HomeMy WebLinkAboutRes 1999-39RESOLUTION NO. 1999 - 39
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
(TOWN OF FOUNTAIN HILLS, ARIZONA; AMENDING THE ADOPTION
AGREEMENT FOR THE ICMA RETIREMENT CORPORATION
PROTOTYPE MONEY PURCHASE PLAN AND TRUST FOR THE TOWN
MANAGER,
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 contributions 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 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 I I% of the Town Managers
earnings and the mandatory employee contribution rate by the Town Manager shall be 1 I % 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
PASSED AND ADOPTED the Mayor and Common Council of the Town of Fountain Hills,
Arizona, this S-)+ day of A yn 1999.
Attest:
APPROVYD AS TO FORM:
William E. Farrell, Town Attorney
PPaul L. Ndidin, Town Manager
Cassie B. Hansen, Town Clerk
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 Town of Fountain Hills 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 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 -:ght 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 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.
r
IN WITNESS WHEREOF, the Employer has caused this Third Amendment to be executed
on this 5th day of August '1999.
EMPLOYER:
TOWN OF FOUNTAIN HILLS, ,ARIZ ONA
By �'� �/ /
Sharon Morgan, Mayor
Attest: ��t �- Ltn_ �
Cassie B. Hansen, Town Clerk
4
ACCEPTED: