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RESOLUTION NO. 93-2006
APPROVING AN AMENDMENT 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 Revenue Service in 1998 as
fully complying with all applicable federal laws; and
WHEREAS, the Town wishes to amend Section 3.01 of the Plan in order to equalize
Town contributions for all employees, regardless of date of hire; now, therefore, be it
RESOLVED, that the Danville Town Council approves the amendment to Section 3.01
of the Town of Danville Money Purchase Pension Plan and Trust as set forth in attached
Exhibit 1 which is hereby incorporated into this resolution, to be effective July 1, 2006.
APPROVED by the Danville Town Council at a regular meeting on July 18, 2006 by the
following vote:
AYES: Shimansky, Andersen, Arnerich, Doyle
NOES: None
ABSTAINED: None
ABSENT: Stepper
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~AYOR
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CITY ATTORNEY
ATTEST:
Exhibit 1
to Town of Danville
Resolution No. 93-2006
SECTION 3.01 Determination of Contribution. With respect to each Plan
Year the Employer shall pay to the Trustee as its contribution to the Plan an amount
determined as follows:
Participant's Deferred Compensation
under the Employer's Deferred
Compensation Plan
Employer's Contribution to be Made to
this Plan
Less than 5 %
5 % or greater
10%
15%
Notwithstanding the above, Employer contributions shall be made to this Plan on
behalf of the Town Manager and on behalf of the City Attorney in accordance with the
terms of their respective employment contracts with the Employer.
The Trustee shall not be responsible for the collection of any contributions to the Trust
Fund.
EXHIBIT 1 TO RESOLUTION NO. 93-2006