HomeMy WebLinkAboutRes 2003-46y
RESOLUTION NO.2003-46
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF
FOUNTAIN HILLS,ARIZONA,AMENDING THE ADOPTION
AGREEMENT FOR THE ICMA RETIREMENT CORPORATION 457
DEFERRED COMPENSATION PLAN.
WHEREAS,the Mayor and Council of the Town of Fountain Hills (the "Town
Council")previously established a deferred compensation plan (the "Plan")for employees that
serves the interests of the Town of Fountain Hills (the 'Town")by enabling it to provide
reasonable retirement security for its employees,increasing flexibility in its personnel
management system and by assisting it in the attraction and retention of competent personnel;
and
WHEREAS,amendments to the Internal Revenue Code have been enacted that require
changes to the structure of and allow enhancements of the benefits of the Plan;and
WHEREAS,the Town Council desires to continue the Plan and to amend itto
incorporate the Internal Revenue Code amendments.
NOW,THEREFORE,BEIT RESOLVED BY THE MAYOR AND COUNCIL OF
THETOWNOFFOUNTAINHILLS,ARIZONA,as follows:
SECTION 1.That the Town hereby amends and restates the Plan in the form of "The
ICMA Retirement Corporation Deferred Compensation 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 Plan participants andtheir beneficiaries,andthe assets shall notbe diverted
to any other purpose.The Trustee's beneficial ownership of the Plan assets held in Vantage
Trust shall be held for the further exclusive benefit of the Plan participants and their
beneficiaries.
SECTION 4.That the Mayor,the Town Manager,the Town Clerk and the Town
Attorney are hereby authorized and directed to take all steps necessary to carry out the intent of
this Resolution.
9196.00R ResolutionsV 2003-46DeferCamp resdoc
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PASSED AND ADOPTED BY the Mayor and Council of the Town of Fountain Hills,
Arizona,September 4,2003.
FOR THE TOWN OFybUNTAIN HILLS:
TimG.Pickering,Town Manager
9196.001V Resolution2003-46 Defcr.Comp.res.iioc
8-26-03-1
ATTESTED TO:
Bevelyn J.B^nde^Town Clerk
APPROVED AS TO FORM:
Andrew J.McGuire,Town Attorney