Fort Walton Beach Resolution — 2009-45 - Establish Defined Plan after 1/10 — reading text

RESOLUTION 2009- 45 A RESOLUTION OF THE CITY OF FORT WALTON BEACH, FLORIDA, RELATING TO THE ADOPTION OF A DEFINED CONTRIBUTION RETIREMENT PLAN FOR GENERAL EMPLOYEES; PROVIDING FOR THE SELECTION OF ICMA RETIREMENT CORPORATION AS ADMINISTRATOR; PLAN ADOPTING THE ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST; PROVIDING FOR EXECUTION OF TRUST AGREEMENT; PROVIDING FOR ACKNOWLEDGEMENT REGARDING ASSETS; PROVIDING FOR A PLAN COORDINATOR; PROVDING FOR SEVERABILITY; PROVIDING FOR FULL FORCE AND EFFECTIVENESS; PROVIDING FOR REPEAL OF CONFLICTING RESOLUTIONS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of F ort Walton Beach has determined that it is advisable and appropriate to create a Defined Contribution Retirement Plan for general employees of the City of Fort Walton Beach, effective January 1, 2010; and WHEREAS, the City Council of the City of Fort Walton Beach has determined that it is advisable and appropriate to close the General Employees' Retirement Plan to new members effective December 31, 2009, and require general employees hired on or after January 1, 2010 to participate in the Defmed Contribution Plan; and WHEREAS, the City of F ort Walton Beach, Florida, has employees rendering valuable services; and WHEREAS, the City Council of the City of Fort Walton Beach, Florida is authorized by law to adopt and desires to adopt a money purchase pension plan pursuant to the provisions of Section 401 (a) of the Internal Revenue Code of 1986 for its general employees; and WHEREAS, the City intends to provide reasonable retirement security for its employees; and WHEREAS, the City desires that its money purchase retirement plan be administered by the ICMA Retirement Corporation and the funds held under such plan be invested in the VantageTrust, a trust established by public employers for the collective investment of funds held under the retirement and deferred compensation plans.  NOW THEREFORE, the City Council of the City of Fort Walton Beach, Florida hereby resolves: Section 1. Adoption of Plan. The City hereby establishes the City of F ort Walton Beach Defined Contribution Retirement Plan ( the " Plan") in the form of the ICMA Retirement Corporation Governmental Money Purchase Plan & Trust, pursuant to the specific provisions of the Adoption Agreement attached hereto as Exhibit" A". The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries. TheCity Council hereby authorizes execution of the Declaration of Trust of VantageTrust, attached hereto as Exhibit " B", intending this execution to be operative with respect to the City of F ort Walton Beach Defined Contribution Retirement Plan, as long as provided the assets of the Plan are invested in the VantageTrust. The City hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in the Vantage Trust. Section 2. Plan Coordinator. The City Finance Director shall be the coordinator for the Plan; receive reports, notices, etc. from ICMA Retirement Corporation or the shall VantageTrust; shall cast, on behalf of the City, any required votes under the VantageTrust; may delegate any administrative duties relating to the Plan to appropriate departments or personnel; and is authorized to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the Plan. Section 3. If any section, sentence, clause or phrase of this resolution shall be held to be invalid or unconstitutional by a court of competent jurisdiction, such invalidity or unconstitutionality shall not affect the validity or constitutionality of any other section, sentence, clause or phrase of this resolution. This Resolution shall remain in full force and effect until supplemented, Section 4. amended, repealed or otherwise altered. Section 5. This Resolution hereby repeals all resolutions in conflict herewith. Section 6. This Resolution shall become effective immediately upon its adoption. AdOPted:/!";;/ 4~ d~ ~ tZJ' Jtuk ~- Mike Anderson, Mayor Resolution 2009-45 Page 2 on c:-. Governmental Money Purchase Plan & Trust Employer plan Adoption Booklet This is one of two booklets containing information to establish your Governmental Money Purchase Plan & Trust with the lCMA-RC. Please return the following documents to lCMA-RC: 1. Completed Resolutio'n. Use the ICMA-RC Suggested Resolution enclosed, or Complete your own Resolution. If you are using your own Resolution, please have it reviewed by ICMA-RC prior to passage. 2. Adoption Agreement. Complete all sections of the Agreement and execute. If you c' are utilizing an Individual Designed Plan Document, please provide a current and a Letter of Determination as copy of the document including amendments provided by the IRS. 3. Implementation Data Form. Complete all sections. 4. EZ Link Access Form. 5. 401/ 457 Online Options Form 6. Loan Guidelines ( if applicable). This form is contained in the 401/ 457 Loan Packet. 7. Signed Administrative Services Agreement. OnceYQU ar~readl:,o"b~~ 1!:'cfJ1!l:Pfe!i1fg~~ ifl. nffiJ tjfJn, please contact ' !' ree YQur~ ew Business 'UnitAnalyst, epll-/ at 12S0()- 326-7272 or / assistance. C__.- 67-  ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT o PLAN NUMBER 10- L~~. fJ," The Employer hereby establishes a Money Purchase Plan and Trust to be known aS1h~ t: kQth it-WAtl: c('- l) z.\ j1\.ed.. c..~: Id~~ n.._& an.( the " Plan") in the form of: The ICMA Retirement Corporation Governmental Money Purchase Plan & Trust, pursuant to the specific [ 906] provisions of the Adoption Agreement ( executed copy attached hereto). The Plan and Trust provided by the Employer ( executed copy attached hereto). 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: ~\ -\-~_. cL~ B.e. Qc.h.---- r_ Yy.c" 100--' 902] II. The Effective Date of the Plan shall be the first day of the Plan Year during which the Employer adopts the Plan, unless an alternate Effective Date is hereby specified: ~~ \, ~ lt>_____ e. g., ( January 1, 2006 for the MPP 01/ 01/ 06 Plan) III. Plan Year will mean: o The twelve ( 12) consecutive month period which coincides with the limitation year. ( See Section of the Plan.) 5. 03 (f) The twelve ( 12) consecutive month period commencing on - V') 1.. ltL~\ D and each anniversary thereof. IV: Normal Retirement Age shall be age~ ( not to exceed age 65). l88] 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 :\.... V General Employees (&~ ck~ N: d ~' OW,) Other (specify below) . + cw:nc. '\ \ l\ It . \ "",. ~ . F ~~ \\ bt.. tI\~",Qb\l ' tCC Ji-r po\\ce.:~ ~ ~ h~~ tr\( c.\le..\-6t- ~~ t.\~ ~ C,-t\.\~ reHre~ f\+ ~~~ ~~ e.\\ ;)\'C t- b~('+\(.~\~~ Oo\ f' 1\ \