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HomeMy WebLinkAbout6960RESOLUTION NO. 6960 A RESOLUTION ESTABLISHING A DEFINED CONTRI- BUTION MONEY PURCHASE RETIREMENT PLAN FOR CERTAIN EMPLOYEES WHEREAS, the City of Pueblo, Colorado, has in its employ certain management personnel; and WHEREAS, said employees are and will be rendering valuable services to the City of Pueblo; and WHEREAS, said employees often are unable to acquire retirement security under other existing and available retirement plans due to the contingencies of employment and mobility; and WHEREAS, the ICMA Retirement Corporation has made available to the City of Pueblo and to said employees a defined contribution money purchase retirement plan (the "Plan ") which has additional attractive features; and WHEREAS, the City of Pueblo desires that the Plan be administered by the ICMA Retirement Corporation and that the funds held under such plan be invested in the ICMA Retirement Trust, a trust established by public employees for the collective investment of funds held under their retirement and deferred compensation plans; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The City hereby established a defined contribution money purchase retirement plan in the form of the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust (herein collectively "Plan "), pursuant to the specific provisions of the Adoption Agreement, a copy of which is attached hereto and incorporated herein. The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries. The ICMA Retirement Corporation Prototype Money Purchase Plan & Trust Document, Declaration of Trust of the ICMA Retirement Trust, and the ICMA Retirement Corporation Administrative Services Agreement (the "Documents "), copies of which are on file in the office of the City Clerk having been approved as to form by the City Attorney, are hereby approved. The President of the City Council is authorized to execute the Documents in the name of the City. The City hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in the ICMA Retirement Trust. The Director of Finance shall (i) be the coordinator for the Plan; (ii) receive necessary reports and notices from the ICMA Retirement Corporation or the ICMA Retirement Trust; (iii) cast, on behalf of the City, any required votes under the ICMA Retirement Trust; and (iv) may delegate any administrative duties relating to the Plan to appropriate departments of the City. SECTION 4. The City Manager is authorized to execute in the name of the City all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the Plan. ATTEST: r Ci y Clerk INTRODUCED July 13 1992 BY CHRIS WEAVER Councilperson APPROVED: �7 X� K�� Pr ent of the Council ICMA RETIREMENT NOTICE OF PLAN ACCEPTANCE _ C RE: Account Number # 9168 Dear Mr. Martin: The ICMA Retirement Corporation is pleased to accept the City of Pueblo as a participating member in the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust. Contributions on your behalf may be forwarded at this time. The employer Money Purchase Plan account number is referenced above. Please refer to this number on all correspondence. The account established for your participating employees will also be prefixed by this number. A copy of the executed adoption agreement is enclosed. The Prototype plan document you have adopted has received the enclosed opinion letter from the IRS as to acceptability of form under section 401(a) of the Internal Revenue Code. This notification letter issued by the District Office of the Internal Revenue Service may not be relied on as evidence that your plan qualifies under section 401 of the Internal Revenue Code. In order to obtain reliance with respect to plan qualification, you must apply to the appropriate Key District Office for a determination letter. For your convenience, a listing of the Key District Offices has also been enclosed. We look forward to providing the employees of the City of Pueblo with the most exceptional retirement program available in the industry. If you have any questions, or need supplies, please do not hesitate to contact Floriece Gilchrist, your Service Coordinator at the toll free number above. Sincerely, j' A ( W. Hawkins Jr. ID Qualified Plan Services Enclosures cc: Harriet Jacobs, Director of Marketing West ICMA -RC Services, Inc. Member NASD and SIPC, is a whop owned broker - dealer subsidia of the ICMA Retirement Co Y Y P Corporate Headquarters October 2 1992 Site 600 777 North Capitol Street, NE Washington. DC 20002 -42413 Mr. Billy Martin (202) 962 -4600 Director of Finance Tole -Free (800) 669 -7400 City of Pueblo 1 Main Street Pueblo, CO 98584 RE: Account Number # 9168 Dear Mr. Martin: The ICMA Retirement Corporation is pleased to accept the City of Pueblo as a participating member in the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust. Contributions on your behalf may be forwarded at this time. The employer Money Purchase Plan account number is referenced above. Please refer to this number on all correspondence. The account established for your participating employees will also be prefixed by this number. A copy of the executed adoption agreement is enclosed. The Prototype plan document you have adopted has received the enclosed opinion letter from the IRS as to acceptability of form under section 401(a) of the Internal Revenue Code. This notification letter issued by the District Office of the Internal Revenue Service may not be relied on as evidence that your plan qualifies under section 401 of the Internal Revenue Code. In order to obtain reliance with respect to plan qualification, you must apply to the appropriate Key District Office for a determination letter. For your convenience, a listing of the Key District Offices has also been enclosed. We look forward to providing the employees of the City of Pueblo with the most exceptional retirement program available in the industry. If you have any questions, or need supplies, please do not hesitate to contact Floriece Gilchrist, your Service Coordinator at the toll free number above. Sincerely, j' A ( W. Hawkins Jr. ID Qualified Plan Services Enclosures cc: Harriet Jacobs, Director of Marketing West ICMA -RC Services, Inc. Member NASD and SIPC, is a whop owned broker - dealer subsidia of the ICMA Retirement Co Y Y P ICMA RETIREMENTr CORPORNI'lON General Plan #k Information Contact Information 401 Qualified Plan Employer Data Form Instructions to Employer: Provide necessary information to establish your plan properly. Please contact Client Services at (800) 669 -7400, if you have any questions. RC Use Only 1. Employer Number 2. Employer's Full Name (City of, County of, etc.) C i ty of Pueb 10 3. Employer's Mailing Address 4. City Pueblo 5. State CO 6. Zip Code 81002 7. Employer's Federal Tax Identification Number 84- 6000 -615 8. Number of Employees 9. Number of Employees Eligible for Plan 5 10. Last Month of Plan Year (write in month 0 1 -12) 12 11. Title (not name) of Plan's Primary Contact Person Director of Finance Primary Contact Person will automatically receive all RC correspondence, reports, and bulletins Telephone( 719 ) 984 -o845 12. Title (not name) of Contact Person for Benefit Payments Director of Finance Telephone( 719 ) 584 -0845 IN Check here if Contact Person for Benefit Payments should receive RC correspondence, reports and bulletins P.O. Box 1427 Z1 Check here if Contact Person for Contributions should receive RC correspondence, reports, and bulletins Note: If neither of the boxes in 12 or 13 is checked, default correspondent will be Plan Coordinator named in the resolution. 13. Title (not name) of Contact Person for Contributions Director of Finance Telephone( 719 ) 584 -0845 Implementation of Plan 14. Contribution Frequency (check one): ❑ (W) Weekly 0 (M) Monthly ❑ Other (specify) ❑ (B) Bi- weekly ❑ (S) Semi - monthly 15. Contribution Data Format (check one): ❑ (T) Tape ❑ (D) Diskette 16. First pay date following plan implementation 7/31/92 17. Are employees covered by the plan also covered by another qualified plan? ❑ Yes n No ICMA RETIREMENT CORPORATION, CORPORATE HEADQUARTERS, 777 NORTH CAPITOL STREET, NE, WASHINGTON, DC 20002.4240 401 Qualified Plan Employee Census Form Instructions to Employer: List all employees initially eligible to participate in ICMA a , your Qualified Plan. Photocopies of this form may be used if needed. If you RETIREMENT information. not to use this form, provide a separate list that includes the same CORPORATION information. This form does not enroll participants in your plan. Please include an Employee Data Form for each eligible participant, including terminated Employees. For more information, contact Client Services at (800) 669 -7400. Date Page 1 of 1 Employer Name City of Pueblo Employer State Colorado Employee Name Social Security Number Date of Employment Date of Termination* Annual Salary Birthdate Douglas Cooley 523824016 09/12/88 29,112 09/18/54 Donald Saling 523643015 03/01/83 48,066 07/26/50 .Joe tllibarri 524508422 09/01/79 51,984 07/31/43 Victor Velarde 524329489 01/01/92 39,863 03/03/34 William Young 465720162 04/13/92 61,500 12/22/47 1 i t I If applicable ICMA RETIREMENT CORPORATION, CORPORATE HEADQUARTERS, 777 NORTH CAPITOL STREET, NE, WASHINGTON, DC 20002 -4240 f AIA RETIREMENT CORPORATION ADMINISTRATIVE SERVICES AGREEMENT Type: 401 Account Number: 9168 -2 ICtiIA Plan # 9168 -2 RETIRENIEN I CORPORATION ADMINISTRATIVE SERVICES AGREEMENT This Agreement, made as of the day of , 199 (herein referred to as the "Inception Date "), between The International City Management Association Retirement Corporation ( "RC "), a nonprofit corporation organized and existing under the laws of the State of Delaware; and the City of Pueblo ( "Employer ") a