2004-013
RESOLUTION NO. 2004-13
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
AVENTURA, FLORIDA AUTHORIZING THE CITY MANAGER TO
EXECUTE THE ATTACHED REVISED ADOPTION AGREEMENTS
AND TRANSMIT SAME TO THE ICMA RETIREMENT
CORPORATION; AUTHORIZING THE CITY MANAGER TO DO ALL
THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS
RESOLUTION; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Aventura has employees rendering valuable services;
and
WHEREAS, in recognition of said valuable services, the City adopted
Resolution No. 96-19 establishing money purchase plans for all full time City
employees; and
WHEREAS, through collective bargaining with its police officers, the City has
agreed to provide a defined benefit retirement plan covering all full-time certified
police officers effective October 1, 2003; and
WHEREAS, the collective bargaining agreement requires that all employees
serving as a City of Aventura Police Officer on October 1, 2000 receive credit for
service prior to October 1, 2003 and that prior service be partially funded by transfer
of all funds accrued in the City's 401(A) plans for said employees being transferred
to the newly created defined benefit plan; and
WHEREAS, it is necessary to amend the ICMA plan numbers 9534 and 9535
to allow for the rollover of funds from the money purchase plans to the newly
created defined benefit plan once the defined benefit plan is fully operational.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF AVENTURA, FLORIDA, THAT:
Section 1: The City Manager is hereby authorized to execute the attached
Revised Adoption Agreement and to transmit same to the ICMA Retirement
Corporation.
Section 2: The City Manager is hereby authorized to do all things necessary
to carry out the aims of this Resolution.
Section 3: This Resolution shall become effective immediately upon its
adoption.
The foregoing resolution was offered by Commissioner Holzberg, who moved
its' adoption. The motion was seconded by Commissioner Cohen and upon being
put to a vote, the vote was as follows:
Resolution No. 2004-....lJ
Page 2
Commissioner Zev Auerbach
Commissioner Ken Cohen
Commissioner Bob Diamond
Commissioner Manny Grossman
Commissioner Harry Holzberg
Vice Mayor Jay R. Beskin
Mayor Jeffrey M. Perlow
yes
yes
yes
yes
yes
yes
yes
PASSED AND ADOPTED this 3rd day of February, 2004.
~-
FREY M. PERLOW, MAYOR
ICMA RETIREMENT CORPORATION
PROTOTYPE MONEY PURCHASE PLAN & TRUST
REVISED ADOPTION AGREEMENT (EITECnVE -l-G-l-m)
10-01-03
Account Number a¡ 5.3 if
The Employer hereby eStableshes'a Money Purchase Plan and Trusc co be known as City of Aven
Fmp 1 nYF>p <; RF>Îi Te>.men Î Plan (me "Plan") en me form of the ICMA Reclremenc
Corporation Pwcocype Money Purchase Plan and Trust.
This Plan is anarnendment and réStateme'nc of an existing deEmed contribution money purchase plan,
0
Yes
0
No
If yes, please'specify the name of the de([ned concr¡bution money purchase plan which this Plan
hereby amends and rescates:
I.
Employer:
City of Aventura
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 Effecdve Dace of me Plan shall be the first day of me Plan Year during which the
Employer adopts the Planc,Jlnless an alternate Effectlve Dace tS hereby spedfied:
71) I c¡ /, J Of q .
Iv.
Plan Year w¡lI mean:
0
The cwelve (12) consecutlve month pecLod whlch colncldes wlth the llmeta'
cion year. (See Sectlon 6.05(t) of the Plan.)
~
The tWelve (12) consecutlve monm period commendng on 10! Oland
each anniversary thereof.
i'\~ 2000"
10-01-03
v.
VL
See Notes
A,B,C & D
Vll.
See Notes
B & C
I
Normal Retirement Age shall be age..52l.L~Mt Co exceed age 65),
ELIGlBlUTY REQUIREMENTS:
1.
The following group or groups of Employees areellglbleto paccldpate In the Plan:
All Employees
All Full-lLme Employees
Salarled Employees
Non-union Employees
Man~gem,ent Employees
Public Safecy Employees
General Employees
X Ocher (s¡Jecify below)
All emD1oyees other than City Manager, Department
Díreccors and Assistant Department Directors.
The group specifled muse cOITe$pOnd co a group of me same destgnatton that ts deflned
In the staCUCeS, ordinances, rules, regulations, personal manuals or other macertalln
effect In the scaCe or locallCY of the Employer.
2.
The Employer hereby waives or reduces che requtremenc of acwelve (12) month
Period of Servlce for participaclon. The requlredPeriod of Servtce shall be N! A
(wrlte N/A if an Employee is eltglble to participace."upon employment).
[f mls watver or reducclon lS elected, it shall apply co all Employees within cJ:..e
Covered Employ;'enc ClasstHcatlon. '
3.
A IDlnimum age requlremencis hereby spedfted for dtgtblllcy to participate, The
mlnimum age requiremenc lS ~ (not to, exceed age 21. Welte N/A If no
minlmum age i5 declared.) .
CONTRIBUTION PROVISIONS
1.
The Employer shall contribute as follows (choose one, if appllcable):
Γ
Fixed Employer Contributions With Or Without Mandatory Participant
Contributions.
13.5% (EFFECTIVE
The Employer shall concribute on behalf of each Parrldpant *~Q of
Eamtngs or $D-..O.Ofor the Plan Year (subjecc CO me llmltatlons of Arclde VI
of the Plan). Each Partlcipant is cequtred CO concribuce...G-....Q. % of Eamlngs
or $:L.Q.Qfoc the Plan Year as a condiclon of parttctpatioel lel me Plan. (Wrlte
"0" If no concribucloel is required.) If Parcldpant Concrlbucloru; are requlred
under this opclon, a Parclclpant shall not have che righc co dlsconcinue or
vary me raCe of such concrlbuctons af¡:¿(becoming a Plan Parcldpanc.
10-1-02)
REVlSED ADOPTION AGREEMENT
(EFFECTIVE ìa=Ôï~Oj
The Employer hereby elects co "plck up" the MandacorylRequired Parclclpant
ContrtbuÜon.
0
Ga
Yes
No
[Note co Employer: Nelcher an OptnlOn leccer lssued by the lnternal
Revenue Secvtce wlm respecc CO the Prococype Pl,an, nor a decermlnatlon
letter lssued to an adopcing Employer i.s a rullng by the Internal Revenue
Secvlce chac ParÜcipant contributlons iliac are pecked up by me Employer aCe
not lncludable In me Parclclpant's gross tncome for federal lncome tax our,
poses. The'Employer may seek such a rullng. .
Plcked up contrtbuÜons are excludable from the ParÖclpant's gross
lncome under secclon 414(h)(2) of me [mernal Revenue Code of 1986 only
tf mey meet the requlremencs of Rev. Rut. 81-35,1981,1 c.B. 255. Those
requlremencs are (1) chac the Employer must spectEr that me contrlbuclons,
although deslgnaced as employee contrlbutlons, are belng pald by the Em,
player in lleu of contrlbuttons by the employee; and (2) the employee musc
nochave me opÜon of recelving the concrtbuced amouncs dtreccly lnstead of
having chern paid by the Employer to the plan.]
0
Fixed Employer Match of Participant Contributions.
The Employer shall contribute on behalf of each Participant _'Yo of Earn-
ings for the Plan Year (subject co the limltaÜons of ArÜcles V and VI of ü'-le
Plan) for each Plan Year char such Partidpant has concributed _'Yo of
Earnings or $_. Under this option, there is a slngle, ftxed race of Em-
ployer concrlbuÜons, but a ParcLdpant may decllneco make che required
Participant contributions in any Plan Year, in which case!no Employerconcrl-
buÜon will be made On the Participant's behalf.in mat Plan Year.
0
Variable Employer Match Of Participant Contributions.
