HomeMy WebLinkAboutRes 1997-14\^C0$i/
RESOLUTION NO.1997 -14
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
TOWNOF FOUNTAIN HILLS,ARIZONA;AMENDING THE ADOPTION
AGREEMENT FOR THE TOWN OF FOUNTAIN HILLS MONEY
PURCHASE PENSION PLAN.
WHEREAS,theTownhaspreviouslyestablishedamoney purchase retirement plan known
astheTownof Fountain HillsMoney Purchase Pension Plan pursuant tothespecific provisions
of an Adoption Agreement;and
WHEREAS,theCouncilhaspreviouslyadoptedresolutions requiring theTownto"pick
up"themandatory employee contributionsmadeon behalf of the employees;and
WHEREAS,theCouncildesirestoamendthe AdoptionAgreement providingfor increased
contributionstobemadebyboththe Town andthe employees totheplan.
NOW,THEREFORE,BEITRESOLVED by the Mayor and Common Councilforthe
Town of FountainHills,Arizona,that effective July1,1997anduntilFurther Resolutions of the
Mayorandthe Common Council,the Town's contributionrateshallbe9.5%of the employee's
earningsandthemandatory employee contributionratebythe employees shallbe9.5%of the
employees's earnings;and
BEITFURTHER RESOLVED,thatthe Town will pick upthe employees's revised
employeecontributionrate of contribution;and
BEITFURTHERRESOLVED,thatthe Mayor is hereby authorized anddirectedto
execute a Second Amendment tothe Adoption Agreement tothePlan establishing therevised
contribution rate as set forth above;and
PASSED ANDADOPTED the Mayorand Common Council of the Town of Fountain
Hills,Arizona,this l"HK day of llpvaw)1997
APPROVED AS TO P
William E.Farrell,Town Attorney
REVIEWED BY:
rev.March 19,1997
erry Miles,Mayor
Cassie B.Hansen,Town Clerk
:C*^uLJ6 /.Lt^t^v
SECOND AMENDMENT TO ADOPTION AGREEMENT
OF
TOWN OF FOUNTAIN HILLS
MONEY PURCHASE PENSION PLAN
WHEREAS,theTown of Fountain Hills,Arizona(the"Employer"),becamea participating
Employer inthe ICMA Retirement CorporationPrototypeMoneyPurchasePlan&Trust(the
"Plan")by execution of an Adoption Agreement effective November 1,1994;
WHEREAS,theEmployeris authorized,pursuant tothe Plan,toadopt amendments tothe
Adoption Agreement;and
WHEREAS,the Employer hasdeterminedthat amendments arerequiredto assure the
Plan's successful operationandadministration.
NOW,THEREFORE,pursuanttotheauthoritygrantedinthe Plan,thefollowing
amendments areadopted:
1.Paragraph 1 of SectionVIIisamendedinitsentirety,effective withrespectto
Participant Earnings paidonorafterJuly1,1997,to read as follows:
VEL CONTRIBUTION PROVISIONS
1.The Employer shallcontributeasfollows(chooseone):
(X)Fixed Employer Contributions With or Without
Mandatory Employee contributions.
TheEmployershallcontributeonbehalf of each Participant 9.5%
of Earnings forthe Plan Year(subjecttothelimitations of ArticleVIof
the Plan).Each Participant isrequiredtocontribute9.5%of Earnings for
thePlanYearasacondition of participation.(Write"0"if nocontribution
is required.)Ifthe Participant contributions are required under this option,
a Participant shall nothavethe right to discontinue or vary the rate of such
contributions after becoming aPlanParticipant.
TheEmployerherebyelectsto"pick up"the
Mandatory/Required Participant Contribution.
X Yes No"
2.Nothing in this Second Amendment shall be construed to adversely affect the
rights of any Participant to any benefit provided under the Plan nor to decrease any
accrued benefit under the Plan,excepttotheextent permitted under the Internal Revenue
code or necessary to maintain the Plan as one qualified under Section 401(a)of the
Internal Revenue Code.
rev.March 19,1997
L-
Vmffitftay
IN WITNESS WHEREOF,the Employer hascausedthis Second Amendment tobe
executed on this H-H^day of ft pK /1997.
EMPLOYER:
TOWN OF FQUNTAIN HILLS,ARIZONA
By-
Attest:
Cassie B.Hansen,Town Clerk
rev.March 19.1997
ACCEPTED:
ICMA RETIREMENT CORPORATION
By
Attest: