HomeMy WebLinkAboutResolution_14-20_5/14/2020 RESOLUTION NO. 14-20
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, APPROVING AMENDMENT NO. 1 TO THE
ADOPTION AGREEMENT FOR GOVERNMENTAL MONEY PURCHASE
PLAN NO. 98781-02; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Village of Tequesta has adopted and maintains a Governmental Money
Purchase Plan&Trust designated as"Plan No. 98781-02" (hereinafter referred to as the"401(a)
Plan" or"Plan"); and
WHEREAS, the Plan is administered by Empower Retirement LLC in accordance with
Section 401(a) of the Internal Revenue Code for the benefit of certain Village employees and
their beneficiaries; and
WHEREAS, certain terms of the 401(a) Plan are set forth in the Adoption Agreement for
Governmental Volume Submitter Money Purchase Plan ("Adoption Agreement"); and
WHEREAS, the Village and the participating employees make specified mandatory
contributions to the 401(a) Plan in accordance with the terms of the Adoption Agreement; and
WHEREAS, the Village agreed to increase its contribution to the 401(a) Plan on behalf
of the Assistant Police Chief effective May 9, 2016, and agreed to increase its contribution to the
401(a) Plan on behalf of the Police Chief effective April 2, 2018; and
WHEREAS, the 401(a) Plan was closed to new members on June 1, 2018, and
employees who were participating in the Plan on that date were given a one-time option to join
the Public Safety Officers Pension Plan or continue participating in the 401(a) Plan; and
WHEREAS, the Police Chief and the Assistant Police Chief elected to continue
participating in the 401(a) Plan; and
WHEREAS, the Adoption Agreement has not been amended to reflect the changes in
the contribution rates or Plan eligibility requirements; and
01277435-2 1
. WHEREAS, an amendment to the Adoption Agreement is necessary to reflect the
current operation of the Pian; and
WHEREAS, the Village Council has determined that the adoption of this Resolution is in
the best interest and the Village and its employees.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1: The foregoing "Whereas" clauses are confirmed as true and incorporated
herein.
Section 2: The Village Council hereby approves Amendment No. 1 to the Adoption
Agreement for Governmental Volume Submitter Money Purchase Plan No. 98781-02, as set forth
in Exhibit A, which is attached hereto and incorporated by reference herein.
Section 3: This Resolution shall become effective immediately upon passage, and
shall operate retroactively to the dates referenced in Amendment No. 1.
01277435-2 2
EXHIBIT A
AMENDMENT NO. 1
TO
VILLAGE OF TEQUESTA
ADOPTION AGREEMENT FOR GOVERNMENTAL VOLUME SUBMITTER
MONEY PURCHASE PLAN NO. 98781-02
The Adoption Agreement for Village of Tequesta Governmental Volume Submitter Money
Purchase Plan No. 98781-02 (hereinafter referred to as "Adoption Agreement") is hereby
amended as follows:
1. Section 12. "Eligible Employees" is hereby amended as follows:
12. ELIGIBLE EMPLOYEES (Plan Section 1.17) means all Employees (including
Leased Employees) EXCEPT those Employees who are excluded below or
elsewhere in the Plan:
a. [ ] No excluded Employees. There are no additional excluded Employees
under the Plan (skip to Question 13).
b. [X] Exclusions. The following Employees are not Eligible Employees for
Plan purposes (select one or more):
1. [ ] Union Employees (as defined in Plan Section 1.17)
2. [ ] Nonresident aliens (as defined in Plan Section 1.17)
3. [ ] Leased Employees (Plan Section 1.28)
4. [ ] Part-time/temporary/seasonal Employees.A part-time, temporary or
seasonal Employee is an Employee whose regularly scheduled
service is less than Hours of Service in the relevant eligibility
computation period (as defined in Plan Section 1.54). However, if any
such excluded Employee actually completes a Year of Service, then
such Employee will no longer be part of this excluded class.
5. [X] Other: All except certified police department employees (must be
definitely determinable under Regulations §1.401-1(b). Exclusions
may be employment title specific but may not be by individual name
nor result in only a finite group of individuals (e.g., excluding anyone
hired after 12/31/12.)
Effective June 1, 2018, participation in the Plan shall be closed to new
members, and employees who are not participating in the Plan on
such date shall not be eligible to participate in the Plan. Employees
who are participating in the Plan on such date shall have a one-time
irrevocable option to participate in the Public Safety Officers Pension
Plan. Those employees who elect to continue participating in this
Plan shall maintain their existing accounts in the Plan and continue
to manage their Plan account investments until they retire or
terminate Village employment, in accordance with the Plan.
01277435-2 3
2. Section 24. "Employer Contributions" is hereby amended as follows:
24. EMPLOYER CONTRIBUTIONS (OTHER THAN MATCHING CONTRIBUTIONS)
(Plan Section 4.1(a) (2)) (skip to Question 26 if Employer contributions are NOT
selected at Question 11.b.)
CONTRIBUTION FORMULA (select one or more of the following contribution
formulas:)
a. [X] Fixed contribution equal to (only select one):
1. [X] 9 ° .
a. [ ] Plan Year
b. [ ] calendar quarter
c. [ ] month
d. [X] pay period
e. [ ] week
2. [ ] $ per Participant.
3. ( ] $ per Hour of Service worked while an Eligible
Employee
a. [ ] up to hours (leave blank if no limit)
4. [X] other (the formula described must satisfy the definitely
determinable requirement under Regulations §1.401-1(b)): The fixed
contribution is equal to 9% of each participant's compensation for each pay
period, except as follows: The fixed contribution for the Police Chief shall
be 10% of his compensation for each pay period effective April 2, 2018,
and the fixed contribution for the Assistant Police Chief shall be 10% of his
compensation for each Pay period effective May 9, 2016.
01277435-2 4
RESOLUTION Date
14-20 05/14/2020
Motion Vice-Mayor Kyle Stone Second Council Member Frank D'Ambra
FOR AGAINST ABSENT CONFLICT
Mayor Abigail Brennan ❑x ❑ ❑ ❑
Vice-Mayor Kyle Stone ❑x ❑ ❑ ❑
Council Member Laurie Brandon ❑x ❑ ❑ ❑
Council Member Frank D'Ambra ❑x ❑ ❑ ❑
Council Member Bruce Prince ❑x ❑ ❑ ❑
The Mayor thereupon declared the Resolution duly passed and adopted.
MAYOR OF TEQUESTA:
aAbiga4i7lr�ennan
INCORpORArEp
ATTEST: ; :`
'"nmrrxumvuv�
Lori McWilliams, MMC
Village Clerk