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RESOLUTION NO. 1997- Qa
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE TOWN
OF FOUNTAIN HILLS, ARIZONA, AMENDING AND RESTATING THE
RETIREMENT PROGRAM FOR TOWN EMPLOYEES PURSUANT TO
SECTION 457 OF THE INTERNAL REVENUE CODE; DIRECTING THE
MAYOR AND TOWN MANAGER TO EXECUTE ANY AND ALL
DOCUMENTS NECESSARY.
WHEREAS, the Town Council has heretofore established a deferred compensation plan for
the employees of the Town of Fountain Hills that serves the interest of the Town by enabling it to
provide reasonable retirement security for its employees, by providing increased flexibility in its
personnel management system, and by assisting in the attraction and retention of competent
personnel; and
WHEREAS, the Town Council has determined that the continuance of the deferred
compensation plan will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have been enacted that require
changes to the structure of and allow enhancement of the benefits of the deferred compensation plan;
NOW THEREFORE BE IT RESOLVED by the Mayor and Town Council of the Town of
Fountain Hills, Arizona, as follows:
RESOLVED, that the Town Council hereby amends and restates the deferred compensation
plan (the "Plan") in the form of:
® The ICMA Retirement Corporation Deferred Compensation Plan and Trust
BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the
Town of Fountain Hills serving as trustee for the exclusive benefit of the Plan participants and their
beneficiaries, and the assets shall not be diverted to any other purpose. The Trustee's beneficial
ownership of Plan assets held in the ICMA Retirement Trust shall be held for the further exclusive
benefit of the Plan participants and their beneficiaries;
BE IT FURTHER RESOLVED that the Plan:
® Will not permit loans
68048-I
12/18/96
0 DONE this c ay ofTmt.A.A.ri , 1997.
411/1"/
Mayor
ATTEST:
Town Clerk
APPROVED AS TO FORM:
)4/<-cliA L-()
William E. Farrell Paul L. Nordin
Town Attorney Town Manager
RESOLUTION NO. 1997-
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