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

Vested 234-239] Zero - Q-- % One _ h. O._ % , Two ~_% Three J.. Ln; % Four ~% Five It: CL % Six _% Seven % Eight _% Nine % Ten _% XI. Loans are permitted under the Plan, as provided in Article XIII: Yes v No 751 ] XII. Age 1/ 2 in-service distributions 70;.. are permitted under the Plan as provided in Section 9. 08. No 646: 8] Yes in Section 9. 07. XIII. In-service distributions of the Rollover Account are permitted under the Plan as provided V 646: 7] Yes No 4 MPP Adoption Agreement 1/ 30/ 2006 71- XIV. SPOUSAL PROTECTION The Plan will provide the following level of spousal protection ( select one): o elect of [ 642: 8] A. Beneficiary Spousal Consent Election (Article XII). If selected, participants may any the available distribution options without spousal consent. Upon death, the surviving spouse is the of another Beneficiary. Beneficiary, unless he/ she consented to the Participant' s naming under the [ B. Q]SA Election (Article XVII). If selected, the normal form of payment of benefits 646: 6] Plan is a qualifie~ joint and survivor annuity with the spouse ( or life annuity, if single). In the event of the Participant's death prior to commencing payments, the spouse will receive an annuity for his/ her lifetime. available distribution C. Participant Directed Election. If selected, participants may elect any of the s) as the Beneficiary( ies) options without spousal consent. The Participant can name any person( of the Plan, without spousal consent. of one XV. The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality or more units of state or local government. XVI. The Plan Administrator hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 14. 05 of the Plan or of the discontinuance or abandonment of the Plan. to the XVII. The Employer hereby appoints the ICMA Retirement Corporation as the Plan Administrator pursuant MONEY terms and conditions of the ICMA RETIREMENT CORPORATION GOVERNMENTAL PURCHASE PLAN & TRUST. The Employer hereby agrees to the provisions of the Plan and Trust. o XVIII. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. An adopting Employer may rely on an advisory letter issued by the Internal Revenue Service as evidence that XIX. Plan is the under section 401 of the Internal Revenue Code to the extent provided in applicable IRS qualified revenue procedures and other official guidance. In Witness Whereof, the Employer hereby causes this Agreement to be executed on this __ day of 200 EMPLOYER ICMA RETIREMENT CORPORATION 777 North Capitol St., NE Washington, DC 20002- 4240 202- 962- 8096 By: By: Title: Title: Attest: Attest: MPP Adoption Agreement 1/ 30/ 2006 5 72-  GOVERNMENTAL MONEY PURCHASE PLAN & TRUST I. PURPOSE The Employer hereby adopts this Plan and Trust to provide funds for its Employees' retirement, and to provide funds for their Beneficiaries in the event of death. The benefits provided in this Plan shall be paid from the Trust. The Plan and the Trust forming a part hereof are adopted and shall be maintained for the exclusive benefit of eligible Employees and their Beneficiaries. Except as provided in Sections 4. 10 and 14. 03, no part of the corpus or income of the Trust shall revert to the Employer or be used for or diverted to purposes other than the exclusive benefit of Participants and their Beneficiaries. II. DEFINITIONS 2. 01 Account. A separate record which shall be established and maintained under the Trust for each Participant, and which shall include all Participant subaccounts created pursuant to Article I~ plus any Participant Loan Account created pursuant to Section 13. 03. Each subaccount created pursuant to Article IV shall include any earnings of the Trust and adjustments for withdrawals, and realized and unrealized gains and losses allocable thereto. The term '~ ccount" may also refer to any of such separate subaccounts. 2. 02 Accounting Date. Each day that the New York Stock Exchange is open for trading, and such other dates as may be determined by the Plan Administrator, as provided in Section 6. 06 for valuing the Trust's assets. 2. 03 Adoption Agreement. The separate agreement executed by the Employer through which the Employer adopts the Plan and elects among the various alternatives provided thereunder, and which upon execution, becomes an integral part of the Plan. 2. 04 Beneficiary. The person or persons (including a trust) designated by the Participant who shall receive any benefits payable hereunder in the event of the Participant's death. The designation of such Beneficiary shall be in writing to the Plan Administrator. A Participant may designate primary and contingent Beneficiaries. Where no designated Beneficiary survives the Participant or no Beneficiary is otherwise designated by the Participant, the Participant's Beneficiary shall be his/ her surviving spouse or, if none, his/ her estate. Notwithstanding the foregoing, the Beneficiary designation is subject to the requirements of Article XII unless the Employer elects otherwise in the Adoption Agreement. Notwithstanding the foregoing, where elected by the Employer in the Adoption Agreement ( the " QJSA Election"), the Beneficiary designation is subject to the requirements of Article XVII. Notwithstanding the foregoing, to the extent permitted by the Employer, a Beneficiary receiving required minimum distributions in accordance with Article X and not in a benefit form elected under Article Xl or XII, may designate a Beneficiary to receive the required minimum distributions that would have otherwise been payable to the initial Beneficiary but for his or her death. 2. 05 Break in Service. A Period of Severance of at least twelve (12) consecutive months. In the case of an individual who is absent from work for maternity or paternity reasons, the twelve (12) consecutive month period beginning on the first anniversary of the first date of such absence shall not constitute a Break in Service. For purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence ( 1) by reason of the pregnancy of the individual, ( 2) by reason of the birth of a child of the individual, ( 3)by reason of the placement of a child with the individual in connection with the adoption of such child by such individual, or ( 4) for purposes of caring for such child for a period beginning immediately following such birth or placement. 2. 06 Code. The Internal Revenue Code of 1986, as amended from time to time. 2. 07 Covered Employment Classification. The group or