HomeMy WebLinkAboutDocumentation_Regular_Tab 05_02/14/2013 New Backup
2/14/13
7
f�
Yiliage Clerk's Office
MEMO
TO: Village Manager Couzzo
FROM: Village Clerk McWilliams
COPY: Mayor and Council
DATE: February 14, 2013
SUBJECT: 2"`° A11tE�t�D�� ����f�� FOR FEBRUARY 14, 2013
Attached are amended agenda items for the February 14, 2013 agenda packet. Village staff
makes every effort to provide a comprehensive packet prior to each meeting, however, due to
the nature of the business, item(s) may come in after distribution that requires immediate
attention.
5. 2"d AMENDMENT' 2/14/13 - Approval of ICMA's 401a Administrative Services
Agreements - Merlene Reid, Human Resources Director[TAB 5j
345"fequcsta t)r.."1'cquc;sta FL 33�69
561-768-0443 Fax:561-768-0685
www.tequesta.org
McWilliams, Lori
From: Reid, Merlene
Sent: Wednesday, February 13, 2013 2:43 PM
To: McWilliams, Lori
Subject: FW: ICMA-RC 401 Adoption Materials for the Village of Tequesta- 106882
Attachments: Tequesta 106882 rev 2-13-2013.pdf
Lori,
Sorry about this but there have been some changes to the Administrative Services Agreement(ASA), previously
submitted on 2/5/13. This is due to the fact that Attorney Keith Davis had requested some language changes, and ICMA
only responded today. Please substitute the previously submitted ASA with this one. Thanks
Merlene
Merlene Reid, MS,SPHR
Numan Resources Director
Village of Tequesta
345 Tequesta Drive
Tequesfa, FL 33469-0273
Tel:(561)768-0415
Fax:(561 J 768-0697
From: Trott-Barnes, Vernette [ ,es_@icmarc.org]
Sent: Wednesday, February 13, 2013 12:58 PM
To: Reid, Merlene
Cc: Munrce, Cheryl; Bell, Sheila; 401 Plan
Subject: ICMA-RC 401 Adoption Materials for the Village of Tequesta - 106882
TO: Village of Tequesta
CC: New Business Unit
Cheryl Munroe, Retirement Plan Specialist
Subject: 401 Plan Adoption Materials
Dear Merlene Reid,
Attached for your review and signature is the revised Administrative Services Agreement.
Thanks,
Vernette M.Trott-Barnes
Sr. New Business Analyst
New Business Unit
ICMA-RC
W: 202-962-3489 F: 202-962-4601
E: vtrott-barnesCa�icmarc.orq
Building Retirement Security
�
ADMiNISTRATIVE SERVICES AGREEMENT
Between
ICMA Retirement Corporation
and
Village of Tequesta
Type: 401
Account#: 106882
BS
Plan number 106882
ADNIIIYISTRATIVE SERVICES AGREEMEN'T
This Administrative Services Agreement("Agreement"),made as of the day
of ,2013 (herein refened to as the"lnception Date"),between the International
City Management Association Retirement Corporation("ICMA-RC"),a nonprofit
corporation organized and existirtg under the laws of the State of Delaware,and the
Village of Tequesta("Employer"),a municipal corporation organized and existing under
the laws of the State of Florida with an office at 345 Tequesta Drive,Tequesta,Florida
33469.
RECTTA�LS
Employer acts as public plan sponsor of a retirement plan("Plan"),and in that
capacity,has responsibility to obtain administrative services and investment alternatives
for the Plan;
VantageTrust(the"Trust") is a group trust established and maintained in
accordance with New Hampshire Revised Statutes Annotated section 391:1 and Internal
Revenue Service Revenue Ruling 81-100, 1981-1 C.B. 326,which provides for the
commingled investment of retirement funds held by various state and locai governmental
units for their employees;
ICMA-RC acts as investment adviser to VantageTrust Company,the Trustee of
the Trust;
ICMA-RC has designed,and the Trust offers,a series of separate funds(the
"Funds")for the investment of plan assets as referenced in the Trust's principal
disclosure document,"Making Sound Investrnettt Decisions:A Retirement Investrnent
Guide."("Retirement Investment Guide").
The Funds are available only to public employers and only through the Trust and
ICMA-RC.
In addition to serving as inves�nent adviser to the Tn�st, ICMA-RC provides a
range of services to public employers for the operation of employee retirement plans
including,but not limited to,communications concerning investment alternatives,
account maintenance,account recordkeeping, investment and tax reporting,transaction
processing,benefit disbursement,and asset management.
2
Plan number 106882
AGREEMENTS
1. Appointment af ICMA-RC
Employer hereby appoints ICMA-RC as Administrator of the Plan to perform all
nondiscretionary functions necessary for the administration of the Plan. The functions to
be performed by ICMA-RC shall be those set forth in Exhibit A to this Agreement.
2. Adoption of Trust
Employer has adopted the Declaration of Trust of VantageTrust Company and agrees to
the commingled investment of assets of the Plan within the Trust.Employer agrees that
aperation of the Plan and the investment,management,and distribution of amounts
deposited in the Trust shall be subject to the Declaration of Trust,as it may be amended
from time to time and shall also be subject to terms and conditions set forth in disclosure
documents(such as the Retirement Inves�ient Guide or Employer Bulletins)as those
terms and conditions may be adjusted from time to time.
3. Employer DutYto Furnish Information
Employer agrees to furnish to ICMA-RC on a timely basis such information as is
necessary for ICMA-RC to carry out its responsibilities as Administrator of the Plan,
including information needat to allocate individua.l participant accounts to Funds in the
Tn�st,and information as to the employment status of participants,and participant ages,
addresses,and other identifying information(including tax identification numbers).
Employer also agrees that it will notify ICMA-RC in a timely manner regarding changes
in staff as it relates to various roles. This is to be completed through the online EZLink
employer contact options. ICMA-RC shall be entitled to rely upon the accuracy of any
information that is furnished to it by a responsible official of the Employer or any
information relating to an individual participant or beneficiary that is furnished by such
participant or�neficiary,and ICMA-RC shall not be responsible for any error arising
from its reliance on such information to the extent that any information furnished by
Employer is inaccurate. ICMA-RC will provide reports, statements and account
information to the Employer through EZLink,the online plan administrative tool.
Employer is required to send in coniributions through EZLink,the online plan
administration tool provided by iCMA-RC. Alternative elsctronic methods may be
allowed,but must be approved by ICMA-RC for use. Contributions may not be sent
through paper submittal documents.
Failure to provide timely fund profile update information,including the source of the
information,may result in a lack of fund information for participants,as ICMA-RC will
remove outdated fund profile information from the systems that provide fund information
to Plan participants.
3
Plan number 106882
4. Certain Representations and Wamanties
ICMA-RC represents and warrants to Employer that:
(a) ICMA-RC is a non-profit corporation with full power and authority to
enter into this Agreement and to perform its obligations under this
Agreement. The ability of ICMA-RC to serve as investment adviser to the
Trust is dependerit upon the continued willingness of the Trust for ICMA-
RC to serve in that capacity.
(b) ICMA-RC is an inves�ient adviser re�istered as such witli the U.S.
Securities and Exchange Commission under the Inveshnent Advisers Act
of 1940,as amended. ICMA-RC Services,LLC(a wholly owned
subsidiary of ICMA-RC) is registered as a broker-dealer with the U.S.
Securities and Exchange Commission("SEC")and is a member in good
standing with Financial Industry Regulatory Authority("F�NRA") and the
Securities Investor Protection Corporation ("SIPC").
(c) ICMA-RC shall maintain and administer the Plan in cflmpliance with the
requirements for plans which satisfy the qualification requirements of
Section 401 of the Internal Revenue Code and other applicable federal
law;provided,however,ICMA-RC shall not be responsible far the
qualified status of the Plan in the event that the Employer directs ICMA-
RC to administer the Plan or disburse assets in a manner inconsistent with
the requirements of Section 401 or otherwise causes the Plan not to be
carried out in accordance with its terms;provided, further,that if the plan
document used by the Employer contains terms that differ from the terms
of ICMA-RC's standardized pIan document, ICMA-RC sha11 not be
responsible for the qualified status of the Plan to the e�ent affected by the
differing terms in the Employer's plan document. ICMA-RC shall not be
responsible for monitoring state or local law or for administering the Plan
in compliance with local or state requirements unless Employer notifies
ICMA-RC of any such local or state requirements.
Employer represents and wa�rants to ICMA-RC that:
(d) Employer is organized in the form and manner recited in the opening
paragraph of this Agreement with full power and authoriry to enter into
and perform its obligations under this Agreement and to act for the Plan
and participants in the manner contemplated in this Agreement.Execution,
delivery, and performance of this Agreement will not conflict with any
law,rule,regulation or contract by which the Employer is bound or to
which it is a party.
(e) Employer understands and agrees that ICMA-RC's sole function under
this Agreement is to act as recordkeeper and to provide administrative,
4
Plan number 106882
investrnent or other services at the direction of Plan participants,the
Employer, its agents or designees in accordance with the terms of this
Agreement. Under the terms of this Agreement, ICMA-RC does not
render investment advice, is not the Plan Administrator or Plan Sponsor�s
those terms are defined under applicable federal, state,or local law,and
d�s not provide legal,ta�c or accounting advice with respect to the
creation, adoption or operation of the Plan and the Trust. ICMA-RC does
not perform any service under this Agreement that might cause ICMA-RC
to be treated as a"fiduciary"of the Plan under applicable law.
(fl Employer acknowledges and agrees that ICMA-RC does not assume any
responsibility with respect to the selection or retention of the Plan's
investment options. Employer shall have exclusive responsibility for the
Plan's investment optians, including the selection of the applicable mutual
fund share class. Where applicable,Employer understands that the
VantageTrust Retirement Income Advantage Fund is an investment option
for the Plan and that the fund invests in a separate account available
through a group variable annuity contract. By entering into this
Agreement,Employer acknowledges that it has received the Important
Considerations document and the Retirement Tnvestrnent Guide and that it
has read the information therein concerning the VantageTrust Retirement
Income Advanta.ge Fund.
(g) Employer acknowledges that certain such services to be performed by
ICMA-RC under this Agreement may be performed by an affiliate or
agent of ICMA-RC pursuant to one or more other contractual
arrangements or relationships,and that ICMA-RC agrees to obtain
written approval from Employer, which approval shall not be
unreasortably withheld, for any change in a vendor contracted to provide
custom services unique to Employer.
(h) Employer acknowledges that it has received ICMA-RC's Fee Disclosure
Sta.tement,prepared in substantial conformance with ERISA regulations
regarding the disclosure of fees to plan sponsors.
5. Participation in Certain Proceedings
The Employer hereby authorizes ICMA-RC to act as agent,to appear on its behalf,and to
join the Employer as a necessary party in all legal proceedings involving the garnishment
of benefits or the transfer of benefits pursuant to the divorce or separation of participants
in the Plan.Unless Employer notifies ICMA-RC otherwise,Employer consents to the
disbursement by ICMA-RC of benefits that have been garnished or transferrad to a
former spous�, current spouse,or child pursuant to a domestic relations order or child
support order.
5
Plan number 106882
6. Compensaxion and Payment
(a) Plan Administratio�Fee. The amount to be paid for plari administration
services under this Agreement shall be 0.55%per annum of the amount of
Plan assets invested in the Trust. Such fee shall be computed based on
average daily net Plan assets in the Trust.
(b) Mutu�l Fand Services Fee.There is an annual charge of 0.15%assessed
against average daily net Plan assets invested in the Trust's nan-
proprietary Trust Series funds.
(c) Compens�tion for NL�taagement Services to the Trast,Compensation
for Advisory and ather Services to T6e Vant�gepoint F�uds and
Payments from Third-Party Muta�l Funds.Employer acknowledges
that in addition to amounts payable under this Agreement, ICMA-RC
receives fees from the Trust for investment management services
furnished to the Trust.Employer further acknowledges that certain wholly
owned subsidiaries of ICMA-RC receive compensation for advisory and
other services furnished to The Vantagepoint Funds,which serve as the
underlying�rtfolios of a number of Funds offered through the Trust.For
a Trust fund that invests substantially all of its assets in a third-party
mutual fund not affiliated with ICMA-RC,ICMA-RC ar its whoily owned
subsidiary receives payments from the third-party mutual fund families or
their service providers in the form of 12b-1 fees, service fees,
compensation for sub-accaunting and other services provided based on
assets in the underlying third-party mutual fund. These fees are described
in the Retirement Investment Guide. In addition,to the e�ctent that third
party mutual funds are included in the investment line-up for the Plan,
ICMA-RC receives administrative fees from its third party mutual fund
settlement and clearing agent for providing administrative and other
services based an assets invested in third party mutual funds; such
administrative fees come from payments made by third party mutual funds
to the settlement and clearing agent.
(d) Redemption Fees. Redemption fees imposed by outside mutual funds in
which Plan assets are invested are collected and paid to the mutual fund by
ICMA-RC. ICMA-RC remits 100%of redemption fees back to the
specific mutual fund to which redemption fees apply. These redemption
fees and the individual mutual fund's policy with respect to redemption
fees are specified in the prospectus for the individual mutual fund and
referenced in the Retirement Investment Guide.
(e) Payment Procedures.All payments to ICMA-RC pursuant to this
Section 6 shall be made from P1an assets held by the Trust or received
from third party mutual funds or their service providers in connection with
Plan assets invested in such third party mutual funds,to the extent not paid
6
Plan number 106882
by the Employer.T'he amount of Plan assets held through the Trust shall
be adjusted by the Trust as required to reflect any such payments as are
made from Plan assets invested in the Trus� In the event that the
Employer agrees to pay amounts owed pursuant to this section b directly,
any amounts unpaid and outstanding after 30 days of invoice to the
Employer shall be withdrawn from Plan assets held by the Trust.
The compensa.tion and payment set forth in this section 6 is contingent upon the
Employer's use of ICMA-RC's EZLink system for contribution processing and
submitting contribution funds by ACH or wire transfer on a consistent basis over the
term of this Agreement.
7. Contribution Remittance
Employer understands that amounts invested through the Trust are to be remitted directly
to the Trust in accordance with inslructions provided to Employer by ICMA-RC and are
not to be remitted to ICMA-RC.In the event that any check or wire transfer is incorrectly
labeled or transferred to ICMA-RC, ICMA-RC shall return it to Employer with proper
instructions.
8. Indemnification
ICMA-RC shall not be responsible for any acts or omissions af any person with respect
to the Plan or related Trust,other than ICMA-RC in connection with the administration
or operation of the Plan. Employer shall indemnify ICMA-RC against,and hold ICMA-
RC harmless from,any and all loss,damage,penalty,liability,cost,and expense,
including without limitation,reasonable attarney's fees,that may be incurred by,imposed
upon, or asserted against ICMA-RC by reason of any claim,regulatory proceeding,or
litigation arising from any act done or omitted to be done by any individual or person
with respect to the Plan or related Trust,excepting only any and all loss,damage,penalty,
liability,cost or expense resulting from ICMA-RC's negligence,bad faith, or willful
misconduct. Nothing contained in this Agreement or any eathibits,attachments or
supparting documents thereto shall be deemed or construed to be a waiver of Employer's
sovereign immuniry beyond the limits set forth in Sec. 768.28 Florida Statutes,or to
required Employer's indemnification and holdin�harmless of ICMA-RC beyond such
limits of liability,which are$200,000.00 for any one person or$300,000.00 for any one
incident or occurrence,and which limit attorney's fees to a maximum of 25%of any
judgment or settlement.
9. Term
This Agreement shall be in effect and commence on the date all parties have signed and
executed this Agreement("Inception Date"). This Agreement may be terminated without
penalty by either party on s�ty days advance notice in writing to the other; provided
however, that the Employer understands and agrees that, in the event the Employer
terminates this Agreement (or replaces the VantageTrust PLUS Fund as an investment
option in its investrnent line-up), ICMA-RC retains full discretion to release Plan assets
7
Plan number 106882
invested in the VantageTrust PLUS Fund in an orderly manner over a period of up to 12
months from the date ICMA-RC receives written notification from the Employer that it
has made a final and binding selection of a replacement for ICMA-RC as administrator of
the Plan (or a replacement investment option for the VantageTrust PLUS Fund).
10. Amendments and Adjusiments
(a) This Agreement may be amended by written instrument sign�by the parties.
(b)ICMA-RC may amend this agreement by providing 60 days' advance written
notice to the Employer prior to the effective date of such proposed amendment.
Such a�nendment shall become effective unless,within the 60-day notice period,
the Employer notifies ICMA.-RC in writing that it objects to such amendment.
(c}The parties agr�that enhancements may be made to administrative and
operations services under this Agreement. The Employer will be notified of
enhancements through the Employer Bulletin,quarterly statements, electronic
messages or special mailings. Likewise, if there are any reductions in fees,these
will be announced through the Employer Bulletin, quarterly statement, electronic
or special mailing.
11. Notices
All notices required to be delivered under this Agreement shall be in writing and shall be
delivered, mailed, e-mailed or f�ed to the location of the relevant party set forth below
or to such other address or to the attention of such other persons as such party may
hereafter specify by notice to the other party.
ICMA-RC: Lega1 Department, ICMA Retirement Corporation, 777
North Capitol Street,N.E., Suite 600, Washington,D.C.,20002-4240
F�csimile; (202)962-4G01
Employer: at the office set forth in the first paragraph hereof, or to any
other address, facsimile number or e-mail address designated by the
Employer to receive the same by written notice similarly given.
Each such notice, request or other cvmmunicatian shall be effective: (i) if given by
facsimile, when transmittad to the applicable facsimile number and there is appropriate
confirmation of receipt; (ii) if given by mail or e-mail, upon transmission to the
designated address with no indication that such address is invalid or incorrect; or (iii) if
given by any other means,when actually delivered at the aforesaid addr�ss.
12. Complete Agreement
This Agreement shall constitute the comple�and full understanding and sole agreement
between ICMA-RC and Employer relating to the object of this Agreement and carrectly
sets forth the complete rights,duties and obligations of each party to the other as of its
8
Plan number 106882
date. T'his Agreement supersedes all written and oral agreements,communications or
negotiations among the parties.Any prior agreements,promises,negotiations or
representations,verbal or otherwise,not expressly set forth in this Agreement are of no
foroe and effect.
13. Titles
The headings of Sections of this Agreement and the headings for each of the attached
schedules are for convenience only and da not define or limit the contents thereof.
14. Incor.,.poration Qf Schedules
All Schedules(and any subsequent amendments thereto), attached hereto,and referenced
herein, are hereby incorporated within this Agreement as if set forth€ully herein.
15. Governin�Law:Venue
This Agreement sha11 be governed by and construed in accordance with the laws of the
State of Florida, applicable to contracts made in that jurisdiction without reference to its
conflicts of laws provisions, The venue for any dispute under this Agreement shali be
Palm Beach County.
9
Plan number 106882
In Witness Whereof,the parties hereto certify that they have read and understand this
Agreement and all Schedules attached hereto and have caused this Agreement to be
executed by their duly authorized officers as of the Inception Date first above written.
VILLAGE OF TEQUESTA
By Date
Signature
Name and Title(Please Print)
INTERNATIONAL CITY MANAGEMENT ASSOCIATION
RETIREMENT CORPORATION
�; .� � s s� � �
� ��
By ,
An ela C.Montez
Assistant Corporate Secretary
Please return fully executed contract to: New Business Unit
ICMA-RC
777 North Capitol5treet NE
Suite 600
Washington DC 20002-4240
10
Plan number 106$82
Ezhibit A
Administrative�rvi,ces
The administrative services to be performed by ICMA-RC tu�tder this Agreement shall be
as follows:
(a) Participant enrollment services,including providing a welcome package and
enrollment kit containing instructians and notices necessary to implement
the Plan's administration. Employees will enroll online pr through form.
ICMA-RC will provide an enrollment link through the general ICMA-RC
web site. Plan spansor will also make available the online enrollment link in
their Intranet site or via email to new employees. Employer can also enroll
employees through EZLink.
(b) Establishment of participant accounts for each employee participating in the
Plan for whom ICMA.-RC receives appropriate enroliment instructions.
ICMA-RC is not responsible for determining if such Plan participants are
eligible under the terms of the Plan.
(c) Allocation in accordance with participant directions received in good
order of individual participant accounts to investrnent funds offered under
the Trust.Partieipants�complete allocations through Invesfor Services,
Voice Respanse System or through Account Access,the secure participant
online system provided by ICMA-RC.
(d) Maintenance of individual accounts for participants reflecting amaunts
deferred, income, gain or loss credited,and amounts distributed as
benefits.
(e) Maintenance of records for all participants for whom participant accounts
have been established. T'hese files shall include enrollment instructions
(p�rovided to ICMA-RC through Account Access,EZLink or form),
beneficiary designation instructions and all pther and documents concerning
each participant's accourn,and if applicable,records of any transaction
conducted through the Voice Response Unit("VRU"),Account Access or
other electronic means.
(fj Provision of periodic re�orts to the Employer through EZLink
Participants will have access to account information through Investor
Services, Voice Respanse System,Account Access and through quarterly
statements that can be delivered electronically through Account Access or
by postal service.
(g) Communication to participants of information regarding their rights and
elections under the Plan.
(h) Making available Investor Services Representatives through a toll-free
telephone number from 8:30 a.m.to 9:p0 p.m.Eastern Time,Monday
through Friday(excluding holidays and days on which the securities
11
Plan number 106882
markets or ICMA-RC are closed for business(includin�emergency
closings),to assist participants.
(i) Making available a toll-fi�ee number ax�d�ccess to VantageLine, ICMA-
RC's interactive VRU,and ICMA-RC's web site,to allow participants to
access certain account information and initiate plan transactions at any
time. Account access and VantageLine are normally available 2�4 hours a
day, seven days a week except during scheduled maintenance
periods designed to ensure high-quality performance. The scheduled
maintenance window is outlin�i at https://harperl.icmarc.org�o_gin.jsp
(j) Distribution of benefits as agent for the Employer in accordance with
terms of the Plan.Pazticipants who have separated from service can
request distributions through Account Access or via form.
(k) Upon approval by the Employer that a domestic relations order is an
acceptable qualified domestic relations order under the te�rris of the Plan,
ICMA-RC will establish a separate account record for the alternate payee
and provide for the invest�nent and distribution of assets held there under.
(1) I,oans may be made available on the terms specified in the Loan Guidelines,
if loans are adopted by the Employer. Participants can request loans through
Investor Services or Account Access.
(m) Guided Pathways—Particigant Ad�ice and Guidance may be made
available through a third party vendor on the terms specified on ICMA-
RC's website.
(n) ICMA-RC will determine appropriate delivery method(electronic and/or
print)for plan sponsor/participant communications and education based on
a number of factors(audience, effectiveness,etc.)
