HomeMy WebLinkAboutRESOLUTION NO 16 04 371STATE OF GEORGIA
COUNTY OF FULTON RESOLUTION NO. 16-04-371
A RESOLUTION TO APPROVE RESTATED ADOPTION AGREEMENTS BETWEEN
THE CITY OF MIL TON AND ICMA-RC AS REQUIRED BY THE IRS FOR THE
CITY'S 40l(A) DEFINED CONTRIBUTION PLANS, TO ALLOW FOR PARTICIPANT
LOANS AND IN-SERVICE DISTRIBUTIONS OF ROLLOVER ACCOUNTS IN
'CERTAIN PLANS
WHEREAS, the City of Milton wishes to provide competitive benefits to all employees;
and
WHEREAS, the City of Milton currently provides employees with defined contribution
plans under volume submitter plan documents sponsored by ICMA-RC; and
WHEREAS, ICMA-RC has restated its volume submitter documents as required by the
IRS for the Pension Protection Act amendments, and the IRS requires each employer using the
volume submitter documents sponsored by ICMA to restate their defined contribution plans
(401(a) plans) by April 30, 2016; and
WHEREAS, the City of Milton wishes to amend two of the 401 (a) plans to permit loans
to participants, effective as of January 1, 2016; and
WHEREAS, the City of Milton wishes to amend certain of its 401 (a) plans, effective as
of January 1, 2016, to permit in-service distributions of rollover contributions made by
participants to those plans.
NOW THEREFORE be it resolved by the Council for the City of Milton as follows:
• Each of the attached adoption agreements for the City of Milton 401(a) Plan (consisting
of Documents Nos. 106635,106470 and 106328), the City of Milton PT 3.75% Plan
(Document No. 108025), the City of Milton 6.2% Plan (Document No. 108068), and the
City of Milton 6112 Plan (Document No. 108031), be approved in order to restate the
plans, effective as of the retroactive effective dates specified therein; and
• The attached adoption agreements for the City of Milton 401 (a) Plan (Document No.
106328 only) and the City of Milton 6.2% Plan (Document No. 108068) be amended,
effective as of January 1, 2016, to allow for participant loans; and
• The attached adoption agreements for each of the plans (except for that portion of the
City of Milton 401(a) Plan contained in Document No. 106635) be amended, effective as
of January 1, 2016, to permit in-service distributions of rollover contributions which
participants have contributed to the plans; and
• That the Mayor shall be authorized to execute the attached adoption agreements on behalf
of the City.
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BE IT SO RESOLVED AND ORDAINED, this 25th day of April, 2016, by the Council of
the City of Milton, Georgia.
Appro~
JoeL~
Attest:
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