HomeMy WebLinkAbout2000-07-19 Agenda Packet - Board (16) ____................ .
�USE ; -
Staff Report
To: Board of Directors
From: Stephen Hollabaugh—Power Supply Engineer
Date- July 13, 2000
Consideration of a resokdJon adoptfg 401(a)pension Plans for District employees
401(a) Pension Plans
The Bargaining Unit negotiations have been completed. Within the agreement, the District has
agreed to start a 401(a) pension plan for the Union employees with contributions to be 3% in 2000,
4% in 2001 and 5% in 2002.
Also the Management/Exempt employee group has requested that their District 457 pension
contribution (10%) be directed into a 401(a) plan.
Staff requests that the District open the 401(a) pension plans with ICMA, who the District currently
has a 457 plan with.
Attached for your review are the following documents:
• Resolution establishing and defining money purchase plans
• Declaration of Trust of ICMA Retirement Trust
• Adoption Agreement—TDPUD Bargaining Unit 401(a)Plan -#10-7629
• Adoption Agreement—TDPUDManagement/Exempt401(a) Plan- #10-7628
Recommendation
I recommend that the Board adopt the resolution establishing and defining money purchase plans. It
assigns the Administrative Services Manager as the coordinator for the Plan(s) and authorizes the
Administrative Services Manager to execute all necessary agreements with the ICMA Retirement
Corporation incidental to the administration of the Plan(s).
•Page 1
11 III
TRUCKEE DONNER
Public Utility District
0u01t tionn No. 2000-
Establishing and Defining Money Purchase Plans
WHEREAS, the District has employees rendering valuable services; 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, the District desires that its money purchase retirement plan be administered by the ICMA
Retirement Corporation and that the funds held in such plan be invested in the ICMA Retirement
Trust, a trust established by public employers for the collective investment of funds held under their
retirement and deferred compensation plans.
NOW, THEREFORE, BE IT RESOLVED that the District hereby establishes two money purchase
retirement plans in the form of:
• The ICMA Retirement Corporation Governmental Money Purchase &Trust, pursuant to
the specific provisions of the Adoption Agreement(executed copy attached hereto)—one
401a plan for bargaining unit employees and one 401a plan for managementlexempt
employees.
The Plans shall be maintained for the exclusive benefit of eligible employees and their beneficiaries.
BE IT FURTHER RESOLVED that the District hereby executes the Declaration of Trust of the ICMA
Retirement Trust, and attached hereto, intending this execution to be operative with respect to any
retirement or deferred compensation plan subsequently established by the District, if the assets of
the plan are to be invested in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the District hereby agrees to serve as trustee under the Plan and
to invest funds held under the Plan in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the Administrative Services Manager of the District shall be the
coordinator for the Plan; shall receive reports, notices, etc., from the ICMA Retirement Corporation
or the ICMA Retirement Trust; shall cast, on behalf of the District, any required votes under the ICMA
Retirement Trust; may delegate any administrative duties relating to the Plan to appropriate
departments.
BE IT FURTHER RESOLVED that the District hereby authorizes the Administrative Services Manager
to execute all necessary agreements with the ICMA Retirement Corporation incidental to the
administration of the Plan.
._.............. .
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within the
District on the by the following roll call vote:
AYES:
NOES:
ABSENT:
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
By
J. Ron Hemig, President, Board of Directors
ATTEST:
Peter L. Holzmeister, District Clerk
smc
DECLARATION OF TRUST OF ICMA RETIREMENT TRUST
ARTICLE I. NAME AND DEFINITIONS () Investment Adviser.The Investment Adviser that
enters into a contract with the Retirement Trust
Section 1.1 Name:The name of the trust created to provide advice with respect to investment of
hereby is the ICMA Retirement Trust. the Trust Property.
Section 1.2 Definitions:Wherever they are used herein. (k) Portfolios.The separate commingled pools of in
the following terms shall have the following respective vestment established by the Investment Adviser to
meanings: - the Retirement Trust,under the supervision of
the Trustees,for the purpose of providing invest-
(a) By-laws.The by-laws referred to in Section 4.1 ments for the Trust Property.
hereof,as amended from time to time:
(1) Public Employee Trustees.Those Trustees
(b) Deferred Compensation Plan.A deferred elected by the Public Employers who,in accor
compensation plan established and maintained dance with the prevision of Section 3.1 (a)hereof,
by a Public Employer for the purpose of - are full-time employees of Public Employers,
providing retirement income and other deferred
benefits to its employees in accordance with the (m) Public Employer Trustees.Public Employers
provision of section 457 of the Internal who serve as trustees of the Qualified Plans or
Revenue Code. _ Deferred Compensation Plans.
(c) Employees.Thow employees who participate (n) Public Employer.A unit of state or local
in Qualified Plans and/or Deferred Compensa- government,or any agency or instrumentality
lion Plans. thereof,that has adopted a Deferred Compensa-
tion Plan or a Qualified Plan and has executed
(d) Employer Trust.A trust created pursuant to an this Declaration of Trust.
agreement between RC and a Public Employer,
or an agreement between RC and a Public (o) Qualified Plan.A plan that is sponsored by a
Employer for administrative services that is not a Public Employer for the purpose of providing
trust,in either case for the purpose of investing retirement income to its employees and that
and administering the funds set aside by such satisfies the qualification requirements of Section
Employer in connection with its Deferred 401 of the Internal Revenue Code.
Compensation agreements with its employees or
in connection with its Qualified Plan. (p) Public Employer Trust.A trust that is
established by a Public Employer in connection
(e) Investment Contract.A non-negotiable with its Qualified Plan and that satisfies the
contract entered into by the Retirement Trust requirements of Section 501 of the Internal
with a financial institution that provides for a f Revenue Code,or a trust established by-a
fixed rate of return on investment. Public Employer in connection with its De-
ferred Compensation Plan and that satisfies the
(f) ICMA.The International City/County requirements of Section 457(b) of the Internal
Management Association. Revenue Code.
(g) ICMA Trustees.Those Trustees elected by the (q) RC.The International City Management
Public Employers in accordance with the Association Retirement Corporation,
provisions of Section 3.1 (a) hereof,who are
also members or former members of the (r) Retirement Trust.The Trust created by this
Executive Board of ICMA. Declaration of Trust.
(h) RC Trustees.Those Trustees elected by the (s) Trust Property.The amounts held in the
Public Employers who,in accordance with the Retirement Trust as provided in Section 2.3.
provisions of Section 3.1 (a) hereof,are also The Trust Property shall include any income
members or former members of the Board of resulting from the investment to the amounts so
Directors of RC. held.
(i) Internal Revenue Code.The Internal Rev- (t) Trustees.The Public Employee Trustees,ICMA
enue Code of 1986,as amended. Trustees and RC Trustees elected by the Public
Employers to serve as members of the Board of
Trustees of the Retirement Trust.
MPP 03/31/2000 1
ARTICLE If.CREATION AND PURPOSE OF THE ties)who are entitled to benefits under such Pub-
TRUST, OWNERSHIP OF TRUST PROPERTY lic Employer Trust.
Section 2.1 Creation: (c) No employer's- Public Employer Trust may
assign any part of its equity or interest in the
(a) The Retirement Trust was created by the execu- Retirement Trust,and any purported assignment
tion of this Declaration of Trust by the initial of such equity or interest shall be void.
Trustees and Public Employers and is established
with respect to each participating Public
Employer by adoption of this Declaration of ARTICLE III.TRUSTEES
Trust.
Section 3.1 Number and Qualification ofTrustees:
(b) The Retirement Trust is hereby expressly made
a part of the appropriate Qualified Plan or (a) The Board ofTrustees shall consist of nine ',..
Deferred Compensation Plan of each Public Trustees.Five of the Trustees shall be full-time
Employer that executes or has executed this employees of a Public Employer (the Public
Declaration of Trust. Employee Trustees) who are authorized by such
Public Employer to serve as Trustee-The re-
Section 2.2 Purpose and Participation: mairung four Trustees shall consist of two per-
sons who,at the time of election to the Board of
(a) The purpose of the Retirement Trust is to pro- Trustees,are members or former members of
vide for the commingled investment of funds held the Executive Board of ICMA,and two persons
by the Public Employers in connection with their who,at the time of election,are members or
Deferred Compensation and Qualified P1ans.The former members of the Board of Directors of
Trust Property shall be invested in the Portfolios, RC.One of the ICNiATrustees and one of the
in Investment Contracts,and in other investments RC Trustees shall,at the time of election,be
recommended by the Investment Adviser under full-time employees of Public Employers.
the supervision of the Board ofTrustees.No part
of the Trust Property will be invested in securities (b) No person may serve as a Trustee for more than
issued by Public Employers. two terms in any ten-year period.
(b) Participation in the Retirement Trust is limited to Section 3.2 Election and Term:
M pension and profit-sharing trusts which are
maintained by Public Employers and that are ex- (a) Except for the Trustees appointed to fill
empt under section 501(a) of the Internal Rev- vacancies pursuant to Section 35 hereof,the
enue Code because the Qualified Plans related Trustees shall be elected by a vote of a majority
thereto qualify under section 401(a) of the Inter- of the voting Public Employers in accordance
nal Revenue Code and (ii) deferred compensa- with the procedures set forth in the By-Laws.
tion plans maintained by Public Employers under
Section 457 of the Internal Revenue Code (and (b) At the first election ofTrustees,three Trustees
trusts maintained by such Public Employers in con- shall be elected for a term of three years,three
nection with such 457 plans). Trustees shall be elected for a term of two years
and three Trustees shall be elected for a term of
Section 2.3 Ownership ofTrust Property: one year.At each subsequent election,three
Trustees shall be elected each to serve for a term
(a) The Trustees shall have legal title to theTmst Prop- of three years and until his or her successor is
erty.The Trust Property shall be held as follows: elected and qualified.
(i) for the Public Employer Trustees for the ex- Section 3.3 Nominations:The Trustees who are
elusive benefit of the Employees;or full-time employees of Public Employers shall serve
as the Nominating Committee for the Public
(ii) in the case of Deferred Compensation Plan Employee Trustees.The Nominating Committee
maintained by a Public Employer that has not shall choose candidates for Public Employee Trustee
established a Public Employer Trust for the in accordance with the procedures set forth in the
plan,for the Public Employer as beneficial By-Laws.
owner of the plan's assets.
Section 3.4 Resignation and Removal:
(b) The portion of the corpus and income of the Re-
tirement Trust that equitably belongs to any Pub- (a) Any Trustee may resign as Trustee (without need
lic Employer Trust may not be used for or di- for prior or subsequent accounting) by an
verted to any purpose other than for the exclu- instrument in writing signed by the Trustee and
sive benefit of the Employees (or their beneficia- delivered to the other Trustees and such
MPP 03/31/2000 2
resignation shall be effective upon such delivery, nment and operation of the Portfolios,selection
or at a later date according to theterms of the of the Investment Contracts in which the Trust
instrument.Any of the Trustees may be removed Property may be invested,selection of the other
for cause,by a vote of a majority of the Public investments for the Trust Property and the
Employers. payment of reasonable fees to the Investment
Adviser and to any sub-investment adviser
(b) Each Public Employee Trustee shall resign his or retained by the Investment Adviser;
her position as Trustee within sixty days of the
date on which he or she ceases to be a full-time (c) review annually the performance of the
employee of a Public Employer. Investment Adviser and approve annually the
contract with such Investment Adviser;
Section 3.5 Vacancies:The term of office of a Trustte
shall terminate and a vacancy shall occur in the event (d) invest and reinvest the Trust Property in the
of his or her death,resignation,removal,adjudicated Portfolios,the Investment Contracts and in any
incompetence or other incapacity to perform the _ other investment recommended by the Invest-
duties of the office of a Trustee.In the case of a went Adviser,but not including securities issued
vacancy,the remaining Trustees shall appoint such by Public Employers,provided that if a Public
person as they in their discretion shall see fit (subject Employer has directed that its monies be
to the limitations set forth in this Section),to serve invested in one or more specified Portfolios or
for the unexpired portion of the term of the Trustee in an Investment Contract,the Trustees of the
who has resigned or otherwise ceased to be a Retirement Trust shall invest such monies in
Trustee.The appointment shall be made by a written accordance with such directions; '....
