HomeMy WebLinkAboutRes 1991-10RESOLUTION NO. 1991 -10
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF
THE TOWN OF FOUNTAIN HILLS, ARIZONA, ESTABLISHING
A RETIREMENT PROGRAM FOR TOWN EMPLOYEES PURSUANT
TO SECTION 457 OF THE INTERNAL REVENUE CODE;
ESTABLISHING SAID PROGRAM WITH AETNA; DIRECTING
THE MAYOR AND TOWN MANAGER TO EXECUTE ANY AND ALL
DOCUMENTS NECESSARY AND DECLARING AN EMERGENCY.
WHEREAS, the Town Council of the Town of Fountain Hills
desires to provide for its employees a retirement program combining
employer contributions with that of the employee; and
WHEREAS, the Council has determined that said retirement
program should be subject to Section 457 of the Internal Revenue
Code of 1986;
NOW, THEREFORE BE IT RESOLVED by the Mayor and Common Council
of the Town of Fountain Hills, Arizona as follows:
SECTION 1. That there is hereby established for the employees,
except the Town Manager, of the Town of Fountain Hills a master
compensation deferral plan retirement system.
SECTION 2. That the plan shall be administered by the
employees through a committee of three persons to be selected by
the Town Manager and that the Town Manager shall be one of the
three members of the committee.
SECTION 3. That the Mayor and Town Manager are authorized and
directed to execute any and all documents necessary for
participation in the plan and enrollment by the employees.
SECTION 4. That the Council designates that the plan shall be
initially placed with AETNA Life Insurance and Annuity Company, a
subsidiary of AETNA Life and Casualty and that it shall be subject
to annual review in connection with the fiscal year budget for the
Town of Fountain Hills.
SECTION 5. That in order to allow employees to participate in
the retirement plan at the earliest possible date an emergency is
hereby declared to exist and as such this Resolution shall become
effective immediately upon its passage and adoption by no less than
six members of the Town Council.
DONE this 21st day of March, 1991.
J M. Cutillo
Ma or
Lr ATTEST:
G,� 6, 4,�
Cassie B. Hansen
Town Clerk
APPROVED AS TO FORM:
William E. Farrell
Town Attorney
REVIEWED BY:
aul L. i1ordin
Town Manager
RESOLUTION NO.1991 -10