12
Previously Distributed Backup
New Backup
2/13/13
• • • • �
Memo
To: Michael R Couzzo, Jr., Village Manager
�
From: Merlene Reid, HR Director
Cc: Lori McWilliams, Village Clerk
Date: February 12, 2013
Re: 401(a) Plan—Adoption Agreement
The Adoption Agreement which accompanies the 40i a Administrative Services
Agreement was inadvertently omitted from the Agenda item package. I am
asking that this be circulated to Council as soon as possible. Thanks
�� �����������
����� �����. �� ��� _
� � � � � � � � � � � � � ICM
Building Retirement Security
- - — ,, -_ -_
— --_
AFFIRMATIVE STATEMENT
FOR ADOPTING A SECTION 401 MONEY PURCHASE PLAN
Name of Employer: VILLAGE OF TEOUESTA State:FLORIDA Plan Number: 106882
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS,the establishment of a money purchase retirement plan serves the interest of
the Employer by enabling it to provide reasonable retirement security for its employees,
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 previously executed the Declaration of Trust of
VantageTrust, intending this execution to be operative with respect to any retirement or
deferred compensation plan subsequently established, if the assets of the plan are to be
invested in the VantageTrust;
NOW THEREFORE, as a duly authorized agent of the Employer, I hereby:
ESTABLISH the Employer's 401 money purchase plan(the "Plan") in the form of The
ICMA Retirement Corporation Governmental Money Purchase Plan and Trust; and
SPECIFY that the assets of the Plan sha11 be held in trust, with the Employer serving as
trustee("Trustee"), for the exclusive benefit of the Plan participants and their
beneficiaries. The assets shall be invested in the VantageTrust, and shall not be diverted
to any other purpose. The Employer's beneficial ownership of Plan assets held in the
VantageTrust shall be held for the further exclusive benefit of the Plan participants and
their beneficiaries;
SPECIFY that the VILLAGE MANAGER (title) shall be the
coordinator for the Plan; shall receive reports, notices, etc., from the ICMA Retirement
Corporation or the VantageTrust; shall cast, on behalf of the Employer, any required
votes under the VantageTrust; may delegate any administrative duties relating to the Plan
to appropriate departments; and is authorized to execute all necessary agreements with
the ICMA Retirement Corporation incidental to the administration of the Plan; and
AFFIRM that the Employer hereby agrees to serve as Trustee under the Plan.
Date: 2/14/2013
VILLAGE MANAGER
(Title of Designated Agent)
MICHAEL COUZZO,JR.
(Signature) (Print)
ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN 8�TRUST
ADOPTION AGREEMENT
PLAN NUMBER 10-6882
The Employer hereby establishes a Money Purchase Plan and Trust to be known as rne viva9e of Tequesta
___(the"Plan")in the form of the ICMA Retirement Corporation Governmental Money PurchaseY
Plan and Trust(MPP 01/O1/06}.
This Plan is an amendment and restatement of an existing defined contribution money purchase plan.
� Yes � No
If yes,please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates:
I. Employer: VILLAGE OF TEQUESTA [902]
II. The Effective Date of the Plan shall be the first day of the Plan Year during which the Employer adopts the Plan,
unless an alternate Effective Date is hereby specified: nnarcn�,20�3 _________ ____(e.g.,January 1,
2006 for the MPP Ol/Ol/06 Plan) ,
III. Plan Year will mean:
� The twelve(12)consecutive month period which coincides with the limitation year. (See Section 5.03(fl of the
Plan.)
� The twelve(12)consecutive month period commencing on october�,20�3 __� and each anniversary thereof.
IV. Normal Retirement Age shall be age ss__(not to egceed age 65). [288�
V. ELIGIBILITY REQUIREMENTS:
]. The following group or groups of Employees are eligible to participate in the Plan:
____ All Employees
_____ All Full Time Employees
___ Salaried Employees
_____ Non union Employees
____ Management Employees
___ Public Safety Employees
_____ General Employees
X__ Other Employees(specify describe the group(s)of eligible
employees below)
Certified Police Department Employees
The group specified must correspond to a group of the same designation that is defined in the statutes,
ordinances,rules,regulations,personnel manuals or other material in effect in the state or locality of the
Employer.Also,the eligibility requirements for participation in the Plan cannot be such that Employees become
Participants only in the Plan Year in which the Employees terminate employment(i.e.,stand-alone final pay
plans).
1 Money Purchase Plan Adoption Agreement
2. The Employer hereby waives or reduces the requirement of a twelve(12)month Period of Service for
participation. The required Period of Service shall be(write N/A if an Employee is eligible to participate
upon employment) N!A
If this waiver or reduction is elected,it shall apply to all Employees within the Covered Employment
Classification.
3. A minimum age requirement is hereby specified for eligibility to participare. The minimum age
requirement is 19___(not to exceed age 21. Write N/A if no minimum age is declared.)
VI. CONTRIBUTION PROVISIONS
1. The Employer shall contribute as follows:(Choose all that apply,but at least one of Options A,B or C.If
Option A is not selected,Employer must pick up Participant Concributions under Option B or Option C.)
Fiaed Employer Contributions With or Without Mandatory Participant Contributions. (If Option B
or C is chosen,please complete section D.)
� A. Em�lo�r Contributions. The Employer shall contribute on behalf of each Participant
��"°-�%of Earnings or$N!?___for the Plan Year(subject to the limitations of Article V of
the Plan).
Mandatory Patticipant Contributions
� are required L� are not required
zo be eligible for this Employer Contribution.
[� B. Mandatorv Partici�ant Contributions for Plan Paztici�ation A Participant is required to
contribute(subject to the limitations of Article V of the Plan)
(i) __%of Earnings,
(ii) $____,or
(iii) a whole percentage of Earnings between the range of o to 5% _____(infert range of
percentages between 0%and 20%(e.g.,3%, 6%, or 20%;S�to 7%)),as designated by the
Employee in accordance with guidelines and procedures established by the Employer
for the Plan Year as a conclition of participation in the Plan. A Participant shall not have the
right to discontinue or vary the rate of such contributions after becoming a Plan Participant.
The Employer hereby elects to"pick up"the Mandatory Participant Contributions'(pick up
is required if neither Option A nor Option C is selected).
[621]
� Yes � No
� C. Mandator�Participant Contributions for this Portion of the Plan Each Employee eligible
to participate in the Plan shall be given the opportunity to irrevocably elect to participate
in the Mandatory Participant Contribution portion of the Plan by electing to contribute
________�_,__(insert range ofpercentages between 0�and 20%(e.g.,3%,G%,or 20%;
5%to 7%))of the Employee's Earnings to the Plan for each Plan Yeat(subject to the limitations
of Article V of the Plan).
` Neither an IRS advisory letter nor a determination letter issued to an adopting Employer is a ruling by the Intemal Revenue Service that
Participant contributians that are picked up by the Employer are not includable in the Participani s gross income for federal income tax purposes.
Pick-up contributians are nat mandated to receive private letter rulings;however,if an adopting employer wisbes to receive a ruling on pick-up
contributions they may request one in accordance with Revenue Procedure 2011-4(or su6sequentguidance).
Money Purchase Plan Adoption Agreement Z
A Participant shall not have the right to discontinue or vary the rate of such contributions after
becoming a Participant in this portion of the Plan.
The Employer hereby elects to"pick up"the Mandatory Participant Contributions(pick up is
required if neither Option A nor Option B is selected).� [b21]
� Yes � No
D. Election Window(Complete if Option B or Option C is selected):
Newly eligible Employees shall be provided an election window of�__�_days(no more than
60 calendar days)from the date of initial eligibiliry during which they may make the election to
participate in the Mandatory Participant Contribution portion of the Plan.Participation in the
Mandatory Participant Contribution portion of the Plan shall begin the first of the month following
the end of the election window.
An Employee's election is irrevocable and shall remain in force until the Employee terminates
employment or ceases to be eligible to participate in the Plan.In the event oF re-employment to an
eligible position,the Employee's original election will resume.In no event does the Employee have
the option of receiving the pick-up contribution amount directly.
2. The Employee may also elect to contribute as follows:
� A. Fixed Em�loyer Match of Voluntar�Participant Contributions.The Employer shall contribute on
behalf of each Participant___%of Earnings for the Plan Year(subject to the limitations of Article
V of the Plan)for each Plan Year that such Participant has contributed____%of Earnings or
$_________r_. Under this option,there is a single,fixed rate of Employer contributions,buc
a Participant may decline to make the required Participant contributions in any Plan Year,in which
case no Employer contribution will be made on the Participant's behalf in that Plan Year.
� B. Variable Employer Match of Volunt�Partici�ant Contributions. The Employer shall contribute on
behalf of each Participant an amount determined as follows(subject to the limitations of Article V of
the Plan):
_____%of the Voluntary Participant Contributions made by the Participant for the Plan Year(not
including Participant contributions exceeding___%of Earnings or$______);
PLUS____%of the contributions made by the Participant for the Plan Year in excess of those
included in the above paragraph(but not including Voluntary Participant Contributions exceeding in
the aggregate____%of Earnings or$________).
Employer Matching Contributions on behalf of a Participant for a Plan Year shall not exceed
$_______or_�%of Earnings,whichever is___more or___less.
3. Each Participant may make a voluntary(unmatched),after tax contribution,subject to the limitations of
Section 4.05 and Article V of the Plan.
� Yes � No
4. Employer contributions for a Plan Year shall be contributed to the Trust in accordance with the following
payment schedule(no later than the 15th day of the tenth calendar month following the end of the calendar
year or fiscal year(as applicable depending on the basis on which the Employer keeps its books)with or within
which the particular Limitation year ends, or in accordance with applicable law):
Bi-weekly --�---
2 See footnote 1 on the previaus page.
3 Money Purchase Plan Adoption Agreement
5. Participant contributions for a Plan Year shall be contributed to the Trust in accordance with the following
payment schedule(no later than the 15th day of the tenth calendar month following the end of the calendar year
or fiscal year(as applicable depending on the basis on which the Employer keeps its books)with or within which
the particular Limitation year ends, or in accordance with applicable law):
si-weekly
VII. EARNINGS
Earnings,as defined under Section 2.09 of the Plan,shall include:
(a) Overtime
� Yes � No
(b) Bonuses
� Yes � No
(c) Other Pay(specifically describe any other types of pay to be included below)
VIII. The Employer will permit rollover contributions in accordance with Section 4.11 of the Plan.
� Yes � No
IX. LIMITATION ON ALLOCATIONS
If the Employer maintains or ever maintained another qualified plan in which any Panicipant in this Plan is(or was)a
participant or could possibly become a participant, the Employer hereby agrees to limit contributions to all such plans
as provided herein,if necessary in order to avoid excess contributions(as described in Sections 5.02 of the Plan).
1. If the Participant is covered under another qualified defined contribution plan maintained by the Employer,the
provisions of Section 5.02(a)through(�of the Plan will apply unless another mechod has been indicated below.
� Other Method. (Provide the method under which the plans will limit total Annual Additions to the
Maximum Permissible Amount,and will properly reduce any excess amounts,in a manner that precludes
Employer discretion.)
2. The limitation year is the following 12 consecutive month period:
Money Purchase Plan Adoption Agreement 4
X. VESTING PROVISIONS
The Employer hereby specifies the following vesting schedule,subject to(1) the minimum vesting requirements and
(2)the concurrence of the Plan Administrator. (For the blanks below,enter the applicable percent—from 0 to 100
(with no entry after the year in which 100%is entered), in ascending order.)
Period of Service Percent
Com�leted Vested
Zero %
One 20 %
Two � %
Three so %
Four 80 %
Five ��� %
Six %
Seven %
Eight %
Nine %
Ten % '
XI. Loans are permitted under the Plan,as provided in Article XIII of the Plan:
� Yes � No [�5�]
XII.
1. In-service distributions are permitted under the Plan after a participant attains(select one of the below �646:8]
options):
� Normal Retirement Age
� Age 701/z
� Not permitted at any age
2. Tax-free distributions of up to$3,000 for the payment of qualifying insurance premiums for eligible
retired public safety officers are available under the Plan.
� Yes � No(Default) [646:3]
XIII. In-service distributions of the Rollover Account are permitted under the Plan as provided in Section 9.07.
[646:7]
� Yes � No(Default)
XIV. SPOUSAL PROTECTION
The Plan will provide the following level of spousal protection(select one):
A. � Participant Directed Election. The normal form of payment of benefits under the Plan is a lump sum. L646'6]
The Participant can name any person(s)as the Beneficiary of the Plan,with no spousal consent required.
B. � Beneficiary Spousal Consent Election(Article XII). The normal form of payment of benefits under [646:6]
the Plan is a lump sum. Upon death,the surviving spouse is the Beneficiary,unless he or she consents to
the Participant's naming another Beneficiary. (This is the default provision under the Plan if no selection
is made.)
C. � QJSA Election(Article XVII). The normal form of payment of benefits under the Plan is a 50%qualified [642:8]
joint and survivor annuity with the spouse(or life annuiry,if single). In the event of the Participant's
death prior to commencing payments,the spouse will receive an annuity for his or her lifetime. [646:6]
5 Money Purchase Plan Adoption Agreement
XV. FINAL PAY CONTRIBUTIONS
The Plan will provide for Final Pay Contributions if either 1 or 2 below is selected.
Final Pay shall be defined as(select one):
A. � Accrued unpaid vacation
B. � Accrued unpaid sick leave
C. � Accrued unpaid vacation and sick leave
D. � Other(insert definition of final pay):______�______
that would otherwise be payable to the Employee in cash upon termination.
1. � Employer Final Pay Contribution.The Employer shall contribute on behalf of each Participant
_____A__%of Final Pay to the Plan(subject to the limitations of Article V of the Plan).
2. � Employee Designated Final Pay Contribution.Each Employee eligible to participate in the Plan shall be
given the opportunity at enrollment co irrevocably elect to contribute_____%(insert fixed percentage of final
pay to be contributed)or up to_____%(insert maximum percentage of final pay to be contributed)of
Final Pay to the Plan(subject to the limitations of Article V of the Plan).
Once elected,an Employee's election shall remain in force and may not be revised or revoked. If che employer
elects to"pick up"these amounts,in no event does the Employee have the option of receiving the pick up
contribution amount directly.
The Employer hereby elects to"pick up"the Employee Designated Final Pay Contribution thereby treating
such contributions as Employer-made contributions for federal income tax purposes.
� Yes � No [621]
XVI. ACCRUED LEAVE CONTRIBUTIONS
The Plan will provide for accrued unpaid leave contributions if either 1 or 2 is selected below.
Accrued Leave shall be defined as(select one):
A. � Accrued unpaid vacation
B. � Accrued unpaid sick leave
C. � Accrued unpaid vacation and sick leave
D. � Other(insen definition of final pay:___________�_____ _ �__�__________
that would otherwise be payable to the Employee in cash.
1. � Employer Accmed Leave Conuibution. The Employer shall contribute as follows(choose one of the
following options):
� For each Plan Year,the Employer shall contribute on behalf of each Eligible Participant the unused
Accrued Leave in excess of (insert number of hours/days/weeks)to the Plan(subject to the
limitations of Article V of the Plan).
� For each Plan Year,the Employer shall contribute on behalf of each Eligible Participant_______%of
unused Accrued Leave to the Plan(subject to the limitations of Article V of the Plan).
Money Purchase Plan Adoption tlgreement 6
� 2. Employee Designated Accrued Lea�e Contribution.
Each eligible Participant shall be given the opportunity at enrollment to irrevocably elect to contribute
_____%(insert fixed percentage of accrued unpaid leave to be contributed)or up to______%(insert
maximum percentage of accrued unpaid leave to be contributed)ofAccrued Leave to the Plan(subject to the
limitations of Article V of the Plan).
Once elected,an Employee's election shall remain in force and may not be revised or revoked. If the employer
elects to"pick up"these amounts,in no event does the Employee have the option of receiving the pick-up
contributio�amount directly.
The Employer hereby elects to"pick up"the Employee Designated Final Pay Contribution thereby treating
such contributions as Employer-made contributions for federal income tax purposes.
� Yes � No [621]
In order to allow for Final Pay Contributions and/or Accrued Leave Contributions,as defined in sections XV and XVI
above,the Plan must also include additional sources of ongoing contributions,such as Fixed Employer Contributions
or Mandatory Participant Contributions. In accordance with IRS Guidance,ICMA-RC will not process Final Pay
Contribution or Accrued Leave Contribution Features as part of a"Stand Alone"Final Pay Plan.
XVII. The Employer hereby attests that it is a unit of state or local government or an agenry or instrumentality of one or more
units of state or local government.
XVIII. The Plan Administrator hereby agrees to inform the Employer of any amendments to the Plan made pursuant to
Section 14.05 of the Plan or of the discontinuance or abandonment of the Plan.
XIX. The Employer hereby appoints the ICMA Retirement Corporation as the Plan Administrator pursuant to the terms
and conditions of the ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE
PLAN&TRUST.
'Ihe Employer hereby agrees to the provisions of the Plan and Trust.
XX. The Employer hereby acknowledges it understands tkat Failure to properly fill out this Adoption Agreement may result
in disqualification of the Plan.
XXI. An adopting Employer may rely on an advisory letter issued by the Internal Revenue Service as evidence that the
Plan is qualified under section 401 of the Internal Revenue Code to the extent provided in applicable IRS revenue
procedures and other official guidance.
In Witness Whereof,the Employer hereby causes this Agreement to be executed on this?atn__day of
February_______� 20 13 __,
EMPLOYER ICMA RETIREMENT CORPORATION
777 North Capitol St.,NE
Washington,DC 20002-4240
202-9G2-8096
sy: sy:
Print Name: MICHAEL COUZZO,.lR. Print Name:
7'itle: VILLAGE MANAGER 'j j�]e: H.R.Generalist
Attest: Attest:
7 Money Purchase Plan Adoption Agreement
— __ � � 1 ' � 1 � 1 1 1
I�I�1�-
1 • • � • �
, � , , , . .
, �:,�.__ �..;? _: � � , , � � �
- __= - _ ! • ,� � � � � � � � � 1 � �
FAQs F�ar�s�o rrx��€e�ted Questio�s � a�EZ��s�n
Fund Information 1� ���d�e� `� $� �
Loan Repayments �� �y���tC � �� #
Order/Download Forms t�J ���#t� �� �
Participant Indicative Changes / �, ,��rt�
� '
Plan Contacts �f = � ` `
Reports �� : � =- �
Statements � ' � �_ � '
401 Qualified Plan Implementation Data Form Instructions and Information
Please ensure that each section of this form is completed before returning it to ICMA-RC along with the other
adoption materials. You may contact ICMA-RC's Plan Sponsor Services Team at 1-800-326-7272 if you have
questions.
4. Primary Contact
This person is responsible for the day-to-day administration and processing of plan transactions. This is the person
we call if general questions arise concerning your ICMA-RC account.
13.Online Services
When joining ICMA-RC, there are many services we make available online to simplify retirement plan administration
for you and ease account management for your participants.
a. Standard Online Senrices
These standard services will be applied to your plan:
• Orthne Bene�rciary information
Beneficiary information will be displayed online so that it can be viewed and updated:
With this option, the participants (through Account Access) and your plan contacts (through EZLink) can view
and update beneficiary information online. Both primary and contingent beneficiary information will be dis-
played online and participants' statements.
Please note: We are unable to make this option available within EZLink without also making it available
within Account Access.
• Online withdrawals
With this feature participants can request withdrawals online after they separate from service.
Please note:Termination dates should be submiited via EZLink in a timely manner, and further employer ap-
proval is not required for individual disbursement requests. Online Withdrawals are for installments, partial
and lump sum payments made directly to the participant. The Online Withdrawal system does not establish
outgoing rollovers to other plan providers.
b. O�tional Online Services
These are optional services you elect or decline:
Please complete this section. If an option is not selected, the default options will be utilized.
Electronit Delivery for SMtemenh and Con6rmations
With our electronic delivery process, plan participants will be able to quickly and easily view their statements
and transaction confirmations in Account Access instead of waiting to receive them by mail.
When you elect electronic delivery for your plan to paperless, we will let participants know by sending them
a welcome email. They will also receive a message on their next statement that they will begin receiving their
statements and confirmations online rather than in the mail. If participants prefer to receive their documents
in the mail they can switch back to paper easily just by going to Account Access or calling Investor Services.
Participants without an e-mail address, or with an invalid e-mail address, will continue to receive documents in
the mail.
If you select this option, you will be contacted by our Plan Sponsor Services Team and we will work with you to
set up your plan to go paperless.
By selecting this option, you are agreeing that your participants with an e-mail address can receive statements
and transaction confirmations electronically.
401 Qualified Plan Implementation Data Form Instructions and Information (continued)
14.Disbursement/Loan
This person(s)will be responsible for signing disbursement and loan withdrawal forms, authorizing any disbursement or loan
transactions, and answering questions pertaining to disbursements and loans. This should be a person(s) of authority. Also, the
person's signature should be placed in the appropriate section of this form for our reference purposes.
18.Contribution/EZ Link Contact
This person is responsible for sending contributions to RC. If there are discrepancies in the wire amount and the correspond-
ing backup, this is the person we will contact to resolve the issue. This person should have access to all payroll/contribu-
tion information to ensure efficienf processing of contributions. Confirmations for each contribution received are sent to this
individual.
19 Quarterly Statement
This person will receive all quarterly statements.
20. Plan Coordinator
The title of this person is designated in the resolution. If a difFerent person obtains the same title, you may use this form to
update the name change. You must have your legislative body pass a new resolution to update the title of the person desig-
nated as plan coordinptor.
21. Billing (Fees)
If RC charges any employer paid fees to your account, this person will receive the invoices.
401 Qualified Plan Implementation Data Form I Page 1 of 4
Instructions to Employer: Provide necessary information io esiablish your plan properly.
I����� Please contact your New Business Unit Analyst at 1-800-326-7272 if you have any questions.
B�g��=�^� I(MA-RC Use Only: Employer# 10 6882
General 1. (902) Employer�s Full Name:Village of Tequesta
Information 345 Tequesta Drive
2. (924) Street Address:
(925)
3. (918) City:Tequesta
(9�9) stme: Florida (9201 Zip Code: 33469
4. (633) Primary tontact: Merlene Reid
5. (634) PrimaryCo�adTitle: H.R. Director
6. (631) Primary(ontact Telephone#:(561_____)768-0415
7. 1632) Fax#:(561____� 768-0697
8. (882) Employer's Federal Tax Identification Number:596044081
Plan 9. (611)(ontribution information(See"Important(ontribution Information"later in this book)
Implementation
Information a• Frequency:(check one) � (0)Bi-weekly ❑ (4)Monthly ❑ (8)Semi-quarterly
Insm,ctions-Use the ❑ (1)Weekly ❑ (5)Semi-monthly ❑ (9)Bi-annually
VanmgepointFunds ❑ (2)Semi-weekly ❑ (6)Bi-quarterly ❑ (10)Annually
Brochure or sheet ro
romplete thissecrion. ❑ (3)Bi-monthly ❑ (1)Quarterly ❑ (11)Semi-annually
b. Deposii Medium:(624) ❑ Wire 0 ACN
10. First Contribution Date following Implementation: MarCh 11, 2013
11. Number of Eligible Employee:4 Expected Number of Participants: unknown at this time
Default Default Fund for Investment Allocations:
Investment me default fund will be used if a participant does not provide valid allocation imtrudions(i.e.,no allaolion is provided,the allaation percentages
Option do not total 100%,or one or more funds that are not available to the plan are seleded).
