HomeMy WebLinkAboutRes 1994-46RESOLUTION NO.1994-[jjg
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE TOWN OF FOUNTAIN HILLS,ARIZONA;
AMENDING THE ADOPTION AGREEMENT FOR THE ICMA
RETIREMENT CORPORATION PROTOTYPE MONEY
PURCHASE PLAN AND TRUST FOR THE TOWN MANAGER;
CONFIRMING THAT THE TOWN HAS ELECTED TO "PICK
UP"THE MANDATORY CONTRIBUTIONS BY THE TOWN
MANAGER;AND DECLARING AN EMERGENCY.
WHEREAS,the Town has previously established a money
purchase retirement plan in the form of the ICMA Retirement
Corporation Prototype Money Purchase Plan and Trust pursuant to
the specific provisions of an Adoption Agreement;and
WHEREAS,the Council has previously adopted Resolutions
requiring the Town to "pick up"the mandatory employee
contributions made on behalf of the Town Manager;and
WHEREAS,the Council desires to amend the Adoption
Agreement providing for increased contributions to be made by
both the Town and the Town Manager to the Plan;
NOW,THEREFORE,BE IT RESOLVED by the Mayor and Common
Council of the Town of Fountain Hills,Arizona,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 Town Manager's earnings and the mandatory employee contri
bution rate by the Town Manager shall be 4.5%of the Town
Manager 's earnings;and
BE IT FURTHER RESOLVED,that the Town will pick up the
Town Manager's revised employee contribution rate of
contributions;and
BE IT FURTHER RESOLVED,that the Mayor is hereby
authorized and directed to execute a Second Amendment to the
Adoption Agreement to the Plan establishing the revised
contribution rates as set forth above;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.
RSL853CWWA-S
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PASSED AND ADOPTED BY THE Mayor and Common Council of
the Town of Fountain Hills,Arizona,this (cf-K day of
(QckAur 1994.
ATTEST:
£J\MUAs
Cassie B.Hansen,
Town Clerk
APPROVED AS TO FORM,
6
William E.Farrrell,
Town Attorney
REVIEWED BY:
Paul L.Nordin
Town Manager
Cutillo,Mayor
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