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

may (1) change the choice of options in the Adoption Agreement, ( 2) add overriding language in the Adoption Agreement when such language is necessary to satisfy sections 415 or 416 of the Code because of the required aggregation of multiple plans, ( 3) amend administrative provisions of the trust or custodial document in the case of a nonstandardized plan and make more limited amendments in the case of a standardized plan such as the name of the plan, employer, trustee or custodian, plan administrator and other fiduciaries, the trust year, and the name of any pooled trust in which the Plan's trust will participate, ( 4) add certain sample or model amendments published by the Internal Revenue Service or other required good faith amendments which specifically provide that their adoption will not cause the plan to be treated as individually designed, and ( 5) add or change provisions permitted under the Plan and/ or specify or change the effective date of a provision as permitted under the Plan and correct obvious and unambiguous typographical errors and/ or cross- references that merely correct a reference but that do not in any way change the original intended meaning of the provisions. 14. 02 Amendment of Vesting Schedule. If the Plan's vesting schedule is amended, or the Plan is amended in any way that directly or indirectly affects the computation of the Participant's nonforfeitable percentage, each Participant may elect, within a reasonable period after the adoption of the amendment or change, to have the nonforfeitable percentage computed under the Plan without regard to such amendment or change. 24  The period during which the election may be made shall commence with the date the amendment is adopted or deemed to be made and shall end on the latest of: a) Sixty ( 60) days after the amendment is adopted; b) Sixty ( 60) days after the amendment becomes effective; or c) Sixty ( 60) days after the Participant is issued written notice of the amendment by the Employer or Plan Administrator. 14. 03 Termination by Employer. The Employer reserves the right to terminate this Plan. However, in the event of such termination no part of the Trust shall be used or diverted to any purpose other than for the exclusive benefit of the Participants or their Beneficiaries, except as provided in this Section. Upon Plan termination or partial termination, all Account balances shall be valued at their fair market value and the Participant's right to his/ her Employer Contribution Account shall be one hundred percent (100%) vested and nonforfeitable. Such amount and any other amounts held in the Participant's other Accounts shall be maintained for the Participant until paid pursuant to the terms of the Plan. Any amounts held in a suspense account, after all liabilities of the Plan to Participants and Beneficiaries have been satisfied or provided for, shall be paid to the Employer in accordance with the Code and regulations thereunder. In the event that the Commissioner of Internal Revenue determines that the Plan is not initially qualified under the Internal Revenue Code, any contribution made by the Employer incident to that initial qualification must be returned to the Employer within one year after the date the initial qualification is denied, but only if the application for the qualification is made by the time prescribed by law for filing the Employer's return for the year in which the Plan is adopted, or such later date as the Secretary of the Treasury may prescribe. 14. 04 Discontinuance of Contributions. A permanent discontinuance of contributions to the Plan by the Employer, unless an amended and restated Plan is established, shall constitute a Plan termination. In the event of a complete discontinuance of contributions under the Plan, the Account balance of each affected Participant shall be nonforfeitable. 14. 05 Amendment by Plan Administrator. The Plan Administrator may amend this Plan upon thirty (30) days written notification to the Employer; provided, however, that any such amendment must be for the express the Internal Revenue purpose of maintaining compliance with applicable federal laws and regulations of Service. Such amendment shall become effective unless, within such 30- day period, the Employer notifies the Administrator, in that it disapproves such amendment, writing, in which case such amendment shall not become effective. In the event of such disapproval, the Administrator shall be under no obligation to continue acting as Administrator hereunder. 14. 06 Optional Provisions. Any provision which is optional under this Plan shall become effective if and only if elected by the Employer and agreed to by the Plan Administrator. ADMINISTRATION 15. 01 Powers of the Employer. The Employer shall have the following powers and duties: a) To appoint and remove, with or without cause, the Plan Administrator; b) To amend or terminate the Plan pursuant to the provisions of Article XIV; c) To appoint a committee to facilitate administration of the Plan and communications to Participants; 25  d) To decide all questions of eligibility 1) for Plan participation, and 2) upon appeal by any Participant, Employee or Beneficiary, for the payment of benefits; To engage an independent qualified public accountant, when required to do so by law, to prepare an- e) nuallythe audited financial statements of the Plan's operation; f) To take all actions and to communicate to the Plan Administrator in writing all necessary information to carry out the terms of the Plan and Trust; and g) To notify the Plan Administrator in writing of the termination of the Plan. Duties of the Plan Administrator. The Plan Administrator shall have the following powers and duties: 15. 02 a) To construe and interpret the provisions of the Plan; b) To maintain and provide such returns, reports, schedules, descriptions, and individual Account statements, as are required by law within the times prescribed by law; and to furnish to the Employer, upon request, copies of any or all such materials, and further, to make copies of such instruments, are required by law available for examination by Participants reports, descriptions, and statements as and such of their Beneficiaries who are or may be entitled to benefits under the Plan in such places and in such manner as required by law; of c) To obtain from the Employer such information as shall be necessary for the proper administration the Plan; d) To determine the amount, manner, and time of payment of benefits hereunder; e) To appoint and retain such agents, counsel, and accountants for the purpose of properly administer- ing the Plan; X of f) To distribute assets of the Trust to each Participant and Beneficiary in accordance with Article the Plan; g) To pay expenses from the Trust pursuant to Section 6. 03 of the Plan; and To do such other acts reasonably required to administer the Plan in accordance with its provisions or h) as may be provided for or required by law. 15. 03 Protection of the Employer. The Employer shall not be liable for the acts or omissions of the Plan s failure to Administrator, but only to the extent that such acts or omissions do not result from the Employer' information as required or necessary for proper administration of the Plan. provide accurate or timely notice or 15. 04 Protection of the Plan Administrator. The Plan Administrator may rely upon any certificate, behalf of the which the Plan Administrator believes to direction to have been purporting signed on Employer have been signed by a duly designated official of the Employer. time effective Resignation or Removal of Plan Administrator. The Plan Administrator may resign any at 15. 05 notice to the Employer. The Plan Administrator may be removed by upon sixty ( 60) days prior written the the Employer at any time upon sixty ( 60) days prior written notice to the Plan Administrator. Upon 26  resignation or removal of the Plan Administrator, the Employer may appoint a successor Plan Administrator; failing such appointment, the Employer shall assume the powers and duties of Plan Administrator. Upon the resignation or removal of the Plan Administrator, any Trust assets invested by or held in the name of the Plan Administrator shall be transferred to the trustee in cash or property, at fair market value, except that the return of Trust assets invested