2016-002 - 457(b) Deferred Compensation Plan

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RESOLUTION NO. 2016 -002 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, ADOPTING A RESOLUTION THAT THE FORM OF AMENDED 457(b) DEFERRED COMPENSATION PLAN AND TRUST EFFECTIVE OCTOBER 1, 2015 BE HEREBY APPROVED AND ADOPTED AND AUTHORIZING THE MAYOR TO EXCUTE AND DELIVER TO THE PLAN ADMINISTRATOR; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Paris offers its employees optional /voluntary 457(b) deferred compensation plans in accordance with IRS regulations with no City contributions to these accounts, but contributions made by employees are done on a pre -tax basis; and, WHEREAS, the plan documents related to these deferred compensation plans must be restated from time to time to comply with IRS regulatory changes; and, WHEREAS, the documents approved, attached hereto as Exhibit "A" will bring the plan administered by Security Benefit into legal compliance with current IRS regulations. WHEREAS, the City Council hereby approves the adoption of this resolution of restatement of the 457(b) plan and authorizes the Mayor to sign on behalf of the City of Paris, Texas. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the City Council of the City of Paris, Texas adopts this resolution of restatement of the 457(b) plan as attached hereto as Exhibit "A ". Section 3. That this resolution shall be effective from and after its date of passage. PASSED AND APPROVED this 11th day of January, 2016. r, f A.J. Hash Vi, M.D., Mayor ATTEST: filhice Ellis, City Clerk