City organized and existing under the laws of the State of Colorado with an office at 1 Main Street, Pueblo, Colorado 81002. Recitals Employer acts as a public plan sponsor for a retirement plan ( "Plan ") with responsibility to obtain the best possible investment alternatives and services for employees participating in that Plan; The ICMA Retirement Trust (the "Trust ") is a common law trust governed by an elected Board of Trustees for the commingled investment of retirement funds held by state and local governmental units for their employees; RC acts as investment adviser to the Trust; RC has designed, and the Trust offers, a series of separate funds for the investment of plan assets including a growth stock fund, an S &P index fund, an asset allocation fund, a medium -term bond fund, an enhanced short -term bond fund, and a fund which invests in investment contracts issued by financial institutions; these funds, (collectively, the "Funds ") are available only to public employers and only through the Trust and RC. In addition to serving as investment adviser to the Trust, RC provides a complete offering of services to public employers for the operation of employee retirement plans including, but not limited to, communications concerning investment alternatives, account maintenance, account record - keeping, investment and tax reporting, form processing, benefit disbursement and asset management. -2- ICNIA Plan # 9168 -2 RETIREMENT CORPORATION Agreements 1. Appointment of RC Employer hereby designates RC as Administrator of the Plan to perform all non- discretionary functions necessary for the administration of the Plan with respect to assets in the Plan deposited with the Trust. The functions to be performed by RC include: (a) allocation in accordance with participant direction of individual accounts to investment Funds offered by the Trust; (b) maintenance of individual accounts for participants reflecting amounts deferred, income, gain, or loss credited, and amounts disbursed as benefits; (c) provision of periodic reports to the Employer and participants of the status of Plan investments and individual accounts; (d) communication to participants of information regarding their rights and elections under the Plan; and (e) disbursement of benefits as agent for the Employer in accordance with terms of the Plan. 2. Adoption of Trust Employer has adopted the Declaration of Trust of the ICMA Retirement Trust and agrees to the commingled investment of assets of the Plan within the Trust. Employer agrees that operation of the Plan and investment, management and disbursement 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. It is understood that the term "Employer Trust" as it is used in the Declaration of Trust shall mean this Administrative Services Agreement. 3. Employer Duty to Furnish Information Employer agrees to furnish to RC on a timely basis such information as is necessary for 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). RC shall be entitled to rely upon the accuracy of any information that is furnished to it by a WIM ICMA Plan # 9168 -2 RFTIREIMEN"I CORPORATION responsible official of the Employer or any information relating to an individual participant or beneficiary that is furnished by such participant or beneficiary, and RC shall not be responsible for any error arising from its reliance on such information. If within ninety (90) days after the mailing of any report, statement or accounting to the Employer or a participant, the Employer or participant has not notified RC in writing of any error or objection, such report, statement, or accounting shall be deemed to have been accepted by the Employer and the participants. 4. Certain Representations, Warranties, and Covenants RC represents and warrants to Employer that: (a) 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 RC to serve as investment adviser to the Trust is dependent upon the continued willingness of the Trust for RC to serve in that capacity. (b) RC is an investment adviser registered as such with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. ICMA- RC Services, Inc. (a wholly owned subsidiary of RC) is registered as a broker - dealer with the Securities and Exchange Commission (SEC) and is a member in good standing of the National Association of Securities Dealers, Inc. RC covenants with employer that: (c) RC shall maintain and administer the Plan in compliance with the requirements for plans which satisfy the qualification requirements in Section 401 of the Internal Revenue Code; provided, however, RC shall not be responsible for the qualified status of the Plan in the event that the Employer directs 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 RC's standardized plan document, 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. Employer represents and warrants to 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 law, rule, regulation or contract by which the Employer is bound or to which it is a party. ICNIA Plan # 9168 -2 RETIRF.Mk:' ] CORPORATION 5. Participation in Certain Proceedings The Employer hereby authorizes 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 Employer Plan. The Employer consents to the disbursement by RC of benefits that have been garnished or transferred to a former spouse, spouse or child pursuant to a domestic relations order. 6. Compensation and Payment (a) Plan Administration Fee. The amount to be paid for plan administration services under this Agreement shall be 0.9% per annum of the amount of Plan assets invested in the Trust. Such fee shall be computed and paid monthly on plan assets in the Trust at the end of each month. (b) Account Maintenance Fee. There shall be an annual account maintenance fee of $25.00. The account maintenance fee is payable in full on January 1 of each year on each account in existence on that date. For accounts established after January 1, the 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. (c) Compensation for Advisory Services to the Trust. Employer acknowledges that in addition to amounts payable under this Agreement, RC receives fees from the Trust for investment advisory services furnished to the Trust. (d) Payment Procedures. All payments to RC pursuant to this Section 6 shall be paid out of the Plan Assets held by the Trust and shall be paid by the Trust. The amount of Plan Assets held in the Trust shall be adjusted by the Trust as required to reflect such payments. 7. Custody Employer understands that amounts invested in the Trust are to be remitted directly to the Trust in accordance with instructions provided to Employer by RC and are not to be remitted to RC. In the event that any check or wire transfer is incorrectly labelled or transferred to RC, RC is authorized, acting on behalf of the transferor, to transfer such check or wire transfer to the Trust. 8. Responsibility RC shall not be responsible for any acts or omissions of any person other than RC in connection with the administration or operation of the Plan. -5- l(:MA Plan # 9168 -2 RETIRFINIFNI CORPORATION 9. Term This Agreement may be terminated without penalty by either party on sixty days advance notice in writing to the other. 10. Amendments and Adjustments (a) This Agreement may not be amended except by written instrument signed by the parties. (b) The parties agree that compensation for services under this Agreement and administrative and operational arrangements may be adjusted as follows: RC may propose an adjustment by written notice to the Employer given at least 60 days before the effective date of the adjustment and the notice may appear in disclosure documents such as Employer Bulletins and the Retirement Investment Guide. Such adjustment shall become effective unless, within the 60 day period before the effective date the Employer notifies RC in writing that it does not accept such adjustment, in which event RC shall be under no obligation to provide services under this Agreement. (c) No failure to exercise and no delay in exercising any right, remedy, power or privilege hereunder shall operate as a waiver of such right, remedy, power or privilege. 11. Notices All notices required to be delivered under this Agreement shall be delivered personally or by registered or certified mail, postage prepaid, return receipt requested, to (i) RC at 777 North Capitol Street, N.E., Suite 600, Washington, D.C, 20002 -4240; (ii) Employer at the office set forth in the first paragraph hereof, or to any other address designated by the party to receive the same by written notice similarly given. 12. Complete Agreement This Agreement shall constitute the sole agreement between 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. Any prior agreements, promises, negotiations or representations, verbal or otherwise, not expressly set forth in this Agreement are of no force and effect. K:3 IC`IA Plan # 9168 -2 RETIREMENT C0RV0R -1TION 13. Governing Law This agreement shall be governed by and construed in accordance with the laws of the State of Colorado applicable to contracts made in that jurisdiction without reference to its conflicts of laws provisions. In Witness Whereof, the parties hereto have executed this Agreement as of the Inception Date first above written. CITY OF PUEBLO Signat a /Date f,fY . rf}STt_L, �ZE5/PENT or Name and Title (Please Print) 7NF (fouWC /G INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORPORATION n by: ��� (- Stephen Wm. Nordholt /Date Corporate Secretary -7- ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT #001 The Employer hereby establishes a Money Purchase Plan and Trust to be known as City of Pueblo Money Purchase Plan (the "Plan ") in the form of the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust. This Plan is an amendment and restatement of an existing defined contribution money purchase plan. ❑ Yes U No If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: I. Employer: City of Pueb Colorad II. Prototype Sponsor: Name: ICMA Retirement Corporation Address: 777 N. Capitol Street, N.E. Washington, D.C. 20002 -4240 Telephone Number: (202) 962 -4600 III. 