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