HomeMy WebLinkAboutRes 2003-44X&fet^/
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RESOLUTION NO.2003-44
A RESOLUTION OFTHE MAYOR AND COUNCIL OFTHETOWNOF
FOUNTAIN HILLS,ARIZONA,AMENDING THE ADOPTION
AGREEMENT FORTHE ICMA RETIREMENT CORPORATION
PROTOTYPE MONEY PURCHASE PLAN.
WHEREAS,the Mayor and Council of the Town of Fountain Hills (the "Town
Council")previously established a money purchase retirement plan in the form of "The ICMA
Retirement Corporation Town of Fountain Hills Money Purchase Pension Plan"(the "Plan")
pursuant tothe specific provisions ofan Adoption Agreement;and
WHEREAS,the U.S.Congress has enacted the Uruguay Round Agreements Act,
Uniformed Services Employment and Reemployment Rights Act of 1994,the Small Business Job
Protection Act of 1996,the Taxpayer Relief Act of 1997,the Internal Revenue Service
Restructuring and Reform Act of 1998 and the Community Renewal Tax Relief Act of 2000
(hereinaftercollectivelyreferredtoas"GUST");and
WHEREAS,the U.S.Congress has enacted the Economic Growth and Tax Relief
ReconciliationActof2001 ("EGTRRA");and
WHEREAS,the Town Council desires to amend and restate the Plan to include all
changes required by GUST and to adopt a good faith amendment to comply with EGTRRA.
NOW,THEREFORE,BEITRESOLVED BY THE MAYOR AND COUNCIL OF
THETOWNOFFOUNTAINHILLS,ARIZONA,asfollows:
SECTION 1.Thatthe Town hereby amends and restates the Plan inthe form of "The
ICMA Retirement Corporation Governmental Money Purchase Plan &Trust."
SECTION 2.That the Town hereby agrees to serve as trustee (the 'Trustee")under the
Plan.
SECTION 3.That the assets of the Plan shall be held in trust,with the Trustee,for the
exclusive benefit ofPlan participants andtheir beneficiaries,andthe assets shall notbe diverted
to any other purpose.The Trustee's beneficial ownership of the Plan assets held in Vantage
Trust shall be held for the further exclusive benefit of the Plan participants and their
beneficiaries.
SECTION 4.Thatthe Mayor,the Town Manager,the Town Clerk and the Town
Attorney are hereby authorized and directed to take all steps necessary to carry out the intent of
this Resolution.
9I96.001\.Resolutions\2003-44 MoncvPlan.res.aoc
8-14-03-1
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PASSED ANDADOPTEDBY the Mayor and Council of the Town of Fountain Hills.
Arizona,September 4,2003.
yFORTHETOWNOFFOUNTAIN HILLS:ATTESTED TO:
Tim Q.Pickering,TownManager
9196.001V Resolution^2003-44Moneyplan.res.doc
8-14-03-1
BevelynJ.Be#der,/fown Clerk
APPROVED AS TO FORM:
AndrewJ.McGuire,TownAttorney