HomeMy WebLinkAboutRes 06-22 02/15/2022 Terminating a money purchase retirement plan 401(a) with missionsquare retirement (formerly international city managers association retirement corporation)RESOLUTION NO. 6-22
A RESOLUTION TERMINATING A MONEY PURCHASE RETIREMENT PLAN 401(a)
WITH MISSIONSQUARE RETIREMENT (FORMERLY INTERNATIONAL CITY
MANAGERS ASSOCIATION RETIREMENT CORPORATION)
WHEREAS, the Village of Mount Prospect established a Money Purchase Retirement
Plan, 109323, with the International City Managers' Association Retirement Corporation
(now known as MissionSquare) on January 17, 1995 through adoption of Resolution No.
3-95; and
WHEREAS, plan 109323 is an outdated 401(a) plan that has a zero (0) balance and no
active members; and
WHEREAS, the Village of Mount Prospect seeks to terminate plan 109323 effective
February 28, 2022.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS ACTING IN THE
EXERCISE OF THEIR HOME RULE POWERS:
SECTION ONE: The Board of Trustees of the Village of Mount Prospect do hereby express
its intent to terminate plan 109323, a Money Purchase Retirement Plan 401(a), with
MissionSquare Retirement (formerly International City Managers' Association Retirement
Corporation) effective February 28, 2022.
SECTION TWO: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES: Filippone, Gens, Matuszak, Pissarreck, Rogers, Saccotelli
NAYS: None
ABSENT: None
PASSED and APPROVED this 15th day of February, 2022.
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Paul Wm. Hoef rt
Mayor
ATTEST:
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Karen M. Agora os
Village Clerk