HomeMy WebLinkAboutRes 44-03 11/04/2003 ESOLUTION NO. 44-03
A RESOLUTION AUTHORIZING THE ADOPTION OF
AN AMENDED VANTAGECARE RETIREE HEALTH SAVINGS PLAN
(MOUNT PROSPECT POLICE COMMAND PLAN NUMBER 800'191)
WHEREAS, the Village of Mount ProspeCt ("the Employer') employs individuals rendering valuable
services to the community; and
WHEREAS, the Employer has established a retiree health savings plan in the form of the VantageCare
Retirement Health Savings Plan (the "Plan') for such employees t hat serves t he interest o f t he
Employer by enabling it to provide reasonable security regarding such employees' health needs during
retirement by providing increased flexibility in its personnel management system, and by assisting in the
attraction and retention of competent personnel; and
WHEREAS, the Employer has determined that the continuance of the Plan serves the above
objectives:
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the Mayor and Board of Trustees of the Village of Mount Prospect do hereby
authorize the Employer to amend and restate the Plan as outlined in the attached the Retirement
Health Savings Plan Election Form and Compensation Agreement.
SECTION TWO: That the assets of the Plan shall be held in trust, with the Employer serving as trustee
("Trustee'), for the exclusive benefit of Plan participants and their beneficiaries, and the assets of the
Plan shall not be diverted to any other purpose prior to the satisfaction of all liabilities of the Plan. The
Employer executes the Declaration of Trust of the Village Mount Prospect Integral Part Trust in the
form of the model integral part trust agreement made available by the ICMA Retirement Corporation.
SECTION THREE: That this Resolution shall be in full force and effect from and after its passage and
approval in the manner provided by law.
AYES:
Hoefert, Lohrstorfer, Skowron, Wilks, Zadel
NAYS: None
ABSENT: core.ran
PASSED and APPROVED this 4th day of November, 2003.
~._~Gerald L. Farley, Mayor
ATTEST: ~
Velma W. Le'we, Village Cler'~-k/'
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