HomeMy WebLinkAboutRes 12-19 03/19/2019 Repealing Resolution No. 49-03 "A Resolution to Include Compensation Directted to Retirement Health Savings Plan"RESOLUTION NO. 12-19
A RESOLUTION REPEALING RESOLUTION NO. 49-03, "A RESOLUTION TO INCLUDE
COMPENSATION DIRECTED TO A RETIREMENT HEALTH SAVINGS PLAN AS ILLINOIS
MUNICPAL RETIREMENT FUND EARNINGS"
WHEREAS, the President and Board of Trustees of the Village of Mount Prospect approved
Resolution No. 49-03, "A Resolution to Include Compensation Directed into a Retirement Health
Savings Plan as Illinois Municipal Retirement Fund Earnings" on December 2, 2003; and
WHEREAS, due to changes in Internal Revenue Service rules adopted in 2007 and made effective
on January 1, 2008, voluntary contributions to the Village of Mount Prospect's Retirement Health
Savings(RHS) plan were eliminated; and
WHEREAS,
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS A HOME RULE
MUNICIPALITY:
SECTION ONE: That the Mayor and Board of Trustees of the Village of Mount Prospect do hereby
repeal and replace Resolution No. 49-03 in its entirety.
SECTION TWO: The Village of Mount Prospect's Retirement Health Savings (RHS) plan is
administered in accordance with the IRS guidance for Health Reimbursement Arrangements (HRAs)
and the Village's RHS plan was revised to eliminate the voluntary contribution option for its RHS
plan on January 1, 2008, in order to comply with the tax favorability described in IRS Rev. Rule 75-
539.
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: Grossi, Hatzis, Hoefert, Rogers, Saccotelli, Zadel
NAYS: None
ABSENT: None
PASSED and APPROVED this 19th day of March, 2019,
Arlene A. Jurac
Mayor
ATTEST:
Karen M. Agoranos
Village Clerk