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

Survivor Annuity; 2) The Participant is permitted to revoke an affirmative distribution election at least until the Annuity Starting Date, or if later, at any time prior to the expiration of the 7 -day period that begins the day after the explanation of the Qualified Joint and Survivor Annuity is provided to the Participant; 3) The Annuity Starting Date is after the date that the explanation of the Qualified Joint and Survivor Annuity is provided to the Participant; and 4) Distribution in accordance with the affirmative election does not commence before the expiration of the 7 -day period that begins after the day after the explanation of the Qualified Joint and Survivor Annuity is provided to the Participant. b) In the case of a Qualified Preretirement Survivor Annuity as described in Section 17. 03, the Plan Administrator shall provide each Participant within the applicable period for such Participant a writ- ten explanation of the Qualified Preretirement Survivor Annuity in such terms and in such manner as would be comparable to the explanation provided for meeting the requirements of Subsection ( a) to a Qualified Joint and Survivor Annuity. applicable The applicable period for a Participant is whichever of the following periods ends last: ( i) the period beginning with the first day of the Plan Year in which the Participant attains age thirty-two ( 32) 29  and ending with the close of the Plan Year preceding the Plan Year in which the Participant attains age thirty-five ( 35); (ii) a reasonable period ending after the individual becomes a Participant; (iii) a reasonable period ending after Subsection ( c) ceases to apply to the Participant; ( iv) a reasonable period ending after this Article first applies to the Participant. Notwithstanding the foregoing, notice must be provided within a reasonable period ending after separation from service in the case of a Participant who separates from service before attaining age thirty-five (35). For purposes of applying the preceding paragraph, a reasonable period ending after the enumerated events described in (ii), (iii) and ( iv) is the end of the two ( 2) year period beginning one (1) year prior to the date theapplicable ending one (1) year after that date. In the case of a event occurs, and Participant who separates from service before the Plan Year in which age thirty-five ( 35) is attained, notice shall be provided within the two ( 2) year period beginning one (1) year prior to separation and ending one (1) year after separation. If such a Participant thereafter returns to employment with the Employer, the applicable period for such Participant shall be redetermined. c) Notwithstanding the other requirements of this Section, the respective notices prescribed by this ( the Plan " fully subsidizes" the costs of a Qualified Section need not be given to a Participant if 1) Joint and Survivor Annuity or Qualified Preretirement Survivor Annuity, and ( 2) the Plan does not allow the Participant to waive the Qualified Joint and Survivor Annuity or Qualified Preretirement Survivor Annuity and does not allow a married Participant to designate a non- Spouse Beneficiary. For purposes of this Subsection ( c), a plan fully subsidizes the costs of a benefit if no increase in cost or decrease in benefits to the Participant may result from the Participant' s failure to elect another benefit. 17. 05 Definitions. For the purposes of this Section, the following definitions shall apply: a) Annuity Starting Date: The first day of the first period for which an amount is paid as an annuity or any other form. b) Election Period: The period which begins on the first day of the Plan Year in which the Participant attains age thirty-five ( 35) and ends on the date of the Participant's death. If a Participant separates from service prior to the first day of the Plan Year in which age thirty-five ( 35) is attained, with respect to the Account balance as of the date of separation, the Election Period shall begin on the date of separation. Pre- age thirty-jive (35) waiver: A Participant who will not yet attain age thirty-five ( 35) as of the end of any current Plan Year may make a special Qualified Election to waive the Qualified Preretirement Survivor Annuity for the period beginning on the date of such election and ending on the first day of the Plan Year in which the Participant will attain age thirty-five ( 35). Such election shall not be valid unless the Participant receives a written explanation of the Qualified Preretirement Survivor Annuity in such terms as are comparable to the explanation required under Section 17. 04( a). Qualified Preretirement Survivor Annuity coverage will be automatically reinstated as of the first day of the Plan Year in which the Participant attains age thirty-five ( 35). Any new waiver on or after such date shall be subject to the full requirements of this Article. c) Earliest Retirement Age: The earliest date on which, under the Plan, the Participant could elect to receive retirement benefits. d) Qualified Election: A waiver of a Qualified Joint and Survivor Annuity or a Qualified Preretirement Survivor Annuity. Any waiver of a Qualified Joint and Survivor Annuity or a Qualified Preretirement Survivor Annuity shall not be effective unless: ( a) the Participant's Spouse consents in writing to the election; ( b) the election designates a specific Beneficiary, including any class of Beneficiaries or any contingent Beneficiaries, which may not be changed without spousal consent ( or the Spouse 30  expressly permits designations by the Participant without any further spousal consent); ( c) the Spouse's consent acknowledges the effect of the election; and ( d) the Spouse's consent is witnessed by a Plan representative or notary public. Additionally, a Participant's waiver of the Qualified Joint and Survivor Annuity shall not be effective unless the election designates a form of benefit payment which may not be changed without spousal consent ( or the Spouse expressly permits designations by the Participant without any further Spousal consent). If it is established to the satisfaction of a Plan representative that there is no Spouse or that the Spouse cannot be located, a waiver will be deemed a Qualified Election. Any consent by a Spouse obtained under this provision ( or establishment that the consent of a Spouse may not be obtained) shall be effective only with respect to such Spouse. A consent that permits designations by the Participant without any requirement of further consent by such Spouse must acknowledge that the Spouse has the right to limit consent to a specific Beneficiary, and a specific form of benefit where applicable, and that the Spouse voluntarily elects to relinquish either or both of such rights. A revocation of a prior waiver may be made by a Participant without the consent of the Spouse at any time before the commencement of benefits. The number of revocations shall not be limited. No consent obtained under this provision shall be valid unless the Participant has received notice as provided in Section 17. 04. e) Qualified Joint and Survivor Annuity: An immediate annuity for the life of the Participant with a 0) of the amount of the survivor annuity for the life of the Spouse which is fifty percent ( 500/ annuity which is payable during the joint lives of the Participant and the Spouse and which is the amount of benefit which can be purchased with the Participant's Vested Account Balance. f) Spouse ( Surviving Spouse): The Spouse or Surviving Spouse of the Participant, provided that a former Spouse will be treated as the Spouse or Surviving Spouse and a current Spouse will not be treated as the Spouse or Surviving Spouse to the extent provided under a qualified domestic relations order as described in section 414( p) of the Code. g) Straight Life Annuity: An annuity payable in equal installments for the life of the Participant that terminates upon the Participant's death. h) Vested Account Balance: The aggregate value of the Participant's vested Account balances derived from Employer and Employee contributions (including rollovers), whether vested before or upon death, including the proceeds of insurance contracts, if any, on the Participant's life. The provisions of this Article shall apply to a Participant who is vested in amounts attributable to Employer Contributions, Employee contributions ( or both) at the time of death or distribution. 17. 06 Annuity Contracts. Where benefits are to be paid in the form of a life annuity pursuant to the terms of this Article, a nontransferable annuity contract shall be purchased from a life insurance company and distributed to the Participant or Surviving Spouse, as applicable. The terms of any annuity contract purchased and distributed by the Plan shall comply with the requirements of this Plan and section 417 of the Code. 31  DECLARATION OF TRUST This Declaration of Trust ( the " Group Trust Agreement") is made as of the 19th day of May, 2001, by Vantage Trust Company, which declares itself to be the sole Trustee of the trust hereby created. WHEREAS, the ICMA Retirement Trust was created as a vehicle for the commingling of the assets of governmental plans and governmental units described in Section 818( a)(6) of the Internal Revenue Code of 1986, as amended, pursuant to a Declaration of Trust dated October 4, 1982, as subsequently amended, a copy of which is attached hereto and incorporated by reference as set out below (the " ICMA Declaration"); and WHEREAS, the trust created hereunder ( the " Group Trust") is intended to meet the requirements of Revenue