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

ce ) The group specified IC>\' must correspond to a group of the same designation that is defined in the statutes,"\ c.e. ~ \ \ ordinances, rules. regulations, personnel manuals or other material in effect in the state or locality of the '-~ r~~ j Employer. MPP Adoption Agreement 1/30/ 2006 68-  2. The Employer hereby waives or reduces the requirement of a twelve ( 12) month Period of Service for write N/ A if an Employee The required Period of Service shall be --~ participation. tft-------- ( c- 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 ~ eL_ (not to exceed age2l. Write N/ A if no ~ inimumageis declared.) VI. CONTRIBUTION PROVISIONS 1. The Employer shall contribute. as follows ( choose all that apply): v1 Fixed Employer Con~ributions With Or Without Mandatory Participant Contributions. A. Fixed Employer Contributions. The Employer shall contribute on behalf of each Participant to the limitations of Article V J2__% Earnings of or $______ for the Plan Year ( subject of the Plan). Mandatory Participant Contributions L are required are not required to be eligible for this Employer Contribution. Mandatory Participant Contributions for Plan Participation. A Participant is required to B. contribute ( subject to the limitations of Article V of the Plan) c: i) ~_ % of Earnings, ii) $__, or iii) a whole percentage of Earnings between the range of ( insert range of to 7%)), as designated by percentages between 0% and 20% ( e. g., 3%, 6%, or 20%; 5% the Employee in accordance with guidelines and procedures established by the Employer . iition for the Plan Y~ r as a c9ll< of participation in the P1a.n..A l?atticipant shall not have the right to discontinue or vary the rate of such contributions after becoming a Plan Participant. 1 pick up" the Mandatory Participant Contributions. The Employer hereby elects to << 621] Yes Y_ No Fixed Employer Match of Voluntary Participant Contributions. The Employer shall contribute on behalf of each Participant _ % of Earnings for the Plan Year has subject to the limitations of Article V of the Plan) for each Plan Year that such Participant contributed _ % Under this option, there is a single, fixed rate of of Earnings or $__. contributions Employer contributions, but a Participant may decline to make the required Participant in any Plan Year, in which case no Employer contribution will be made on the Participant's behalf in that Plan Year. vfVariable Employer Match Of Voluntary Participant Contributions. 2 MPP Adoption Agrec:ment 1/30/ 2006 69-  The Employer shall contribute on behalf of each Participant an amount determined as follows ( subject to the limitations of Article V of the Plan): J 2.!.~_%of the Voluntary Participant Contributions made by the Participant for the Plan Year ( not including Participant contributions exceeding ~"!'5- 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 Voluntary Participant Contributions exceeding in the including aggregate ....:___ %of Earnings or $ ________). Employer Matching Contributions on behalf of a Participant for a Plan Year shall not exceed $ _____ or k5_ % 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. 05 and Article V of the Plan. V Yes No schedule: 3. Employer contributions shall be contributed to the Trust in accordance with the following payment 1Q.,--\ ~~~ e.~ tt. le...._____________ h-:..\ schedule: 4. Participant contributions shall be contributed to the Trust in accordance with the following payment b\.::. pet,", ~e.hedu \e-________ Weg '( l\ \ C) VII. EARNINGS Earnings, as defined under Section 2. 09 of the Plan, shall include: a) Overtime Yes V'" No b) Bonuses Yes V"" No c) Other n a:~~~=~~~~~~~~~~~ 1~ Gn,\crtt\ ~ · VIII. The Employer will permit rollover contributions in accordance with Section 4. 09 of the Plan. v _Yes No 3 MPP Adoption Agreement 1/3012006 70-  IX. LIMITATION ON ALLOCATIONS c- If the Employer maintains or ever maintained another qualified plan in which any Participant in was) a participant or could possibly become a participant, the Employer hereby agrees to limit this Plan is ( or contributions to all described in Sections 5. 02 of . such plans as provided herein, if necessary in otder to avoid excess contributions ( as Pk~. ., , the Employer, 1. If the Participant is covered under another qualified defined contribution plan maintained by will another method has been indicated the proyisions of Section 5. 02( a) through( f) () fthePlan applyunless belo~~ to the Other Method. ( Provide the method under which the plans will limit total Annual Additions that precludes Maximum Permissible Amount, and will properly reduce any excess amounts, in a manner Employer ,discretion.) 2. 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 and ( 2) die concurrence of the Plan Administrator. Years of C Service Completed Percent