HomeMy WebLinkAboutRes 1995-34RESOLUTION NO.1995 -34
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OFTHE TOWN OF FOUNTAIN HILLS,ARIZONA;
AMENDING AND RESTATING 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,ICMA Retirement Corporation (RC)has amended
and restated its basic plan document and Adoption Agreements to
comply with changes required by the Unemployment Compensation Act
of 1992 (UCA '92),the Omnibus Budget Reconciliation Act of 1993
(OBRA "93),and to install RC's daily valuation recordkeeping
system;and
WHEREAS,the Council desires to amend and restate the
Adoption Agreement incorporating all prior amendments to the
Adoption Agreement and adopting the new Adoption Agreement
provided by the RC.
NOW,THEREFORE,BE IT RESOLVED by the Mayor and Common
Council of the Town of Fountain Hills,Arizona,that the Town
hereby amends and restates the money purchase retirement plan
known as the "Town of Fountain Hills Money Purchase Pension Plan"
(hereafter,the "Plan")in the form of the ICMA Prototype Money
Purchase Pension Plan and Trust,pursuant to the specific
provisions of the amended and restated Adoption Agreement;and
BE IT FURTHER RESOLVED,that the effective date of such
amendment and restatement shall be November 1,1994,the original
effective date of the Adoption Agreement,except for the new
rates of contributions by the Town and the employees (which are
picked up by the Town)which shall be effective July 1,1995;and
BE IT FURTHER RESOLVED,that the Mayor is hereby
authorized and directed to execute the amended and Restated
Adoption Agreement for and on behalf of the Town;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
(PASS/^AIL G -/^^95"
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declared to exist and this Resolution shall be in full force and
effect immediately after its passage and adoption.
PASSED AND ADOPTED by the Mayor and Common Council of
the Town of Fountain Hills,Arizona,this (Sjjx day of
OunL ,1995.
APPROVED AS TO FORM:
'.lliam E.Farrell
Town Attorney
REVIEWED BY:
yaul L.Nordin
Town Manager
-2-
Cutillo,Mayor
Attest:LjxAAa^SU hU^YUU^)
Cassie B.Hansen,
Town Clerk