HomeMy WebLinkAboutRes 2016-09RESOLUTION 2016-09
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF
FOUNTAIN HILLS,ARIZONA,ADOPTING THE TOWN OF FOUNTAIN
HILLS GOVERNMENT MONEY PURCHASE PLAN &TRUST ADOPTION
AGREEMENTS WITH THE INTERNATIONAL CITY/COUNTY
MANAGEMENT ASSOCIATION RETIREMENT CORPORATION FOR THE
TOWN MANAGER AND TOWN EMPLOYEES.
WHEREAS,the Town of Fountain Hills (the "Town")has historically provided full-time
employeeswith a 401(a) defined contribution retirement savings plan for the Town Managerand
Town Staff through the International City/County Management Association Retirement
Corporation ("ICMA-RC")(the "401 Plans");and
WHEREAS,the Internal Revenue Service (the "IRS")has a six-year review schedule for
the 401 Plans and requires the 401 Plans be updated to incorporate amendments for legislative
and regulatory changes since the prior restatement;and
WHEREAS,the IRS has reviewed and approved the 401 Plans and now requires
execution of new Governmental Money Purchase Plan & Trust Adoption Agreements (the
"Agreements").
NOW,THEREFORE,BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE TOWN OF FOUNTAIN HILLS as follows:
SECTION 1. The recitals above are hereby incorporated as if fully set forth herein.
SECTION 2. The Agreement -Plan Number 109091 is hereby approved in substantially
the form and substance attached hereto as Exhibit A and incorporated herein by reference.
SECTION 3. The Agreement -Plan Number 109344 is hereby approved in substantially
the form and substance attached hereto as Exhibit B and incorporated herein by reference.
SECTION 4.The Mayor,the Town Manager,the Town Clerk and the Town Attorney
are hereby authorized and directed to cause the execution of the 401 Plans and to take all steps
necessary to carry out the purpose and intent of this Resolution.
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