instrument signed by a majority of the Trustees.The
person appointed must be the same type ofTrustee (e) keep such portion of the Trust Property in cash
(i.e.,Public Employee Trustee,ICMA Trustee or RC or cash balances as the Trustees,from time to
Trustee) as the person who has ceased to be a time,may deem to be in the best interest of the
Trustee.An appointment of a Trustee may be made Retirement Trust created hereby without
in anticipation of a vacancy to occur at a later date liability for interest thereon:
by reason of retirement or resignation,provided that
such appointment shall not become effective prior to (f) accept and retain for such time as they may
such retirement or resignation.Whenever a vacancy deem advisable any securities or other property
shall occur,until such vacancy is filled as provided in received or acquired by them as Trustees
this Section 3.5,the Trustees in office,regardless of hereunder,whether or not such securities or
their number,shall have all the powers granted to the other property would normally be purchased as
Trustees and shall discharge all the duties imposed investment hereunder;
upon the Trustees by this Declaration.A written
instrument certifying the existence of a vacancy (g) cause any securities or other property held as
signed by a majority of the Trustees shall be conclu- part of the Trust Property to be registered in
sive evidence of the existence of such vacancy. the name of the Retirement Trust or in the
name of a nominee,and to hold any investments
Section 3.6 Trustees Serve in Representative in bearer form,but the books and records of the
Capacity:By executing this Declaration,each Trustees shall at all times show that all such
Public Employer agrees that the'Public Employee investments are a part of the Trust Property;
Trustees elected by the Public Employers are
authorized to act as agents and representatives of the (h) make,execute,acknowledge,and deliver any and
Public Employers collectively. all documents of transfer and conveyance and
any and all other instruments that may be
necessary or appropriate to carry out the powers
ARTICLE IV. POWERS OF TRUSTEES herein granted;
Section 4.1 General Powers:The Trustees shall have (i) vote upon any stock,bonds,or other securities;
the power to conduct the business of the Trust and give general or special proxies or powers of
to carry on its operations.Such power shall include, attorney withor without power of substitution;
but shall not be limited to,the power to: exercise any conversion privileges,subscription
rights,or other options,and make any payments
(a) receive the Trust Property from the Public incidental thereto;oppose,or consent to,or
Employers,Public Employer Trustees or the otherwise participate in,corporate reorganiza-
trustee or administrator under any Employer tions or to other changes affecting corporate
Trust; securities,and delegate discretionary powers and
pay any assessments or charges in connection
(b) enter into a contract with an Investment Adviser therewith:and generally exercise any of the
providing,among other things,for the establish- pov0ers of an owner with respect to stocks,
MPP 03/31/2000 3
bonds,securities or ocher property held as part (s) contract for,and delegate any powers granted
of the Trust Property; hereunder to,such officers,agents,employees.
auditors and attorneys as the Trustees may select.
(j) enter into contracts or arrangements for goods provided that the Trustees may not delegate the
or services required in connection with the powers set forth in paragraphs (b),(c) and(o) of
operation of the Retirement Trust,including, this Section 4.1 and may not delegate any
but not limited to,contracts with custodians and powers if such delegation would violate their
contracts for the provision of administrative fiduciary duties;
services;
(t) provide for the indemnification of the Officers
(k) borrow or raise money for the purposes of the and Trustees of the Retirement Trust and
Retirement Trust in such amount,and upon purchase fiduciary insurance;
such terms and conditions,as the Trustees shall
deem advisable,provided that the aggregate (u) maintain books and records,including separate
amount of such borrowings shall not exceed accounts for each Public Employer,Public
30%of the value of the Trust Property.No Employer Trustee or Employer Trust and such
person lending money to the Trustees shall be additional separate accounts as are required
bound to see the application of the money lent under,and consistent with,the Deferred
or to inquire into its validity,expediency or Compensation or Qualified Plan of each Public
propriety or any such borrowing; Employer;and
(I) incur reasonable expenses as required for the (v) do all such acts,take all such proceedings,and
operation of the Retirement Trust and deduct exercise all such rights and privileges,although
suchexpenses from of the Trust Property; not specifically mentioned herein,as the
Trustees may deem necessary or appropriate to
(m) pay expenses properly allocable to the Trust administer the Trust Property and to carry out
Property incurred in connection with the the purposes of the Retirement Trust.
Deferred Compensation Plans,Qualified Plans,
or the Employer Trusts and deduct such Section 4.2 Distribution of Trust Property: Distri-
expenses from that portion of the Trust Prop- butions of the Trust property shall be made to,or on
erty to which such expenses are properly behalf of,the Public Employer or Public Employer
allocable; Trustee,in accordance with the terns of the
Deferred Compensation Plans,Qualified Plans or
(n) pay out of the Trust Property all real and Employer Trusts.The Trustees of the Retirement
personal property taxes,income taxes and other Trust shall be fully protected in making payments in
taxes of any and all kinds which,in the opinion accordance with the directions of the Public
of the Trustees,are properly levied,or assessed Employers,Public Employer Trustees or trustees or
under existing or future laws upon,or in respect administrators of any Employer Trust without
of,the Trust Property and allocate any such ascertaining whether such payments are in conmpli-
taxes to the appropriateaccounts; ante with the provisions of the applicable Deferred
Compensation or Qualified Plan or Employer Trust.
(o) adopt,amend and repeal the By-laws,provided
that such By-laws are at all times consistent with Section 4.3 Execution of Instruments:The Trustees
the terms of this Declaration ofTrusr, may unanimously designate any one or more of the
Trustees to execute any instrument or document on
(p) employ persons to make available interests in the behalf of all,including but not limited to the signing
Retirement Trust to employers eligible to or endorsement of any check and the signing of any
maintain a Deferred Compensation Plan under applications, insurance and other contracts,and the
Section 457 or a Qualified Plan under Section action of such designated Trustee or Trustees shall
401 of the Internal Revenue Code; have the same force and effect as if taken by all the
Trustees.
