SUbscriber Login | NEW SUBSCRIPTION  

RESOLUTION NO. 797 OF 2012

  • warning: Parameter 2 to ad_flash_adapi() expected to be a reference, value given in /var/www/vhosts/rustonleader.com/httpdocs/includes/module.inc on line 497.
  • warning: Parameter 2 to ad_flash_adapi() expected to be a reference, value given in /var/www/vhosts/rustonleader.com/httpdocs/includes/module.inc on line 497.
  • warning: Parameter 2 to ad_flash_adapi() expected to be a reference, value given in /var/www/vhosts/rustonleader.com/httpdocs/includes/module.inc on line 497.
  • warning: Parameter 2 to ad_flash_adapi() expected to be a reference, value given in /var/www/vhosts/rustonleader.com/httpdocs/includes/module.inc on line 497.
  • warning: Parameter 2 to ad_flash_adapi() expected to be a reference, value given in /var/www/vhosts/rustonleader.com/httpdocs/includes/module.inc on line 497.

RESOLUTION NO. 797 OF 2012
RESOLUTION AUTHORIZING CITY TO ENTER INTO AGREEMENT FOR DEFERRED COMPENSATION PLAN CONSULTING SERVICES AND TO ESTABLISH A PROCESS FOR REVIEWING INVESTMENTS UNDER THE PLAN
WHEREAS, the City of Ruston (the “City”) previously established the City of Ruston, Louisiana Deferred Compensation Plan for Public Employees, as may have been modified and/or superseded by the Ruston, Louisiana Deferred Compensation Plan for Public Employees - 457 Governmental Plan and Trust and/or similar deferred compensation plans, and the City may in the future establish new deferred compensation plans (individually or collectively the “Plan”); and, WHEREAS, the City has established the City of Ruston, Louisiana Deferred Compensation Plan Committee (the “Committee”), which will, with the assistance of professional advisors: (a) oversee the operation of the Plan, (b) select, evaluate, and monitor the selection and performance of investment alternatives provided to participants of the Plan; and (c) engage in other appropriate Plan duties; and, WHEREAS, the City desires to enter into a consulting services agreement (“Consulting Services Agreement”) with Gallagher Retirement Services (“Gallagher”) to assist the Committee in fulfilling the responsibilities referred to above; and, WHEREAS, Gallagher will develop an Investment Policy Statement (“IPS”) that documents the process by which Gallagher reviews investments; and, WHEREAS, the City desires that the process for reviewing investments under the Plan by the Committee during the term of the Consulting Services Agreement be governed by the IPS developed by Gallagher; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF RUSTON, LOUISIANA:
§ 1. The City enter into a Consulting Services Agreement with Gallagher.
§ 2. The process for reviewing investments under the Plan by the Committee during the term of the Consulting Services Agreement shall be governed by the IPS developed by Gallagher. Upon termination of the Consulting Services Agreement, the IPS shall no longer remain in effect.
§ 3. In the event of a conflict between the IPS and any other investment policy statement adopted for the Plan, the IPS shall control the process for reviewing investments under the Plan by the Committee.
§4. The Mayor, Dan Hollingsworth, is authorized and empowered to execute all documents necessary and to do all things necessary to carry out this Resolution and to fulfill its objects and purposes.
§5. This Resolution shall become effective upon final adoption and signature of the Mayor.
Said Resolution having been read and considered by a quorum of the Board of Alderman, on motion to adopt by Alderman Jedd Lewis, seconded by Alderman Elmore Mayfield, a record vote was taken and the following result was had:
YEA: ALDERWOMAN GLENDA HOWARD
ALDERMAN JEDD LEWIS
ALDERMAN ELMORE MAYFIELD
ALDERMAN JIM PEARCE
ALDERWOMAN MARIE S. RIGGS
NAY: NONE
ABSENT: NONE
WHEREUPON, the presiding officer declared the above Resolution duly adopted in full on this the 9th day of July, 2012.
ATTEST:
EMMETT GIBBS, CLERK
DAN HOLLINGSWORTH, MAYOR
1td: July 13, 2012

Bookmark and Share