HomeMy WebLinkAboutRes 1995-26RESOLUTION NO.1995 -c3 t»
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OFTHE TOWN OF FOUNTAIN HILLS,ARIZONA;
AMENDING THE ADOPTION AGREEMENT FOR THE ICMA
RETIREMENT CORPORATION PROTOTYPE MONEY
PURCHASE PLAN AND TRUST FOR THE TOWN MANAGER;
AND DECLARING AN EMERGENCY.
WHEREAS,the Town has previously established a money
purchase retirement plan in the form of the ICMA Retirement
Corporation Prototype Money Purchase Plan and Trust for the Town
Manager 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 Town Manager;and
WHEREAS,the Council desires to amend the Adoption
Agreement providing for increased contributions to be made by
both the Town and the Town Manager 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 Town Manager's earnings and the mandatory employee
contribution rate by the Town Manager shall be 6%of the Town
Manager's earnings;and
BE IT FURTHER RESOLVED,that the Town will pick up the
Town Manager's revised employee contribution rate of
contribution;and
BE IT FURTHER RESOLVED,that the Mayor is hereby
authorized and directed to execute a Third 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.
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PASSED AND ADOPTED the Mayor and Common Council of therAazjLuanvAuuficiuznemayoranacommon(jounc
C Town of Fountain Hills,Arizona,this J_J£)jk_day of |Q
1995.
APPROVED AS TO FORM
William E.Farreil
Town Attorney
REVIEWED BY:
Jordin
Town Manager
-2-
John M.Vcutillo,Mayor
Attest
Cassie B.Hansen,
Town Clerk
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THIRD 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 execution
of an Adoption Agreement effective March 21,1991;
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 successful operation and
administration.
NOW,THEREFORE,pursuant to the authority granted in
the Plan,the following amendments are adopted:
1.Paragraph 1 of Section E is amended in its entire
ty,effective with respect to Participant Earnings paid on or
after July 1,1995,to read as follows:
"E.CONTRIBUTION PROVISIONS
1.The Employer shall contribute as follows
(choose one):
(x)Fixed Percentage Employer Contributions
With or Without Mandatory Employee
Contributions.
The Employer shall contribute on behalf
of each Participant 8.5%of Earnings for
the Plan Year (subject to the limitations
of Article V of the Plan).Each Partici
pant 1s required to contribute 6.0%of
Earnings for the Plan Year as a condition
of participation.(Write "0"if no
contribution is required.)
The Employer hereby elects to "pick up"
the Mandatory/Required Participant Con
tribution.
X Yes No"
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2.Nothing in this Third Amendment shall be construed
to adversely affect the rights ofany Participant toany benefit
provided underthePlannorto decrease any accrued benefitunder
the Plan,except to the extent permitted under the Internal
RevenuecodeornecessarytomaintainthePlanasonequalified
under Section 401(a)of the Internal Revenue Code.
IN WITNESS WHEREOF,the Employer has caused this Third
Amendment to be executed on this \ft My day of YY\CX>^,
1995.1
EMPLOYER:ACCEPTED:
TOWN OF FOUNTAIN HILLS,ARIZONA ICMA RETIREMENT CORPORATION
At
.Cutil.ro,Mayor
test:C AAA^^^>^M^->
Cassie B.Hansen
Town Clerk
By.
Title
Attest:
-2-