Loading...
HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 19_08/03/2009Laur, Betty From: McWilliams, Lori Sent: Monday, July 20, 2009 9:40 AM To: Laur, Betty Cc: Angela Twomey; Bonni Jensen; Karen Armenita Subject: FW: TEQUESTA PSO Pension Fund -response to IRS Letter of June 15, 2009 Attachments: TEQ PSO-Cvr Ltrs - rspns to IRS inquiry.pdf, TEQ PS© Exhibit Packet (A-I).pdf Please put on the PSO agenda for Bonni to provide an update on this issue. Lori From: Karen Amenita [mailto:karen@perryjensenlaw.com] Sent: Friday, July 17, 2009 4:04 PM To: McWilliams, Lori Cc: Laur, Betty; Bonni 5. Jensen; Angela Twomey; Karl Seifel Subject: TEQUESTA PSO Pension Fund -response to TRS Letter of June 15, 2009 Hi Lori, Attached is Bonni's reply to the IRS regarding their letter of June 15, 2009 -with accompanying Exhibits. Please let us know if you have any questions. Have a great weekend. Respectfully, .l`~>L~,fZ ~~11-ZQ/Z[~a karen(a~perryjensenlaw.com Legal Assistant -Pension Team of Bonni Jensen The Law Offices of Perry & Jensen, LLC 400 Executive Center Drive, Suite 207 West Palm Beach, Florida 33401-2922 561.686.6550 (Phone) 561.686.2802 (Fax) CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message (or any portion thereof) concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that maybe imposed by law. *** eSafe scanned this email for malicious content *** *** IMPORTANT: Do not open attachments from unrecognized senders *** July 17, 2009 Margaret Saito, ID #95-02557 Re: Village of Tequesta Public Safety Officers Employee Plans Specialist Pension Trust Fund Internal Revenue Service OMB Clearance Number: 1545-0197 TE/GE Division Employer Identification # 59-6044081 9350 Flair Drive T:EP:RA:VC:7554 Our File #1011.0053 EI Monte, CA 91731-2885 Control #911682093 EXHIBIT PACKET SUBMITTED WITH VCP AND DETERMINATION LETTER REQUEST EXHIBIT DESCRIPTION A Appendix F B Original Form 2848 Signed by Village of Tequesta, Manager C GUST working restatement amendment D EGTRRA working restatement amendment E Portion of working restatement affected by GUST F Portion of working restatement affected by EGTRRA G Schedule 2 of Appendix F H Schedule 1 of Appendix F I Form 5300 xh~h~-~ APPENDIX F STREAMLINED VCP SUBNIISSION Village of Tequesta Public Safety Officers' Plan Name: Pension Trust Fund EIN: 59-6044081 Plan #: 002 (Please include the plan name, EIN, and plan number information on each page of the submission.) PART I. PLAN INFORMATION 1. APPLICANT'S NAME Village of Tequesta 2. APPLICANT'S ADDRESS 345 Tequesta Drlve Tequesta, Florida 33469 3. APPLICANT'S TELEPHONE NO. 561-575-6200 (optional) 5. APPLICANT' S EIN 59-6044081 4. FAX NO. 561-575-6203 (optional) 6. PLAN NO. 002 7. PLAN NAME Village of Tequesta Public Safety Officers' Pension Trust Fund 8. TYPE OF SUBMISSION REGULAR SUBMISSION © REGULAR SUBMISSION -ANONYMOUS REGULAR SUBMISSION-MULTI-EMPLOYER PLAN REGULAR SUBMISSION -MULTIPLE EMPLOYER PLAN © GROUP SUBMISSION 9. TYPE OF PLAN (CHECK ONE ONLY): Ol PROFIT SHARING Q 09 CASHBALANCE ~°~ 02 401(k) 0 10 GOVERNMENTAL FLAN {§ 414(d)) © 03 MONEY PURCHASE _I 11 SEP 04 DEFINED BENEFIT 12 SARSEP OS ESOP ® 13 SIlV]PLE 06 TARGET BENEFIT ^ 14 STOCK BONUS ^ 07 403(b) 0 15 KSOP ® 08 457 © 16 OTHER (specify): 10. DATE (month and day) ON WHICH PLAN YEAR ENDS 09/30 11. NUMBER OF PARTICIPANTS IN THE PLAN AS PROVIDED ON THE MOST RECENTLY FILED FORM 5500 SERIES (See Rev. Proc. 2008-50, section 12.07.): 33 Participants (Gov't) pion-do not file Form 5500) 12. ASSETS IN THE PLAN AS PROVIDED ON THE MOST RECENTLY FILED FORM 5500 SERIES (ROUND TO NEAREST DOLLAR): $ 4,245,000 as of 9/30!08 (Govt) Fund does not file-5500) (See Rev. Proc. 2008-50, section 12.07.) If the Applicant is being represented by someone in connection with this matter or wishes to authorize someone to receive information from us in connection with this matter, submit a completed Form 2848 or Form 8821 and complete items 13 through 18. Bonni S. Jensen 13. NAME OF APPLICANT'S REPRESENTATIVE 14. NAME OF REPRESENTATIVE'S FIRM NAME 15. REPRESENTATIVE'SADDRESS: 400 Executive Center Drive, Suite 207 16. REPRESENTATIVE' SPHONE NO. 561-686-6550 17. FAX NO, 561-686-2802 18. REPRESENTATIVE'S E-MAIL ADDRESS bsjensenQa hpjlaw.com (optional) PART II. APPLICANT'S ENCLOSURES The Applicant encloses the following documents with this submission: ^/ VCP fee of $ 500.00 made payable to the U.S. Treasury re wired . (If the fee is determined on the basis of treating Transferred Assets as a separate plan, pursuant to section ] 2.07 of Rev. Proc. 2008-50, please enclose a description of the related employer transaction, including the date of the employer transaction and the date the assets were transferred to the plan.) ^ A written request if the application is made for a terminating Orphan Plan and the Applicant is applying for a waiver of the VCP fee. ^/ Power of Attorney (Form 2848) or Tax Information Authorization (Form 8821), if applicable. ® If the plan is being considered for an unrelated determination letter application, a statement to that effect. /^ Appendix E (optional) ^/ Completed Appendix F schedule(s). (Check the schedules that apply) ^ Schedule 1 -Interim and Certain Discretionary Nonamender Failures ^/ Schedule 2 - Nonamender Failures (other than those to which Schedule 1 applies) ^ Schedule 3 - SEPs and SARSEFs ^ Schedule 4 -SIMPLE IRAs ^ Schedule 5 -Plan Loan Failures ^ Schedule 6 -Employer Eligibility Failure ^ Schedule 7 -Failure to Distribute Elective Deferrals in Excess of the § 402(g) Limit ^ Schedule 8 -Failure to Pay Required Minimum Distributions Timely under § 401(a)(9) ^ Schedule 9 -Correction by Plan Amendment (in accordance with Appendix B) /^ Information required by each schedule, as set forth in each applicable Part entitled "Enclosures.". 2 PART III. APPLICANT'S REPRESENTATIONS A. Under Examination To the best of my knowledge: 1) The subjectplan is not currently under examination of either an Employee Plans Form 5500 series return or otherEmployee Plans examination, 2) The Plan Sponsor is not under an Exempt Organizations examination (that is, an examination of a Form 990 series retum or other Exempt Organizations examination), 3) Neither the Plan Sponsor nor any of its representatives has received verbal or written notification from the Tax Exempt and Governmen# Entities Division of the Internal Revenue Service ("Service") of an impending examination or of any impending referral for such examination nor is the plan in Appeals or litigation for any issues raised in such an examination, and 4) The subject plan is not currently under investigation by the Criminal Investigation Division of the Internal Revenue Service. B. Abusive tax avoidance transaction (check box that applies) /^ Neither the plan nor the Plan Sponsor has been a party to an abusive tax avoidance transaction as defined in section 4.13(2) of Rev. Proc. 2008-50. ^ The plan or the Plan Sponsor has been a party to an abusive tax avoidance transaction. Details of the transaction(s) are provided in a separate statement which has been included with the submission. C. Compliance Fee The Applicant will neither attempt to amortize, deduct, or recover from the Internal Revenue Service any compliance fee paid in connection with this compliance statement nor receive any Federal tax benefit on account of payment of such compliance fee. D. Penalties of Perjury Under penalties of perjury, I declare that I have examined this submission, including accompanying documents and representations. To the best of my knowledge and belief, the facts and information presented in support of this submission are true, correct, and complete. Signed:~~~ Date: ~ ~ 1 -- O~ Name (printed): • yy~ 1' no QQ ~ 4 ~r Title: ~~.Qi L ~-~L'-~ PART )V: ENFORCEMENT RESOLUTION (to be completed by IRS only) The Intemal Revenue Service will not pursue the sanction of revoking the tax-favored status of the plan under §§ 401(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code on account of the failure(s) described in the schedules submitted pursuant to this Appendix F. This compliance statement considers only the acceptability of the correction method(s) and the revision(s) of administrative procedures described in the schedules submitted pursuant to this Appendix F submission and does not express an opinion as to the accuracy or acceptability of any calculations or other material submitted with the application. In no event may this compliance statement be relied on for the purpose of concluding that the plan or Plan Sponsor (as defined in Rev. Proc. 2008-50) was not a party to an abusive tax avoidance transaction. The compliance statement should not be construed as affecting the rights of any party under any other law, including Title I of the Employee Retirement Income Security Act of 1974. This compliance statement is conditioned on (1) there being no misstatement or omission of material facts in connection with the submission and (2) the completion of all corrections described in the applicable schedule(s) to this Appendix F submission within one hundred fifty (150) days of the date of the compliance statement. In addition: (paragraph applies only if checked by the Service) ^ For failure(s) described in Schedule 1 of Appendix F, the Service will treat the amendments as if they had been adopted timely for the purpose of making available the extended remedial amendment period set forth in Revenue Procedure 2007-44, 2007-28 I.RB. 54, or its successors. However, this compliance statement does not constitute a determination as to whether any such plan amendment, as drafted, complies with the applicable change in qualification requirements. ^ For failure(s) described in Schedule 3 of Appendix F, the Service will not pursue the following: ® Excise tax under § 4972. ^ Excise tax under § 4979. ^ For failure{s) described in Schedule 4 of Appendix F, the Service will not pursue excise tax under § 4972. ^ For loan failure(s) described in section of Schedule 5 of Appendix F, the Service will not require the deemed distributions to be reported on Form l 099-R with respect to the participant(s) affected by the failure(s). The repayments made pursuant to the correction of such loan(s) will not result in an affected participant having additional basis in the plan for the purpose of determining the tax treatment of subsequent distributions from the plan to such participant(s). ^ For loan failure(s) described in section of Schedule 5 of Appendix F, the Service will require the deemed distributions to be reported on Form 1099-R with respectto the participant(s) affected by the failure(s). However, the plan will be permitted to report deemed distributions on Form 1099-R in the year of correction instead of the year of the failure. ^ For minimum distribution failure(s) described in Schedule 8 of Appendix F, the Service will waive the excise tax under § 4974. Approved: Date: Joyce Kahn, Manager Employee Plans Voluntary Compliance Tax Exempt and Government Entities Division 4 i ~~ Fom, 2848 (Rev. June 2008) pepartrnerrt of the Treasury IrKemal Revenue Service Power of Attorney and Declaration of Representative - Type or print. - See the separate instructions. Power of Attorney Caution: Form 2848 will not be honored for any purpose other than representation before the IRS. information. Taxpayer(s) must sign and date this form on Taxpayer name(s) and address Village of Tequesta 345 Tequesta Drive Tequesta, FL 33469 hereby appoint(s) the following representative{s) as attomey(s}-in-fact: must sign and date this form on page 2, Part II. For IRS Use Only Received by: Name Telephone Function line 9. Date / / Social security number(s) Employer identification , number 59 6044081 Daytime telephone number Plan number (if applicable) ( 561 ) 575-6200 Name and address CAF No. --_-------------------------------------- Bonni S. Jensen, Esquire, Hanson, Perry & Jensen, PA Telephone No. 561-686-6550 ---------------------------- ----- 400 Executive Center Dr, Ste 207, West Palm Beach, FL Fax No. 561-686-2802 -- ^------ Tele------------------------- 33401 Check if new: Address phone No. ^ Fax No. ^ Name and address CAF No. ----------------------------------------- Telephone No- ---------------------------------- Fax No- ----------------------------------------- Check if new: Address ^ Telephone No. ^ Fax No. Name and address CAF No- ----------------------------------------- Telephone No. ---------------•----------------- Fax No. ----------------------------------------- Check if new: Address ^ Telephone No. ^ Fax No. ^ to represent the taxpayer(s) before the Internal Revenue Service for the following tax matters: 3 Tax matters Type of Tax (Income, Employment, Excise, etc.) or Civil Penalty (see the instructions for line 3) Tax Form Number (1040, 941, 720, etc.) Year(s) or Period(s) (see the instructions for line 3) Determination Letter 5300 Voluntary Correction Program (VCP) Appendices E, F & F Schedule 2 4 Specific use not recorded on Centralized Authorization File (CAF). If the power of attorney is for a specific use not recorded on CAF, check this box. See the instructions for Line 4. Specific Uses Not Recorded on CAF _ . - ^ 5 Acts authorized: The representatives are authorized to receive and inspect confidential tax information and to perform any and all acts that I (we) can perfoml with respect to the tax matters described on line 3, for example, the authority to sign any agreements, consents, or other documents. The authority does not include the power to receive refund checks (sae line 6 below), the power to substitute another representative or add additional representatives, the power to sign certain returns, or the power to execute a request for disclosure of tax returns or return information to a th(rd party. See the line 5 instructions for more information. Exceptions. An unenrolled return preparer cannot sign any document for a taxpayer and may only represent taxpayers in limited situations. See Unenrolled betum Preparer on page 1 of the instructions. An enrolled actuary may only represent taxpayers to the extent provided in section 10.3(d) of Treasury Departrnent Circular No. 230 (Circular 230). An enrolled retirement plan administrator may only represent taxpayers to the extent provided in section 10.3(e) of Circular 230_ See the line 5 instructions for restrictions on tax matter; partners. In most cases, the student practitioner's (levels.k and ~ authority is limited (for example, they may only practice under the supervision of another practitioner). List any specific additions or deletions to the agts otherwise authorized In this power of attorney_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ .. _ _ _ _ _ _ _ _ _ 6 Receipt of refund checks. If you want to authorize a representative named on Ilne 2 to receive, BUT NOT TO ENDORSE OR CASH, refund checks, initial here and list the name. of that representative below. Name of representative to receive refuhd check(s) - For Privacy Act and Paperwork Reduction,Act Notice, see page 4 of the instructions. Cat. No. ~ 198DJ Form 2848 (Rev. 6-2008) Form 2848 (Rev. 6-2008) Pagel Notices and communications. Original notices and other written communications will be sent to you and a copy to the first representative listed on line 2. a If you also want the second representative listed to receive a copy of notices and communications, check this box . - ^ b If you do not want any notices or communications sent to your representative(s), check this box - ^ 8 Retention revocation of prior power(s) of attorney. The filing of this power of attomey automatically revokes all earlier power(s) of attomey on file with the Intemal Revenue Service for the same tax matters and years or periods covered by this document. ff you do not want to revoke a prior power of attomey, check here. - ^ YOU MUST ATTACH A COPY OF ANY POWER OF ATTORNEY YOU WANT TO REMAIN IN EFFECT. S signature m iaxpayer(sj. if a iax mailer concerns a joint reium, bout Husband ana carte must sign rr fanr represenranon rs requestea, otherwise, see the Instructions. If signed by a corporate officer, partner, guardian, tax matters partner, executor, receiver, administrator, or trustee on behalf of the taxpayer, I certify that I have the authority to execute this form on behalf of the taxpayer. - IF NOT SIGNED AND DATED, THIS POWER OF ATTORNEY WILL BE RETURNED. ~ ~- ~' O ~ --- --`- u ---- ~'---- --- ~---~, ~'' Sig a Date Title (if plicable) ------------------------------------------- Signature l.l~ ^ 0 ^ PIN Number Print Name PIN Number Print name of taxpayer from line 1 if other than individual Date Title (if applicable) • Declaration of Representative Caution: Students with a special order to represent taxpayers in qualified Low Income Taxpayer Clinics or the Student Tax Clinic Program (levels k and IJ, see the instructions for Part ll. Under penalties of perjury, I declare that • I am not currently under suspension or disbarment from practice before the Intemal Revenue Service; • I am aware of regulations contained in Circular 230 (31 CFR, Part 10), as amended, concerning the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and others; • I am authorized to represent the taxpayer(s) identified in Part I for the tax matter(s) specified there; and • I am one of the following: a Attorney-a member in good standing of the bar of the highest court of the jurisdiction shown below. b Certified Public Accountant~July qualified to practice as a certified public accountant In the jurisdiction shown below. c Enrolled Agent~nrolled as an agent under the requirements of Circular 230. d Officer-a bona fide officer of the taxpayer's organization. e Full-Time Employee-a full-time employee of the taxpayer. f Family Member-a member of the taxpayer's immediate family (for example, spouse, parent, child, brother, or sister). 9 Enrolled Actuary-enrolled as an actuary by the Joint Board for the Enrollment of Actuaries under 29 U.S.C. 1242 (the authority to practice before the Intemal Revenue Service is limited by section 10.3(d) of Circular 230). h Unenrolled Return Preparer--the authority to practice before the Intemal Revenue Service is limited by Circular 230, section 10.7(c)(1)(viii). You must have prepared the return in question and the return must be under examination by the IRS. See Unenrolled Return Preparer on page 1 of the instructions. k Student Attorney-student who receives permission to practice before the IRS by virtue of their status as a law student under section 10.7(d) of Circular 230. I Student CPA~tudent who receives permission to practice before the IRS by virtue of their status as a CPA student under section 10.7(d) of Circular 230. r Enrolled Retirement Plan Agent-enrolled as a retirement plan agent under the requirements of Circular 230 (the authority to practice before the Intemal Revenue Service is limited by section 10.3(e)). - IF THIS DECLARATION OF REPRESENTATNE IS NOT SIGNED AND DATED, THE POWER OF ATTORNEY WILL BE RETURNED. See the Part If instructions. Designation-Insert above letter (a-r) Jurisdiction (state) or identifi t ca ion Signature Date ~' ~ ~ Q ~~8-Yd~ r _ / ~l~ I Forrn 2~8 (Rev. 6-2008) x ~ • Working Restatement and GUST as proposed amended -January 29, 2009 amended July 6, 2009 EXHIBIT "B" VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND Section 1. Creation of Pension Trust Fund. The Village of Tequesta hereby creates and continues the Village of Tequesta Public Safety Officers' Pension Trust Fund for the purpose of providing retirement, death and disability benefits to Police Officers and Firefighters who are Members of this Fund, certain former Village Police Officers and Firefighters and survivor benefits to beneficiaries. Section 2. Definitions. 1. Statement of Definitions. As used herein, unless otherwise defined or required by the context, the following words and phrases shall have the meaning indicated: Accumulated Contributions means a Member's own contributions without interest. Actuarial Equivalent means a benefit or amount of equal value, based upon the 1983 Group Annuity mortality table ' ,and an 8% rate of interest. For distributions after December 31, 1995 for purposes of Code Section 415(b), the mortality table is the table used under Code Section 417(e as prescribed by the Secretary of the Treasury in Rev. Rul. 95-6. Average Final Compensation shall mean one-twelfth (1J12) of the average salary of the five (5) highest nest-years of the last ten (10) years of credited service prior to retirement, termination, or death or the career average as a full time Firefighter or Police Officer, whichever is greater. A year shall be twelve (12) consecutive months. Beneficiary means the person or persons entitled to receive benefits hereunder at the death of a Member who has or have been designated in writing by the Member and filed with the Board. If no designation is in effect, or if no person so designated is living, at the time of death of the Member, the beneficiary shall be the estate of the Member. Board or Board of Trustees mean the Public Safety Board of Trustees, which shall administer and manage the System herein provided and serve as Trustees of the Fund for the benefit of Village Police Officers and Firefighters and their beneficiaries. Chapters means Chapters 175 and 185 of the Florida Statutes as amended from time to time. Page 1 of 41 No Text Working Restatement and EGTRRA as proposed amended -January 29, 2009 amended July 1, 2009 EXHIBIT "B" VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND Section 1. Creation of Pension Trust Fund. The Village of Tequesta hereby creates and continues the Village of Tequesta Public Safety Officers' Pension Trust Fund for the purpose of providing retirement, death and disability benefits to Police Officers and Firefighters who are Members of this Fund, certain formerVillage Police Officers and Firefighters and survivor benefits to beneficiaries. This System is intended to be a tax qualified plan under Code Section 401(a) and meet the requirements of a governmental plan as defined by Code Section 414(d). Section 2. Definitions. 1. Statement of Definitions. As used herein, unless otherwise defined or required by the context, the following words and phrases shall have the meaning indicated: Accumulated Contributions means a Member's own contributions without interest. Actuarial Equivalent means a benefit or amount of equal value, based upon the 1983 Group Annuity mortality table and an 8% rate of interest. For Plan Years beginning after December 31, 2002 for purposes of Code Section 415(b), the mortality table is the table used under Code Section 417(e) as prescribed by the Secretary of the Treasury in Rev. Rul. 2001-62 9r6. Average Final Compensation shall mean one-twelfth (1/12) of the average salary of the five (5) highest years of the last ten (10) years of credited service prior to retirement, termination, or death or the career average as a full time Firefighter or Police Officer, whichever is greater. A year shall be twelve (12) consecutive months Beneficiary means the person or persons entitled to receive benefits hereunder at the death of a Member who has or have been designated in writing by the Member and filed with the Board. If no designation is in effect, or if no person so designated is living, at the time of death of the Member, the beneficiary shall be the estate of the Member. Board or Board of Trustees mean the Public Safety Board of Trustees, which shall administer and manage the System herein provided and serve as Trustees of the Fund for the benefit of Village Police Officers and Firefighters and their beneficiaries. Page 1 of 39 • ORDINANCE NO. AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AMENDING EXHIBIT "B" OF SECTION 2-30 OF THE CODE OF ORDINANCES, VILLAGE OF TEQUESTA, FLORIDA, RELATING TO THE EMPLOYEES' PENSION TRUST FUNDS; AMENDING EXHIBIT "B" TO PROVIDE FOR LANGUAGE CHANGES THROUGHOUT THE PLAN DOCUMENT TO COMPLY WITH THE GUST AMENDMENTS TO THE INTERNAL REVENUE CODE; PROVIDING FOR REPEAL OF ORDINANCES IN CONFLICT; PROVIDING FOR CODIFICATION; PROVIDING FOR A RETROACTIVE EFFECTIVE DATE. BE IT ORDAINED BYTHE VILLAGE COUNCIL OFTHE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS: Section 1. Those portions of Exhibit "B" to Section 2-30, Code of Ordinances, Village of Tequesta, Palm Beach County, Florida, as deleted and shown by strike-outs and additions shown by underlining below in Sections 2, 6, 9, 19, and 21 of such Exhibit "B," are passed and adopted as amendments to such Exhibit and sections. Section 2. Definitions. 1. Statement of Definitions. As used herein, unless otherwise defined or required by the context, the following words and phrases shall have the meaning indicated: Actuarial Equivalent means a benefit or amount of equal value, based upon the 1983 Group Annuity mortality table ' ,and an 8% rate of interest. For distributions after December 31, 1995 for purposes of Code Section 415(b), the mortality table is the table used under Code Section 417(e) as prescribed by the Secretary of the Treasury in Rev. RuL 95-6. Average Final Compensation shall mean one-twelfth (1/12) of the average salary of the five (5) highest best-years of the last ten (10) years of credited service prior to retirement, termination, or death or the career average as a full time Firefighter or Police Officer, whichever is greater. A year shall be twelve (12) consecutive months. Page 1 of 11 0 ORDINANCE NO. AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AMENDING EXHIBIT "B" OF SECTION 2-30 OF THE CODE OF ORDINANCES, VILLAGE OF TEQUESTA, FLORIDA, RELATING TO THE EMPLOYEES' PENSION TRUST FUNDS; AMENDING EXHIBIT "B" TO PROVIDE FOR LANGUAGE CHANGES THROUGHOUT THE PLAN DOCUMENT TO COMPLY WITH THE EGTRRA AMENDMENTS TO THE INTERNAL REVENUE CODE; PROVIDING FOR REPEAL OF ORDINANCES IN CONFLICT; PROVIDING FOR CODIFICATION; PROVIDING FOR A RETROACTIVE EFFECTIVE DATE. BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS: _. Section 1. Those portions of Exhibit "B" to Section 2-30, Code of Ordinances, Village of Tequesta, Palm Beach County, Florida, as deleted and shown by strike-outs and additions shown by underlining below in Sections 1, 2, 22, and 27 of such Exhibit "B," are passed and adopted as amendments to such Exhibit and sections. Section 1. Creation of Pension Trust Fund. The Village of Tequesta hereby creates and continues the Village of Tequesta Public Safety Officers' Pension Trust Fund for the purpose of providing retirement, death and disability benefits to Police Officers and Firefighters who are Members of this Fund, certain formerVillage Police Officers and Firefighters and survivor benefits to beneficiaries. This System is intended to be a tax qualified plan under Code Section 401 (a) and meet the requirements of a governmental plan as defined by Code Section 414(d). Section 2. Definitions. 1. Statement of Definitions. As used herein, unless otherwise defined or required by the context, the following words and phrases shall have the meaning indicated: Actuarial Equivalent means a benefit or amount of equal value, based upon the 1983 Group Annuity mortality table and an 8% rate of interest. For flame Plan Years beginning after December 31, 2002 for purposes of Code Section 415(b), the mortality table is the table used under Code Section 417(e) as prescribed by the Secretary of the Treasury in Rev. Rul. 2001-62 95=6. No Text APPENDIX F, SCHEDULE 2 Nonamender Failures (other than those to which Schedule 1 applies) Village of Tequesta Public Safety Officers' Plan Name: Pension Trust Fund EIN: 59-6044081 plan #: 002 (Please include the plan name, EIN, and plan number information on each page of the submission.) PART I. IDENTIFICATION OF FAILURES The plan identified above was not amended to comply with the applicable provisions of the following legislative and regulatory requirements by the applicable deadlines in accordance with § 401(6) and the regulations thereunder: ^ The Employee Retirement Income Security Act of 1974 (ERISA) ^ The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) ^ The Deficit Reduction Act of ] 984 (DEFRA) ® The Retirement Equity Act of 1984 (REA) ® The Tax Reform Act of 1986 (TRA '86) ^ The Unemployment Compensation Amendments of 1992 (UCA) ^ Tlie Omnibus Budget Reconciliation Act of 1993 COBRA) /^ GUST (includes The Uruguay Round Agreements Act, the Uniformed Services Employment and Reemployment Rights Act of 1994, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the Internal Revenue Service Restructuring and Reform Act of 1998, and the Community Renewal Tax Relief Act of 2000) ^ The changes required by the 2005 Cumulative List (Notice 2005-101, 2005-2 C.B. 1219) ^ The changes required by the 2006 Cumulative List (Notice 2007-3, 2007-1 C.B. 255) ^ The changes required by the 2007 Cumulative List (Notice 2007-94, 2007-2 C.B. 1179) ^ Other (specify the ]egal requirement and applicable Cumulative List): PART II. DESCRIPTION OF PROPOSED METHOD OF CORRECTION The Plan Sponsor has adopted (or will adopt) amendments that satisfy the requirements of all of the items checked in Part I of this Appendix F, Schedule 2 retroactively to the effective dates of the specific provisions contained in the amendments. The amendments and restated plan documents (where applicable} are enclosed with this submission. PART III. CHANGE IN ADMINISTRATIVE PROCEDURES The PIan Sponsor has taken the following step(s) to ensure that the failure(s) will not recur: The Plan will be more aware of the IRS Amendments through attendance at annual public pension conferences and review of IRS materials. The Plan has also hired legal counsel to provide notice of IRS land other legislative changes. PART IV. ENCLOSURES In addition to the applicable enclosures listed on Appendix F, the Plan Sponsor encloses the following with this submission: ^ Copies of all amendments used to correct the failure(s), either as adopted or in proposed form, ^ A copy of the plan document in effect prior to any of the amendments used to correct the failure(s), ^ A copy of the most recent determination letter issued with respect to the plan (if applicable), and ^A determination letter application (Form 5300, 5307, or 5310 along with Form 8717 and the applicable user fee payment made payable to the U.S. Treasury). 2 EXh~- b~,-~- APPENDIX F, SCHEDULE 1 Interim and Certain Discretionary Nonamender Failures Village of Tequest Public Safety Officers' Plan Name: Pension Trust Fund EIN; 59-6044081 plan #; 002 (Please include the plan name, EIN, and plan number information on each page of the submission.) PART I. IDENTIFICATION OF FAILURES A. Interim Amendments The plan identified above was not amended timely for (check all failures that apply) ^ Good faith amendments under the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA") required under Notice 2001-42 (for details see Notice 200]-57). If the Plan Sponsor failed to timely adopt one or more good faith amendments required for the plan to comply with EGTRRA, then check the box on the left and check the applicable amendments below: ® The increased limit on annual additions under § 415(c) (applies to defined contribution plans that do not incorporate § 415(c) by reference) ® Modification of top heavy rules under § 416 (applies to both defined benefit and defined contribution plans) ^ Vesting requirements for employer matching contributions under § 4l 1 (applies to plans that provided for employer matching contributions that do not vest as rapidly as any of the schedules provided for under § 411(a)(12)) ^ Modification of rules relating to eligible rollover distributions under §§ 401(a)(31)(A), 401(a}(31)(C), 402(c)(4), and 402(c)(8) (applies to both defined benefit and defined contribution plans) ® Repeal of the multiple use test under Treasury Regulations § 1.401 (m)-2 (applies to § 401(k) plans that were formerly subject to the multiple use test) ^ Suspension period following hardship distribution (required for plans subject to the safe harbor requirements of § 401(k)(12) or § 401(m)(11)) ^ Plan provisions prohibiting loans to any owner-employee or shareholder-employee (required for plans that provide loans to participants but prohibit the making of loans to owner-employees or Subchapter Sshareholder-employees) ^/ The automatic rollover provision under § 401(a)(31)(B), as described in Notice 2005-5 (applies to both defined benefit and defined contribution plans) ^/ The final and temporary regulations under § 401(a)(9) (interim amendment required for defined contribution plans; defined benefit plans have until the end of the extended EGTRRA remedial amendment period to amend. See Rev. Procs. 2002-29 and 2003-10. Q Guidance relating to the prescribed mortality table under § 415(b)(2)(E)(v) or the applicable mortality table under § 417(e)(3)(A)(ii)(I), as described in Rev. Rul. 2001-62 (applies to defined benefit plans.) ^ Interim amendments, as described in Rev. Proc. 2007-44 or its successors. If the plan failed to adopt one or more amendments required for the plan to comply with a law change, then check the box on the left and check the applicable amendments below: ^ Fina] §§ 40l(k) and 40l(m) regulations (plans with 401(k) and 401(m) provisions must comply with the regulations for plan years beginning on or after January 1, 2006) ® Prohibited allocation of securities in an ESOP maintained by a S-Corp. pursuant to § 409(p) ® Retroactive annuity starting date provisions pursuant to Treasury Regulations § 1.417(e)-1 (required for plans that provide for retroactive annuity starting dates) ^ Final regulations regarding low normal retirement age (§ (1.401(a)-1(b)(2)) ^ Amendments to § 1.41 l (d)-3 of the final regulations ^ Final regulations under § 415 ^ Other (i.e., any other interim amendment that complies with the requirements in Rev. Proc. 2007-44 or its successors). Please list: B. Implementation of Applicable Optional Law Changes (defined in section 6.05(3) of Rev. Proc. 2008-50) The plan identified above was not amended timely for (check all failures that apply): ^/ Optional good faith EGTRRA amendments under Notice 2001-42 (for details, see Notice 2001-57). If the Plan Sponsor implemented any of the optional law changes and failed to adopt good faith amendments timely to conform the plan to its operation, then check the box on the left and check the applicable amendments below: /^ Increasing the limit on compensation (under § 40] (a)(17)) that is taken into account for the purpose of determining allocations in a defined contribution plan or benefits in a defined benefit plan. ® Disregarding amounts attributable to rollovers in determining the value of an employee's vested accrued benefit subject to involuntary distribution pursuant to § 411(a)(1 I)(D) ® Increasing the contribution limit for elective deferrals on account of the increased limitation under § 402(g) or, in the case of a SIlVIPLE 401(k) plan, § 408(p)(2) ^ Adding types of rollovers accepted by the plan pursuant to EGTRRA §§ 641, 642, and 643 (available for rollovers accepted after December 31, 2001) ^ Providing for catch-up contributions pursuant to § 414(v) ® Adding "severance from employment" as a distributable event pursuant to §§ 401(k)(2) and 401(k)(10) /^ Increasing the limit on a participant's benefit pursuant to § 415(b) ^ Final §§ 401(k) and 401(m) regulations (optional for plan years beginning before 7anuary 1,2006, the earliest possible plan year in which regulations could be effective: plan year ending after December 29, 2004) ^ Permitting participants to designate elective deferrals as Roth contributions pursuant to § 402A 2 ^ Permitting deemed individual retirement accounts pursuant to § 408(q) ^ Final regulations under § 409(p) regarding ESOPs holding S-Corp stock ^ Other amendments relating to implementation of optional law changes, Please list: PART II. DESCRIPTION OF METHOD OF CORRECTION The Plan Sponsor has adopted amendments that satisfy the requirements of all of the items checked in Part I of this Appendix F, Schedule 1 retroactively to the effective dates of the specific provisions contained in the amendments. The executed amendments have been enclosed with this submission. PART III. CHANGE IN ADMINISTRATIVE PROCEDURES The Applicant has taken the following step(s) to ensure that the failure(s) will not recur: The Plan will be more aware of IRS Amendments through attendance at public pension conferences and review of IRS materials. The Fund has hired legal counsel now who will take steps to ensure compliance with future IRC changes. PART IV. ENCLOSURES In addition to the applicable enclosures listed on Appendix F, the Plan Sponsor encloses copies of the signed and dated amendments used to correct the failure(s) identified in Part I of this Appendix F, Schedule 1. No Text Application for OMB No. 1545-0197 Form 5300 R S t b 20 Determination for Emnlo ee Benefit Plan p For IRS Use Only ( ev. ep em er 01) Department of the Treasury (including collectively bargained plans Formerly filed on Form 5303) Internal Revenue Service (Under sections 401(a) and 501 (a) of the Internal Revenue Code) Review the Procedural Re uirements Checklist on a e 5 before submittin ~ this a lication. 1a ~ Name of plan sponsor (employer If single-employer plan) ~ 1b Employer identlllcatlon number Village of Tequesta 59-6044081 Number, street, and room or suite no. (If a P.O. box, see Instructions.) 1c Employer's tax year ends-Enter (MM) 345 Tequesta Drive pg Clry State ZIP code td Telephone number Tequesta FL 33469 ( 561 ) 575-6200 2a Person to contact if more Informatlon Is needed. (See Instructions.) (If Form 2848, Power of Attorney 1e Fax number and Declarat(on of Representative, or other written designation Is attached, check box and do not complete the rest of this line.) - ~ 561 575-6203 ( ) Name Number, street, and room or suite no. (IF a P,O. box, see Instructions.) 2b Telephone number ( ) City State ZIP code 2c Fex number 3a Determination requested for (enter applicable number(s) in the box and fill in required information). (See instructions.) ^1 Enter 1 for Initial Qualification-Date plan signed - ,,.. 70 ~ 09 ~ 2008 q m[ n c( rtil e~ ~ t ~fF ^ Enter 2 for a request after initial qualification-Is complete plan attached? (See instructions.) - Yes ^ No ^ Date amendment signed - ____....._..~_____._( ............. Date amendment effective - ..._______._.~...____~____........_ ^ Enter 3 for Affiliated Service Group status (section 414(m))-Date effective - ................~....._~____._....... ^ E 4 f L d E l nter oyee status or ease mp ^ Enter 5 for Partial termination-Date effective - __________ ~ _..___~ ............... ^ Enter 6 for Termination of collectively bargained multiemployer or multiple-employer plan covered by PBGC insurance-Date of Termination - _______,____ /______/_____________ b Has the plan received a determination letter? Yes ^ No Date of letter - ...,-10_____/__20__/_._ 1994 _ if "Yes" submit a copy of the latest letter and subsequent amendments. Number of amendments - .............9 ._.......... If "No," submit all prior plan(s) and/or adoption agreement(s). (See instructions.) c Have interested parties been given the required notification of this application? (See instructions). Yes ~ No d Does the plan have a cash or deferred arrangement (section 401(k))7 Yes ^ No e Does the plan have matching contributions (section 401(m))? Yes ^ No f Does the plan have after-tax employee voluntary contributions (section 401(m))? Yes ^ No g Does th[s plan benefit noncollectively bargained employees or are more than 2% of the employees ^/ N ^ who are covered under a collective bargaining agreement For professional employees? Yes o See Regulations section 1.410(b)-9. h Does the plan provide for disparity in contributions or benefits that is intended to meet the permitted ^/ ^ disparity requirements of section 401(1)? Yes No 4a Name of plan (Plan name may not exceed 66 characters, including spaces.); Village of Tequesta Public Safety Officers' Pension Trust Fund . 002 ___ _ b Enter 3-digit plan number _09_/,07_/__93 d Enter plan's original effective date (MMDDYYYY) _. 09 ._/__ 30 __ c Enter date plan year ends (MMDD) ..._...33_____._ a Enter number of participants (See instructions.) Under penalties of perjury, I declare that I have examined this application, including accompanying statements and schedules, and to the best of my knowledge and belief, it is true, correct, and complete. Print Name - ~l`~f1~ l ,) .~(~I~SQ 1~ T'itle - L,t~G(Q I ~L.Ut'15L I ~~ / L /'ClCr~j~Y ~;~ ~~~G~~~Y Date - I/3J/~ I Signature - + ~~;~,~ For Paperwork Reduction see separate instructions. Cat No. 11740X Form 5300 (Rev, s-zool) Form 5300 (Rev. 9-200'1) Pege 2 5 indicate type of plan by entering the number from the list below. 1-profit-sharing and/or 401(k) 4-defined benefit but not cash balance 7-non-leveraged ESOP 2-money purchase 5-cash balance 8-stock bonus 3-target benefit 6-leveraged E50P 9-safe harbor 401(k) Yes No 6a Is the employer a member of an affiliated service group? , / b Is the employer a member of a controlled group of corporations or a group of trades or businesses under common control? / If a and/or b above is "Yes," complete required statement (see instructions), // 7a Is this a governmental plan? / IF "Yes," is the plan a state level plan? / b Is this a nonelecting church plan? / c Is this a collectively bargained plan? (See Regulations section 1.410(b)-9.) . / d Is this a section 412(i) plan? / e Is this amultiple-employer plan? Enter number of participating employers - ___________________ / f Is this a multiemployer plan as described in section 414(f)? / 8a Do you maintain any other qualified plan(s) under section 401(a)? . / IF "Yes," attach required statement (see instructions), If "No," skip to line 8d. b D i i t th l f h / o you ma n a n ano er p an o t e same type (i.e., both this plan and the other plan are defined contribution plans or both are defined benefit plans) that covers non-key employees who are also covered under this plan? / If yes, when the plan is top-heavy, do the non-key employees covered under both plans receive the required j top-heavy minimum contribution or benefit under; (1) This plan? . (2) The other plan? c If this is a defined contribution plan, do you maintain a defined benefit plan (or if this is a defined benefit plan, do you maintain a defined contribution plan) that covers non-key employees who are also covered under this plan? . ff yes, when the plan is top-heavy, do non-key employees covered under both plans receive: // (1) the top-heavy minimum benefit under the defined benefit plan? . (2) at least a 5% minimum contribution under the defined contribution plan? (3) the minimum benefit offset by benefits provided by the defined contribution plan? . (4) benefits under both plans that, using a comparability analysis, are at least equal to the minimum benefit? // (See instructions.) d Does the plan prevent the possibility that the section 415 limitations will be exceeded For any employee who is (or was) a artici ant in this Ian and an other !an of the em to er7 ,/ General EfigibititY Requirements (Complete all lines.) 9a Check all that apply: (1) ^ All employees (2) ^ Hourly rate employees (3) ^ Salaried employees (4) ®Other (Specify) All Public Safety Employees b Minimum years of service required to participate ........................... If no minimum, check - c Minimum age required to participate (Specify) IF no minimum, check - /^ Vesting (Check one box to indicate the regular (non-top heavy) vesting provisions of the plan.) 10a ^ Full and immediate b ^ Full vesting after 2 years of service c ^ Full vesting after 3 years of service d ^ Full vesting after 5 years of service e ^ 2 to 6 year graded vesting f ^ 3 to 7 year graded vesting a ^ Other Form 5300 (Rev. 9-2000 Form 530D (Rev. 9-2001) Page 3 Benefits and Requirements for Benefits See Attachment to Application 11a For defined benefit plans-Method for determining accrued benefit - ______________________________________________________________ See Attachment to Application (1) Benefit formula at normal retirement age is ......................................................................................... See Attachment to Application (2) Benefit Formula at early retirement age is ____________________________________________________________________________________________ Married -pension plus death benefits; unmarried -10 years certain (3) Normal form of retirement benefit is ---•-•---------------•-------•-------•----------------•---•---.....--•---•-----•----...----•------ b For defined contribution plans-Employer contributions: (1) Profit-sharing or stock bonus plan contributions are determined under: ^ A definite formula ^ A discretionary formula ^ Both (2) Matching contributions are determined under: ^ A definite formula ^ A discretionary formula ^ Both (3) Money purchase plan-Enter rate of contribution __________________________________________________________________________________. (4) Target benefit plan-state target benefit formula .................................................................................... Miscellaneous No i2a Does any amendment to the plan reduce or eliminate any section 411(d)(6) protected benefit, including an amendment adopted after September 6, 2000, to eliminate a joint and survivor annuity form of benefit? (See instructions.) . b Are Wst earnings and losses allocated on the basis of account balances in a defined contribution plan? If "No," attach a statement explaining how they are allocated. c Is this plan or trust currently under examination or is any issue related to this plan or trust currently pending before: • The Internal Revenue Service • The Department of Labor. • The Pension Benefit Guaranty Corporation, or. • Any court? If "Yes," attach a statement explaining the issues involved, the contact person's name (IRS Agent, DOL Investigator, etc.) and their telephone number, Do not answer "Yes" if the plan has been submitted under the Voluntary Compliance Program of the Employee Plans Compliance Resolution System (EPCRS). Form 5300 (Rev, 9-2001) Form 5300 (Rev. 9-2001) Page 4 Optional determination request regarding the ratio percentage test. A determination regarding the average benefit test may be requested by attaching Schedule Q (Form 5300). 13 Is this a request for a determination regarding the ratio percentage test of Regs. section 1.410(b)-2(b)(2) or a request Yes No for a determination regarding one of the special requirements of Regs, section 1.410{b)-2(b)(5), (6), or (7)? . / if "Yes," complete only lines 13a through 13n for a ratio percentage test determination, or complete only line 13o for a determination regarding one of the special requirements. If "No," skip to line 14. a Is this plan disaggregated into two or more separate plans that are not 401(k), 401(m), or profit sharing plans? If "Yes," see the instructions and attach separate schedules for each disaggregated portion . b Does the employer receive services from any leased employees as defined in section 414(n)? , c Coverage date (MMDDYYYY). See instructions for inserting date d Total number of employees (include self-employed individuals) (employer-wide) e Statutory and regulatory exclusions under this plan (do not count an employee more than once); (1) Number of employees excluded because of minimum age or years of service required (2) Number of employees excluded because of inclusion in a collective bargaining unit . (3) Number of employees excluded because they terminated employment with less than 501 hours of service and were not employed on last day of plan year , (4) Number of employees excluded because employed by other qualiFied separate lines of business (5) Number of employees excluded because they were nonresident aliens with no earned income from sources within the United States , f Total statutory and regulatory exclusions (add lines 13e(1) through 13e(5)) , g Nonexcludable employees (subtract line 13f from line 13d) , h Number of nonexcludable employees on line 13g who are highly compensated employees (HCEs) . i Number of nonexcludable HCEs on line 13h benefiting under the plan j Number of nonexcludable employees who are nonhighly compensated employees (NHCEs) (subtract line 13h from line 13g) k Number of nonexcludable NHCEs on line 13j benefiting under the plan . Ratio percentage (See instructions,) . m Enter the ratio percentage for the following, if applicable; (1} Section 401(k) part of the plan . (2) Section 401(m) part of the plan . Yes No n Are the results on line 131 or 13m based on the aggregated coverage of more than one plan? L_~ If "Yes," attach a statement showing the names, plan numbers, EINs, and benefitlallocation formulas of the other plans All aggreqated plans should be filed concurrently. o If the plan satisfied coverage using one of the special requirements of Regulations section 1.4i0(b)-2(b)(5), (6), or (7), enter the letter From the list below that identifies the special requirement; ^ A-1.410{b)-2(b)(5)-No NHCEs employed B-1.410(b)-2(b)(6)-No HCEs benefit C-1.410(b)-2(b)(7)-Collective) bar ained only Optional determination request regarding the nondiscrimination design-based safe harbors of section 401(a)(4). Section 401(k) and/or section 401(m) plans that do not contain a provision for discretionary contributions should not complete this line. Yes No 14 Is this a request for a determination regarding adesign-based safe harbor under section 401(a)(4)? . If "Yes," complete the following: Design-based nondiscrimination safe harbors: a Does the plan provide for disparity in contributions or benefits that is intended to meet the permitted disparity requirements of section 401(1)? If "Yes," answer line 14b. Otherwise, skip to line 14c. b Do the provisions of the plan ensure that the overall permitted disparity limits will not be exceeded? . c Enter the letter ("A" - "G") From the list below that identifies the safe harbor intended to be satisfied - A-1.401(a)(4)-2(b)(2) defined contribution (DC) plan with uniform allocation formula B-1.401(a)(4)-3(b)(3) unit credit defined benefit (DB) plan E-1,401(a)(4)-3(b)(5) insurance account C-1.401(a)(4)-3(b)(4)(i)(C)(1) unit credit DB fractional rule plan F-1.401(a)(4)-8(b)(3) target benefit plan D-1.401(a)(4)-3(b)(4)(i)(C)(2) Flat benefit DB plan G-1.401(a)(4)-8(c)(3)(iii)(b) cash balance plan d List the plan section(s) that satisfy the safe harbor (including, if applicable, the permitted disparity requirements) here: Form 5300 (Rev. s-zoo)) VILLAGE OF TEQUE$TA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND ATTACHMENT TO APPLICATION FOR DETERMINATION FOR EMPLOYEE BENEFIT PLAN FORM 5300 PAGE 'I 3a Ord No 13-08 Ord No. 598 Ord No 591 Ord No 520 Ord No 518 Ord No 478 Ord No 460 October 9, 2005 June 9, 2005 November 18, 2004 October 10, 1996 July 30, 1996 October 27, 1994 September 7, 1993 8a Village of Tequesta General Employees' Pension Trust Fund Plan #001 Defined Benefit Plan Application submitted simultaneously 11 a Calculations are the same as for normal retirement using service and salary to date of calculation. (1) Final average salary times the sum of the following: 3.0% for the 15t 6 years of service 3.5% for the next 4 years of service 4.0% for the next 5 years of service 3.0% for the next 6 years of service 2.0% for the next 4 years of service 3.0% for all years after 25 years (2) Early Retirement Deferred monthly retirement is calculated the same as normal retirement, except credited service and average final compensation are determined as of the early retirement date. Tequesta Public Safety Officers' Pension Trust Fund Page 1 of 2 Plan Document VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND ATTACHMENT TO APPLICATION FOR DETERMINATION FOR EMPLOYEE BENEFIT PLAN FORM 5300 PAGE 2 immediate monthly retirement is calculated the same as normal retirement, however, benefit is actuarially reduced from amount if member had normaNy retired, but in no event will early retirement reduction exceed 3% for each year the commencement of benefits exceed the member's normal retirement date. (3) Life with 10 years certain. Tequesta Public Safety Officers' Pension Trust Fund Page 2 of 2 Plan Document THE LAW (JFFICES OF PERRY CSC JENSEN, LLC ANN H. PERRY apeny@perryjensenlaw.com July 17, 2009 VIA UPS QVERNIGHT DELIVERY Margaret Saito, ID #95-02557 Voluntary Compliance Specialist Internal Revenue Service TEIGE Division 9350 Flair Drive T:EP:RA:VC:7554 EI Monte, CA 91731-2885 BONNI $PATARA ,lEN3EN bsjensenQpenyjensenlaw.com Re: VCP Request for Village of Tequesta Public Safety Officers Pension Trust Fund Control Number: 911682093 Employer Identification Number: 59-6044081 Our File No.: 1011.0053 Dear Ms. Saito: This firm is the legal counsel for the Village of Tequesta Public Safety Officers Pension Trust Fund. This letter is in response to your request dated June 15, 2009 (enclosed) and the list of requested information included with that letter. Thank you for the extension of time for our reply until July 21, 2009. In response to the List of Requested Information: Enclosed is a revised Appendix F with the identifying information removed from the upper right hand corner. The Village of Tequesta is a political subdivision of the State of Florida. The Pension Plan is a creation of the Village of Tequesta. Article VIII § 2 of the Florida Constitution vests municipalities with governmental corporate and proprietary powers. These powers are set out in the Florida Statutes §166.021. The Village Manager of the Village of Tequesta has signed the penally of perjury statement on Appendix F (Exhibit A) and has also has signed Form 2848 from the Village of Tequesta. Enclosed is the original of that Form (Exhibit B). A faxed copy of Form 2848 was provided on Wednesday, July 1, 2p09. 400 EXECUTIVE CENTER DRIVE, SUITE 207: WEST PALM BEACH, FLORIpA 33401-2922 PH: 561.686.6550 . Fx: 561.686.2802 ~~ Margaret Saito, ID #95-02557 Voluntary Compliance Specialist, VC Group 7554 Internal Revenue Service VCP Request far Village of Tequesta public Safety Officers Pension Trust Fund Control Number: 911682093 Employer Identification Number: 59-fi044081 July 17, 2009 Page 2 of 2 The Plan document included with the original submission was intended to provide the amendments for both the GUST and the EGTRRA amendments. Enclosed in this package are two separate working restatements -one containing the GUST amendments (Exhibit C) and one containing the EGTRRA amendments (Exhibit D). Additionally, each are submitted with a cover Ordinance drafted to amend only those portions of the document affected by each amendment with a retroactive effective date for each amendment [January 1, 1997 for the GUST (Exhibit E) and January 1, 2002 for the EGTRRA (Exhibit F)]. The failure related to the 2007 Cumulative List under Notice 2007-94 has been removed as anon-amender failure in the Schedule 2 to Appendix F (Exhibit G). The documents submitted under Exhibits C, D, E and F are submitted as proposed amendments to be passed upon approval. Simultaneously with this letter, I am also submitting a response to your June 15, 2009 letter regarding the Determination Letter Request for the Village of Tequesta Public Safety Officers Pension Trust Fund. Should you have any further questions, please do not hesitate to contact me. Sincerely yours, _. Bonni S. Jensen BSJ/ka Enclosures as noted H:\Tequesta PS 1011\IRS Determination Letter\Post Submission\IRS Cvr Ltr - VCP req 061509.wpd . 4 ~t • ~ a 3 U a s y°t +evaNi°d 7A1C EXEMPT AND GOVERNMENT ENT171ES DIVISION Date: June I S, 2009 Village OfTequesta 345 Tequesta Drive Tequesta, FL 33469 DEPARTMENT OF THE TREASURY INTERNAL REVENUE SERVICE WASHINGTON, D.C. 20224 Re VCP Request for. Village of Tequesta Public Safety Officers Pension PIan Control Number: 911682093 Employer Identification Number 59-6044081 Dear Sir or Madam: I am considering your request submitted under the Voluntary Correction Program ("VCP") request for the plan identified above, but I need the information on the enclosed list before I can complete the processing of your request. Please submit this information to me at the address listed below by July 6.2009. Inter~l Revenue Service - TE/GE Division 9350 Flair Drive T:EP:RA:VC:7554 El Monte, CA 91731-2885 If you are unable to submit all of the requested items atone time, please contact me. When responding to (or inquiring about) this request, please refer to the Control Number listed above and include a copy of this letter. If you have aay questions concerning this matter, please contact ~ by pho~ at (626) 312-3628 or by fax at (626)312-5061. Sincerely, l ~:~ _ J MARGARET SAI7'O, ID#95-02557 Voluntary Compliance Specialist, VC Group 7554 TE/GE Division, Employee Plans Enclosure: List of Requested Information cc: Bonni S. Jensen Letter VCP-3 (Rev. 0412002} LIST OF REQUESTED INFORMATION PUBLIC SAFETY OFFICERS The employer submitted Appendix F with "Teq GE-59-6044081 - #001 Qualified Plan" in a box in the upper right hand comer of each page. The Appendix F forms the compliance statement. This is not a part of Appendix F and should be removed from all applicable pages. If the employer wishes, the employer may use replacement pages. Each replacement page should be formatted as it appears in Revenue Procedure 2008-50 Appendix F. Please provide a brief description of how the employer meets the definition of a government plan under 414(d) of the Code. Please have an officer of the employer sign the penalty of perjury statement on Appendix F. The individual designated on Form 2848 is not authorized to sign the penalty of perjury statement. The employer is entering into an agreement with the Service. If the employer wishes, the employer may use a replacement page. The replacement page should contain all of the statements as it appears in Appendix F of Revenue Procedure 200$-S0. Is the plan document under Exhibit A of your letter dated January 30, 2009, the plan document for GUST or EGTRRA? How would I be able to tell the difference? The employer identified the 2007 Cumulative List under Notice 2007-94 as a nonamender failure. However, the determination application was submitted prior to the end of the extended remedial amendment period. Please explain how this is a failure. The docu~rnents submitted under exhibit A are not signed. Please submit a copy of the Board of Directors or other authorized authority of the employer adopting the document. Or does the employer wish that the Service will treat the documents as proposed? THE LAW OFFICES OF PERRY ~ JENSEN, LLC ANN H. PERRY apenyQperryjensenf aw.com July 17, 2009 VIA ,UPS OVERNIGHT DELIVERY Margaret Saito, ID #95038 Employee Plans Specialist Internal Revenue Service TE/GE Division 9350 Flair Drive T:EP:RA:VC:7554 EI Monte, CA 91731-2885 BONNI $PA7ARA JENSEN bsjensen(~penyjensenlaw.com Re: Determination Letter Request for Village of Tequesta Public Safety Officers Pension Trust Fund OMB Clearance Number: 1545-0197 Employer Identification Number: 59-G044081 Our File No.: 1011.0053 Dear Ms. Saito: This firm is the legal counsel for the Village of Tequesta Public Safety Officers Pension Trust Fund. This letter is in response to your request dated June 15, 2009 {enclosed) and the list of data needed contained, with that letter. Thank you for the extension of time for our reply until July 21, 2009. In response to the List of Data Needed: 1. The Village Manager of the Village of Tequesta has signed Form 2848 from the Village of Tequesta. Enclosed is the original of that Form {Exhibit B). A faxed copy of Form 2848 was provided on Wednesday, July 1, 2009. 2. The Plan document included with the original submission was intended to provide the amendments for both the GUST and the EGTRRA amendments. Enclosed in this package are two separate working restatements -one containing the GUST amendments (Exhibit C) and one containing the EGTRRA amendments (Exhibit D). Additionally, each are submitted with a cover Ordinance drafted to amend only those portions of the document affected by each amendment with a retroactive effective date for each amendment [January 1, 1997 for the GUST (Exhibit E) and January 1, 2002 for the EGTRRA (Exhibit F)]. 400 EXECUTNE CENTER DRIVE, SUITE 207+5 WEST PALM BEACH, FLORIDA 3341-2922 PH: 561.686.6550 •:• Fx: 561.686.2802 ~3 1Ain Margaret Saito, ID #95-02557 Voluntary Compliance Specialist, VC Group 7554 Internal Revenue Service Determinafion Letter Request for Village of Tequesta Public Safety Officers Pension Trust Fund OMB Clearance Number: 1545-0197 Employer Identification Number: 59-6044081 July 17, 2009 Page 2 of 4 3. GUST Plan documen# amendments: A. See GUST Ordinance (See Exhibits C and E). B. See Working Restatement with GUST amendment at Section 2 definition of "Actuarial Equivalent." C. See Working Restatement with GUST amendment at Section 2 definition of "Actuarial Equivalent.° D. See Working Restatement with GUST amendment at Section 2 definition of "Average Final Compensation." E. Employees contributions are treated as picked up pursuant to IRC §414(h)(2). I will present your suggestion t seek a private letter ruling to the Board. F. See Working Restatement wi#h GUST amendment at Section 19. G. See Working Restatement with GUST amendment at Section 19. H. See Working Restatement with GUST amendment at Section 21 - the word issue was removed. I. See Working Restatement with GUST amendment at Section 6. J. See Working Restatement with GUST amendment at Section 21. K. See Working Restatement with GUST amendment at Section 2. L. See Working Restatement with GUST amendment at Section 19. M. See Working Restatement with GUST amendment at Section 2. Additionally, please refer to Florida Statutes §§175.432(4}(d) and 185.02(5)(d). N. See Working Restatement with GUST amendment at Section 19. O. See Working Restatement with GUST amendment at Section 14. However, the segregation of the GUST affected amendments into a stand alone Ordinance without restatement renders the retroactivity of the DROP moot. P. See Working Restatement with GUST amendment at Section 9. 4. EGTRRA Plan document amendments A. See EGTRRA Ordinance (See Exhibits D and F) B. See Working Restatement with GUST amendment which has been incorporated into the Working Restatement with EGTRRA Amendment at Section 2. Margaret Saito, ID #95-02557 Voluntary Compliance Specialist, VC Group 7554 Internal Revenue Service Determinafion Letter Request for Village of Tequesta Public Safety Officers Pension Trust Fund OMB Clearance Number; 1545-0197 Employer Identification Number; 59-6044081 July 17, 2009 Page 3 of 4 C. See Working Restatement with GUST amendment which has been incorporated into the Working Restatement with EGTRRA Amendment at Section 2. D. See Working Restatement with GUST amendment which has been incorporated into the Working Restatement with EGTRRA Amendment at Section 2. E. Employees contributions are treated as picked up pursuant to IRC §414(h)(2). I will present your suggestion t seek a private letter ruling to the Board. F. See Working Restatement with GUST amendment which has been incorporated into the Working Restatement with EGTRRA Amendment at Section 19. G. See Working Restatement with GUST amendment which has been incorporated into the Working Restatement with EGTRRA Amendment at Section 19. H. See Working Restatement with GUST amendment which has been incorporated into the Working Restatement with EGTRRA Amendment at Section 21 -the word issue was removed. I. See Working Restatement with GUST amendment which has been incorporated into the Working Restatement with EGTRRA Amendment at Section 6. J. See Working Restatement with GUST amendment which has been incorporated into the Working Restatement with EGTRRA Amendment at Section 21. K. See Working Restatement with EGTRRA Amendment at Section 22. L. See Working Restatement with EGTRRA Amendment at Section 1. M. See Working Restatement with EGTRRA Amendment at Section 24. N. See Working Restatement with GUST amendment which has been incorporated into the Working Restatement with EGTRRA Amendment at Section 2. Additionally, please refer to Florida Statutes §§175.032(4)(d) and 185.02(5)(d). O. See Working Restatement with GUST amendment which has been incorporated into the Working Restatement with EGTRRA Amendment at Section 9. Margaret Saito, ID #95-02557 Voluntary Compliance Specialist, VC Group 7554 Internal Revenue Service. Determination Letter Request far urllage of Tequesta Public Safety Officers Pension Trust Fund OMB Clearance Number: 1545-0197 Employer Identification Number. 59-6044081 July 17, 2009 Page 4 of 4 P. See Working Restatement with GUST amendment which has been incorporated into the Working Restatement with EGTRRA Amendment at Section 14. However, the segregation of the GUST/EGTRRA affected amendments into a stand alone Ordinance without restatement renders the retroactivity of the DROP moot. 5. Please add the failure to timely amend for the interim amendments to EGTRRA to the VGP request. Enclosed is Schedule 1 to the Appendix F (Exhibit H). 6. Please add the failure to timely amend for the interim amendments to section 401(a) (9) final and temporary regulations to the VCP request (Exhibit H). 7. Please add the failure to timely amend for the mortality table under Revenue Ruling 2001-62 to the VCP request (Exhibit H). 8. A copy of the Form 5800 is included (Exhibit I). Simultaneously with this letter, I am also submitting a response to your June 15, 2009 letter regarding the VGP Request for the Village of Tequesta Public Safety Oft•icers Pension Trust Fund. Should you have any further questions, please do not hesitate to contact me. Sincerely yours, ~~~~~ Bonni S. Jensen BSJIka Enclosures as noted H:1Tequesta PS 1011\IRS Determination Letter\Past SubmissionllRS Cvr Ltr -determination req 061509.wpd INTERNAL REVENUE 5ERVICE P. O. BOX 2508 CINCINNATI, OH 45201 Date: z~~~• ~~-c (~j, ~ L_ ~,.~( VILLAGE OF TEQUESTA 945 TEQUESTA DR TEQUESTA, FL 33469 Dear Applicant; bEPARTMENT OF THE TREASURY RECEIVED OMB Clearance Number: J~N q 1545-0197 [ Employer Identification N~Q~ CLE)gKS pF~E 59-6044081 DLN: 209D62011 Person to Contact: MARGARET M. 3ATT0 ID# 95038 Contact Telephone Number: (626) 312-3628 Plan Name: VILLAGE OF TEQUESTA PUBLIC SAFETY O FFICERS P$NSION TRL75T FUND Plan Number: 002 Refer Reply to: 3E:T:EP:RA:VC:7554 Response Date: July 6, 2009 We have received your request for a determination letter for the plan identified above. However, we need the information or amendments specified on the enclosed list before we can continue processing your request. Please submit the requested information or amendments by the response date. If we do not hear from you by that date we may either (1) close your case as incomplete, or (2) process your application on the basis of the infor- mation available, which could result in a determination that your play is not qualified for favorable tax treatment. If you have any questions concerning this matter or cannot meet the response date, please contact the person whose name and telephone number are shown above. When you send any information we requested or if you write to us with questions about this letter, please pxovide your telephone number and the most convenient time for us to call if we need more information. Please mail the information requested in this letter to the following address: Internal Revenue Service TE/GE Division 9350 Flair Drive, 2nd Floor E1 Monte, CA 91731-2885 ., +J-~_~ rn ll JJ .: Letter 1196 (DC/PLy m x ~- July 17, 2009 m x Margaret Saito, ID #95-02557 Re: Village of Tequesta Public Safety Officers ~ Employee Plans Specialist Pension Trust Fund Internal Revenue Service OMB Clearance Number: 1545-0197 TE/GE Division Employer Identification # 59-G044081 ' ~~m 9350 Flair Drive T:EP:RA:VC:7554 Our Fiie #1p11.0053 ~ EI Monte, CA 91731-2885 Control #911682093 cr ,-« m x iT o EXHIBIT PACKET SUBMITTED WITH VCP AND _ DETERMINATION LETTER REQUEST ^ m X.--_ S CT`. EXHIBIT DESCRIPTION ? rn A Appendix F B Original Form 2848 Signed by Village of Tequesta, Manager m ~- ~ ~: C , GUST working restatement amendment .,~ D EGTRRA working restatement amendment E Portion of working restatement affected by GUST ~ F Portion of working restatement affected by EGTRRA ~ -~ G Schedule 2 of A endix F pp ~ a H Schedule 1 of Appendix F { Form 5300 I ' , k , ~, a ~~ AME~e LTR 1 OF 1 561-666-6550 LAW OPFiCNS OP PERRY & JENSEN, 400 EXECtlI1VE CfR DR, STE 207 WFST PALM BEAf9i FL 33401 S)~ Tom: MARGARET' SAITO, ID #95-02557 62b.312.3628 INTERNAL REVENUE sERVTCE T:EP:RA:VC:7554 TE/GE DIVISION 9350 FLAIR DRIVE EL MQNTE CA 91731-2828 ~~ CA 917 9-02 .~~ ~ . ~ `~ ..: UPS NEXT DAY ATR SAVER CRACEaNG #: 1Z F49 280 13 9300 4044 3ILLING: P/P t S teference#1: 1011.5300 - TEQ PSO teference#2: Piet tiling it2S Determiaa~tion lD5 7].S..A Wl@~7O 90.OA Od/2009 TLJ 0 Z a a o: ~11N0 DNIddINS Shcl a0~