HomeMy WebLinkAboutResolution-2005-0048
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RESOLUTION NO. 48
SERIES OF 2005
TITLE:
A RESOLUTION APPROVING THE ADOPTION OF THE
REST A TED CITY OF WHEAT RIDGE MONEY PURCHASE
PENSION PLAN FOR DESIGNATED POLICE DEPARTMENT
EMPLOYEES AND THE FIRST, SECOND AND THIRD
AMENDMENTS THERETO FOR THE PURPOSE OF
REINSTATING THE PLAN'S TAX QUALIFICATION UNDER
SECTION 401(a) OF THE INTERNAL REVENUE CODE
AND APPROVING THE SUBMISSION OF AN IRS
DETERMINATION LETTER REQUEST AND OF AN
IRS VOLUNTARY COMPLIANCE PROGRAM REQUEST
TO OBTAIN IRS APPROVAL OF THE REINSTATEMENT
OF THE PLAN'S TAX QUALIFICATION UNDER
SECTION 401(a) OF THE INTERNAL REVENUE CODE
WHEREAS, the ongmal Pension Plan for Designated Police Department
Employees of the City ( the "Plan") was established effective as of October 1, 1981, and
was subsequently amended, in restated form, effective generally as of January 1, 1987, and
has been amended thereafter
WHEREAS, the Plan is intended to be a tax qualified retirement plan under
SectIOn 401 (a) of the Internal Revenue Code of 1986, as amended (the "Code"),
WHEREAS, the Plan was not amended in a timely manner for various changes
m the Code smce the Plan was restated effective generally as of January 1, 1987, and,
therefore, the Plan IS no longer m compliance with the current requirements of Code
Section 401(a) and has lost ItS tax qualificatIOn,
WHEREAS, the Plan has now been amended and restated With the mtent of
complymg with the current reqUirements of Code Section 401(a), as set forth m the
attached documents (collectively referred to as the "Restated Plan")
1 THE CITY OF WHEAT RIDGE MONEY PURCHASE PENSION PLAN
FOR DESIGNATED POLICE DEPARTMENT EMPLOYEES ["GUST Restated Plan"],
2. THE FIRST AMENDMENT TO THE CITY OF WHEAT RIDGE MONEY
PURCHASE PENSION PLAN FOR DESIGNATED POLICE DEPARTMENT
EMPLOYEES ["EGTRRA Amendment"],
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3 THE SECOND AMENDMENT TO THE CITY OF WHEAT RIDGE
MONEY PURCHASE PENSION PLAN FOR DESIGNATED POLICE DEPARTMENT
EMPLOYEES ["IRC SectIon 40I(a)(9) Minimum Distribution Amendment"], and
4 THE THIRD AMENDMENT TO THE CITY OF WHEAT RIDGE
MONEY PURCHASE PENSION PLAN FOR DESIGNATED POLICE DEPARTMENT
EMPLOYEES ["IRC Section 40l(a)(31) Amendment"]
WHEREAS, under current IRS procedures to reInstate the Plan's tax qualIfied
status under the requirements of Code SectIOn 401(a) and to Insure that the Restated Plan
conforms to the requirements of Code SectIOn 401 (a), It is necessary to submit a request to
the IRS under Its Employee Plans Compliance ResolutIOn System ("EPCRS") for its
approval to reinstate the Plan's tax qualified status and to submIt a request that the IRS
issue a determInation letter that the Restated Plan conforms to the current requirements of
Code SectIOn 40l(a)
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF WHEAT RIDGE THAT
The City of Wheat Ridge hereby adopts the Restated Plan.
2. The CIty of Wheat RIdge hereby deems It prudent and necessary to submIt a
request to the IRS under its Employee Plans ComplIance ResolutIOn System ("EPCRS")
for Its approval to reinstate the Plan's tax qualified status and to submIt a request that the
IRS Issue a determInation letter that the Restated Plan conforms to the current
reqUIrements of Code SectIOn 40 I (a)
3 The CIty of Wheat RIdge hereby dIrects and authonzes its Mayor and City
Clerk and other admInIstrative personnel to take any necessary and appropnate actIon,
includIng, but not limited to, execution of the Restated Plan and the executIOn and
submISSIOn of all reqUIred documentatIOn WIth respect to such request to the IRS under its
Employee Plans Compliance ResolutIOn System C'EPCRS") for its approval to reInstate
the Plan's tax quahfied status and such request that the IRS Issue a determinatIOn letter
that the Restated Plan conforms to the current reqUIrements of Code Section 40l(a)
DONE AND RESOLVED at a re~ting of the City Council of the City of Wheat
Ridge, Colorado on the )-' day of '._ I, 1'(, /J'~j2005
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