HomeMy WebLinkAboutR21-543R 1 09
RESOLUTION R21-543
A RESOLUTION OF THE GOVERNING BODY OF THE CITY OF PLAINVIEW
("EMPLOYER") APPROVING THE TERMS AND CONDITIONS OF AN
INTERLOCAL AGREEMENT BETWEEN THE EMPLOYER AND EDUCATION
SERVICE CENTER REGION 10 WHICH SPONSORS THE RETIREMENT
ASSET MANAGEMENT SERVICES PROGRAM ("RAMS") AUTHORIZING THE
ESTABLISHMENT OR TAKEOVER OF ONE OR MORE PLANS AS SELECTED
BELOW.
WHEREAS, the EMPLOYER has been presented a proposed Interlocal Agreement for one
or more of the plans selected below, between Education Service Center Region 10 and the
EMPLOYER; and
WHEREAS, the EMPLOYER, pursuant to the authority granted under Sections 791.001 to
791.029 of the Local Government Code, V.T.C.A., as amended, desires to participate in the
described programs selected below sponsored by the Education Service Center Region 10 and
in the opinion of the Employer participation in this program will be highly beneficial to the
Employer and its employees; and
WHEREAS the EMPLOYER is eligible to sponsor the plans selected.
NOW THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE EMPLOYER:
(1) The Terms and Conditions of the Interlocal Agreement to join the ESC Region 10
Cooperative having been reviewed by the EMPLOYER and found to be acceptable and in
the best interests of the Employer and its employees are hereby in all things approved;
and (mark all applicable choices)
(2) (a) X The GOVERNING BODY hereby establishes a 457(b) Plan for the exclusive
benefit of the eligible employees of the Employer; or
(b) The GOVERNING BODY has a previously established 457(b) plan and hereby
adopts the ESC Region 10 457(b) Cooperative Master Plan Document, agrees
to invest the Plan funds in the ESC Region 10 457(b) Cooperative Trust and
appoints the ESC Region 10 and the ESC Region 10 457(b) Cooperative
Investment Advisory Committee to act on the Employer's behalf in all matters
involving the Plan, with the exception of specific provisions elected by the
EMPLOYER regarding its Plan effective ; and/or
(3) (a) The GOVERNING BODY hereby establishes a 457(b) FICA Alternative Plan
for the exclusive benefit of the eligible employees of the Employer; or
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(b) The GOVERNING BODY has previously established a 457(b) FICA Alternative
Plan and does hereby adopt the ESC Region 10 457(b) FICA Alternative Plan
Document, the ESC Region 10 457(b) FICA Alternative Plan Trust and
appoints the ESC Region 10 Investment Advisory Committee to act on the
Employer's behalf in all matters involving the Plan and Trust, with the exception
of specific provisions elected by the EMPLOYER regarding its Plan effective
and/or
(4) (a) X The GOVERNING BODY hereby establishes the 401(a) Teacher/Employee
Retention and Recruitment Plan ("TERRP") or the exclusive benefit of the
eligible employees of the Employer effective January 1, 2022; or
(b) The GOVERNING BODY has previously established a 401(a) defined
contribution plan for the EMPLOYER and does hereby adopt the TERRP 401(a)
Retirement Plan Document, the 401(a) TERRP Trust and appoints the ESC
Region 10 Investment Advisory Committee to act on the Employer's behalf in
all matters involving the Plan and Trust, with the exception of specific provisions
elected by the EMPLOYER regarding its Plan effective ;
and/or
(5) The GOVERNING BODY hereby instructs that the assets of the selected plans above (if
any) in which the applicable ESC Region 10 Trust was selected be moved from the
current custodian or trustee to the applicable ESC Region 10 Trust at Matrix Trust as
soon as is practical and that the administration of the Plan be moved from the current
administrator to TCG Administrators, the third -party administrator for the ESC Region 10
RAMS programs; and/or
(6) The GOVERNING BODY does hereby adopt the Interlocal Agreement with
Education Service Center Region 10 for Financial Wellness Services at the fee shown in
such Interlocal Agreement; and/or
(7) The GOVERNING BODY hereby appoints the City Manager, or his/her successor or
his/her designee, as EMPLOYER Plan Administrator, and further authorizes him/her to
implement and manage the EMPLOYER'S participation in the applicable Plans under the
direction of the GOVERNING BODY; and
(8) The Employer's Plan Administrator is hereby authorized to execute the applicable ESC
Region 10 RAMS interlocal agreements, contracts and other legal documents on behalf
of the EMPLOYER and to take whatever additional actions that are necessary to set up
and maintain the participation of the EMPLOYER in the applicable ESC Region 10 RAMS
programs and to maintain compliance with relevant regulations issued or as may be
issued.
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(9) This Resolution shall be effective immediately upon its passage.
PASSED AND APPROVED this 14th day of DecPmhPr gn91
ATTEST:
Belinda Hinojosa, City StWary
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Resolution R21-543
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