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HomeMy WebLinkAboutRes 1996-51C C RESOLUTION NO.1996 -51 A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE TOWN OF FOUNTAIN HILLS,ARIZONA;AMENDING THE ADOPTION AGREEMENTFOR THEICMA RETIREMENT CORPORATIONPROTOTYPE MONEYPURCHASEPLANANDTRUSTFORTHETOWN MANAGER; WHEREAS,theTownhas previously established a money purchase retirement planinthe form ofthe ICMA Retirement Corporation Prototype Money Purchase PlanandTrustforthe TownManagerpursuanttothespecificprovisionsofanAdoptionAgreement;and WHEREAS,the Council has previously adopted resolutions requiring theTownto"pick up"the mandatory employee contributions made onbehalfoftheTown Manager;and WHEREAS,theCouncildesirestoamendtheAdoptionAgreementprovidingfor increased contributionstobemadebyboththeTownandtheTownManagertotheplan. NOW,THEREFORE,BEIT RESOLVED bytheMayorandCommonCouncilforthe TownofFountainHills,Arizona,thateffectiveJuly 11,1996,anduntil Further Resolutionsof theMayorandthe Common Council,the Town's contribution rateshallbe9%of theTown Managers earnings andthe mandatory employee contribution ratebytheTown Manager shall be7.5%oftheTown Manager's earnings;and BEIT FURTHER RESOLVED,thattheTownwillpickuptheTownManager'srevised employee contribution rate of contribution;and BEIT FURTHER RESOLVED,thattheMayorisherebyauthorizedanddirectedto executeaFirstAmendmenttotheAdoptionAgreementtothePlan establishing therevised contribution rate asset forth above;and PASSED AND ADOPTED theMayorandCommonCounciloftheTownofFountain Hills,Arizona,this 11-Bxday of g^U 1995 APPROVED AS TO FORM: WilliamE.Farrell,Town Attorney REVIEWED BY: Paul 1/Nordin,Town Manager rev.July1.1996 Attest: Jerry Miles,MayorrJerryMiles, Cassie B.Hansen,Town Clerk FIRST AMENDMENT TO ADOPTION AGREEMENT OF TOWN OF FOUNTAIN HILLS MANAGEMENT ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN AND TRUST WHEREAS,the Town of Fountain Hills,Arizona (the "Employer"),became a participating Employer in the ICMA Retirement Corporation Management Plan (the "Plan")by executionofanAdoptionAgreementeffectiveMarch21,1991; WHEREAS,the Employer is authorized,pursuant to the Plan,to adopt amendments to the Adoption Agreement;and WHEREAS,the Employer has determined that amendments are required to assure the Plan's successfuloperationand administration. NOW,THEREFORE,pursuant to the authority granted in the Plan,the following amendments areadopted: 1.Paragraph 1of Section VII is amended in its entirety,effective with respect to Participant Earnings paidonorafterJuly 11,1996,toreadas follows: "VII.CONTRIBUTION PROVISIONS 1.The Employer shall contribute as follows (choose one): (X)Fixed Employer Contributions WithorWithout MandatoryEmployee contributions. The Employer shall contribute on behalf of each Participant9.0%ofEarningsforthePlanYear (subjecttothelimitationsofArticleVIofthePlan). EachParticipantisrequiredtocontribute7.5%of Earnings forthePlanYearasa condition of participation.(Write"0"ifno contribution is required.)IftheParticipantcontributionsare requiredunderthisoption,aParticipantshallnot havetherightto discontinue orvarytherateofsuch contributions after becoming aPlan Participant. TheEmployerherebyelectsto"pickup"the Mandatory/Required Participant Contribution. X Yes No" 2.Nothing in this First Amendment shall be construed to adversely affect the rights (of any Participant toany benefit provided under the Plan norto decrease any accrued benefit ^*"/under the Plan,except to the extent permitted under the Internal Revenue code or necessary to maintainthePlanasonequalifiedunderSection401(a)oftheInternalRevenueCode. rev.July1.1996 c IN WITNESS WHEREOF,theEmployerhascausedthisFirst Amendment tobeexecuted onthis11thdayofJuly,1996. EMPLOYER:ACCEPTED: TOWNOFFOUNTAINHILLS,ARIZONAICMARETIREMENT CORPORATION By—I^^y,<//M By JerryMiles,Mayor Title_ Attest:KjtAA^xjj l\U^Us Attest: Cassie B.Hansen,Town Clerk rev.July1.1996