HomeMy WebLinkAboutRESOLUTION - 15-24 - 3/26/2024 - MISSION SQUARE RETIREMENT SAVINGS PLANRESOLUTION NO. 15-24
A RESOLUTION AUTHORIZING THE VILLAGE OF ELK GROVE VILLAGE TO
PARTICIPATE IN THE MISSION SOUARE RETIREMENT HEALTH SAVINGS PLAN
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS, the establishment of a retirement health savings plan for such employees
serves the interests of the Employer by enabling it to provide reasonable security regarding such
employees' health needs during retirement, by providing increased flexibility in its personnel
management system, and by assisting in the attraction and retention of competent personnel; and
WHEREAS, the Employer has determined that the establishment of a retirement health
savings plan to be administered by Mission Square and/or its affiliates serves the above
objectives; and
WHEREAS, the Employer desires that its retirement health savings plan (the "Plan") be
administered by Mission Square and/or its affiliates.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, Illinois as follows:
Section 1: That the Employer hereby adopts the Plan in the form of the Mission Square
Retirement Health Savings Plan.
Section 2: That the assets of the Plan shall be held in trust, with the Employer serving as
trustee, for the exclusive benefit of Plan participants and their beneficiaries, and the assets of the
Plan shall not be diverted to any other purpose.
Section 3: That the assets of the Plan shall not be diverted to any other purpose prior to the
satisfaction of all liabilities of the Plan.
Section 4: That the Employer, the Village of Elk Grove Village, executes the Declaration
of Trust of the Village of Elk Grove Village Integral Part Trust in the form of the model integral
part trust agreement made available by Mission Square.
Section 5: That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
VOTE: AYES: 4 NAYS: 0 ABSENT: 2
PASSED this 26t" day of March 2024
APPROVED this 26t' day of March 2024
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk