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HomeMy WebLinkAboutRes 43-03 11/04/2003 ESOLUTION NO. 43-03 A RESOLUTION AUTHORIZING THE ADOPTION OF AN AMENDED VANTAGECARE RETIREE HEALTH SAVINGS PLAN (MOUNT PROSPECT FIRE COMMAND PLAN NUMBER 800159) WHEREAS, the Village of Mount Prospect ("the EmployeF) 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 Retirement Health Savings Plan Election Form and Compensation Redirection Agreement. SECTION TWO: That the assets of the Plan shall be held in trust, with the Employer serving as trustee ("Trustee'l, 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: Corcoranl PASSED and APPROVED this 4th day of November, 2003. ~ Gerald L. Farley, Mayor ATTEST: Velma W. Lo/we, Village Clerk c:\Win2kProflles\PSeger~Local Settings\Temporary Internet Files\OLK2\Retiree svgs planVantagecareFireNov03.doc