(q) issue the Annual Report of the Retirement
Trust,and the disclosure documents and other
literature used by the Retirement Trust; ARTICLE V. DUTY OF CARE AND LIABILITY OF
TRUSTEES
(r) in addition to conducting the investment
program authorized in Section 4.1 (d),make Section 5.1 Duty of Care:In exercising the powers
loans,including the purchase of debt obliga- herembefore granted to the Trustees,the Trustees
tions, provided that all such loans shall bear shall perform all acts within their authority for the
interest at the current market rate; exclusive purpose of providing benefits for the
Public Employers in connection with non-trusted
MPP 03/31/2000 4
Deferred Compensation Plans and for the Public Upon termination,all of the Trust Property shall be
Employer Trustees,and shall perform such acts with paid out to the Public Employers,Public Employer
the care,skill,prudence and diligence in the circum- Trustees or the trustees or administrators of the
stances then prevailing that a prudent person acting Employer Trusts,as appropriate.
in a like capacity and familiar with such matters
would use in the conduct of an enterprise of a like Section 7.3 Amendment The Retirement Trust may
character and with like aims. be amended by the vote of a majority of the Public
Employers,each casting one vote.
Section 5.2 Liability:The Trustees shall not be liable
for any mistake ofjudgment or other action taken in Section 7.4 Procedure:A resolution to terminate or
good faith,and for any action taken or omitted in amend the Retirement Trust or to remove a Trustee
reliance in good faith upon the books of account or shall be submitted to a vote of the Public Employers
other records of the Retirement Trust,upon the if.(i) a majority of the Trustees so direct,or;(n) a
opinion of counsel,or upon reports made to the petition requesting a vote signed by not less than 25
Retirement Trust by any of its officers,employ- percent of the Public Employers,is submitted to the
ees or agents or by the Investment Adviser or Trustees.
any sub-investment adviser,accountant,ap-
praiser or other expert or consultant selected
with reasonable care by the Trustees,officers or - ARTICLE VIII. MISCELLANEOUS
employees of the Retirement Trust.The Trustees
shall also not be liable for any loss sustained by the Section 8.1 Governing Law:Except as otherwise
Trust Property by reason of any investment made in required by state or local law,this Declaration of
good faith and in accordance with the standard of Trust and the Retirement Trust hereby created shall
care set forth in Section 5.1. be construed and regulated by the laws of the
District of Columbia.
Section 5.3 Bond:No Trustee shall be obligated to give
any bond or other security for the performance of Section 8.2 Counterparts:This Declaration may be
any of his or her duties hereunder, executed by the Public Employers and Trustees in
two or more counterparts,each of which shall be
deemed an original but all of which together shall
ARTICLE VI.ANNUAL REPORT TO constitute one and the same instrument.
SHAREHOLDERS
The Trustees shall annually submit to the Public Employ-
ers and Public Employer Trustees a written report of the
transactions of the Retirement Trust,including financial
statements which shall be certified by independent public
accountants chosen by the Trustees.
ARTICLE VIII. DURATION OR AMENDMENT OF
RETIREMENT TRUST
Section 7.1 Withdrawal:A Public Employer or Public
Employer Trustee may,at any time,withdraw from
this RetirementTrust by delivering to the Board of
Trustees a written statement of withdrawal.In such
statement,the Public Employer or Public Employer
Trustee shall acknowledge that the Trust Property
allocable to the Public Employer is derived from
compensation deferred by employees of such Public
Employer pursuant to its Deferred Compensation
Plan or from contributions to the accounts of
Employees pursuant to a Qualified Plan,and shall
designate the financial institution to which such
property shall be transferred by the Trustees of the
Retirement Trust or by the trustee or administrator
under an Employer Trust.
Section 7.2 Duration:The Retirement Trust shall
continue until terminated by the vote of a majority
of the Public Employers,each casting one vote.
MPP 03/31/2000 5
ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN R TRUST
ADOPTION AGREEMENT
The Employer hereby establishes a Money Purchase Plan and Trust to be known as
,OULiG/,�: !�T/G/T3/ �.CST.�✓�T /Yl/YiYIPGG-%yl��Tl=
This Plan is an amendment and restatement of an existing defined contribution money purchase
plan.
Yes ✓ No
If yes, please specify the name of the defined contribution money pure]lase plan which this Plan
hereby amends and restates:
I. Employer: y", ice/ c���— DD/iNF/ /��ld�✓� vTiL/rj/ 9/ST�ieT
II. 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:
ffU�UST !, �?Ooc7
III. Plan Year will mean:
(�he twelve (12) consecutive month period which coincides with the
limitation year. (See Section 5.04(i) of the Plan.)
( ) The twelve (12) consecutive month period commencing on
and each anniversary thereof.
IV. Normal Retirement Age shall be age Zzp (not to exceed age 65).
V. ELIGIBILITY REQUIREMENTS:
1. The following group or groups of Employees are eligible to participate in the
Plan:
All Employees
MPP Adoption Agreement 0305/98 t
All Full-Time Employees
Salaried Employees
Non-union Employees
_1 Management Employees �EXEmPT�7n�LOyE�S
Public Safety Employees
General Employees
Other (specify below)
The group specified must correspond to a group of the same designation that is
defined in the statutes, ordinances, rules, regulations, personnel manuals or
other material in effect in the state or locality of the Employer.
2. The Employer hereby waives or reduces the requirement of a twelve (12)
month Period of Service for participation. The required Period of Service shall
be &✓� (write N/A if an Employee is eligible to participate upon
emp oyment).
If this waiver or reduction is elected, it shall apply to all Employees within the
Covered Employment Classification.
J. A minimum age requirement is hereby specified for eligibility to participate.
The minimum age requirement is �(not to exceed age 21. Write N/A if
no minimum age is declared.)
VI. CONTRIBUTION PROVISIONS
1. The Employer shall contribute as follows (choose one):
( ) Fixed Employer Contributions With Or Without
Mandatory Participant Contributions.
The Employer shall contribute on behalf of each Participant
/D % of Eamings or S for the Plan Year (subject to the
limitations of Article V of the Plan). Each Participant is
required to contribute �"% of Eamings
or S for the Plan Year as a condition of participation in the
Plan. (Write "0" if no contribution is required.) If Participant
Contributions are required under this option, a Participant shall
not have the right to discontinue or vary the rate of such
contributions after becoming a Plan Participant.
The Employer hereby elects to "pick up" the
Mandatory[Required Participant Contribution.
MPP Adoption Agreement 03/125/98 2
J6Z.P
Yes No
[Note to Employer: A determination letter issued to an
adopting Employer is not 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 purposes. 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 des-
ignated as employee contributions, are being paid by the
Employer 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.]
( ) Filed Employer Match of Participant Contributions.
The Employer shall contribute on behalf of each Participant
_%of Earnings for the Plan Year(subject to the limitations
of Article V of the Plan) for each Plan Year that such
Participant has contributed_% of Eamings or$_ Under
this option, there is a single, fixed rate of Employer
contributions, but a Participant may decline to make the
required Participant contributions in any Plan Year, in which
case no Employer contribution 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 determined as follows (subject to the limitations of
Article V of the Plan):
% of the contributions made by the Participant for the
Plan Year (not including Participant contributions exceeding
% of Earnings or S_�;
PLUS % of the contributions made by the Participant for
the Plan Year in excess of those included in the above paragraph
(but not including Participant contributions exceeding in the
aggregate _% of Earnings or $_�
MPP Adoption Agreement 03/25/98 3
76 c�
Employer Contributions on behalf of a Participant for a Plan
Year shall not exceed S or_% 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.
Yes _ No
J. Employer contributions and Participant contributions shall be contributed to
the Trust in accordance with the following payment schedule:
VII. EARNINGS
Earnings, as defined under Section 2.09 of the Plan, shall include:
(a) Overtime
ZYes _ No
(b) Bonuses
ZYes _ No
VIll. LIMITATION ON ALLOCATIONS
If the Employer maintains or ever maintained another qualified plan in which any
—Participant in this Plan is (or was) a participant or could possibly become a participant,
the Employer hereby agrees to limit contributions to all such plans as provided herein,
if necessary in order to avoid excess contributions (as described in Sections 5.02 and
5.03 of the Plan).
1. If the Participant is covered under another qualified defined contribution plan
maintained by the Employer, the provisions of Section 5.02(a)through (f) of
the Plan will apply unless another method has been indicated below.
( ) Other Method. (Provide the method under which the plans will
limit total Annual Additions to the Maximum Permissible
Amount. and will properly reduce any excess amounts, in a
manner that precludes Employer discretion.)
MPP Adoption Agreement 0311-5/98 4
Rio - 7, .
2. If the Participant is or has ever been a participant in a defined benefit plan
maintained by the Employer, and if the limitation in Section 5.03 of the Plan
would be exceeded, then the Participant's Projected Annual Benefit under the
defined benefit plan shall be reduced in accordance with the terms thereof to
the extent necessary to satisfy such limitation. If such plan does not provide
for such reduction, or if the limitation is still exceeded after the reduction,
annual additions shall be reduced to the extent necessary in the manner
described in Sections 5.02 and 5.02. The methods of avoiding the limitation
described in this paragraph will not apply if the Employer indicates another
method below.
( ) Other Method. (Note to Employer: Provide below language
which will satisfy the 1.0 limitation )f section 415(e) of the
Code. Such language must preclude Employer discretion. See
section 1.415-1 of the Regulations for guidance.)
3. The limitation year is the following 12-consecutive month period: _
IX. VESTING PROVISIONS
The Employer hereby specifies the following vesting schec.ule, subject to (1) the
minimum vesting requirements as noted and (2)the concurrence of the Plan
Administrator.
Years of
Service Percent
Completed Vesting
Zero %
One %
Two %
Three %
Four %
Five %
Six %
Seven %
Eight %
Nine %
Ten %
NtPP Adoption Agreement 03/25/98 5
7G a
X. Loans are permitted underthe Plan. as provided in Article XIII:
/
,/ Yes No
XI. 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.
XII. 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.
XIII. The Employer hereby appoints the ICMA Retirement Corporation as the Plan
Administrator pursuant to the terms and conditions of the ICMA RETIREMENT
CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST.
The Employer hereby agrees to the provisions of the Plan and Trust.
XIV. The Employer hereby acknowledges it understands that failure to properly fill out this
Adoption Agreement may result in disqualification of the Plan.
XV. An adopting Employer may not rely on a determination 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 re-
spect to plan qualification, the Employer must apply to the appropriate key district
office for a determination letter.
In Witness Whereof, the Employer hereby causes this Agreement to be executed on this
day of 119 .
EMPLOYER Accepted: ICMA RETIREMENT CORPORATION
By: By:
Title: Title:
Attest: Attest:
MPP Adoption Agreement 03/25/98 6
ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN &: TRUST
ADOPTION AGREEMENT
The Employer hereby establishes a Money Purchase Plan and Trust to be known as
7`-iQUL�,rE-�T- •270NNE.� .�UDG/� uTi<./�/ 77i.5TG/�T
L3H.eG-r9/iYiiY6— uN/T' �U/ � �L�r
This Plan is an amendment and restatement of an existing defined contribution money purchase
plan.
Yes No
If yes,please specify the name of the defined contribution money purchase plan which this Plan
hereby amends and restates:
I. Employer: ZZ/-/ 2JiSTt°/a T
II. 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:
�'/P'Nu.9.t✓ /. ..Zoo G
III. Plan Year will mean: /
(� The twelve (12) consecutive month period which coincides with the
limitation year. (See Section 5.04(i) of the Plan.)
O The twelve (12) consecutive month period commencing on
and each anniversary thereof.
IV. Normal Retirement Age shall be age Go (not to exceed age 65).
V. ELIGIBILITY REQUIREMENTS:
1. The following group or groups of Employees are eligible to participate in the
Plan:
All Employees
MPP Adoption Agreement 0325/98 t
,5r- .o - 7G T
All Full-Time Employees
Salaried Employees
Non-union Employees
Management Employees
Public Safety Employees
General Employees
Other (specify below)
�i}.eliAiiYiNG— ON/T E1�9.�LD��Z`3
The group specified must correspond to a group of the same designation that is
defined in the statutes, ordinances, rules, regulations, personnel manuals or
other material in effect in the state or locality of the Employer.
2. The Employer hereby waives or reduces the requirement of a twelve (12)
month Period of Service for participation. The required Period of Service shall
be .4,¢ (write NIA if an Employee is eligible to participate upon
emp oyment).
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 4 (not to exceed age 21. Write N/A if
no minimum age is declared.)
VI. CONTRIBUTION PROVISIONS
1. The Employer shall contribute as follows (choose one):
( ) Fixed Employer Contributions With Or Without
Mandatory Participant Contributions.
The Employer shall contribute on behalf of each Participant
% of Earnings/ 4tor the Plan Year(subject to the
limitations of Article V of the Plan). Each Participant is
required to contribute of Earnings
_ rear �' n of artici ation in the
or $ for the Plan as a con ttton o p p
Plan. (Write "0" if no contribution is required.) If Participant
Contributions are required under this option, a Participant shall
not have the right to discontinue or vary the rate of such
contributions after becoming a Plan Participant.
The Employer hereby elects to "pick up" the
Mandatory/Required Participant Contribution.
MPP Adoption Agreement 0325/98 2
Yes No
[:vote to Employer: A determination letter issued to an
adopting Employer is not 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 purposes. 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 des-
ignated as employee contributions, are being paid by the
Employer 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
_% of Earnings for the Plan Year (subject to the limitations
of Article V of the Plan) for each Plan Year that such
Participant has contributed_% of Earnings or S_ Under
this option, there is a single, fixed rate of Employer
contributions, but a Participant may decline to make the
required Participant contributions in any Plan Year, in which
case no Employer contribution 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 determined as follows (subject to the limitations of
Article V of the Plan):
% of the contributions made by the Participant for the
Plan Year (not including Participant contributions exceeding
% of Earnings or S_�:
PLUS % of the contributions made by the Participant for
the Plan Year in excess of those included in the above paragraph
(but not including Participant contributions exceeding in the
aggregate _% of Earnings or S__�
MPP Adoption Agreement 03/25/98
pia - -76
Employer Contributions on behalf of a Participant for a Plan
Year shall not exceed $ or_% 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.
Yes _ No
3. Employer contributions and Participant contributions shall be contributed to
the Trust in accordance with the following payment schedule:
VII. EARNINGS
Earnings, as defined under Section 2.09 of the Plan, shall include:
(a) Overtime
Yes _ No
(b) Bonuses /
✓ Yes No
VIII. LIMITATION ON ALLOCATIONS
If the Employer maintains or ever maintained another qualified plan in which any
—Participant in this Plan is (or was) a participant or could possibly become a participant,
the Employer hereby agrees to limit contributions to all such plans as provided herein,
if necessary in order to avoid excess contributions (as described in Sections 5.02 and
5.03 of the Plan).
l. If the Participant is covered under another qualified defined contribution plan
maintained by the Employer, the provisions of Section 5.02(a) through (f) of
the Plan will apply unless another method has been indicated below.
( ) Other Method. (Provide the method under which the plans will
limit total Annual Additions to the Maximum Permissible
Amount, and will properly reduce any excess amounts, in a
manner that precludes Employer discretion.)
MPP Adoption Agreement 03l25/98 4
2. If the Participant is or has ever been a participant in a defined benefit plan
maintained by the Employer, and if the limitation in Section 5.0 of the Plan
would be exceeded, then the Participant's Projected Annual Benefit under the
defined benefit plan shall be reduced in accordance with the terms thereof to
the extent necessary to satisfy such limitation. If such plan does not provide
for such reduction, or if the limitation is still exceeded after the reduction,
annual additions shall be reduced to the extent necessary in the manner
described in Sections 5.02 and 5.02. The methods of avoiding the limitation
described in this paragraph will not apply if the Employer indicates another
method below.
O Other Method. (Note to Employer: Provide below language
which will satisfy,the 1.0 limitation )f section 415(e) of the
Code. Such language must preclude Employer discretion. See
section 1.415-1 of the Regulations for guidance.)
3. The limitation year is the following 12-consecutive month period: _
.T•9�d.td�/ / — Dc'Zs.�ic9tr•G 3/
IX. VESTING PROVISIONS
The Employer hereby specifies the following vesting schec.ule, subject to (1) the
minimum vesting requirements as noted and (2) the concurrence of the Plan
Administrator.
Years of
Service Percent
Completed Vesting
Zero %
One %
Two %
Three %
Four %
Five %
Six %
Seven %
Eight %
Nine %
Ten %
MPP Adoption Agreement O3/25/98 5
-74 9
X. Loans are permitted under the Plan, as provided in Article XIII:
Yes No
XI. 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.
XII. 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.
XIII. The Employer hereby appoints the ICMA Retirement Corporation as the Plan
Administrator pursuant to the terms and conditions of the ICMA RETIREMENT
CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST.
The Employer hereby agrees to the provisions of the Plan and Trust.
XIV. The Employer hereby acknowledges it understands that failure to properly fill out this
Adoption Agreement may result in disqualification of the Plan.
XV. An adopting Employer may not rely on a determination 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 re-
spect to plan qualification, the Employer must apply to the appropriate key district
office for a determination letter.
In Witness Whereof, the Employer hereby causes this Agreement to be executed on this
day of 19_.
EMPLOYER Accepted: ICMA RETIREMENT CORPORATION
By: By:
Title: Title:
Attest: Attest:
MPP Adoption Agreement 03/25/98 6