HomeMy WebLinkAboutRes 19-22 06/21/2022 Terminating a money purchase retirement plan 401 (a) with Missionsquare Retirement (formerly international city managers association retirement corporation)RESOLUTION NO. 19-22
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, 106330, with the International City Managers' Association Retirement Corporation
(now known as MissionSquare) on June 19, 2007 through adoption of Resolution No. 27-
07; and
WHEREAS, plan 106330 is an outdated 401(a) plan that has had zero (0) contributions since
December 31, 2009; and
WHEREAS, the Village of Mount Prospect seeks to terminate plan 106330 effective June
21, 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 106330, a Money Purchase Retirement Plan 401(a), with
MissionSquare Retirement (formerly International City Managers' Association Retirement
Corporation) effective June 21, 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, Rogers, Zadel
NAYS: None
ABSENT: None
PASSED and APPROVED this 21St day of June, 2022.
Paul "Wm. Hoefd t
Mayor
ATTEST:
r
Karen M. Agoranos
Village Clerk