HomeMy WebLinkAbout007-04RESOLUTION NO. 7-2004
APPROVING AMENDMENTS TO THE TOWN OF DANVILLE MONEY
PURCHASE PENSION PLAN AND TRUST
WHEREAS, the Town of Danville adopted its Money Purchase Pension Plan and Trust
(the "Plan") in July 1996; and
WHEREAS, the Town's Plan was approved by the Internal R~venue Service in 1998 as
fully complying with all applicable federal laws; and
WHEREAS, changes in federal law now necessitate amendments to the Town's plan in
order to fully comply with federal law; now, therefore, be it
RESOLVED, that the Danville Town Council approves the amendments to the Town of
Danville Money Purchase Pension Plan and Trust set forth in attached Exhibit 1 which
is hereby incorporated into this resolution.
APPROVED by the Danville Town Council at a regular meeting on February 3, 2004 by
the following vote:
AYES: Arnerich,
NOES: None
ABSTAINED: None
ABSENT: None
Doyle, Andersen, Shimansky, Stepper
MAYOg ' -
APPROVED AS TO FORM:
CITY ATTORNEY /
ATTEST:
CITY CLERK
Town of Danville
Money pUrchase Plan and Trust Agreement
(As Amended and Restated effective July 1, 2001)
THIS 'AGREEMENT, made and entered into this ~'"~t~k day of ~'~(t~7 , ~ot~, by
l~d
.betWeen Town of Danville organized under the law~ ~-~-the State of California with principal
offices at Danville, California (hereinafter called the "Employer") and the Town Manager and
the finance director (hereinafter referred to as the Trustees): :
WITNES SE. TH:
That at a meeting of the Town Council held on the ~'rJ day of ~¢'e~o(~
amendments to the Money Purchase Plan and Trust we--~e ~atified authorized and
, '20,>9, certain
directed:
Now, therefore, it is agreed by and betWeen the parties hereto that the aforementioned Money
Purchase Plan and Trust Agreement be and it is hereby amended effective January'l, 2003 as
follows: -
Section 8.05 is amended by adding the following sentence at the end thereof:
NotWithstanding any provision in .the Plan to the contrary, distributions upon the
death of' a Participant shall be made 'in accordance with' the following
requirements and shall otherwise complY with Code Section 401(a)(9), including
Section 1.401(a)(9)-2 (as modified by the Section 401(a)(9) Final· and Temporary
Regulations published in the Federal Register on April 17, 2002).
section 8.07(a) is restated to read as follows:
(a) If a Participant dies before his' or her. entire interest has been
distributed to. him or her, subject to the provisions of the' following Sections
8.07(b) and 8.07(c), the remaining interest shall be distributed 'to the Participant's
Beneficiary in a lump sum~ provided, however, that' if the designated 'Beneficiary
is the Participant's Spouse, the Participant's remaining interest shall be distributed
to the Participant's spousal Beneficiary in the time and manner elected bYthe
· Participant. If the.' ParticiPant has made no election of the time or manner' of
distribution as to a spousal .Beneficiary, subject to the.provisiOns of the follOwing
Sections 8.07(b) and 8.07(c), such Beneficiary shall have the right to designate
within.a reasonable time after the Participant's death the time and .manner of
distribution to himself Or herself. An election by a spousal Beneficiary must be
made no later than the earlier of: (i) September 30 of the calendar.year in which
the distribution would be required to begin under Section 8.07(b); or (ii)
September 30 of the calendar year which contains the fifth anniversary of the
Participant's death. If neither the Participant nor the spousal Beneficiary' has
2105.002#55875v2
made an election of ithe time or manner Of distribution, payment to the spousal
Beneficiary shall be made in a lump sum.
IN wITNEss WHEREOF, The Employer has caused this Agreement to be signed by its
duly authorized officer and the Trustees have also signed this Agreement.
TOWN OF DANVILLE
By:
TRU~fTEES:
DIRECTOR
2
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