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TC Resolution 22-10 Amending and Restating Public Employees Money Purchase Pension PlanAvon coL0RAD0 RESOLUTION NO. 22-10 AMENDING & RESTATING TOWN OF AVON PUBLIC EMPLOYEES MONEY PURCHASE PENSION PLAN WHEREAS, the Town of Avon (the "Town"), as a home rule municipal corporation and body politic organized under the laws of the State of Colorado, is authorized to establish and maintain, in accordance with C.R.S. § 24-54-101, et seq., a general plan or system of retirement benefits for its employees, or any class thereof, subject to appropriation being available therefor; and WHEREAS, the Town, by and through Resolution No. 85-4, Series of 1985, established, and has thereafter maintained, through a series of required and elective amendments and restatements, a Money Purchase Pension Plan, exempt from federal taxation under 26 U.S.C. § 401(a), to benefit its employees by providing funds for retirement (the "Public Employees Money Purchase Pension Plan" or the "Plan"); and WHEREAS, Treasury Regulations adopted by the Internal Revenue Service (the "IRS"), together with other IRS publications, require that the Plan be amended and restated each six years on a schedule referred to as "Cycle C" to incorporate statutory and regulatory changes, along with revisions required by applicable judicial decisions (the "Cycle C Requirements"); and WHEREAS, in order to amend and restate the Plan so as to satisfy the Cycle C Requirements, the Plan's Board of Retirement (the "Plan Board") has reviewed and, by Resolution adopted May 10, 2022, approved and adopted a Non -Standardized Governmental 401(a) Pre -Approved Plan (the "2022 Amended & Restated Public Employees Plan") prepared by the Plan's third -party administrator, Creative Retirement Plan Consulting LLC; and WHEREAS, the Town Council finds and determines that adopting the 2022 Amended & Restated Public Employees Plan will protect the tax-exempt status of Plan assets and will, thereby, serve the best interests of the Town's full-time employees who participate in the Plan. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. The above and foregoing recitals are incorporated herein by reference and adopted as findings and determinations of the Town Council. Section 2. The Town Council hereby ratifies the Plan Board's approval of the 2022 Amended & Restated Public Employees Plan and adopts that Amended & Restated Plan in substantially the form attached to this Resolution No. 22-10. Section 3. The Town Finance Director, as Chair of the Plan Board, is hereby authorized to execute all such documents as are necessary to give effect to the adoption and implementation of the 2022 Amended & Restated Public Employees Plan. Res 22-10 Amending & Restating Town of Avon Public Employees Money Purchase Pension Plan Page 1 of 2 ADOPTED on May 10, 2022 AVON TOWN COUNCIL BY: n �l Sarah Smith Hymes, layor ATTEST: Brenda Torres, Town Cl �N OF A;iU2 Res 22-10 Amending & Restating Town of Avon Public Employees Money Purchase Pension Plan Page 2 of 2