HomeMy WebLinkAboutRes 2003-45c
RESOLUTION NO.2003-45
A RESOLUTION OF THE MAYOR AND 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,theMayorandCounciloftheTownofFountainHills(the"Town
Council")previouslyestablishedamoneypurchaseretirementplanintheformof"TheICMA
Retirement Corporation TownofFountainHillsManagementPlan"(the"Plan")pursuanttothe
specificprovisionsofan Adoption Agreement;and
WHEREAS,theU.S.Congress hasenactedthe Uruguay Round Agreements Act,
UniformedServices Employment and Reemployment RightsAct of 1994,theSmallBusinessJob
Protection Act of 1996,the Taxpayer Relief Act of 1997,the Internal Revenue Service
Restructuring and Reform Actof1998andthe Community RenewalTax Relief Actof2000
(hereinafter collectively referred toas "GUST");and
WHEREAS,theU.S.Congress has enacted the Economic Growth andTax Relief
Reconciliation Act of 2001 ("EGTRRA");and
WHEREAS,the Town Council desires to amend and restate the Plan to include all
changesrequiredbyGUSTandtoadoptagoodfaith amendment tocomplywithEGTRRA.
NOW,THEREFORE,BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE TOWN OF FOUNTAIN HELLS,ARIZONA,as follows:
SECTION 1.That the Town hereby amends and restates the Plan in the form of 'The
ICMA Retirement Corporation Governmental Money Purchase Plan &Trust."
SECTION 2.That the Town hereby agrees to serve as trustee (the "Trustee")under the
Plan.
SECTION 3.That the assets of the Plan shall be held in trust,with the Trustee,for the
exclusive benefit of the Town Manager andhis beneficiaries,andthe assets shallnotbe diverted
toanyotherpurpose.The Trustee's beneficial ownership ofthePlanassetsheldinVantage
Trust shallbeheldforthe further exclusive benefit of the Town Manager andhis beneficiaries.
SECTION 4.That the Mayor,the Town Manager,the Town Clerk andthe Town
Attorney are hereby authorized and directed totakeall steps necessary to carry outthe intent of
this Resolution.
[SIGNATURES ON FOLLOWING PAGE]
9196.0011 ResolutionsV 2003-45 TMMoneyPlan.res.doc
8-14-03-1
PASSED AND ADOPTED BY the Mayor and Council of the Town of Fountain Hills,
(Arizona,September 4,2003.
FOR THE TOW TAIN HILLS:
TimG.Pickering,Town Manager
9196.001VResolutionsV2003-45TMMoneyPIan.res.doc
8-14-03-1
ATTESTED TO:
Bevelyn J.B^nder^town Clerk
APPROVED AS TO FORM:
Q..i M'h,„
AndrewJ.McGuire,TownAttorney