12/20/2005 Resolutions 2005-359
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RES 0 L UTI 0 N 2005-359
WHEREAS, the City of Grand Island maintains the City of Grand Island, Nebraska
Firefighters' Retirement System Plan and Trust (the "Plan") to provide retirement benefits to its
employees who may participate in the Plan upon meeting the eligibility requirements ofthe plan; and
WHEREAS, the City of Grand Island maintains the City of Grand Island, Nebraska
Police Officers' Retirement System Plan and Trust (the "Plan") to provide retirement benefits to its
employees who may participate in the Plan upon meeting the eligibility requirements of the plan; and
WHEREAS, the City, through its City Council, has the authority to amend the Plans
under Plan Section 9.1; and
WHEREAS, the United States Congress passed the Economic Growth and Tax Relief
Reconciliation Act of 2001, which changed the provisions of Federal law governing qualified
retirement plans, including eliminating a plan's ability to distribute vested account balances of more
than $1,000 and not more than $5,000 without the participant's express permission, and requiring
that certain mandatory distributions be automatically rolled over to an individual retirement account
unless the participant makes an election to take cash or make a different rollover; and
WHEREAS, the City of Grand Island desires to amend the above-mentioned Plans in
a timely manner to comply with Federal law.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that Amendment No.3 to the Plans, in the form
attached hereto as Exhibit "A" and Exhibit "B" and incorporated herein by this reference, is hereby
adopted and approved.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk are hereby authorized
to execute the approved amendment for the Plans and to take any and all other action on behalf ofthe
City as is necessary or appropriate to carry out the actions approved in this Resolution and to
maintain the qualified status of the Plan.
Adopted by the City Council of the City of Grand Island, Nebraska, December 20, 2005.
Dof\ o.D ffi W~
RaNae Edwards, City Clerk
Approved as to Form II
December 15, 2005 II City Attorney