If you do not make an eleclion in this section,the Milestone Fund with the target date closest to a pa�icipanPs 60'�birlhday will be used as your
plan's default option.
You may select the"Custom Default"opfion if you would like to use a fund(or funds)other ihan the Milestone Funds as your plan's default option.
Please see ICMA-RC's Standard Plan Fund lineup at www.icmarc.org to complete this section.
Note:Pr'ior to selecting the"Custom Defaultp option,empbyers should carefully review the Department of labor's final
regulations on qualified default investment alternatives(ADIAs).More information is availaWe online at www.dol.gov or
www.icmarc.org/Ppa•
12.Default Fund for Invesiment Allocations(Select one optionl:
0 The Milestone Funds(Default)with a targei re6rement age of:
� Age 60(Default)
❑ Age (input the Target Retirement Age to be used for your plan)
�con�inued on the following page�
401 Qualified Plan Implementation Data form I Page 2 of 4
Instructions to Employer: Provide necessary information io establish your plan properly.
I�`1�VA �� Please contact your New Business Unit Analyst at 1-800-326-1272 if you have any questions.
t.l' 'V�1\
8���^�,=S�ri� ICMA-RCUseOnly: Employer# 10 6882
Default � ���Default(list the fund name(s)and perceniages thai will be used as the plan's default inveshnent option):
Investment Fund Name Percentage
Option
continued
Online Services �3. Below are ICMA-R('s online services offered for your retiremenf plan administmtion and account manogement for participants.Please see
instructions for further information about these standard and opfional services.
a.Standard Online Services These standard services will be applied to your plan.
• Online Beneficiary information(Note:Beneficiary informafion will be displayed on participant siatements.)
• Online withdrawals
b.Optional Online Services These are optional services you eled or decline.
Noie:If on option is not seleded,the default opfions will be u6lized.
Electronic Delivery for statements and confirmations
Electronic delivery for all participant statemer�s and tranwction confirmations.
m Yes(Default) ❑ No
Primary PLAN CONTACfS
Contad �4. PT00
Informatron
(200) Primary Coniad Rame: Merlene Reid
(210) Trtle:H.R.Director
(420) Telephane:( 561 )768-0415 (421) Fax:(�� ) 768-0697
(422) Email Address:
Disbursement/ 15. Pf01 Contad Signature: Merlene Reid °°°""•°'�'""°""�°
�:m.�.�.��.>,.�.�,��A..��.w.F�
,_��
Loan Contact (ypa) (ontact Name:Merlene Reid
Information �p�0) Title:H.R.Director
Wease indicote 561 768-0415 561 768-0415
ahernate addresses (420) Telephone:( ) (421) Fax:( )
in Comments Sec�ion (422) Email Address:mreid@tequesta.org
on Page 3
16. PT08 (ontad Signature:
(200) Contad Name:
(210) T�le:
(420) Telephone:( ) (421) Fax:( )
(422) Email Address:
17.PT09 Contact Signature:
(200) Contact Name:
(210) Title:
(420) Telephone:( ) (421) Fax:( )
(422) Email Address:
401 Qualified Plan Implementation Data Form I Page 3 of 4
ICN'1/k�C
Bu;��na��r��+�r IfMA-R(UseOnly: Employer# 10 6$$2
Contribution/
18. PT02 {200)Contad Name:Merlene Reid
EZlink Contad (210) Title:H. R. Director
Information (420) Tdephone:(56� �768-0415 (421) Fax:(561 J 768-0697
(422) Email Address:mreid@tequesta.org
Does the EZLink(ontad initiate ACH/wire for payroll? ❑ Yes � No If No,please provide ACH/wire contad information:
Name�tle:Michelle Gload Telephone:( 561 � 768-0425
EZLinIc is ICMA-IPC's st�dard contn�eiion detal s�y for�oL Please romplete�1 retwn►ie EZL'adc Acass Fam.Par�sf also ca�yrfe�e a sunessl�
EZlink test before yow�rs►ronlr�xrtion�be subsit►ed
Auarterly 19. Pf04 (200)Contad Name:Michelle Gload
Statement (y�0) Title:Senior Accountant
Contact 561 768-0425 5s� 768-0697
Information (420) Telephone:( � (421) Fax:( )
(422) Email Address:mgload@tequesta.org
If this setfion is ao►�omp�ele�tbe Primar Confad w�l raeire ew�igs.
Plan 20. PTOS (200)Contad Name:��chael Couao,Jr.
Coordinator (y�0) Title:Village Manager
Contact 5s� 768-0463 ss� 768-0697
Information (420) Telephone:( 1 (421) Fax:( )
(422) Email Address:mcouzzo@tequesta.org
Note:Q�a�g fhis tifk req�es a am�daen►to yoer rewlu►iou.
Billing(Fees) 21. PT06 (200)Contad Nome:Michelle Gload
Contad (Z10) Title:Senior Accountant
Information 5s� 768-0425 ss� 768-0697
(420) Telephone:( ) (421) Fax:( )
(422) Email Address:
Comments: 22.
Altemotive
Addresses for
#14-20
401 Qualified Plan Implementation Data Form I Page 4 of 4
ICN1/kRC
B�s�+�=�� ICMA-RC Use Only: Employer# 10 6882
Co-Prov�ler p3.Does your plan have a co-provider relationship*?
Information
❑ Yes p No
If yes,please provide the co-provider information:
Name of Co-Provider(s):
Co-Provider 1:
Street Address:
Ciiy: State: Zip Cade:
Phone Number:
Co-Provider 2:
Street Address:
('�iy: State: Zip Code:
Internal Use Only
621 =Y/N
641 =
912=
� ' I ' 1 I � ' I �
�
: , , • � � � � � � � �
EZlink gives you electronic access to a wide range of plan specific information, transaction processing capabilities
and keeps you up-to-date on the latest in plan changes. As a user, you can access the information you need, when
you need it.
Who should use the EZlink Access form? Participant Chan�c es: This capabiliry provides the user
the ability to update participant
Use this form to request a new user, and to update or information such as name, ad-
remove an existing user. dress, marital status, title.
Contribution 8� loan
Instruttions Re�a�rments: This capability provides the user
the ability to submit contributions
1. Primary Contact Information — Please provide the and loan repayments online us-
name of the person who is designated as the primary ing a prior payroll or ICMA-RC
contact. This person will need to sign this form to pr�formatFed file.
authorize access. If you want to verify your primary
contact, please call Plan Sponsor Services Team at 800- Participant Data
326-7272 between 8:30 a.m. and 7:30 p.m. Eastern Transfer: This capability provides the user
Time. the ability to submit an ICMA-RC
pre-formatted participant in-
Primary contact User ID and password will be created dicative data demographic
with full access. file including enrollments and
participant updates and to view
2. EZLink User Information — a customized data verification
report.
To request a new User ID: check the Add New User
ID box and enter the user information. The email 3. Primary Contact Approval— Please have the Primary
address and access options are required. Contact sign and date this EZLinkAccess Form.
To update an existing User ID: check the Update
User ID box, enter the User ID and select all the Minimum Sysi�em Recommendations
access the user should have.
✓ Firefox Version 3.x and higher, or MICROSOFT
To remove an existing User ID: check the Remove Internet Explorer 5.0 and higher
User ID box to remove all access. ✓ 128 Bit Encryption
✓ High speed Internet access or minimum 56K
Access Options: modem
✓ Pentium class PC
Balances/Reports: This capability provides the user ✓ Windows NT, 1995 or later
the ability to view plan and
participant information including
balances, investment allocations
and reports.
OTHER SYSTEMS ARE NOT RECOAAMENDED
Online Enrollments: This capability provides the user
the ability to enroll participants.
Please fax your compleied EZLink Access Form b the
EZlink Administrator at 202-962-4601.
F RM000-019-200907-180
I�I�fl1�� ���
,���, EZLINK ACCESS fORM - PAGE l OF 2
Plan Name VILLAGE OF TEQUESTA
Plan Number�s) 106882
(Al)plan numbers must be listed ro avoid processing delays.)
� Primary Contact Name: SAME AS 457
Primary primary Contact Title:
Contact
Information Email Address:
Daytime Phone Number: (___) ___-____
2 Select One: � Add New User ID � Update User ID � Remove User ID
EZLink Name: MICHAEL COUZZO, JR
User
Information Title: VILLAGE MANAGER
Email Address: mcouzzo@tequesta.org
Daytime Phone Number: ( 561__) �se ___ oass __
Access Options (You must select either yes or no for each access option):
Balances 8� Reports ✓Y_N Contributions 8�Loan Repays ✓ Y_N
Online Enrollments _Y ✓ N Participant Data Transfer ✓ Y_N
Participant Changes _Y ✓ N
.................................................................................................................................................................
Selec+One: L� Add New User ID � Update User ID � Remove User ID
Name: LAURA ROSENKRANZ
Title: H.R. Generalist
Email Address: �rosenkranz@tequesta.org
Daytime Phone Number: ( 5s�__) �ss ___ oa�s __
Access Options (You must select either yes or no for each access option):
8alances 8� Reports ✓Y_N Contributions 8� Loan Repays ✓ Y_N
Online Enrollments ✓Y_N Participant Data Transfer ✓ Y_N
Participant Changes ✓ Y_N
.............................................................................................�----...............................................................
Select One: � Add New User ID � Update User ID � Remove User ID
Name:
Title:
Email Address:
Daytime Phone Number: (___) ___-____
Access Options (You must select either yes or no for each access option):
Balances 8�Reports _Y_N Contributions 8�Loan Repays _Y_N
Online Enrollments _Y_N Participant Data Transfer _Y_N
Participant Changes _Y_N
Please fax your completed EZLink Access Form to the EZLink Adminisirator at 202-962-4601. FRM004019-200907-180
����� - ��°� EZ LI N K ACC ESS FO RM - PAG E 2 0 F 2
���
2 Select One: � Add New User ID f� Update User ID � Remove User ID
EZLink Name:
User Title:
Information
Email Address:
(continued) Daytime Phone Number: (___)___-
Access Options (You must select either yes or no for each access option):
Balances 8 Reports _Y_N Contributions 8�Loan Repays _Y_N
Online Enrollments _Y_N Participant Data Transfer _Y_N
Participant Changes _Y_N
................................................................................................................................................................
Select One: � Add New User ID � Update User ID � Remove User ID
Name:
Title:
Email Address:
Daytime Phone Number: (___)___-____
Access Options (You must select either yes or no for each access op�ion):
Balances 8� Reports _Y_N Contributions 8�Loan Repays _Y_N
Online Enrollments _Y_N Participant Data Transfer _Y_N
Participant Changes _Y_N
3 ICMA-RC considers participant information to be highly confidential, and we go to great lengths to avoid
Primary breaching that confidentiality. For this reason, ICMA-RC cannot be responsible for (i) negligent or intentional
Contatt misuse of the password by the municipaliy's officers, employees, agents or contractors, (ii) a breach of confi-
Approval dentiality that may occur as a result of such negligent or intentional misuse of the password, or (iii) a breach of
canfidentiality that may occur as a proximate result of the municipaliy's access to the participant database. If
the municipaliiy uses EZlink online transaction processing, please remember to review all financial information
you have entered for your participants, as ICMA-RC is not responsible for incorrect data transmiited by the
municipality. ICMA-RC recommends that you encourage all participants to review confirmations for accuracy.
