10-109 Resolution No. 10-109
RESOLUTION
APPROVING THE FIRST AMENDMENT TO AND PROVIDING FOR THE
TERMINATION OF THE ELGIN NON-UNION MONEY PURCHASE PLAN
WHEREAS, the City of Elgin ("Elgin-) sponsors and maintains the Elgin Non-union Money
Purchase Plan (the "Plan");
WHEREAS, pursuant to Section 14.03 of the Plan, Elgin has reserved the right to terminate the
Plan; and
WHEREAS, the City Council has now determined that effective as of 11:59 p.m. on May 31.
2010 (the "Termination Date"):
• no additional employees shall become participants under the Plan after the
Termination Date; and
• all benefit accruals under the Plan shall automatically cease for all individuals
who are participants under the Plan as of the Termination Date,
which amendment shall hereby completely terminate the Plan as of the Termination Date; and
WHEREAS, the City Council has reviewed the attached First Amendment to the Elgin Non-
union Money Purchase Plan, effective as of 11:59 p.m. on May 31, 2010, in the form attached.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS, that the City Council hereby approves and adopts the attached First Amendment
to the Plan,effective as of 11:59 p.m. on May 31, 2010, in the form attached and the City Manager is
authorized and directed to execute such First Amendment.
BE IT FURTHER RESOLVED,that the-City Council hereby authorizes and directs the City
Manager to make such other changes or take such other actions(including execution)with respect to
the foregoing resolutions as the City Manager determines necessary or desirable and in the best
interests of Elgin, or as may be recommended by legal counsel to Elgin.
s/Ed Schock
Ed Schock, Mayor
Presented: May 26, 2010
Adopted: May 26, 2010
Vote: Yeas: 7 Nays: 0
Attest:
s/ Diane Robertson
Diane Robertson, City Clerk
FIRST AMENDMENT
TO THE ELGIN NON-UNION MONEY PURCHASE PLAN
Plan Termination as of May 31, 2010
WHEREAS, the City of Elgin ("Elgin") maintains the Elgin Non-union Money Purchase
Plan (the"Plan") for the benefit of its eligible employees;
WHEREAS, Section 14.03 of the Plan provides that Elgin may terminate the Plan; and
WHEREAS, the City Council deems it appropriate to completely terminate the Plan,
effective as of May 31, 2010.
NOW THEREFORE, the Plan is hereby amended, effective as of May 31, 2010, by adding
immediately preceding Article I of the Plan,the following new Article IA as a part thereof:
"ARTICLE IA
FREEZE OF THE PLAN EFFECTIVE MAY 31, 2010
1A.1 Plan Termination. Notwithstanding any other provision of this
document to the contrary, the Elgin Non-union Money Purchase Plan (the "Plan") is
terminated effective as of May 31, 2010, and no Participant shall accrue any benefit
or additional benefit on and after May 31, 2010. The Plan shall be wound down with
the Plan's assets distributed as soon as administratively feasible."
IN WITNESS WHEREOF, the City Manager, who is designated the authority to execute
this First Amendment, hereby affixes his signature as of this 26th day of May, 2010.
Sea . Stegall, City Ma;ger
FIRST AMENDMENT
TO THE ELGIN NON-UNION MONEY PURCHASE PLAN
Pinn Termination as of May 31, 2010
WHEREAS. the City of Elgin ("Elgin") maintains the Elgin Non-union Money Purchase
Plan (the "Plan") for the benefit of its eligible employees;
WHEREAS. Section 14.03 of the Plan provides that Elgin may terminate the Plan; and
WHEREAS. the City Council deems it appropriate to completely terminate the Plan.
effective as of May 31, 2010.
NOW THEREFORE, the Plan is hereby amended, effective as of May 31, 2010, by adding
immediately preceding Article I of the Plan, the following new Article IA as a part thereof:
"ARTICLE IA
FREEZE OF THE PLAN EFFECTIVE MAY 31, 2010
1A.1 Plan Termination. Notwithstanding any other provision of this
document to the contrary, the Elgin Non-union Money Purchase Plan (the "Plan") is
terminated effective as of May 31. 2010. and no Participant shall accrue any benefit
or additional benefit on and after May 31. 2010. The Plan shall be wound down with
the Plan's assets distributed as soon as administratively feasible."
IN WITNESS WHEREOF, the City Manager, who is designated the authority to execute
this First Amendment, hereby affixes his signature as of this 26th day of May. 2010.
Sean 1 tegall, City Manag