HomeMy WebLinkAbout003-93RESOLUTION NO. 3-93
APPROVING AN AMENDMENT TO THE TOWN OF DANVILLE 401(A) MONEY
PURCHASE PENSION PLAN
WHEREAS, Town employees participate in an IRS defined 401(a) retirement plan which
receives matching pension contributions from the Town; and
WHEREAS, employees are currently fully vested in their 401(a) funds after successfully
completing six months of employment with the Town; and
WHEREAS, one year of service is a more reasonable requirement which will encourage
employees to stay on the job and reimburse Town pension contributions made for
employees who do not meet the service requirement; now, therefore, be it
RESOLVED, by the Town Council of the Town of Danville, that the Financial Services
Manager is hereby authorized to execute an agreement with Lincoln National, the pension
plan administrator, amending the Town's 401(a) Money Purchase Pension plan vesting
schedule to 100% after one year of continual service; and be it
FURTHER RESOLVED, that the Town Council shall adopt the Town of Danville Money
Purchase Pension Trust, which shall be restated effective July 1, 1989 in substantially the
same form as has been presented to the Council, and that the duly authorized officer of
the Town shall have all the powers necessary and proper to execute this resolution.
APPROVED by the Town Council of the Town of Danville at a Regular Meeting held on
Tuesday, January 19, 1993, by the following vote:
AYES:
NOES:
ABSTAINED:
ABSENT:
SHIMANSKY, RITCHEY, GREENBERG, LANE
NONE
NONE
DOYLE
APPROyED AS TO FORM
C/i~c""'~
<__.
ATTEST:
CITY CLERK