HomeMy WebLinkAboutRes 1994-45L
RESOLUTION NO.1994-Wg
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE TOWN OF FOUNTAIN HILLS,ARIZONA;
APPROVING THE ADOPTION AGREEMENT FOR THE ICMA
RETIREMENT CORPORATION PROTOTYPE MONEY
PURCHASE PLAN AND TRUST FOR THE EMPLOYEES OF
THE TOWN;PROVIDING THAT THE TOWN WILL "PICK
UP"THE MANDATORY CONTRIBUTIONS BY THE
EMPLOYEES;AND DECLARING AN EMERGENCY.
WHEREAS,the Town has employees rendering valuable
services;and
WHEREAS,the establishment of a money purchase pension
plan benefits such employees by providing funds for retirement
and funds for their beneficiaries in the event of death;and
WHEREAS,the Town desires that its money purchase
pension plan be administered by the ICMA Retirement Corporation
and that the funds held under such plan be invested in the ICMA
Retirement Trust,a trust established by public employers for the
collective investment of funds held under their retirement and
deferred compensation plans;and
WHEREAS,the Council desires to require the Town to
"pick up"the mandatory employee contributions made on behalf of
the Town employees;and
NOW,THEREFORE,BE IT RESOLVED by the Mayor and Common
Council of the Town of Fountain Hills,Arizona,that,effective
November 1,1994,the Town hereby establishes a money purchase
retirement plan known as the "Town of Fountain Hills Money
Pension Plan"(hereafter,the "Plan")in the form of the ICMA
Prototype Money Purchase Pension Plan and Trust,pursuant to the
specific provisions of an Adoption Agreement;and
BE IT FURTHER RESOLVED,that the employees eligible to
participate under the Plan shall be all full-time employees of
the Town,other than the Town Manager and the Deputy Marshals;
and
BE IT FURTHER RESOLVED,that the Plan shall be
maintained for the exclusive benefit of eligible employees and
their beneficiaries;and
BE IT FURTHER RESOLVED,that the Mayor is hereby
authorized and directed to execute the Adoption Agreement
establishing the Plan;and
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BE IT FURTHER RESOLVED,that the Town hereby agrees to
serve as trustee under the Plan and to invest funds held under
the Plan in the ICMA Retirement Trust;and
BE IT FURTHER RESOLVED,that the Town Accountant shall
be the coordinator for the Plan;shall receive necessary reports
and notices from the ICMA Retirement Corporation or the ICMA
Retirement Trust;shall cast,on behalf of the Town,any required
votes under the ICMA Retirement Trust;may delegate any
administrative duties relating to the Plan to the appropriate
department;and
BE IT FURTHER RESOLVED,that the Town hereby authorizes
Paul L.Nordin,Town Manager,to execute all necessary agreements
with the ICMA Retirement Corporation incidental to the admini
stration of the plan;and
BE IT FURTHER RESOLVED,that the Town has elected to
pick up the mandatory employee contributions effective November
1,1994;and
BE IT FURTHER RESOLVED,that although the mandatory
employee contributions shall be picked up by the Town in lieu of
contributions by the eligible employees,the eligible employees'
salary or other compensation shall be reduced by the amount of
picked up contributions;and
BE IT FURTHER RESOLVED,that as a condition to employ
ment and further employment by the Town,the eligible employees
are required to participate in the Plan;and
BE IT FURTHER RESOLVED,that the eligible employees
shall not have the option to receive such picked up amounts
directly;and
BE IT FURTHER RESOLVED,that effective November 1,
1994,and until further Resolution of the Mayor and the Common
Council,the Town's contribution rate shall be 8%of the eligible
employees'earnings;and the mandatory employee contribution rate
shall be 4.5%of the eligible employees'earnings;and
BE IT FURTHER RESOLVED,that the plan year of the
twelve month period commencing July 1 and ending June 30 shall be
the limitation year under the plan;and
BE IT FURTHER RESOLVED,that the immediate operation of
this Resolution is necessary for the preservation of the public
peace,health,and safety and therefore an emergency is hereby
declared to exist and this Resolution shall be in full force and
effect immediately after its passage and adoption.
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PASSED AND ADOPTED BY THE Mayor and Common Council of
the Town of Fountain Hills,Arizona,this Lrl~K &ay °f
(SlAtttur 1994.
ATTEST:
Cassie B.Hansen,
Town Clerk
APPROVED AS TO FORM,
William E.Farfe^ll,
Town Attorney
REVIEWED BY:
Paul L.Nordin
Town Manager
John If ./Cutillo,Mayor
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