HomeMy WebLinkAboutAgreement_Pension_11/13/2014 ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN & TRUST
ADOPTION AGREEMENT
PLAN NUMBER 10- 662
The Employer hereby establishes a Money Purchase Plan and Trust to be known as THE VILLAGE OF TEQUESTA
(the "Plan") in the form of the ICMA Retirement Corporation Governmental Money Purchase
Plan and Trust (MPP 01101106).
This Plan is an amendment and restatement of an existing defined contribution money purchase plan.
In Yes No
If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates:
L Employer; THE VILLAGE OF TEQUESTA [902]
H. 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: MARCH 1, 2013 (eg., January 1,
2006 for the MPP 01/01/06 Plan)
III. Plan Year will mean:
The twelve (12) consecutive month period which coincides with the limitation year. (See Section 5.03 (f) of the
Plan.)
0 The twelve (12) consecutive month period commencing on OCTOBER 1. 2 0 13 and each anniversary thereof.
rV Normal Retirement Age shall be age sR (not to cxcmd age 65). [288]
V. ELIGIBILITY REQUIREMENTS:
1. 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
Pte)-
i 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 NIA if an Employee is eligible to participate
upon employment) WA
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 participate. The minimum age
requirement is 7 s (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 Contributions under Option B or Option C.)
Fazed Etaploym Contributions With or Without Mandatory Participant Contributions. (If Option B
or C is chosen, please complete section D.)
0 A. Em foyer Contributions. The Employer shall contribute on behalf of each Participant
be*— 34 % of Earnings or $ wA for the Plan Year (subject to the limitations of Ardcle V of
the Plan).
Mandatory Participant Contributions
are required 0 are not required
r be eligible for this Employer Contribution.
I� B. Mandatory Pa rticip ant Contributious for Pla Btak LQ&dm A Participant is required to
contribute (subject to the limitations ofArticle V of the Plan)
(i) % of Earnings,
(ii) $ or
(iii) a whole percentage of Earnings between the range of 0%6 to 12%6 r nsert range of
percentages between 0%and2096 (e.g., 396, 696. or21196; 596 to 7%)), as designated by the
Employee in accordance with guidelines and procedures established by the Employer
for the Plan Year as a condition 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).
0 Yes 0 No [621]
C. Mandatory Particioanr Cmtributions for this Portion of the Plan Each Employee eligible
to participate in the Plan shall be given the opportunity m irrevocably elect to participate
in the Mandatory Participant Contribution portion of the Plan by electing to contribute
(insert range ofPercrntagrs between 096 ad 2096 (e 3%. 696, or 20%.
596 to 796)) of the Employee's Earnings to the Plan for each Plan Year (subject to the limitations
of Article V of the Plan).
t Neither an IRSadvaory ktter nor a determination kner issued to an adopting Employeris a ruling by the Internal Revenue Servke that
Participant contributions that are picked up by the Employer are not includable in the Participant's gross income for federal income tax purposes
Pick -up contributions an not mandated to receive private knew rulings; however, fan adopting employer wishes to reee ruling on pick -rep
contributions they may request one in accordance wits Revenue Procedure 2011 -4 (or mhequentguidance).
Money Purchase Plan Adoption Agreement 2
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.
Mie Employer hereby elects to "pick up" the Mandatory Participant Contributions (pick up is
required if neither Option A nor Option B is selecied). [5211
Yes 0 No
D. Election Window (Complete if Option B or Option C is selected):
Newly eligible Employees shall be provided an election window of sec days (no more than
60 calendar days) from the date of initial eligibility during which they may make the election to
parricipate 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 clection 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 Employees 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 Empla= Match of Volt±ntary Pater ' jet Contributions Ihe 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
$ . Under this option, there is a single, fixed rate of Employer contributions, but
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.
0 B. Variable Employer Match of Voluntary Participant Contributions The Employer shall contribute on
behalf of each Participant an amount determined as follows (subject w 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.
0 Yes 0 No
4. Employer contributions foi 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):
BPNEEKLY
s See fwmak Ian the previous 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):
BI- WEEKLY
VII. EARNINGS
Earnings, as defined under Section 2.09 of the Plan, shall include:
(a) Overtime
Yes 0 No
(b) Bonuses
Yes 10 No
(c) Other Pay (specifically describe any other types of pay to be included below)
VIII. Re Employer will permit rollover contributions in accordance with Section 4.11 of the Plan.
'0 Yes 10 No
IX. LIMITATION ON ALLOCATIONS
If the Employer maintains or ever maintained another qualified plan in which any Participant 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).
L If the Participant is covered under another qualified• defined contribution plan maintaine by the Employer, the
provisions of Section 5.02(a) through (f) of the Plan will apply unless another method has been indicated below.
[3 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 PR
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
c mplctcd vested
Zero %
One 20 %
Two 40 %
Three 60 %
Four so %
Five 700 %
Six %
Seven 46
Eight %
Nine %
Ten %
XL Loans are permitted under the Plan, as provided in Article XIII of the Plan:
I3 Yes 0 No [73
XIL
1. In- service distributions are permitted under the Plan after a participant attains (select one of the below [.$�
options):
i Normal Retirement Age
Age 70%
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.