ICMA-RC's web site is normally available 24 hours a day, seven days a week. However, service availabiliy is
not guaranteed. Neither ICMA-RC or its affiliates, the VantageTrust Company, nor The Vantagepoint Funds will
be responsible for any loss (or forgone gain) you may incur as a result of service being unavailable.
Please signify your agreement to these terms by signing in the space indicated below. You may fax this
signed form to the EZLink Administrator at 202-962-4601. We will provide you with User ID�s)
and Password�s) to begin using EZLink. Should you have questions, please call our EZLink Team at 800-326-
7272.
Agreed: Merlene Reid Date: 2�14/2013
Primary Contact
Print Your Name MERLENE REID
For ICMA-RC Internal Use Only:
EZLink Primary NBU
EZLink QA Data Security
Please fax your completed EZLink Access Form to the EZLink Administrator af 202-962-4601. FRM004019-200907-180
IMPORTANT!
PROCESSING POLICIES FOR CONTRIBUTIONS AND LOAN REPAYMENTS
In order to provide the most efficient and dependable service possible to all of our valued customers, ICMA-RC has estab-
lished the following policies related to contribution and loan repayment processing.
UNBALANCED CONTRIBUTIONS/LOAN REPAYMENTS
In situations where the contribution/loan repayment amount remitted difFers from the sum of the detail records provided, in-
vestment of the contributions and loan repayments will be delayed until the difference is resolved. If the difference cannot be
resolved within 3 business days, ICMA-RC will return the money to the employer, unless alternative instructions are received.
NON-CONFORMING FORMATS
Non�onforming submiitals of contribution/loan repayment detail records are ypically paper documents printed from an em-
ployer's payroll system or other electronic files not formatted according to ICMA-RC specifications. Processing time for non-
conforming submittals can be significantly longer than for conforming formats. Consequently, while ICMA-RC will strive to
process non-conforming submittals as timely as possible, we may take up to 5 business days to reconcile. The contributions
and loan repayments will not be invested during this time. The following table provides the processing turnaround standards
for non-conforming submittals.
umber of Contributing umber of Business
P
1 -
100-299 4
300 or more 5
UNREADABLE OR ERRONEOUS FILES
If a contribution / loan repayment detail file is not readable (e.g., formatting problem, in-transit damage� or does not
contain current data, investment of the contributions and loan repayments will be delayed until the employer provides a
readable replacement file with current data. In such cases, ICMA-RC will initiate contact with the employer the day the file is
received.
PARTICIPANTS NOT ENROLLED
Contributions received for participants who have not been enrolled in the plan tannot be invested. In such cases,
ICMA-RC will initiate contact with the employer the next business day to request the required enrollment information. If
ICMA-RC does not receive the required enrollment information by the close of the third business day following receipt of the
contribution, the contribution amount will be refunded to the employer.
INCORRECT LOAN NUMBERS
If a loan repayment is received with incorrect loan number referencing, ICMA-RC may take up to two business days to invest
the loan repayment.
CONFORMING FORMATS FOR CONTRIBUTIONS AND LOAN REPAYMENTS TO ICMA-RC
• EZlink On-line Contribution File Creation
• EZLink Data Transfer in ICMA-RC Record Format#3
Please call a New Business Unit Analyst at 1-800-326-7272 to receive additional information about these options.
You must include your six-digit RC plan number in the"OBI"field for each wire to ensure timely
processing. Plan number format:
Wires '30####for 457 plans
•10####for 401 plans
•70####for IIiA plans
•SO####for RHS plans
457 Wire Instructions 401�re Instructions RHS Wire Instructions
M&T Bank M&T Bank M&T Bank
ABA#:022000046 ABA#:022000046 ABA#:022000046
Vantagepoint Transfer Agents—457 Vantagepoint Transfer Agents—401 Vantagepoint Transfer Agents
Account#: 42538001 Account#:42537981 Account#: 89559029
OBI: 30#### OBI: 10#### OBI: ######
You must include your six—digit RC plan number in the"Ppt ID"field to ensure timely and accurate
ACHprocessing. Plan number format:
•30####for 457 plans
•10####for 401 plans
•70####for IRA plans
•SO####for RH5 plans
457 ACH Instructions 401 ACH Instructions RHS ACH Instructions
M&T Bank—457 M&T Bank—401 M&T Bank
ABA#: 022000046 ABA#:022000046 ABA#:022000046
Account#:42538001 Account#:42537981 Account#:89559029
Ppt ID: 30#### Ppt ID: 10#### Ppt ID:######
You must always include your six-digit RC plan number on the payee line to identify proper
funding of your account and to ensure timely and accurate processing.
Check Sending a check directly to ICMA-RC's Washington,D.C.address,rather than our bank lockbox
address,will delay the posting of your employee contributions.
457 Check InstrucNons 401 Check Instructions
Vantagepoint Transfer Agents-30#### Vantagepoint Transfer Agents-######
c/o M&T Bank c/o M&T Bank
P.O.Box 64636
P.O.Box 64553 p.0. Box 64668
Baltimore MD 21264-4553
Baltimore MD 21264-4668
* Remember,mailing your contribution to any other address will delay the investment of your payroll contributions and/or loan
repayments.
IMPORTANT!
PLEASE READ THIS DOCUMENT PRIOR TO SUBMITTING YOUR FIRST PAYROLL TO ICMA-RC
Frequently Asked Questions about submitting Payrolls to ICMA-RC
What is EZLink?
EZLink is ICMA-RC's secure internet based soNware that allows you to submit payroll and enrollment information to ICMA-RC. Additionally,
you can access reports about your plan's activity using EZLink.
How do 1 get started using EZLink�
Enclosed are several items that you will need to begin submitting contributions to the ICMA Retirement Corporation (RC) including:
■ EZLink Information and Access Form-Complete this form to assign a payroll,wire/ACH contact and issue passwords for inquiry
only mode.
■ Processing Policies for Contribution and Loan Repayments—Describes processing cutoff and ICMA-RC's"good order' policy
■ ACH and wire instructions for 401, 457, IRA, and RHS plans
Follow this checklist of si�eps to submit your payroll via EZLink
✓ Complete the EZLink Form and return to the New Business Unit Analyst in the envelope provided.
✓ Be sure to provide the first date you anticipate sending a payroll contribution to ICMA-RC. (Plan Data Implementation Form in "Return
Booklet")
✓Complete a test file with ICMA-RC prior to submitting your first payroll. Your payroll contact will be called upon receipt of the EZLink
Application to coordinate a test as well as discuss the features of EZLink.
✓ Review the Wire/ACH instructions with the appropriate contact. Your payroll contact may not be the person who transmits wires to
ICMA-RC.
✓Make sure you use the correct plan number and plan sources in EZLink based on your plan. Each plan has a distinct plan number.
If you have a question regarding a specific plan number, please contact ICMA-RC for confirmation.
✓ Make sure you are using the correct format for each plan. Note that 401, IRA and RHS plans have slightly different formats ihan
457 plans.
✓ Enroll participants in the plan prior to submitting your first payroll.
l�ou are now ready ro su6mit payroll contribution and loan repayments ro ICMA-RC!
What if 1 cannot use EZLink?
In order to reduce cost and processing errors, ICMA-RC's policy is that clients use EZLink.Additional fees are assessed to individual
401 &457 participant accounts for Employers who do not utilize EZLink. (See Appendix 1 for a description of fees�. It is required that
employers use EZlink for all IRA and RHS accounts.
Please note the "Processing Policies for Contributions and Loan Repayments" included in this packet. It is very important that your
contribution detail is received in good order to ensure accurate, efficient processing of your data.
Tips to prevent delays in payroll processing
■ Ensure that all participants are enrolled at ICMA-RC prior to submitting a payroll contribution.
■ Ensure you complete a test file successfully prior to submitting your first payroll.
■ For loan repayments, please ensure that loan numbers are properly entered.
■ Ensure that your plan number is correct. If you have multiple plans at ICMA-RC,this is particularly important.
■ Ensure that you use the correct payroll format within EZlink. The 401/457 formats cannoY be used for IRA and RHS payrolls.
■ Ensure that you use the proper wire or ACH instructions. It is important to note that 401, 457, RHS and IRA plans all have different
instructions.
■ Please do not change formats without contacting ICMA-RC.
■ If you encounter a problem with EZlink, please contact an EZLink Specialist at ICMA-RC at 1-800-326-7272 for guidance to correct
any issues.
APPENDIX 1
Account Maintenance Fee.The annual Account Maintenance Fee for Plan participants will be waived for Employers who use EZLink for
contribution processing and submit deposits by wire transfer or ACH. In the event that Employer does not use EZLink for contribution
processing and ACH/wire transfer, the annual Account Maintenance Fee shall be$36.00 per Plan participant. If applicable, this fee is
payable on the first day of the calendar quarter following establishment and is prorated by reference to the number of calendar quarters
remaining on the day of payment.The Account Maintenance fee is debited from each Plan participant's account.
Please return the following documents to:
ICMA-RC
Attn: New Business Unit Analyst
777 North Capitol Street, N.E.
Washington, DC 20002-4240
� Completed Resolution
� Completed Adoption Agreement
� Signed Administrative Services Agreement .
� Implementation Data Form
� Loan Guidelines(if applicable)
� Completed EZ Link Access Form
If you have not received all of these documents, please notify your
New Business Unit Analyst at 1-800 326-7272 immediately.
No Text
Previously Distributed Backup
VILLAGE CLERK'S OFFICE
AGENDA ITEM TRANSMITTAL FORM
Meeting Date: Meeting Type: Regular Ordinance #:
2/14/2013
Consent Agenda: Yes Resolution #:
Originating Department: Human Resources
AGENDA ITEM TITLE: (Wording form the SUBJECT line of your staff report)
Approval of ICMA's 401 a Administrative Services Agreements
BUDGET / FINANCIAL IMPACT:
Account #: In process of being set up Amount of this item: N/A
Current Budgeted Amount Available: Amount Remaining after item: $0.00
$8,000.00
Budget Transfer Required: No Appropriate Fund Balance: No
EXECUTIVE SUMMARY OF MAJOR ISSUES: (This is a snap shot description of the agenda item)
In keeping with Article 29 of the 2010-2013 PBA contract, the Village is seeking to establish a 401a
plan for new hires in the Police department. It is recommended that the Village establishes this plan
initially with ICMA which currently manages our voluntary 457 plan, with a view to conducting a full
RFP when the plan has attained a creditable size that will allow us to have a competitive bidding
process.
APPROVALS: SIGNATURE:;, .
Degartment HPaci s A l� g� �'.
�;
Finance Director . j� ' `t f ., ',,
Reviewed for Financial Sufficiency Q�� �
��:/�`
No Financi I Im V
a pact ❑ ,
Attorney: (for legal sufficiency) To be,�i4�culated
Village Manager:
, . _._...
Submit for Council Discussion: 0` �`�'�°� °-_
Approve Item: ❑
Deny Item: �
SPECIAL INSTRUCTIONS FOR CLERK: (if you wish to have agreements signed, be sure to include the
number of copies you want signed and place "Sign Here" sticker on them)
Form Amended: 10/20h 1
. • •
Memo
To: Michael R Couzzo, Jr., Village Manager
er
; 1 ; l.'�' .,
From: Merlene Reid, HR Director � �
����
Date: February 5, 2013
Re: 401(a) Plan — Per Article 29 of the PBA Contract
In December 2012, the Village requested Scott Baur from Pension Resource Center
to review a draft RFP for establishing a 401(a) plan in keeping with the terms of
Article 29 of the current PBA contract. On January 2, 2013, Mr. Baur wrote to the
Village recommending that we think about forgoing a full-blown RFP and consider
utilizing our current 457 plan provider, ICMA, until the plan has had some time to
build an asset base (letter attached).
The attached Administrative Services Agreement has been submitted by ICMA
and the Council is being asked to approve same. It is recommended that the
Village conducts a full RFP when the plan has attained a creditable size that will
allow us to have a competitive bidding process.
There is no direct administrative cost to the Village as Mr. Baur worked with them
to remove their $1000 Annual Employer fee. $8,000 has been budgeted in
Viiiage contributions tor FY2012%13.
Entering the plan in February 2013 will be 3 police officers and the Police Chief.
� - = THE RESOURCE CENTERS, LLC
;,
',' ,� 4360 Northlake Boulevard, Suite 206 •:� Palm Beach Gardens, FL 33410
-= =- -_=_- Phone (561) 624-3277 ❖ F� (561) 624-3278 ❖ WWVV .RESOURCECENTERS .COM
January 2, 2013
Merlene Reid, M5, SPHR
Human Resources Director
Village of Tequesta
345 Tequesta Drive
Tequesta, FL 33469-0273
RE: VillageofTequesta
Proposed 401(a) Defined Contribution Retirement Plan
Dear Merlene:
As you know, our firm currently provides plan administration services to the respective Boards for the Village of Tequesta
defined benefit pension plans. In addition to the Village, our firm is one of the largest third party providers of these services
to public plans with over 60 municipal clients in Florida. Through a previously owned affiliate, we also offered
recordkeeping services in the past for daily valuation type plans as well. As such, I have significant amount of experience
regarding the operation, fees, revenue sharing, and services related to the administration of defined contribution plans.
The draft "Request for Proposal" indicates that any fees related to the administration of the plan should come from the
plan assets. At the same time, a new plan does not have an asset base to spread the cost of the plan among the
participants. As you proceed with the RFP, I believe you will primarily get responses from group annuity type accounts
through insurance companies. You should also receive a proposal from ICMA, the current 457 plan provider to the Village.
Insurance companies often bundle group annuity products with higher asset based fees for new or smaller plans. Because
of the higher fees, I expect the most attractive proposal will likely come from ICMA. In my experience, ICMA will often
consider the existing relationship by waiving any separate plan related fees. ICMA should also have an easier time servicing
the members of the plan, since that organization already provides service to the employees of the Village. Should the
Village decide to pursue an agreement with ICMA for recordkeeping services for the new 401(a) plan, I would strongly
recommend that the Village scrutinize the fees proposed for the new plan, along with the asset based fees assessed to the
current 457 deferred compensation plan already in place.
The Village might decide to forgo a full-blown RFP to negotiate directly with a logical provider such as ICMA, much in the
same way that the Village might occasionally negotiate other employee benefits without an RFP process. As I offer these
comments, I would note that neither I nor our company have any relationship with ICMA of any kind, nor do we derive
compensation or other benefits from any source whatsoever. I would add that I will gladly assist you with any process that
the Village decides to pursue in order to identify the most appropriate provider for the needs of the participating
employees.
Should you have any additional thoughts regarding the RFP process, please do not hesitate to contact me directly at 561-
420-5756. Thank you again.
Sin erely,
G''"
J. ott B r
CEO
ADMINISTRATIVE SERVICES AGREEMENT
Between
ICMA Retirement Corporation
and
Village of Tequesta
Type: 401
Account #: 106882
BS
Plan number 106882
ADMINISTRATIVE SERVICES AGREEMENT
This Administrative Services Agreement ("Agreement"), made as of the day
of , 2013 (herein referred to as the "Inception Date"), between the International
City Management Association Retirement Corporation ("ICMA-RC"), a nonprofit
corporation organized and existing under the laws of the State of Delaware, and the
Village of Tequesta ("Employer"), a Village organized and existing under the laws of the
State of Florida with an office at 345 Tequesta Drive, Tequesta, Florida 33469.
RECITALS
Employer acts as public plan sponsor of a retirement plan ("Plan"), and in that
capacity, has responsibility to obtain administrative services and investment alternatives
forthe Plan;
VantageTrust (the "Trust") is a group trust established and maintained in
accordance with New Hampshire Revised Statutes Annotated section 391:1 and Internal
Revenue Service Revenue Ruling 81-100, 1981-1 C.B. 326, which provides for the
commingled investment of retirement funds held by various state and local governmental
units for their employees;
ICMA-RC acts as investment adviser to VantageTrust Company, the Trustee of
the Trust;
ICMA-RC has designed, and the Trust offers, a series of separate funds (the
"Funds") for the investment of plan assets as referenced in the Trust's principal
disclosure document, "Making Sound Investment Decisions: A Retirement Investment
Guide." ("Retirement Investment Guide").
The Funds are available only to public employers and only through the Trust and
ICMA-RC.
In addition to serving as investment adviser to the Trust, ICMA-RC provides a
range of services to public employers for the operation of employee retirement plans
including, but not limited to, communications concerning investment alternatives,
account maintenance, account recordkeeping, investrnent and tax reporting, transaction
processing, benefit disbursement, and asset management.
2
Plan number 106882
AGREEMENTS
1. Appointment of ICMA-RC
Employer hereby appoints ICMA-RC as Administrator of the Plan to perform all
nondiscretionary functions necessary for the administration of the Plan. The functions to
be performed by ICMA-RC shall be those set forth in Exhibit A to this Agreement.
2. Adoption of Trust
Employer has adopted the Declaration of Trust of VantageTrust Company and agrees to
the commingled investment of assets of the Plan within the Trust. Employer agrees that
operation of the Plan and the investment, management, and distribution of amounts
deposited in the Trust shall be subject to the Declaration of Trust, as it may be amended
from time to time and shall also be subject to terms and conditions set forth in disclosure
documents (such as the Retirement Investment Guide or Employer Bulletins) as those
terms and conditions may be adjusted from time to time.
3. Employer Duty to Furnish Information
Employer agrees to furnish to ICMA-RC on a timely basis such information as is
necessary for ICMA-RC to carry out its responsibilities as Administrator of the Plan,
including information needed to allocate individual participant accounts to Funds in the
Trust, and information as to the employment status of participants, and participant ages,
addresses, and other identifying information (including tax identification numbers).
Employer also agrees that it will notify ICMA-RC in a timely manner regarding changes
in staff as it relates to various roles. This is to be completed through the online EZLink
employer contact options. ICMA-RC shall be entitled to rely upon the accuracy of any
information that is furnished to it by a responsible official of the Employer or any
information relating to an individual participant or beneficiary that is furnished by such
participant or beneficiary, and ICMA-RC shall not be responsible for any error arising
from its reliance on such information. ICMA-RC will provide reports, statements and
account information to the Employer through EZLink, the online plan administrative tool.
Employer is required to send in contributions through EZLink, the online plan
administration tool provided by ICMA-RC. Alternative electronic methods may be
allowed, but must be approved by ICMA-RC for use. Contributions may not be sent
through paper submittal documents.
To the extent Employer selects third-party funds that do not have fund profile
information provided to ICMA-RC through our electronic data feeds from external
sources (such as Morningstar) or third party fund providers, the Employer is responsible
for providing to ICMA-RC timely fund investment updates for disclosure to Plan
participants. Such updates may be provided to ICMA-RC through the Employer's
investment consultant or other designated representative.
3
Plan number 106882
Failure to provide timely fund profile update infortnation, including the source of the
information, may result in a lack of fund information for participants, as ICMA-RC will
remove outdated fund profile information from the systems that provide fund information
to Plan participants.
4. Certain Representations and Warranties
ICMA-RC represents and warrants to Employer that:
(a) ICMA-RC is a non-profit corporation with full power and authority to
enter into this Agreement and to perform its obligations under this
Agreement. The ability of ICMA-RC to serve as investment adviser to the
Trust is dependent upon the continued willingness of the Trust for ICMA-
RC to serve in that capacity.
(b) ICMA-RC is an investment adviser registered as such with the U.S.
Securities and Exchange Commission under the Investment Advisers Act
of 1940, as amended. ICMA-RC Services, LLC (a wholly owned
subsidiary of ICMA-RC) is registered as a broker-dealer with the U.S.
Securities and Exchange Commission ("SEC") and is a member in good
standing with Financial Industry Regulatory Authority ("FINRA") and the
Securities Investor Protection Corporation ("SIPC").
(c) ICMA-RC shall maintain and administer the Plan in compliance with the
requirements for plans which satisfy the qualification requirements of
Section 401 of the Intemal Revenue Code and other applicable federal
law; provided, however, ICMA-RC shall not be responsible for the
qualified status of the Plan in the event that the Employer directs ICMA-
RC to administer the Plan or disburse assets in a manner inconsistent with
the requirements of Section 401 or otherwise causes the Plan not to be
carried out in accordance with its terms; provided, further, that if the plan
document used by the Employer contains terms that differ from the terms
of ICMA-RC's standardized plan document, ICMA-RC shall not be
responsible for the qualified status of the Plan to the extent affected by the
differing terms in the Employer's plan document. ICMA-RC shall not be
responsible for monitoring state or local law or for administering the Plan
in compliance with local or state requirements unless Employer notifies
ICMA-RC of any such local or state requirements.
Employer represents and warrants to ICMA-RC that:
(d) Employer is organized in the form and manner recited in the opening
paragraph of this Agreement with full power and authority to enter into
and perform its obligations under this Agreement and to act for the Plan
and participants in the manner contemplated in this Agreement. Execution,
delivery, and performance of this Agreement will not conflict with any
4
Plan number 106882
law, rule, regulation or contract by which the Employer is bound or to
which it is a party.
(e) Employer understands and agrees that ICMA-RC's sole function under
this Agreement is to act as recordkeeper and to provide administrative,
investment or other services at the direction of Plan participants, the
Employer, its agents or designees in accordance with the terms of this
Agreement. Under the terms of this Agreement, ICMA-RC does not
render investment advice, is not the Plan Administrator or Plan Sponsor as
those terms are defined under applicable federal, state, or local law, and
does not provide legal, tax or accounting advice with respect to the
creation, adoption or operation of the Plan and the Trust. ICMA-RC does
not perform any service under this Agreement that might cause ICMA-RC
to be treated as a"fiduciary" of the Plan under applicable law.
(� Employer acknowledges and agrees that ICMA-RC does not assume any
responsibility with respect to the selection or retention of the Plan's
investment options. Employer shall have exclusive responsibility for the
Plan's investment options, including the selection of the applicable mutual
fund share class. Where applicable, Employer understands that the
VantageTrust Retirement Income Advantage Fund is an investment option
for the Plan and that the fund invests in a separate account available
through a group variable annuity contract. By entering into this
Agreement, Employer acknowledges that it has received the Important
Considerations document and the Retirement Investment Guide and that it
has read the information therein concerning the VantageTrust Retirement
Income Advantage Fund.
(g) Employer acknowledges that certain such services to be performed by
ICMA-RC under this Agreement may be performed by an affiliate or
agent of ICMA-RC pursuant to one or more other contractual
arrangements or relationships, and that ICMA-RC reserves the right to
change vendors with which it has contracted to provide services in
connection with this Agreement without prior notice to Employer.
(h) Employer acknowledges that it has received ICMA-RC's Fee Disclosure
Statement, prepared in substantial conformance with ERISA regulations
regarding the disclosure of fees to plan sponsors.
(i) Employer approves the use of its Plan in ICMA-RC external media,
publications and materials. Examples include press releases
announcements and inclusion of the general plan information in request
for proposal responses.
