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A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA <br />ESTABLISHING A MONEY PURCHASE PLAN IN THE FOt~ OF THE ICMA <br />RETIREmeNT CORPORATION PROTOTYPE MONEY PURCHASE PLAN A~ND TRUST. <br /> <br /> WHEREAS, the City of Portsmouth, Virginia, has employees <br />rendering valuable services; and <br /> <br /> WHEREAS, the establishment of a Money Purchase Plan will <br />benefit a specified group or groups of employees by providing <br />funds for retirement and funds for their beneficiaries in the <br />event of death; and <br /> <br /> WHEREAS, the establishment of a Money Purchase Plan will <br />assist the City of Portsmouth in attracting and retaining <br />qualified personnel; and <br /> <br /> ~EREAS, the City of Portsmouth <br />Purchase Plan be administered by the <br /> <br />desires that its Money <br />ICI~A Retirement Corporation. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the City of Portsmouth <br />establishes a Money Purchase Plan in the form of the IC_MA Re- <br />tirement Corporation Prototype Money Purchase Plan and Trust, <br />pursuant to the specific provisions of the executed Adoption <br />Agreement. The plan and the trust forming a part hereof are <br />established and shall be maintained for the exclusive benefit <br />of eligible employees and their beneficiaries. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held June 26, 1984. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />