HomeMy WebLinkAboutRes 1996-51C
C
RESOLUTION NO.1996 -51
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
TOWN OF FOUNTAIN HILLS,ARIZONA;AMENDING THE ADOPTION
AGREEMENTFOR THEICMA RETIREMENT CORPORATIONPROTOTYPE
MONEYPURCHASEPLANANDTRUSTFORTHETOWN MANAGER;
WHEREAS,theTownhas previously established a money purchase retirement planinthe
form ofthe ICMA Retirement Corporation Prototype Money Purchase PlanandTrustforthe
TownManagerpursuanttothespecificprovisionsofanAdoptionAgreement;and
WHEREAS,the Council has previously adopted resolutions requiring theTownto"pick
up"the mandatory employee contributions made onbehalfoftheTown Manager;and
WHEREAS,theCouncildesirestoamendtheAdoptionAgreementprovidingfor increased
contributionstobemadebyboththeTownandtheTownManagertotheplan.
NOW,THEREFORE,BEIT RESOLVED bytheMayorandCommonCouncilforthe
TownofFountainHills,Arizona,thateffectiveJuly 11,1996,anduntil Further Resolutionsof
theMayorandthe Common Council,the Town's contribution rateshallbe9%of theTown
Managers earnings andthe mandatory employee contribution ratebytheTown Manager shall
be7.5%oftheTown Manager's earnings;and
BEIT FURTHER RESOLVED,thattheTownwillpickuptheTownManager'srevised
employee contribution rate of contribution;and
BEIT FURTHER RESOLVED,thattheMayorisherebyauthorizedanddirectedto
executeaFirstAmendmenttotheAdoptionAgreementtothePlan establishing therevised
contribution rate asset forth above;and
PASSED AND ADOPTED theMayorandCommonCounciloftheTownofFountain
Hills,Arizona,this 11-Bxday of g^U 1995
APPROVED AS TO FORM:
WilliamE.Farrell,Town Attorney
REVIEWED BY:
Paul 1/Nordin,Town Manager
rev.July1.1996
Attest:
Jerry Miles,MayorrJerryMiles,
Cassie B.Hansen,Town Clerk
FIRST AMENDMENT TO ADOPTION AGREEMENT
OF
TOWN OF FOUNTAIN HILLS MANAGEMENT
ICMA RETIREMENT CORPORATION
PROTOTYPE MONEY PURCHASE PLAN AND TRUST
WHEREAS,the Town of Fountain Hills,Arizona (the "Employer"),became a
participating Employer in the ICMA Retirement Corporation Management Plan (the "Plan")by
executionofanAdoptionAgreementeffectiveMarch21,1991;
WHEREAS,the Employer is authorized,pursuant to the Plan,to adopt amendments to the
Adoption Agreement;and
WHEREAS,the Employer has determined that amendments are required to assure the
Plan's successfuloperationand administration.
NOW,THEREFORE,pursuant to the authority granted in the Plan,the following
amendments areadopted:
1.Paragraph 1of Section VII is amended in its entirety,effective with respect to
Participant Earnings paidonorafterJuly 11,1996,toreadas follows:
"VII.CONTRIBUTION PROVISIONS
1.The Employer shall contribute as follows (choose one):
(X)Fixed Employer Contributions WithorWithout
MandatoryEmployee contributions.
The Employer shall contribute on behalf of each
Participant9.0%ofEarningsforthePlanYear
(subjecttothelimitationsofArticleVIofthePlan).
EachParticipantisrequiredtocontribute7.5%of
Earnings forthePlanYearasa condition of
participation.(Write"0"ifno contribution is
required.)IftheParticipantcontributionsare
requiredunderthisoption,aParticipantshallnot
havetherightto discontinue orvarytherateofsuch
contributions after becoming aPlan Participant.
TheEmployerherebyelectsto"pickup"the
Mandatory/Required Participant Contribution.
X Yes No"
2.Nothing in this First Amendment shall be construed to adversely affect the rights
(of any Participant toany benefit provided under the Plan norto decrease any accrued benefit
^*"/under the Plan,except to the extent permitted under the Internal Revenue code or necessary to
maintainthePlanasonequalifiedunderSection401(a)oftheInternalRevenueCode.
rev.July1.1996
c
IN WITNESS WHEREOF,theEmployerhascausedthisFirst Amendment tobeexecuted
onthis11thdayofJuly,1996.
EMPLOYER:ACCEPTED:
TOWNOFFOUNTAINHILLS,ARIZONAICMARETIREMENT CORPORATION
By—I^^y,<//M By
JerryMiles,Mayor Title_
Attest:KjtAA^xjj l\U^Us Attest:
Cassie B.Hansen,Town Clerk
rev.July1.1996