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: N/A Month/Day IV. Plan Year will mean: 0 The twelve (12) consecutive month period that coincides with the limitation year. (See Section 6.05(1) of the Plan.) ❑ The twelve (12) consecutive month period commencing on and each anniversary thereof. Month/Day V. Normal Retirement Age shall be age 59 1/2 (not to exceed age 65). 001 -91F t � ,IBILITY REQUIREMENTS: The following 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 ® Other (specify below) Mana gement employees who have elected to be exempted from memb ership in PERA or FPPA pursuant to § 24 or 31 . 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 N/A (Write N/A if an Employee is eligible to participate upon employment.) 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 requirementis NIA (nottoexceedage2l). (Write N/A if no minimum age is declared.) VII. CONTRIBUTION PROVISIONS 1. The Employer shall contribute as follows (choose. one): A Fixed Employer Contributions With or Without Mandatory Participant Contributions. The Employer shall contribute on behalf of each Participant 10.00 _ % of Earnings or S N/A for the Plan Year (subject to the limitations of Article VI of the Plan). Each Participant is required to contribute 8 . 00 % of Earnings or $ N/A for the Plan Year as a condition of participation in the Plan. (Write "0" if no contribution is required.) If Participant contributions are required under this option, 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/Required Participant Contribution. L 9 Yes ❑ No [Note to Employer: Neither an opinion letter issued by the Internal Revenue Service with respect to the Prototype Plan, nor a determination letter issued to an adopting Employer is a ruling by the Internal Revenue Service that Participant contributions thatare picked up by the Employer are not includable in the Participant's gross income for federal income tax purposes. The Employer may seek such a ruling. Picked up contributions are excludable from the Participant's gross income under Section 414(h)(2) of the Internal Revenue Code of 1986 if they meet the requirements of Rev. Rul. 81- 35, 1981 -1 C.B. 255. Those requirements are (1) that the Employer must specify that the 2 001 -91f ~ r , contributions, although designated as Employee contributions, are being paid by the Employer in lieu of contributions by the Employee; and (2) the Employee must not have the option of receiving the contributed amounts directly instead of having them paid by the Employer to the Plan.] ❑ Fixed Employer Match of Participant Contributions. The Employer shall contribute on behalf of each Participant % of Earnings for the Plan Year (subject to the limitations of Articles V and VI 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 contribu- tions, 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. ❑ Variable Employer Match of Participant Contributions. The Employer shall contribute on behalf of each Participant an amount determined as follows (subject to the limitations of Articles V and VI of the Plan): ❑ % of the contributions made by the Participant for the Plan Year (not including Participant contributions exceeding % of Earn- ings 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 Participant contributions exceeding in the aggregate % of Earnings or $ ) . ❑ Employer contributions on behalf of a Participant for a Plan Year shall not exceed $ or % of Earnings, whichever is ❑ more or ❑ less. 2. Each Participant may make a voluntary (unmatched), after -tax contribution, subject to the limitations of Section 4.04 and Articles V and VI of the Plan. U Yes ❑ No 3. Employer contributions and Participant contributions shall be contributed to the Trust in accordance with the following payment schedule: Monthly VIII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: 1. Overtime �a Yes ❑ No 2. Bonuses 21 Yes ❑ No 3 001 -91F IV I.Im1TATION ON ALLOCATIONS N/A If the Employer (i) 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, and/or (ii) maintains a welfare benefit fund (as defined in Section 419(c) of the Code) or an individual medical account (as defined in Section 415(1)(2) of the Code, under which amounts are treated as Annual Additions with respect to any Participant in this Plan), 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 6.03 and 6.04 of the Plan). M ' 1. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, other than a Regional Prototype Plan, the provisions of Section 6.02(a) through (f) of the Plan will apply as if the other plan were a Master or Prototype Plan, unless another method 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. If the Participant is or has ever been a participant in a defined benefit plan maintained by the Employer, and if the limitation in Section 6.04 of the Plan would be exceeded, then the Participant's Projected Annual Benefit under the defined benefit plan shall be reduced in accordance with the terms thereof to the extent .'° necessary to satisfy such limitation. If such plan does not provide for such reduction, or if the limitation is still exceeded after the reduction, annual additions shall be reduced to the extent necessary in the manner described in Sections 6.01 through 6.03. The methods of avoiding the limitation described in this paragraph will not apply if the Employer indicates another method below. L7 Other Method. (Note to Employer: Provide below language which will satisfy the 1.0 limitation of section 415(e) of the Code. Such language must preclude Employer discretion. Sec section 1.415 -1 of the Regulations for guidance.) d . 3. The limitation year is the following twelve (12) consecutive month period: Month /Day 4 00 1 -9 1 F, X. VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to (1) the minimum vesting requirements as noted and (2) the concurrence of the Plan Administrator. Employer Contribution Account (Nonforfeitable Interest) Years of Specified Minimum Service Percent Vesting completed Vestin Reguirements Zero 100 % No minimum One 100 % No minimum Two 100 % No minimum Three 100 % Not less than 20% Four 100 % Not less than 40% Five 100 % Not less than 60 Six 100 % Not less than 80% Seven or more 100 % Must equal 100% ( "These minimum vesting requirements conform to the Code's three- to seven -year vesting schedule. If the employee becomes 100% vested by the completion of five years of service, there is no minimum for years three and four.) XI. INVESTMENT OPTION ❑ A Participant may direct his/her investment only to or into an investment option that provides a guarantee of principal. ❑ A Participant may direct his/her investment of not more than % in an investment option which does not provide any guarantee of principal. L�l A Participant may direct his/her investment, without restriction, among various investment options available under the Trust. ❑ Specify any other investment restrictions: XII. BENEFITS UPON SEPARATION 1. Upon separation from service for reason other than death, disability, or attainment of Normal Retirement Age, the Participant may elect to commence receiving benefits from the following accounts, withoutregard to age: a) Employer Contribution Account (Nonforfeitable Interest) ® Yes ❑ No b) Participant Contribution Account (if applicable) Yes ❑ No C) Participant Portable Benefits Account El Yes ❑ No 5 00 1 -9 1 F XVII. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. Contribution Account, if applicable, shall be age (not later than Normal Retire - ment Age). 3. Notwithstanding Subsection (2) above, a distribution shall be made pursuant to Section 10.04 of the Plan, De Minimis Accounts. Further, the Participant shall be entitled to request that his/her entire Nonforfeitable Interest in his/her Account be transferred to another plan, pursuant to Section 10.03 of the Plan. XIII. Loans are permitted under the Plan, as provided in Article XIV. ❑ Yes n No XIV. 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. X V. The Prototype Sponsor hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 15.05 of the Plan or of the discontinuance or abandonment of the Plan. X VI. The Employer hereby appoints the Prototype Sponsor as the Plan Administrator pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST. The Employer hereby agrees to the provisions of the Plan & Trust. XVIII. An adopting Employer may not rely on a notification letter issued by the National or District Office of the Internal Revenue Service as evidence that the Plan is qualified under section 401 of the Internal Revenue Code. In order to obtain reliance with respect to plan qualification, the Employer must apply to the appropriate key district office for a determination letter. This Adoption Agreement may be used only in conjunction with basic Plan document number 001. In Witness Whereof, the Employer hereby causes this Agreement to be executed on this - -- ,July — _— 19 EMPLOYER By Title: ` res ident Attest: 2. If "no" to any of the above, the earliest age at which the Employer will allow a distribution from the Employer Contribution Account, the Participant Portable Benefits Account, and/or the Participant City Cler 1st day of Accepted: j RETIR�E�M�E.NT CO�RP(O�R Title: y k� CDt' A fe �eCtt �� Q — � -- Attest: U , ICMA RETIREMENT CORPORATION, CORPORATE HEADQUARTERS, 777 NORTH CAPITOL STREET, NE, WASHINGTON, [X_ 20002 -4240 6 001 -91P