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MUNICIPAL ORDER NO. 524
A MUNICIPAL ORDER ADOPTING THE INTERNATIONAL CITY
MANAGEMENT ASSOCIATION (ICMA) DEFERRED COMPENSATION PLAN FOR
THE CITY OF PADUCAH, KENTUCKY, HEREINAFTER REFERRED TO AS
"EMPLOYER"
i
WHEREAS, the Employer has employees rendering
valuable services; and
WHEREAS, the establishment of a deferred compensa-
tion plan for such employees serves the interests of the
Employer by enabling it to provide reasonable retirement
security for its employees, by providing increased flexi-
bility in its personnel management system, and by assisting
in the attraction and retention of competent personnel; and
WHEREAS, the Employer has determined that the
establishment of a deferred compensation plan to be admin-
istered by the ICMA Retirement COIrporation serves the above
objectives; and
WHEREAS, the Employer desires that the investment
of funds held under its deferred compensation plan be admin-
istered by the ICMA Retirement Corporation, and that such
funds be held by the ICMA Retirement Trust, a trust estab-
lished by public employers for the collective investment of
funds held under their deferred compensation plans and money
purchase retirement plans.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Employer, effective January 16,
1989, hereby adopts the deferred compensation plan attached
hereto as Appendix A and appoints the ICMA Retirement Cor-
Declaration of Trust of the ICMA Retirement Trust, attached
hereto as Appendix B.
SECTION 3. The Finance Director/City Treasurer
shall be the coordinator for this,program and shall receive
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poration to serve
as
Administrator
thereunder.
SECTION
2.
The employer
hereby executes the
Declaration of Trust of the ICMA Retirement Trust, attached
hereto as Appendix B.
SECTION 3. The Finance Director/City Treasurer
shall be the coordinator for this,program and shall receive
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necessary reports, notices, etc. from the ICMA Retirement
Corporation or the ICMA Retirement Trust, and shall cast, on
behalf of the Employer, any required votes under the pro-
gram. Administrative duties to carry out the plan may be
assigned to the appropriate departments.
GERRY B. MONTGOMERY
Mayor
I, Lenita Smith, Clerk of the City of Paducah,
Kentucky, do hereby certify that the foregoing Municipal
Order, proposed by Commissioner Grumley of the City of
Paducah, Kentucky, was duly passed and adopted by the Board
of Commissioners of the City of Paducah at a regular meeting
thereof assembled this 11th day of July, 1989, by the
following vote:
Ayes: Commissioners Coleman, Grumley, Keeling, Leeper and
Mayor Montgomery (5).
Nays: None
Absent: None
Lenita Smith, City Clerk
(SEAL) City of Paducah, Kentucky ''