HomeMy WebLinkAboutRes 1995-24\jttffjp^
RESOLUTION NO.1995 -<J4
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OFTHE TOWN OF FOUNTAIN HILLS,ARIZONA;
AMENDING THE ADOPTION AGREEMENT FOR THE TOWN
OF FOUNTAIN HILLS MONEY PURCHASE PENSION
PLAN;AND DECLARING AN EMERGENCY.
WHEREAS,the Town has previously established a money
purchase retirement plan known as the Town of Fountain Hills
Money Purchase Pension Plan pursuant to the specific provisions
of an Adoption Agreement;and
WHEREAS,the Council has previously adopted resolutions
requiring the Town to "pick up"the mandatory employee contribu
tions made on behalf of the employees;and
WHEREAS,the Council desires to amend the Adoption
Agreement providing for increased contributions to be made by
both the Town and the employees to the plan.
NOW,THEREFORE,BE IT RESOLVED by the Mayor and Common
Council of the Town of Fountain Hills,Arizona,that effective
July 1,1995,and until Further Resolutions of the Mayor and the
Common Council,the Town's contribution rate shall be 8-1/2%of
the employee's earnings and the mandatory employee contribution
rate by the employee shall be 6%of the employee's earnings;and
BE IT FURTHER RESOLVED,that the Town will pick up the
employee's revised employee contribution rate of contribution;
and
BE IT FURTHER RESOLVED,that the Mayor is hereby
authorized and directed to execute a First Amendment to the
Adoption Agreement to the Plan establishing the revised
contribution rate as set forth above;and
BE IT FURTHER RESOLVED,that the immediate operation of
this resolution is necessary for the preservation of the public
peace,health,and safety and therefore an emergency is hereby
declared to exist and this Resolution shall be in full force and
effect immediately after its passage and adoption.
RSL967CWWA-C
CUZ051195 MOTION lU*g-*>ft
SECOND _fiyfr^C^
COUNT &Q
\^^f
n^/
PASSED AND ADOPTED the Mayor and Common Council of the
Town of Fountain Hills,Arizona,this 1fcjH^day of HO,
1995."^
APPROVED AS TO FO
William E.Farrell
Town Attorney
JED BY:
Paul L.Nordin
Town Manager
-2-
IAa-i
tillo,Mayor
Attest
Cassie B.Hansen,
Town Clerk
\|gjjji/
\jgflS(/
FIRST AMENDMENT TO ADOPTION AGREEMENT
OP
TOWN OF FOUNTAIN HILLS
MONEY PURCHASE PENSION PLAN
WHEREAS,the Town of Fountain Hills,Arizona (the
"Employer"),became a participating Employer in the ICMA
Retirement Corporation Prototype Money Purchase Plan &Trust (the
"Plan")by execution of an Adoption Agreement effective November
1,1994;
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 successful operation and
administration.
NOW,THEREFORE,pursuant to the authority granted in
the Plan,the following amendments are adopted:
1.Paragraph 1 of Section VII is amended in its
entirety,effective with respect to Participant Earnings paid on
or after July 1,1995,to read as follows:
"VII.CONTRIBUTION PR0VIS?0NS
1.The Employer shall contribute as follows
(choose one):
(x)Fixed Employer Contributions With or
Without Mandatory Participant Contri
butions.
The Employer shall contribute on behalf
of each Participant 8.5%of Earnings for
the Plan Year (subject to the limitations
of Article VI of the Plan).Each Partici
pant is required to contribute 6.0%of
Earnings for the Plan Year as a condition
of participation in the Plan.(Write "0"
if no contribution is required.)If
Participant contributions are required
under this option,a Participant shall
not have the right to discontinue or vary
the rate of such contributions after
becoming a Plan Participant.
The Employer hereby elects to "pick up"
the Mandatory/Required Participant Con
tribution.
X Yes No"
AGT538CWWA-C
CUZ051195
V|||p/
C
2.Nothing in this First Amendment shall be construed
to adversely affect therightsofany Participant toanybenefit
provided under the Plan norto decrease any accrued benefit under
thePlan,except tothe extent permitted under the Internal
Revenue codeor necessary to maintain the Plan asone qualified
under Section 401(a)of the Internal Revenue Code.
IN WITNESS WHEREOF,the Employer has caused this First
Amendmenttobeexecutedonthisdayof ,
1995.
EMPLOYER:
TOWN OF FOUNTAIN HILLS,ARIZONA
By.
John tilld,Mayor
Attest:IvdULdxAJ*
Cassie B.Hansen
Town Clerk
-2-
ACCEPTED:
ICMA RETIREMENT CORPORATION
By.
Title
Attest: