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HomeMy WebLinkAboutCity of Tamarac Resolution R-96-226Temp. Reso. # 7549 September 11, 1996 Revised 10/2/96 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-96--2a� A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, APPROVING A 401(a) MONEY PURCHASE RETIREMENT PLAN FOR THE CITY ATTORNEY AND EXECUTIVE AND MANAGERIAL/PROFESSIONAL EMPLOYEES THROUGH THE INTERNATIONAL CITY MANAGEMENT ASSOCIATION (ICMA) RETIREMENT CORPORATION, PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City intends to provide an alternative City retirement plan for the City Attorney and Executive and Managerial/Professional employees in the form of a 401(a) money purchase retirement plan; and WHEREAS, the establishment of a money purchase retirement plan benefits employees by providing funds for retirement and funds for their beneficiaries in the event of death; and WHEREAS, effective with the first pay period in October, 1996, the City will contribute to the plan ten percent of each employee participant's gross earnings with a mandatory contribution by each employee participant of five percent of gross earnings; and WHEREAS, the City desires that the 401(a) money purchase retirement plan be administered by the ICMA Retirement Corporation and the funds held under such plan be Temp. Reso. # 7549 September 11, 1996 Revised 10/2/96 invested in the ICMA Retirement Trust, a trust established by public employers for the collective investment of funds under their retirement and deferred compensation plans; and WHEREAS, the City Manager recommends the approval of a 401(a) money purchase retirement plan for the City Attorney and Executive and Managerial/Professional employees not participating in the City's defined benefit pension plan; and WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in the best interest of the citizens and residents of the City of Tamarac to approve this plan for the City Attorney and Executive and Managerial/Professional employees. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION 1:: The foregoing "WHEREAS" clauses are hereby ratified and confirmed as being true and correct and is hereby made a specific part of this Resolution. SECTION 2: The City hereby establishes a 401(a) money purchase retirement plan (the "Plan") in the form of: The ICMA Retirement Corporation Money Purchase Plan and Trust, pursuant to the specific provisions of the Adoption Agreement (agreement attached), to be maintained for the exclusive benefit of the City Attorney and Executive and Managerial/Professional employees not participating in the City's defined benefit pension plan and their beneficiaries. aECTION 3 The City hereby agrees to serve as trustee under the Plan and Temp. Reso. # 7549 September 11, 1996 Revised 10/2/96 to invest funds held under the Plan in the ICMA Retirement Trust according to the administrative procedures of the ICMA Retirement Corporation. SECTION 4: The City hereby executes the declaration of trust of the ICMA Retirement Trust intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the employer, if the assets of the plan are to be invested in the ICMA Retirement Trust. SE_ T�5-- The City hereby authorizes the City Manager to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the plan. ECTI N 6: The Director of Finance shall be the coordinator for the Plan; shall receive necessary reports, notices, etc. for the ICMA Retirement Corporation of the ICMA Retirement Trust; shall cast, on behalf of the Employer any required votes under the ICMA Retirement Trust; and may delegate any administrative duties relating to the Plan to appropriate departments. SECT__ All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 0- If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution. z S6 -aid ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN &TRUST . ADOPTION AGREEMENT #001 Account Number 9597 The Employer hereby establishes a Money Purchase Plan and Trust to be known as City of Tamarac * (the "Plan") in the form of the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust. * Executive and Managerial. / Professional Employee Money Purchase Plan This Plan is an amendment and restatement of an existing defined contribution money purchase plan. ❑ Yes U No If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: I. Employer: II. Prototype Sponsor: Name: ICMA Retirement Corporation Address: 777 N. Capitol Street, N.E. Washington, D.C. 20002-4240 Telephone Number: (202) 962-4600 III. 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: October 1, 1996 IV. Plan Year will mean: ❑ The twelve (12) consecutive month period which coincides with the limita- tion year. (See Section 6.05(i) of the Plan.) The twelve (12) consecutive month period commencing on 10 1 6 and each anniversary thereof. MPP Adoption Agreement 12/23/94 001-94 X�, 5�":?a � The Employer hereby elects to "pick up" the Mandatory/Required Participant Contribution. ❑ Yes ❑ No [Note to Employer: Neither an opinion letter issued by the Internal Revenue Service with respect to the Prototype Plan, nor a determination letter issued to an adopting Employer is a ruling by the Internal Revenue Service that Participant contributions that are picked up by the Employer are not includable in the Participant's gross income for federal income tax pur- poses. The Employer may seek such a ruling. Picked up contributions are excludable from the Participant's gross income under section 414(h)(2) of the Internal Revenue Code of 1986 only if they meet the requirements of Rev. Rul. 81-35, 1981-1 C.B. 255. Those requirements are (1) that the Employer must specify that the contributions, although designated as employee contributions, are being paid by the Em- ployer in lieu of contributions by the employee; and (2) the employee must not have the option of receiving the contributed amounts directly instead of having them paid by the Employer to the plan.] Fixed Employer Match of Participant Contributions. The Employer shall contribute on behalf of each Participant 10 % of Earn- ings for the Plan Year (subject to the limitations of Articles V and VI of the Plan) for each Plan Year that such Participant has contributed _5 % of Earnings or $ . Under this option, there is a single, fixed rate of Em- ployer contributions, but a Participant may decline to make the required Participant contributions in any Plan Year, in which case no Employer contri- bution will be made on the Participant's behalf in that Plan Year. ❑ Variable Employer Match Of Participant Contributions. The Employer shall contribute on behalf of each Participant an amount de- termined as follows (subject to the limitations of Articles V and VI of the Plan): % of the Participant contributions made by the Participant for the Plan Year (not including Participant contributions exceeding % 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 includ- ing Participant contributions exceeding in the aggregate % of Earnings or $ ). Employer Contributions on behalf of a Participant for a Plan Year shall not exceed $ or % of Earnings, whichever is ❑ more or ❑ less. MPP Adoption Agreement 12/23/94 001-94 XII. The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality of one or more units of state or local government. *III. The Prototype Sponsor hereby agrees to inform the an Employer of amendments to the Y Plan made pursuant to Section 15.05 of the Plan or of the discontinuance or abandonment of the Plan. XIV. The Employer hereby appoints the Prototype Sponsor as the Plan Administrator pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST. The Employer hereby agrees to the provisions of the Plan and Trust. XV. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. XVI. An adopting Employer may not rely on a notification letter issued by the National or District Office of the Internal Revenue Service as evidence that the Plan is qualified under section 401 of the Internal Revenue Code. In order to obtain reliance with respect to plan qualification, the Employer must apply to the appropriate key district office for a determination letter. This Adoption Agreement may be used only in conjunction with basic Plan document number 001. In Witness Whereof, the Employer hereby causes this Agreement to be executed on this 30 EMPLOYER day of October , 1996 . Title: Attest: M 4 1� u Accepted: ICMA RETIREMENT CORPORATION Title: Corporate Secretary Attest: IT MPP Adoption Agreement 12/23/94 ISIG • General Plan Information je�56_"�26 401 QUALIFIED PLAN EMPLOYER DATA FORM • Instructions to Ew nployer. Provide necessary information to establish your plan properly. Please contact Client Services at 1-800.326-7272, if you have any questions. RC Use Only 1. Employer Number 2. Employer's Full Name (City of, County of, etc.) City of Tamarac 3. Employer's Mailing Address 7525 NW 88th Avenue 4, City Tamarac 5. State FL 6. Zip Code 33321 7. Employer's Federal Tax Identification Number 591039552 8. Number of Employees 350 9. Number of Employees Eligible for Plan 2 10. Last Month of Plan Year (write in month 01-12) :LIN I(:MA RETIREMENT (;ORPORATION Contact I 11. Title (not name) of Plan's Primary Contact Person Director of Finance Information Primary Contact Person will automatically receive all RC correspondence, reports, and bulletins Telephone ( 954 ) 724-1310 12. Title (not name) of Contact Person for Benefit Payments Risk Manager Telephone ( 954 ) 724-1245 19 Check here if Contact Person for Benefit Payments should receive RC correspondence, reports and bulletins 13. Title (not name) of Contact Person for Contributions Payroll Coordinator Telephone ( 954 ) 724-1320 kk Check here if Contact Person for Contributions should receive RC correspondence, reports, and bulletins Note: If neither of the boxes in 12 or 13 is checked, default correspondent will be Plan Coordinator named in the resolution. Implementation 14. Contribution Frequency (check one): ❑ (W) Weekly ❑ (M) Monthly ❑ Other (specify) of Plan U (B) Biweekly ❑ (S) Semi-monthly 15. Contribution Data Format (check one): ❑ (T) Tape ❑ (QD) QUICK DISK ❑ (E) EDT ❑ (C) Contribution Statement ❑ (D) Diskette 16. First pay date following plan implementation 17. Are employees covered by the plan also covered by another qualified plan? ❑ Yes 9 No ICMA Retirement Corporation • P.O. Box 96220 • Washington, DC 20090-6220 • 1-800-326-7272 ICMA RETIREMENT CORPORATION ADMINISTRATIVE SERVICES AGREEMENT • Type: 401 Account Number: 9597 • • Plan # 9597 ICNIA RETIREMENT CORPORATION l.e ATIOTION ADMINISTRATIVE SERVICES AGREEMENT This Agreement, made as of the 15A day of OU(jb&/-\ , 19%4 (herein referred to as the "Inception Date"), between The International City Management Association Retirement Corporation ("RC"), a nonprofit corporation organized and existing under the laws of the State of Delaware; and the City of Tamaral ("Employer") a City organized and existing under the laws of the State of Florida with an office at 7575 NW 88th Avenue, Tamaral, Florida 33321. Recitals Employer acts as a public plan sponsor for a retirement plan ("Plan") with responsibility to obtain investment alternatives and services for employees participating in that Plan; The ICMA Retirement Trust (the "Trust") is a common law trust governed by an elected Board of Trustees for the commingled investment of retirement funds held by state and local governmental units for their employees; RC acts as investment adviser to the Trust; RC has designed, and the Trust offers, a series of separate funds (the "Funds") for the investment of plan assets as referenced in the Trust's principal disclosure documents, "Making Sound Investment Decisions: A Retirement Investment Guide" and "A Retirement Investment Guide for the Mutual Fund Series." The Funds are available only to public employers and only through the Trust and RC. In addition to serving as investment adviser to the Trust, RC provides a complete offering of services to public employers for the operation of employee retirement plans including, but not limited to, communications concerning investment alternatives, account maintenance, account record -keeping, investment and tax reporting, form processing, benefit disbursement and asset management. -2- Plan # 9597 ETI R RETIREMENT G�p{ CORPORATION Agreements 1,Appointmgnt of. RC Employer hereby designates RC as Administrator of the Plan to perform all non -discretionary functions necessary for the administration of the Plan with respect to assets in the Plan deposited with the Trust. The functions to be performed by RC include: (a) allocation in accordance with participant direction of individual accounts to investment Funds offered by the Trust; (b) maintenance of individual accounts for participants reflecting amounts deferred, income, gain, or loss credited, and amounts disbursed as benefits; (c) provision of periodic reports to the Employer and participants of the status of Plan investments and individual accounts; (d) communication to participants of information regarding their rights and elections under the Plan; and (e) disbursement of benefits as agent for the Employer in accordance with terms of the Plan. 2. Adoption of Trust Employer has adopted the Declaration of Trust of the ICMA Retirement Trust and agrees to the commingled investment of assets of the Plan within the Trust. Employer agrees that operation of the Plan and investment, management and disbursement of amounts deposited in the Trust shall be subject to the Declaration of Trust, as it may be amended from time to time and shall also be subject to terms and conditions set forth in disclosure documents (such as the Retirement Investment Guide or Employer Bulletins) as those terms and conditions may be adjusted from time to time. It is understood that the term "Employer Trust" as it is used in the Declaration of Trust shall mean this Administrative Services Agreement. • . @111111161 d 00 ._. Employer agrees to furnish to RC on a timely basis such information as is necessary for RC to carry out its responsibilities as Administrator of the Plan, including information needed to allocate individual participant accounts to Funds in the Trust, and information as to the employment status of participants, and participant ages, addresses and other identifying information (including tax -3- �j Plan # 9597 ICINIA RETIREYIF:NT CORPORATION identification numbers). RC shall be entitled to rely upon the accuracy of any information that is furnished to it by a responsible official of the Employer or any information relating to an individual participant or beneficiary that is furnished by such participant or beneficiary, and RC shall not be responsible for any error arising from its reliance on such information. RC will provide account information in reports, statements or accountings. All account discrepancies must be reported to RC within 120 days of the close of the quarter in which the discrepancy occurs. After that time the report, statement, or accounting shall be deemed to have been accepted by the Employer and the participants RC represents and warrants to Employer that: (a) RC is a non-profit corporation with full power and authority to enter into this Agreement and to perform its obligations under this Agreement. The ability of RC to serve as investment adviser to the Trust is dependent upon the continued willingness of the Trust for RC to serve in that capacity. (b) RC is an investment adviser registered as such with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. ICMA-RC Services, Inc. (a wholly owned subsidiary of RC) is registered as a broker - dealer with the Securities and Exchange Commission (SEC) and is a member in good standing of the National Association of Securities Dealers, Inc. RC covenants with employer that: (c) RC shall maintain and administer the Plan in compliance with the requirements for plans which satisfy the qualification requirements of Section 401 of the Internal Revenue Code; provided, however, RC shall not be responsible for the qualified status of the Plan in the event that the Employer directs RC to administer the Plan or disburse assets in a manner inconsistent with the requirements of Section 401 or otherwise causes the Plan not to be carried out in accordance with its terms; provided, further, that if the plan document used by the Employer contains terms that differ from the terms of RC's standardized plan document, RC shall not be responsible for the qualified status of the Plan to the extent affected by the differing terms in the Employer's plan document. Employer represents and warrants to RC that: (d) Employer is organized in the form and manner recited in the opening paragraph of this Agreement with full power and authority to enter into and perform its obligations under this Agreement and to act for the Plan and participants in the -4- Plan # 9597 R CIA ETIREMENT CORPORATION manner contemplated in this Agreement. Execution, delivery, and performance of this Agreement will not conflict with any law, rule, regulation or contract by which the Employer is bound or to which it is a party. • .i • • • . ' . - • • • The Employer hereby authorizes RC to act as agent, to appear on its behalf, and to join the Employer as a necessary party in all legal proceedings involving the garnishment of benefits or the transfer of benefits pursuant to the divorce or separation of participants in the Employer Plan. Unless Employer notifies RC otherwise, Employer consents to the disbursement by RC of benefits that have been garnished or transferred to a former spouse, spouse or child pursuant to a domestic relations order. ••••-� •• .•• 0 OEM ••-• (a) Plan Administration Fee. The amount to be paid for plan administration services under this Agreement shall be 0.75% per annum of the amount of Plan assets invested in the Trust. Such fee shall be computed based on average daily net Plan assets in the Trust. . (b) Account Maintenance Fee. There shall be an annual account maintenance fee of $25.00. The account maintenance fee is payable in full on January 1 of each year on each account in existence on that date. For accounts established after January 1, the fee is payable on the first day of the calendar quarter following establishment and is prorated by reference to the number of calendar quarters remaining on the day of payment. (c) Compensation for Management Services to the Trust. Employer acknowledges that in addition to amounts payable under this Agreement, RC receives fees from the Trust for investment management services furnished to the Trust, except that this fee is not assessed in the Mutual Fund Series (d) Mutual Fund Services Fee. There is an annual charge of 0.25% of assets under management that are held in the Trust's Mutual Fund Series. (e) Model Portfolio Fund Fee. There is an annual charge of 0.10% of assets under management that are held in the Trust's Model Portfolio Funds. (f) Payment Procedures. All payments to RC pursuant to this Section 6 shall be paid out of the Plan Assets held by the Trust and shall be paid by the Trust. The amount of Plan Assets held in the Trust shall be adjusted by the Trust as required to reflect such payments. -5- Plan # 9597 RETI �j CORPORATION 0 7. Custody Employer understands that amounts invested in the Trust are to be remitted directly to the Trust in accordance with instructions provided to Employer by RC and are not to be remitted to RC. In the event that any check or wire transfer is incorrectly labeled or transferred to RC, RC is authorized, acting on behalf of the transferor, to transfer such check or wire transfer to the Trust. sum RC shall not be responsible for any acts or omissions of any person other than RC in connection with the administration or operation of the Plan. This Agreement may be terminated without penalty by either party on sixty days advance notice in writing to the other. (a) This Agreement may not be amended except by written instrument signed by the parties. (b) The parties agree that compensation for services under this Agreement and administrative and operational arrangements may be adjusted as follows: RC may propose an adjustment by written notice to the Employer given at least 60 days before the effective date of the adjustment and the notice may appear in disclosure documents such as Employer Bulletins and the Retirement Investment Guide. Such adjustment shall become effective unless, within the 60 day period before the effective date the Employer notifies RC in writing that it does not accept such adjustment, in which event the parties will negotiate with respect to the adjustment. (c) No failure to exercise and no delay in exercising any right, remedy, power or privilege hereunder shall operate as a waiver of such right, remedy, power or privilege. 11. Notices All notices required to be delivered under Section 10 of this Agreement shall be delivered personally or by registered or certified mail, postage prepaid, return -6- • r� Plan # 9597 RETIREMENT CORPORATION receipt requested, to (i) Legal Department, ICMA Retirement Corporation, 777 North Capitol Street, N.E., Suite 600, Washington, D.C, 20002-4240; (ii) Employer at the office set forth in the first paragraph hereof, or to any other address designated by the party to receive the same by written notice similarly given. This Agreement shall constitute the sole agreement between RC and Employer relating to the object of this Agreement and correctly sets forth the complete rights, duties and obligations of each party to the other as of its date. Any prior agreements, promises, negotiations or representations, verbal or otherwise, not expressly set forth in this Agreement are of no force and effect. This agreement shall be governed by and construed in accordance with the laws of the State of Florida applicable to contracts made in that jurisdiction without reference to its conflicts of laws provisions. In Witness Whereof, the parties hereto have executed this Agreement as of the Inception Date first above written. Name and Title (Please Print) INTERNATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORPORATION by: Stephen Wm. Nordholt/Date Corporate Secretary MAE