HomeMy Public PortalAbout24-2006-24 SCANNED
RESOLUTION 2006-24
RESOLUTION ADOPTING UPDATED MONEY PURCHASE PENSION PLAN AND
TRUST FOR DEPARTMENT OF WATERWORKS
WHEREAS, the City of Greencastle is required to update the water department's
pension plan and trust to incorporate changes to the IRS; and
WHEREAS, the City wishes the waterworks employees to be member of the
Public Employee Retirement Fund (PERF); however, the attached changes must be made prior to
terminating the current plan.
THEREFORE BE IT RESOLVED, that the Plan, as amended and restated
effective April 1, 2006, in substantially the form presented to this meeting(a copy of which will
be placed in the minutes of this meeting), is hereby approved and adopted by the Council, and the
Mayor, on behalf of the City and its Department of Waterworks is authorized to execute the Plan
document;
BE IT FURTHER RESOLVED, BY THE COMMON COUNCIL of the City of
Greencastle that contributions to the Department of Water Works/City of Greencastle Money
Purchase Pension Plan(the "Plan"),will cease, and the Plan will terminate, effective
December 31, 2006;
ID
BE IT FURTHER RESOLVED, that the Mayor is authorized to prepare and
submit to the Internal Revenue Service an application for a determination with respect to the
qualification of the Plan on termination, and to make any additional amendments to the Plan
reasonably required by the Internal Revenue Service as a condition for issuing a favorable
determination with respect to the Plan;
BE IT FURTHER RESOLVED, that the Mayor is authorized to prepare and
submit to the Internal Revenue Service, under Revenue Procedure 2006-27, a voluntary
correction of its late Plan amendment error, and to make any amendments to the Plan reasonably
required by the Internal Revenue Service as condition for issuing a compliance statement with
respect to the Plan; and
BE IT FURTHER RESOLVED, that the Mayor and her staff are authorized and
directed to take any further actions that they, in their judgment, deem necessary, appropriate or
desirable to carry out the purposes and intent of the foregoing resolution.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at its
regular meeting this )O"` day of Vc.k%,e,e_, 2006.
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COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA
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Thomas W. Roach Russell W. Evans
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M rk N. Ham r m John Lanie
Robert Sedlack
Approved and signed by me this )0 day of Oe4l,,eQ 2006 at ' o'cloclO .m.
Nancy ichael, Mayor
ATTEST:
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Teresa Glenn, Clerk-Treasurer
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