HomeMy WebLinkAboutResolution No 2026 - 02 Amend and Restate City of Rexburg Salary Reduction Plan
Resolution to Amend and Restate the City of Rexburg Salary Reduction Plan
Resolution No 2026 - 02
WHEREAS, the Employer has the power to restate the Plan, on January 1, 2026, the following resolutions to amend and restate the City of Rexburg Salary Reduction Plan (the Plan) were
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Board of Directors, hereafter known as the Rexburg City Council, and that such resolutions have not been modified or rescinded as of the date hereof: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, 2026.
Add Roth Provisions to be effective 12/18/25- See Exhibit B Summary of material modifications dated 12/18/25 and Exhibit C Summary Plan Description Post-PPA Roth Provisions 12-18-25
Add Additional Provisions as noted in Exhibit A-Secure Act 2.0 Checklist (Summary Plan Description to be completed as available by Third Party Administrator (TPA) and provided to city).
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.
PASSED BY THE CITY COUNCIL January 7, 2026
SIGNED BY THE MAYOR January 7, 2026
____________________________
Jerry Merrill, City of Rexburg Mayor
ATTEST:
___________________________________
Deborah Lovejoy, City Clerk
Attachments:
EXHIBIT A – Secure Act 2.0 Checklist
EXHIBIT B – Summary of Material Modifications Post-PPA Roth Provisions 12-18-2025
EXHIBIT C – Summary Plan Description Post–PPA Roth Provisions 12-18-2025