96-25 v • RESOLUTION NO. 96-25
A RESOLUTION OF THE CITY OF ATLANTIC BEACH, FLORIDA
ESTABLISHING A MONEY PURCHASE RETIREMENT PLAN
FOR THE CITY MANAGER IN ACCORDANCE WITH THE CITY
MANAGER EMPLOYMENT CONTRACT
WHEREAS, the City of Atlantic Beach has a City Manager rendering valuable
services; and
WHEREAS, the establishment of a money purchase retirement plan benefits the
City Manager by providing funds for retirement and funds for his beneficiaries in the
event of death; and
WHEREAS, the City of Atlantic Beach desires that its money purchase retirement
plan for the City Manager 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 employers for the collective investment of funds held under their
retirement and deferred compensation plans:
leNOW THEREFORE BE IT RESOLVED that the City of Atlantic Beach hereby
establishes or has established a money purchase retirement plan (the "Plan") in the form
of: the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust,
pursuant to the specific provisions of the Adoption Agreement (executed copy attached
hereto).
The Plan shall be maintained for the exclusive benefit of the City Manager and his
beneficiaries; and
BE IT FURTHER RESOLVED that the City of Atlantic Beach hereby executes
the Declaration of Trust of the ICMA Retirement Trust, attached hereto, intending this
execution to be operative with respect to any retirement or deferred compensation plan
subsequently established by the Employer, if the assets of the plan are to be invested in
the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the City of Atlantic Beach hereby agrees to
serve as trustee under the Plan and to invest funds held under the Plan in the ICMA
Retirement Trust; and
BE IT FURTHER RESOLVED that the Finance Director shall be the coordinator
40 for the Plan; shall receive necessary reports, notices, etc., from the ICMA Retirement
Corporation or the ICMA Retirement Trust; shall cast, on behalf of the Employer, any
•
required votes under the ICMA Retirement Trust; may delegate any administrative duties
relating to the Plan to appropriate departments; and
BE IT FURTHER RESOLVED that the City of Atlantic Beach hereby authorizes
the Finance Director to execute all necessary agreements with the ICMA Retirement
Corporation incidental to the administration of the Plan.
Adopted by the City Commission of Atlantic Beach this 2 4 th day of
June , 1996.
an T. Fle her
Mayor/Presiding Officer
Approved as to form and correctness: Attested:
an C. J;a r en, Esquire Maur en King, C C
City A'omey City Clerk
V. Normal Retirement Age shall be age 54 (not to exceed age 65).
lip. 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 (specify below)
City Manager
The group specified must correspond to a group of the same designation that is defined
in the statutes, ordinances, rules, regulations, personal manuals or other material in
effect in the state or locality of the Employer.
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 requirement is N/A (not to exceed age 21. Write N/A if no
minimum age is declared.)
VII. CONTRIBUTION PROVISIONS
1. The Employer shall contribute as follows (choose one, if applicable):
PEI Fixed Employer Contributions With Or Without Mandatory Participant
Contributions.
The Employer shall contribute on behalf of each Participant 15 % of
Earnings or $ for the Plan Year (subject to the limitations of Article VI
of the Plan). Each Participant is required to contribute 0 % of Earnings
or $ 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.
•
U MPP Adoption Agreement 12/23/94
001-94
ICMA RETIREMENT CORPORATI t''
PROTOTYPE MONEY PURCHASE PLAN &TRUST
ADOPTION AGREEMENT ' •
#001
Account Number 9494
The Employer hereby establishes a Money Purchase Plan and Trust to be known as
The City Manager's 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 ❑ 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 Atlantic Beach
II.
Prototype Sponsor:
P
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:
July. 1996
IV. Plan Year will mean:
❑ The twelve (12) consecutive month period which coincides with the limita-
tion year. (See Section 6.05(i) of the Plan.)
❑ The twelve (12) consecutive month period commencing on 10/1 and
each anniversary thereof.
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001-94
2. Each Participant may make voluntary (unmatched), after-tax contribution, subject to
the limitations of Section 4.05 and Articles V and VI of the Plan.
1111
Ef Yes ❑ No
3. Employer contributions and Participant contributions shall be contributed to the
Trust in accordance with the following payment schedule: Bi-weekly
VIII. EARNINGS
Earnings, as defined under Section 2.09 of the Plan, shall include:
(a) Overtime
U Yes ra No
(b) Bonuses
• Yes U No
IX. LIMITATION ON ALLOCATIONS
If the Employer (i) maintains or ever maintained another qualified plan in which any Par-
ticipant 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(e) of the Code) or an indi-
• vidual 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).
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 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.)
•
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001-94
The Employer hereby elects to"pick up" the Mandatory/Required Participant
Contribution. 1111
❑ 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 that are picked up by the Employer are
not includable in the Participant's gross income for federal income tax pur-
poses. 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 only
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 contributions,
although designated as employee contributions, are being paid by the Em-
ployer 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 Earn-
ings 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 Em-
ployer contributions, but a Participant may decline to make the required
Participant contributions in any Plan Year, in which case no Employer contri-
bution 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 de-
termined as follows (subject to the limitations of Articles V and VI of the Plan):
% of the 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 includ-
ing 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.
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001-94
•
XII. 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.
OXIII. 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.
XIV. 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 and Trust.
XV. The Employer hereby acknowledges it understands that failure to properly fill out this
Adoption Agreement may result in disqualification of the Plan.
XVI. 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
4110
number 001.
In Witness Whereof, the Employer hereby causes this Agreement to be executed on
this day of , 19 .
EMPLOYER CITY OF ATLANTIC BEACH Accepted: ICMA RETIREMENT CORPORATION
By: By:
Lyman T. Fletcher,
Title: Mayor Title: Corporate Secretary
Attest: Attest:
•
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2. If the Participant is or has ever been a participant in a defined benefit plan main-
tained 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.
❑ 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. See section 1.415-1 of the Regulations for
guidance.)
3. The limitation year is the following 12-consecutive month period:
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. •
Years of Specified Minimum
Service Percent Vesting
Completed Vesting Requirements**
Zero 100 % No minimum
One % No minimum
Two % No minimum
Three % Not less than 20%
Four % Not less than 40%
Five % Not less than 60%
Six % 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. Loans are permitted under the Plan, as provided in Article XIV:
Yes ❑ No •
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