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HomeMy WebLinkAboutResolution 2022 - 22 Amend and Restate the City of Rexburg Salary Reduction Plan/ Resolution to Amend and Restate the City of Rexburg Salary Reduction Plan Resolution No. 2022 - 22 WHEREAS, the Employer has the power to restate the Plan, on January 1, 2022, the following resolutions to amend and restate the City of Rexburg Salary Reduction Plan (the Plan) was duly adopted by the Board of Directors, hereafter known as the Rexburg City Council, and that such resolutions have not been modified or rescinded as of the date hereof: RESOLVED, that the form of Plan presented to the City Council is a Cash or Deferred Profit Sharing Plan as authorized under Internal Revenue Code sections 401(a), 401(k), 402(9), 401(m) and 501 (a). This restatement shall be effective January 1, 2022. RESOLVED, that the form of the Plan presented to the City Council is a restatement intended to meet the requirements as listed in IRS Notice 2017-37 as required in IRS Revenue Procedure 2016-37. RESOLVED, that the City of Rexburg Salary Reduction Plan (the Plan) presented to this meeting are hereby adopted and approved and that the proper officers of the Employer are hereby authorized and directed to execute and deliver to the Plan Administrator one or more counterparts of the Plan. RESOLVED, that the proper Officers of the Employer shall act as soon as possible to notify employees of the Employer of the restatement of the Plan by delivering to each employee a copy of the Summary Plan Description of the Plan in the form of the Summary Plan Description presented to the City Council of CITY OF REXBURG which form is hereby approved. RESOLVED, that the Loan Policy presented to the City Council is hereby adopted and approved with an effective date of January 1, 2022 for delivery to each Participant. The undersigned certifies that these are true and correct copies of the resolutions approved and adopted by the City Council of the Employer on the date first written above. The undersigned further certifies that attached hereto are true copies, as approved and adopted in the above resolutions, of the Adoption Agreement, Base Plan Document, Trust Agreement, Summary Plan Description, and Loan Policy. Passed by the City Council and Approved by the Mayor this 7th Day of September, 2022. _______________________________________ Jerry L. Merrill, Mayor ATTEST: _________________________________ Deborah Lovejoy, City Clerk