HomeMy WebLinkAboutResolution 97-26 06/16/1997
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SPRINGFIELD
NO. 97 - 97-26
A RESOLUTION OF THE CITY OF SPRINGFIELD AMENDING THE CITY OF
SPRINGFIELD, OREGON MONEY PURCHASE PENSION PLAN
WHEREAS, by Resolution No. 95-42 the City adopted the City of Springfield, Oregon
Money Purchase Pension Plan and Trust; and
WHEREAS, by Resolutions No. 96-26 and No. 96-35 the City has made certain
amendments to the Money Purchase Pension Plan;
NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of Springfield as
follows:
Section 1. The following amendments are made to the Money Purchase Pension Plan
effective June 16, 1997.
a. Section 7.1 of the Plan is amended to read as follows:
"7.1 Despite any other provision of the Plan, the maximum annual addition to
the account of any Participant in any Limitation Year shall not exceed the lesser of:
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a. Thirty Thousand Dollars ($30,000), adjusted for increases in the cost of
living as permitted under regulations issued by the Secretary of Treasury or his delegate.
"b. Twenty-five percent (25%) ofthe Participant's compensation for the year;
provided, however, that such compensation limitation shall not include any contribution for
medical benefits within the meaning ofIRC Section 401(h) or 419(f)(2) which is otherwise
treated as an annual addition under IRC Section 415(1)(1) or 419A(d)(2)."
Adopted by the Common Council and approved by the Mayor of the City of Springfield
this 16th day of June, 1997.
Adopted by a vote of 5 for and 0 against.
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Mayor
ATTEST: G..L-l ~'{) lJL)~
Deputy CitY~~~
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REVIEWED Sa APPROVED
A~e!~~ ~ ~
DATE: b l \ \ \ 11
OFFICE OF CITY ATTORNEY
ATTACHMENT A-I