HomeMy WebLinkAbout12-10-98-12.5 - Resolution - 12/10/1998q sofution
RESOLUTION NO. 12-10-98-12.5
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE
STATION, TEXAS, ADOPTING A PLAN AND TRUST DOCUMENT FOR
SECTION 457 DEFERRED COMPENSATION OPTIONAL RETIREMENT
PLAN.
WHEREAS, the City of College Station makes optional deferred
compensation programs available to its employees; and
WHEREAS, Section 457 of the Internal Revenue Code as amended in
1996,requires an establishment of a trust, custodial account or annuity
contract for the assets of such plans for the benefit of the participants; and
BE IT RESOLVED by the City Council of the City of College Station, Texas:
PART 1: That the City Council hereby approve the Section 457 Deferred
Compensation Plan and Trust Document.
PART 2: That the City Council hereby establish a trust arrangement, annuity
contract, or custodial account by the adoption of the plan in accordance with
IRS regulations.
PART 3: That this resolution shall take effect January 1, 1999.
ADOPTED this 10th day of
ATTEST:
Connie Hooks, City Secretary
APPROVED:
DECEMBER , A.D. 1998.
APPROVED:
Lynn I~lcllhaney, Mayor
ts ¸
Rarvey C~ill, Jr.,.3~ty At'ney