5
Plan number 106882
5. Participation in Certain Proceedin�s
The Employer hereby authorizes ICMA-RC to act as agent, to appear on its behalf, and to
join the Employer as a necessary party in all legal proceedings involving the garnishment
of benefits or the transfer of benefits pursuant to the divorce or separation of participants
in the Plan. Unless Employer notifies ICMA-RC otherwise, Employer consents to the
disbursement by ICMA-RC of benefits that have been garnished or transferred to a
former spouse, current spouse, or child pursuant to a domestic relations order or child
support order.
6. Compensation and Payment
(a) Plan Administration Fee. The amount to be paid for plan administration
services under this Agreement shall be 0.55% per annum of the amount of
Plan assets invested in the Trust. Such fee shall be computed based on
average daily net Plan assets in the Trust.
(b) Mutual Fund Services Fee. There is an annual charge of 0.15% assessed
against average daily net Plan assets invested in the Trust's non-
proprietary Trust Series funds.
(c) Compensation for Management Services to the Trust, Compensation
for Advisory and other Services to The Vantagepoint Funds and
Payments from Third-Party Mutual Funds. Employer acknowledges
that in addition to amounts payable under this Agreement, ICMA-RC
receives fees from the Trust for investment management services
furnished to the Trust. Employer further acknowledges that certain wholly
owned subsidiaries of ICMA-RC receive compensation for advisory and
other services furnished to The Vantagepoint Funds, which serve as the
underlying portfolios of a number of Funds offered through the Trust. For
a Trust fund that invests substantially all of its assets in a third-party
mutual fund not affiliated with ICMA-RC, ICMA-RC or its wholly owned
subsidiary receives payments from the third-party mutual fund families or
their service providers in the form of 12b-1 fees, service fees,
compensation for sub-accounting and other services provided based on
assets in the underlying third-party mutual fund. These fees are described
in the Retirement Investment Guide. In addition, to the extent that third
party mutual funds are included in the investment line-up for the Plan,
ICMA-RC receives administrative fees from its third party mutual fund
settlement and clearing agent for providing administrative and other
services based on assets invested in third pariy mutual funds; such
administrative fees come from payments made by third party mutual funds
to the settlement and clearing agent.
(d) Redemption Fees. Redemption fees imposed by outside mutual funds in
which Plan assets are invested are collected and paid to the mutual fund by
6
Plan number 106882
ICMA-RC. ICMA-RC remits 100% of redemption fees back to the
specific mutual fund to which redemption fees apply. These redemption
fees and the individual mutual fund's policy with respect to redemption
fees are specified in the prospectus for the individual mutual fund and
referenced in the Retirement Investment Guide.
(e) Payment Procedures. All payments to ICMA-RC pursuant to this
Section 6 shall be made from Plan assets held by the Trust or received
from third party mutual funds or their service providers in connection with
Plan assets invested in such third party mutual funds, to the extent not paid
by the Employer. The amount of Plan assets held through the Trust shall
be adjusted by the Trust as required to reflect any such payments as are
made from Plan assets invested in the Trust. In the event that the
Employer agrees to pay amounts owed pursuant to this section 6 directly,
any amounts unpaid and outstanding after 30 days of invoice to the
Employer shall be withdrawn from Plan assets held by the Trust.
The compensation and payrnent set forth in this section 6 is contingent upon the
Employer's use of ICMA-RC's EZLink system for contribution processing and
submitting contribution funds by ACH or wire transfer on a consistent basis over the
term of this Agreement.
7. Contribution Remittance
Employer understands that amounts invested through the Trust are to be remitted directly
to the Trust in accordance with instructions provided to Employer by ICMA-RC and are
not to be remitted to ICMA-RC. In the event that any check or wire transfer is incorrectly
labeled or transferred to ICMA-RC, ICMA-RC may return it to Employer with proper
instructions.
8. Indemnification
ICMA-RC shall not be responsible for any acts or omissions of any person with respect
to the Plan or related Trust, other than ICMA-RC in connection with the administration
or operation of the Plan. Employer shall indemnify ICMA-RC against, and hold ICMA-
RC harmless from, any and all loss, damage, penalty, liability, cost, and expense,
including without limitation, reasonable attorney's fees, that may be incurred by, imposed
upon, or asserted against ICMA-RC by reason of any claim, regulatory proceeding, or
litigation arising from any act done or omitted to be done by any individual or person
with respect to the Plan or related Trust, excepting only any and all loss, damage, penalty,
liability, cost or expense resulting from ICMA-RC's negligence, bad faith, or willful
misconduct.
9. Term
This Agreement shall be in effect and commence on the date all parties have signed and
executed this Agreement ("Inception Date"). This Agreement may be terminated without
7
Plan number 106882
penalty by either party on sixty days advance notice in writing to the other; provided
however, that the Employer understands and agrees that, in the event the Employer
terminates this Agreement (or replaces the VantageTrust PLUS Fund as an investment
option in its investment line-up), ICMA-RC retains full discretion to release Plan assets
invested in the VantageTrust PLUS Fund in an orderly manner over a period of up to 12
months from the date ICMA-RC receives written notification from the Employer that it
has made a final and binding selection of a replacement for ICMA-RC as administrator of
the Plan (or a replacement investment option for the VantageTrust PLUS Fund).
10. Amendments and Adjustments
(a) This Agreement may be amended by written instrument signed by the parties.
(b) ICMA-RC may amend this agreement by providing 60 days' advance written
notice to the Employer prior to the effective date of such proposed amendment.
Such amendment shall become effective unless, within the 60-day notice period,
the Employer notifies ICMA-RC in writing that it objects to such amendment.
(c) The parties agree that enhancements may be made to administrative and
operations services under this Agreement. The Employer will be notified of
enhancements through the Employer Bulletin, quarterly statements, electronic
messages or special mailings. Likewise, if there are any reductions in fees, these
will be announced through the Employer Bulletin, quarterly statement, electronic
or special mailing.
11. Notices
All notices required to be delivered under this Agreement shall be in writing and shall be
delivered, mailed, e-mailed or faxed to the location of the relevant party set forth below
or to such other address or to the attention of such other persons as such party may
hereafter specify by notice to the other party.
ICMA-RC: Legal Department, ICMA Retirement Corporation, 777
North Capitol Street, N.E., Suite 600, Washington, D.C., 20002-4240
Facsimile; (202) 962-4601
Employer: at the office set forth in the first paragraph hereof, or to any
other address, facsimile number or e-mail address designated by the
Employer to receive the same by written notice similarly given.
Each such notice, request or other communication shall be effective: (i) if given by
facsimile, when transmitted to the applicable facsimile number and there is appropriate
confirmation of receipt; (ii) if given by mail or e-mail, upon transmission to the
designated address with no indication that such address is invalid or incorrect; or (iii) if
given by any other means, when actually delivered at the aforesaid address.
12. Complete A�reement
8
Plan number 106882
This Agreement shall constitute the complete and full understanding and sole agreement
between ICMA-RC and Employer relating to the object of this Agreement and correctly
sets forth the complete rights, duties and obligations of each party to the other as of its
date. This Agreement supersedes all written and oral agreements, communications or
negotiations among the parties. Any prior agreements, promises, negotiations or
representations, verbal or otherwise, not expressly set forth in this Agreement are of no
force and effect.
13. Titles
The headings of Sections of this Agreement and the headings for each of the attached
schedules are for convenience only and do not define or limit the contents thereof.
14. Incorporation of Schedules
All Schedules (and any subsequent amendments thereto), attached hereto, and referenced
herein, are hereby incorporated within this Agreement as if set forth fully herein.
15. Goveming Law
This Agreement shall be governed by and construed in accordance with the laws of the
State of Florida, applicable to contracts made in that jurisdiction without reference to its
conflicts of laws provisions.
9
Plan number 106882
In Witness Whereof, the parties hereto certify that they have read and understand this
Agreement and all Schedules attached hereto and have caused this Agreement to be
executed by their duly authorized officers as of the Inception Date first above written.
VILLAGE OF TEQUESTA
By Date
Signature
Name and Title (Please Print)
INTERNATIONAL CITY MANAGEMENT ASSOCIATION
RETIREMENT CORPORATION
{�, �,. �j � �-�, -
/� � � �
By � ,
An ela C. Montez
Assistant Corporate Secretary
Please return fully executed contract to: New Business Unit
ICMA-RC
777 North Capitol Street NE
Suite 600
Washington DC 20002-4240
10
Plan number 106882
Exhibit A
Administrative Services
The administrative services to be performed by ICMA-RC under this Agreement shall be
as follows:
(a) Participant enrollment services, including providing a welcome package and
enrollment kit containing instructions and notices necessary to implement
the Plan's administration. Employees will enroll online or through form.
ICMA-RC will provide an enrollment link through the general ICMA-RC
web site. Plan sponsor will also make available the online enrollment link in
their Intranet site or via email to new employees. Employer can also enroll
employees through EZLink.
(b) Establishment of participant accounts for each employee participating in the
Plan for whom ICMA-RC receives appropriate enrollment instructions.
ICMA-RC is not responsible for determining if such Plan participants are
eligible under the terms of the Plan.
(c) Allocation in accordance with participant directions received in good
order of individual participant accounts to investment funds offered under
the Trust. Participants can complete allocations through Investor Services,
Voice Response System or through Account Access, the secure participant
online system provided by ICMA-RC.
(d) Maintenance of individual accounts for participants reflecting amounts
deferred, income, gain or loss credited, and amounts distributed as
benefits.
(e) Maintenance of records for all participants for whom participant accounts
have been established. These files shall include enrollment instructions
(provided to ICMA-RC through Account Access, EZLink or form),
beneficiary designation instructions and all other and documents concerning
each participant's account, and if applicable, records of any transaction
conducted through the Voice Response Unit ("VRLT"), Account Access or
other electronic means.
( fl Provision of periodic reports to the Employer through EZLink
Participants will have access to account information through Investor
Services, Voice Response System, Account Access and through quarterly
statements that can be delivered electronically through Account Access or
by postal service.
(g) Communication to participants of information regarding their rights and
elections under the Plan.
(h) Making available Investor Services Representatives through a toll-free
telephone number from 8:30 a.m. to 9:00 p.m. Eastern Time, Monday
through Friday (excluding holidays and days on which the securities
11
Plan number 106882
markets or ICMA-RC are closed for business (including emergency
closings), to assist participants.
(i) Making available a toll-free number and access to VantageLine, ICMA-
RC's interactive VRU, and ICMA-RC's web site, to allow participants to
access certain account information and initiate plan transactions at any
time. Account access and VantageLine are normally available 24 hours a
day, seven days a week except during scheduled maintenance
periods designed to ensure high-quality perfortnance. The scheduled
maintenance window is outlined at https://harperl.icmarc.or�/login.'�sp
(j) Distribution of benefits as agent for the Employer in accordance with
tertns of the Plan. Participants who have separated from service can
request distributions through Account Access or via form.
(k) Upon approval by the Employer that a domestic relations order is an
acceptable qualified domestic relations order under the terms of the Plan,
ICMA-RC will establish a separate account record for the altemate payee
and provide for the investment and distribution of assets held there under.
(1) Loans may be made available on the terms specified in the Loan Guidelines,
if loans are adopted by the Employer. Participants can request loans through
Investor Services or Account Access.
(m) Guided Pathways — Participant Advice and Guidance may be made
available through a third party vendor on the terms specified on ICMA-
RC's website.
(n) ICMA-RC will determine appropriate delivery method (electronic and/or
print) for plan sponsor/participant communications and education based on
a number of factors (audience, effectiveness, etc.)
12