above referenced Plan and Trust and to do such other things and to execute such other papers and documents as may be found necessary and proper to implement the Plan.
PASSED AND ADOPTED this the 1st day of June, 1998.