HomeMy WebLinkAboutRes 1996-32c
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RESOLUTION NO.1996-3cSL
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF
THE TOWN OF FOUNTAIN HILLS,ARIZONA;AMENDING THE
ADOPTION AGREEMENT FOR THE TOWN OF FOUNTAIN HILLS
MONEY PURCHASE PENSION PLAN.
WHEREAS,the Town has previously established a money purchase retirement plan
knownasthe Town of Fountain HillsMoney Purchase Pension Plan pursuant tothespecific
provisions of an Adoption Agreement;and
WHEREAS,the Council has previously adopted resolutions requiring theTownto
"pickup"themandatoryemployee contributions madeon behalf of theemployees;and
WHEREAS,the Council desires to amend the Adoption Agreement providing for
increased contributions tobe made by both the Town andthe employees tothe plan.
NOW,THEREFORE,BEIT RESOLVED bythe Mayor and Common Council of
theTown of Fountain Hills,Arizona,that effective July1,1996,anduntil Further
Resolutions of the Mayor andthe Common Council,the Town's contribution rateshallbe
9%of the employee's earnings andthe mandatory employee contribution ratebythe
employee shallbe 7.5%of the employee's earnings;and
BEIT FURTHER RESOLVED,thatthe Town willpickupthe employee's revised
employee contribution rate of contribution;and
BEITFURTHER RESOLVED,thatthe Mayor is hereby authorized and directed
toexecutea First Amendment tothe Adoption Agreement tothePlan establishing the
revised contribution rate as set forth above;and
PASSED ANDADOPTED the Mayor and Common Council of theTown of
Fountain Hills,Arizona,this Ibi-k day of fY^XM 1996.
APPROVED AS TO FORM:
JZSr-
William E.Farrell,Town Attorney
JohnM.Cutillo,Mayor
:(AWIAa^^U |UmUaJAttest
Cassie B.Hansen,Town Clerk
FAIL -5-/L*-?\c
MOTION CJo-i-ZC
SECOND Uu^SOK.
COUNT ~7-Q
FIRST AMENDMENT TO ADOPTION AGREEMENT
OF
TOWN OF FOUNTAIN HILLS
(^MONEY PURCHASE PENSION PLAN
WHEREAS,theTownof Fountain Hills,Arizona (the "Employer"),became a
participating Employer in the ICMA Retirement Corporation Prototype Money Purchase
Plan &Trust(the "Plan")by execution ofan Adoption Agreement effective November 1,
1994;
WHEREAS,the Employer is authorized,pursuant to the Plan,to adopt amendments
tothe Adoption Agreement;and
WHEREAS,the Employer has determined that amendments are required to assure
the Plan's successfuloperationandadministration.
NOW,THEREFORE,pursuant to the authority granted in the Plan,the following
amendmentsareadopted:
1.Paragraph 1of section VII is amended inits entirety,effective with respect
toParticipantEarningspaidonorafterJuly1,1996,toreadasfollows:
"VII.CONTRIBUTION PROVISIONS
1.TheEmployershallcontributeasfollows(chooseone):
(^s (X)Fixed Employer Contributions With or Without
Mandatory Participant Contributions.
The Employer shall contribute on behalf of each
Participant 9.0%of EarningsforthePlanYear
(subject tothe limitations of Article VI of the
Plan).Each Participant isrequiredto contribute
7.5%ofEarningsforthePlanYearasa
condition of participation inthePlan.(Write "0"
ifnocontributionisrequired.)IftheParticipant
contributionsarerequiredunderthisoption,a
Participant shallnothavetherightto discontinue
or vary therate of such contributions after
becoming aPlan Participant.
The Employer herebyelectsto"pickup"the
Mandatory/Required Participant Contribution.
X Yes No"
2.NothinginthisFirst Amendment shallbe construed to adversely affect
therights of any Participant toanybenefit provided underthePlannortodecreaseany
{^accrued benefit under the Plan,except to the extent permitted under the Internal Revenue
codeornecessaryto maintain thePlanasone qualified under Section 401(a)of theInternal
Revenue Code.
Xi^f^y
IN WITNESS WHEREOF,the Employer hascausedthisFirstAmendment
tobeexecutedonthisdayof ,1996.
EMPLOYER:,ACCEPTED:
TOWN OFFOUNTAIN HILLS,ARIZONA ICMA RETIREMENT CORPORATION
By /^^.^^^^y^-By
John/M.Cutillo,Mayor Title
::(^u^-jQ [sdo^uyAttest:y*M*^NU {^d&syJUy Attest:.
Cassie B.Hansen,Town Clerk