HomeMy WebLinkAbout2004-040 - Termination of Retirement Savings Plan and TrustBILL N0.2004- 40
ORDINANCE N0.2004- 40
AN ORDINANCE APPROVING THE TERMINATION OF THE CITY OF
RIVERSIDE, MISSOURI, RETIREMENT SAVINGS PLAN AND TRUST
AND THE DISTRIBUTION OF THE ASSETS THEREOF TO PLAN
PARTICIPANTS, AND AUTHORIZING THE MAYOR TO APPLY FOR A
DETERMINATION LETTER FROM THE INTERNAL REVENUE
SERVICE AND TO TAKE ALL OTHER ACTIONS NECESSARY IN
CONNECTION WITH SUCH TERMINATION AND DISTRIBUTION
WHEREAS, the directors of the Corporation have determined that it is in the best interests of the
City of Riverside, Missouri ("City") to discontinue the City of Riverside, Missouri, Retirement Savings
Plan and Trust ("Plan").
NOW, THEREFORE, be it ordained by the Board of Aldermen of the City as follows:
Section 1. The Plan is hereby terminated and the assets of the trust under the Plan shall be distributed to
the participants under such Plan; provided, however, that said termination and distribution is expressly
conditioned upon receipt from the Internal Revenue Service of a determination letter to the effect that said
termination will not adversely affect the qualified status of the Plan under Section 401(a) of the Internal
Revenue Code of 1986, as amended (hereinafter all citations shall be to "Section"), and the exempt status
of the trust under the Plan under Section 501(a); and
Section 2. The proper officers of the City are authorized and directed to apply for a determination letter
from the Internal Revenue Service to the effect that the termination of the Plan will not adversely affect
the qualification of the Plan under Section 401(a) and the exempt status of the Trust under Section 501(a)
and to take all other actions necess to terminate the Plan and distribute assets of the trust under the
Plan.
Passed this day of , 2004.
.~.~~-.
Mayor
ATTEST:
Clerk
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