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RESOLUTION APPROVING ESTABLISHMENT OF • QUALIFIED DEFINED CONTRIBUTION PLANS AND RELATED TRUST WHEREAS, Section 19-94 of the Charlottesville City Code permits the establishment of a deferred compensation plan approved by the Internal Revenue Service to provide for a tax- sheltered retirement system for professional governmental employees. Section 19-94 also permits the establishment of such a plan for the City Manager. WHEREAS, in order to implement the provisions of Section 19-94 in a manner most beneficial to the employees, counsel for the City has presented to Council (1) The Optional Retirement Plan for the City of Charlottesville for Section 19-94 Employees, (2) The Optional Retirement Plan for the City of Charlottesville for its City Manager, and 3) the Master Trust for the Defined Contribution Plans of the City of Charlottesville, which are intended to qualify for favorable tax treatment under Section 401(a) of the Intemal Revenue Code. NOW THEREFORE BE IT RESOLVED that said Plans and Trust are hereby adopted effective December 1, 1999. The Plans and Trust supercede any prior deferred compensation plan established or maintained for the Section 19-94 employees and the city manager. No further contributions will be made by the City to the prior plans. • BE IT FURTHER RESOLVED that the Retirement Plan Commission is appointed Plan Administrator for such Plans with the authority to carry out the duties described in the Plan documents including the authority to amend the Plans consistent with the Section 19-94 of the City Code. BE IT FURTHER RESOLVED that the Retirement Plan Commission is appointed Trustee for the Master Trust with the authority to carry out the duties described in the Trust document. BE IT FURTHER RESOLVED that an Assistant City Manager having authorization to execute contracts on behalf of the City is hereby directed to execute said Plans and Trust on behalf of the City and to take all necessary and appropriate actions as may be required to submit the Plans and Trust to the Intemal Revenue Service for its determination of the qualification of the Plans and Trust under Section 401 of the Intemal Revenue Code and the exemption of said Trust under Section 501 of the Intemal Revenue Code and to make any further amendments during the determination process to the Plan and Trust which are found by counsel for the City to be advisable or as may be required by the Internal Revenue Service in order to secure such favorable determination (if found by counsel to be advisable). Approved by Council A � i4, December 6, 1999 C e k of City Council 0