HomeMy WebLinkAboutRes 1999-38RESOLUTION NO. 1999 - 38
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
TOWN OF FOUNTAIN HILLS, ARIZONA; ' AMENDING THE ADOPTION
AGREEMENT FOR THE TOWN OF FOUNTAIN HILLS MONEY
PURCHASE PENSION PLAN.
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 contributions 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 for the Town
of Fountain Hills, Arizona, that effective August 16, 1999 and until Further Resolutions of the
Mayor and the Common Council, the Town's contribution rate shall be 11% of the employee's
earnings and the mandatory employee contribution rate by the employees shall be 11% of the
employees's earnings; and
BE IT FURTHER RESOLVED, that the Town will pick up the employees'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
PASSED AND ADO TED the Mayor and Common Council of the Town of Fountain Hills,
Arizona, this �S+)x day of MS'i— , 1999.
APPRO)rED AS TO FORNb
William E. Farrell, Town Attorney
BY:
a
Paul L. 14ordin, Town Manager
Attest:
Mayor
Cassie B. Hansen, Town Clerk
THIRD AMENDMENT TO ADOPTION AGREEMENT
OF
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 August 16, 1999, to read as follows:
VII. CONTRIBUTION PROVISIONS
1. The Employer shall contribute as follows (choose one):
(X) Fixed Employer Contributions With or Without
—�' Mandatory Employee contributions.
The Employer shall contribute on behalf of each Participant 11 % of
Earnings for the Plan Year (subject to the limitations of Article VI of the
Plan). Each Participant is required to contribute 11 % of Earnings for the
Plan Year as a condition of participation. (Write "0" if no contribution is
required.) If the 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 o Plan Participant.
The Employer hereby elects to "pick up" the
Mandatory/Required Participant Contribution.
X Yes
No"
2. Nothing in this Third 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, except to the extent permitted under the Internal Revenue code or necessary to maintain the
Plan as one qualified under Section 401(a) of the Internal Revenue Code.
0 1 � L \� 0 1
E
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IN WITNESS WHEREOF, the Employer has caused this Third Amendment to be executed
on this 5th day of August , 1999.
EMPLOYER:
ACCEPTED:
TOWN OF OUNTAIN HILLS, ARIZONA ICMA RETIItEIvYN'C C OR PION
B By
Sharon Morgan, Mayor
Attest: d4,4 �� �LJ LL �_-
Cassie B. Hansen, Town Clerk