HomeMy WebLinkAbout089-97RESOLUTION NO. 89-97
UPDATING THE TOWN OF DANVILLE MONEY PURCHASE PENSION PLAN
AND TRUST AGREEMENT, AND FORMING AND APPOINTING THE
ADMINISTRATIVE COMMITTEE
WHEREAS, On July 1, 1984, the Town of Danville first established a Defined Contribution
Money Purchase Pension Plan to provide retirement benefits for Town employees, in accordance
with Internal Revenue Code section 401 (a); and
WHEREAS, the Town's current 1984 Plan no longer reflects the complexity of the Town's
retirement system; and
WHEREAS, the Town contracted with a law firm specializing in employee benefits programs
to work with Town staff members to review the plan and make the necessary changes; and
WHEREAS, the review of the Pension Plan was an administrative function to update and clarify
language in the Plan, and to bring the Plan in compliance with existing policies and procedures;
and
WHEREAS, the updated Plan does not change the Town's retirement policies or procedures,
nor does it affect the Town's financial obligations; now, therefore, be it
RESOLVED, that the Town Council of the Town of Danville approve the updated Town of
Danville Defined Contribution Money Purchase Pension Plan; and be it
FURTHER RESOLVED, that a five-member Administrative Committee be formed to provide
policy direction to the Town Council and to perform the functions as prescribed by the Pension
Plan; and be it
FURTHER RESOLVED, that the City Attorney, Finance Director, Personnel Manager,
Accounting Supervisor and one non-managerial staff member be appointed to the Administrative
Committee.
ASRPENSN
APPROVED by the Town Council of the Town of Danville at a Regular Meeting held on June
17, 1997, by the following vote:
AYES: Doyle,
NOES: None
ABSTAINED: None
ABSENT: None
Waldo,
Arnerich, Greenberg, Shimansky
MAYOR
APPROVED AS TO FORM:
CITY ATTORNEY
ATTEST:
CITY CLERK
PAGE 2 OF RESOLUTION No. 89-97