HomeMy WebLinkAboutRes 1997-15RESOLUTION NO.1997 -15
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;
WHEREAS,the Town has previously established amoney purchase retirement planinthe
form of the ICMA Retirement Corporation Prototype Money Purchase Planand Trust forthe
Town Manager pursuanttothespecificprovisionsofanAdoptionAgreement;and
WHEREAS,theCouncilhaspreviously adopted resolutionsrequiringtheTownto"pick
up"themandatoryemployeecontributionsmadeonbehalfoftheTownManager;and
WHEREAS,the Council desires to amend the Adoption Agreement providing for increased
contributions tobemadebyboththeTownandtheTown Manager totheplan.
NOW,THEREFORE,BEIT RESOLVED bythe Mayor and Common Council forthe
Town of Fountain Hills,Arizona,that effective July1,1997,anduntil Further Resolutions of the
MayorandtheCommonCouncil,the Town's contributionrateshallbe9.5%oftheTown
ManagersearningsandthemandatoryemployeecontributionratebytheTownManagershallbe
9.5%of the Town Manager's earnings;and
BEIT FURTHER RESOLVED,thatthe Town will pick upthe Town Manager's revised
employeecontributionrateofcontribution;and
BEIT FURTHER RESOLVED,thatthe Mayor ishereby authorized anddirectedto
executeaSecondAmendmenttotheAdoptionAgreementtothePlanestablishingtherevised
contribution rate as set forth above;and
PASSED AND ADOPTED theMayorandCommonCouncil of theTownofFountain
Hills,Arizona,this Htk day of frpwl 1997.
William E.Farrell,Town Attorney
REVIEWED BY:
PaulL.Nordin,Town Manager
rev.March 19,1997
Attest
JerryMiles,Mayorr/Jerry Miles,J\
Cassie B.Hansen,Town Clerk
c
SECOND AMENDMENT TO ADOPTION AGREEMENT
OF
TOWN OF FOUNTAIN HILLS MANAGEMENT
ICMA RETIREMENT CORPORATION
PROTOTYPE MONEY PURCHASE PLAN AND TRUST
WHEREAS,theTownofFountainHills,Arizona(the "Employer"),became a participating
EmployerintheICMARetirementCorporationManagementPlan(the"Plan")byexecutionof
an Adoption Agreement effective March 21,1991;
WHEREAS,theEmployerisauthorized,pursuanttothePlan,toadopt amendments tothe
Adoption Agreement;and
WHEREAS,the Employer has determined that amendments arerequiredtoassurethe
Plan's successful operation and administration.
NOW,THEREFORE,pursuant tothe authority granted inthePlan,thefollowing
amendments are adopted:
1.Paragraph 1 of Section VIIis amended inits entirety,effective withrespectto
Participant EarningspaidonorafterJuly1,1997,toreadasfollows:
"VII.CONTRIBUTION PROVISIONS
1.The Employer shall contribute as follows (choose one):
(X)Fixed Employer Contributions Withor Without
Mandatory Employee contributions.
The Employer shall contribute on behalf ofeach Participant 9.5%
ofEarningsforthePlanYear (subject tothelimitationsofArticle
VIofthePlan).Each Participant is required to contribute 9.5%of
EarningsforthePlanYearasaconditionofparticipation.(Write
"0"ifno contribution isrequired.)IftheParticipantcontributions
arerequiredunderthisoption,aParticipantshallnothavetheright
todiscontinueorvarytherateofsuch contributions afterbecoming
aPlan Participant.
TheEmployerherebyelectsto "pick up"the Mandatory/Required
Participant Contribution.
X Yes No"
2.Nothing inthisSecond Amendment shallbe construed to adversely affect the
rights of any Participant toany benefit provided under thePlannorto decrease any
accruedbenefitunderthePlan,excepttotheextentpermittedundertheInternal Revenue
codeor necessary to maintain thePlanasone qualified under Section 401(a)ofthe
Internal Revenue Code.
rev.March 19,1997
L
IN WITNESS WHEREOF,the Employer hascausedthis Second Amendment to
be executed on this Ili-Uday of AflW 1 1997.
EMPLOYER:ACCEPTED:
TOWN OF FOUNTAIN HILLS,ARIZONA ICMA RETIREMENT CORPORATION
By
t:(IAA^ul yD fdw^~lAttest:(JJUa a yj fOW^L^J Attest:.
Cassie B.Hansen,Town Clerk
rev.March 19,1997