0 Yes C3 No (Default) [646:3]
XIII. In- service distributions of the Rollover Account are permitted under the Plan as provided in Section 9.07.
Yes a No (Default) [646
XIV. SPOUSAL PROTECTION
The Plan will provide the following level of spousal protection (select one):
A. 0 Participant Directed Election_ The normal form of payment of benefits under the Plan is a lump sum. [646
The Participant can name any person(s) as the Beneficiary of the Plan, with no spousal consent required.
B. 0 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. 0 QJ Election (Article XVII). The normal form of payment of benefits under the Plan is a 50% qualified [6428]
joint and survivor annuity with the spouse (or life annuity, 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. Q Other (insert definition of final pay):
that would otherwise be payable to the Employee in cash upon termination.
1. Employer Final Pay Contribadon. The Employer shall contribute on behalf of each Participant
% of Final Pay to the Plan (subject to the limitations of Article V of the Plan).
2. Employee Designated Final Pay ContrUmdon. Each Employee eligible to participate in the Plan shall be
given the opportunity at enrollment to irrevocably elect to contribute % ( inserr 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 the 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]
XVL 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 (insert definition of final pay.
that would otherwise be payable to the Employee in cash.
1. Employer Accrued Leave Contribution. The Employer shall contribute as follows (choose one of the
following options):
C3 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 Agreement 6
0 2. Employee Designated Accrued Leave 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) of Accrued Leave to the Plan (subject to the
limitations ofArticle 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
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.
l� Yes Q No [621]
In order to allow for Final Pay Contributions andlor 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.
XVU. The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality of one or more
units of state or local government.
XVIIL 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.
The Employer hereby agrees to the provisions of the Plan and Trust.
XX. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result
in disqualification of the Plan.
XXL 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 13 TH day of
NOVEMBER 24 13
EMPLOYER ICMA RETIREMENT CORPORATION
777 North Capitol St., NE
Washington, DC 20002 -4240
202-96A8096
By: By C
Print N MICHAEL COLIZZO JR. Print Name: 1 alt/ l-
—,- -
Title' VILLAGE MANAGER ,`00%Iutrruurr141r
Title: � � � /� ��� �L •
Attest: G � ':• C0 �p tress✓'
..M M
7 ~ � �� �� Mon Purchase Plan Ado ption �n �r �' P Agreem ent
rrrQ ... .. ...... ... o y�,-
�
RECEIVED NOV 171fl14
RESOLUTION NO. 30-14
A RESOLUTION OF THE VILLAGE COUNCIL OF JUL VILLAGE OF
TEQUESTA, FLORIDA, AMENDING THE GOVERNMENTAL MONEY
PURCHASE PLAN & TRUST ADOPTION AGREEMENT FOR
CERTIFIED POLICE DEPARTMENT EMPLOYEES; PROVIDING FOR
SEVERABILITY; PROVIDING AN EFFECTIVE DATE; AND FOR
OTHER PURPOSES.
WHEREAS, the Village Council of the Village of Testa established the 401a
Governmental Money Purchase Plan & Trust Adoption Agreement for certified police
department employees with an effective date of March 1, 2013; and
WHEREAS, the Village Council has reviewed the.curremt contribution provisions and is
seeldng to make changes to the contribution amounts for both the employer (Section VL1A) and
the employee (Section VL 1 B (iii)) in accordance with the terms of the current PBA contract; and
WHEREAS, the Village Council believes that these revisions will be in the best interest
of the Village.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF
THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Seaton 1 The above recitals are declared to be true and correct and are hereby
incorporated into this Resolution.
Section 2 The Village Council hereby revises the 401a, Governmental Money
Purchase Plan & Trust Adoption Agreement for certified polio department employees at
Sections VIJA and VLIB (iii) by increasing the Village's contri1xition from 0-5 to 3-r/., and
by increasing the maximum employee pretax contribution to 12 %, all as contained in the ICMA
Retirement Corporation Governmental Money Purchase Plan & Trust Adoption Agreement
attached hereto as Exhibit A.
Sec don 3 This Resolution shall become effective immediately upon adoption.
The foregoing Resolution was offered by Vice -Mayor Arena who moved its adoption. The
motion was seconded by Council Member Paterno and upon being put to a vote, the vote was as
follows:
For Adoption Against Adoption
Mayor Abby Brennan X
Vice -Mayor Vince Arena X
Council Member Steve Okun X
Council Member Tom Paterno X
Council Member Frank D'Ambra X
The Mayor thereupon declared the Resolution duly passed and adopted this 13 day of November
2014.
MAYOR OF TEQUESTA
Abig ' Brenn
ATTEST:
...........
GF'..
0 .
Lori McWilliams, MMC +� %�c;=
Village Clerk ''�•,R�Giq `dy\
JJ / ttJFftttitlt \ \ \ \ \\
«PAGE» RECEIVED
- Nov 17 2014