The Employer shall concribure on behalf of each ParÜctpan~ an amOunt de'
termlned as follows (subjecc to the limlcacions of Arttcles V and VI of the Plan):
_% of the Partictpanc concributlons made by me Parcidpanc for
the Plan Year (noc includlng Partlctpanc contdbuciom exceedlng _% of
Earnlngsor$ ); ,
PLUS - % of che concrtbuclons made by che F'arclclpant for the
Plan Year In eXCeSS of chose lncluded In the above paragraph (buc nOt lnclud,
ing ParÜclpanc contribucLons exceeding en ¡he aggregace _% of Earnlngs
or $ )
Employer Concrtbutlons on behalf of a Partklpant for a Plan Year
shall noC exceed $- or _% of Eamings, whlchever is 0 more or "
'0 less.
f""""""TTVI' ¡O-Ol-Ql)
z.
Each Particlpanc may make voluntary (unmatched), after-tax cortCrlbutton, subject to
the limitaclom ,or SeCCton 4,05 and Acclcles V and VI of che Plan.
0 Yes ŒJ No
3.
Employer contrtbutlons and ParÜctpant concrtbuclom shall be co"tdbuted CO che
Trust In accordance wich che followlng paymenc schedule:
Bi-.,.¡eekly
VIII.
EARNINGS
Earnings, as defined under Secrlon 2.09 of che Plan, shall include:
(a) Overtime
0 Yes Q9 No
(b) Bo"uses
0 Yes rRI No
IX. LIMITATION ON ALLOCATIONS
If me Employer (l) malntalns Or eVer malncained anomer qualiEted plan in which any Par,
cicipanc en mls Pl"n ls (or was) a parclcipanc or could posstbly become a parctctpanc, and/or
(¡l) matncaln.5 a welfare beneEtc fund (as defined in seccion 419(e) of the Code) or an indl,
vidual medtcal account (as defined in seccion 4150)(2) of che Code, under whtch amounts
are treated as Annual Addltions wim respecC to any Parctcipant in this Plan) the Employer
, hereby agrees to limtt concributions to all such plans as provided herdn, if "ecessary In order
'co avoid eXCeSS concributtons (as described iI:'. Sections 6.03 and 6.04 of the Plan).
1.
If me Parctctpant is covered under anomer qualified defined concdbucion plan
maintained by the Employer, òcher man a Regional Prototype Plan, the provisions
of Section 6.02(a) mrough (0 of the Plan will apply as if tre ocher plan were a
Master Prototype Plan, unless another me mod hasreen indicac;d below.
0
Ocher Memod. (Provtde me mechod under whtch che plans' will llmic
coca! Annual Addlcions to che Maxtmum PemÜssible Amount, and well
properly reduce any eXCeSS amouncs, in a manner thac precludes Employer
dlscreclon.) "
I
REVISED ADOPTION AGREEMENT
(EFFECTIVE ~*-!-42~ 10-01-03
S.ee Notes
B\~ C
,
/
..'
';
,
,
2.
[f the Participam l.s or has eYer b=n a pardcipanc in a ¿-cflned b:nefìc plan maLl'1'
c:ained by me Employer, and if r::."~ limic:acion In Section 6.04 of me Plan would be
exc=:kd, then the Parddpanc's Projccto:! Annual B=cfic under rhe defino:! DcnÓ1c
plan shan be n:duc..-d in =rda.r~ -.vim ene terms ~=f to me extent ru::=ary to
sacisfy n.d1limic:ation. (f ruch plan docs not provide for such r<:duction, or if rh~
limitation l.s roll c,xcco:h! afu::r the reduction, ==l addttioru shall b: reduced co
the C:::Ct:r\t ClC"-=r"{ in c.\-¡e manner d=ribed in Sc---tioru 6.01 ch.rough 6,.03. The
memo:b of avoiding me lirciradon <k=ibcd in cr,Js para"crraph will noe apply if tIle
Employer indic.a,c:s anNh"r memod Ixlow.
0
Ocher Merhcd. (Nocc to Employer. Provide b:low language which will .l<.risfy
rhe LO limi<:3.cion of=cion 415(e) ofrheCxíe. Such language must
pRelude Employer di.scr-..don. See s.:cdon L415-[ of rhe Reguladoru for
guidance,}
J.
The limiracion year l.s che following 1 2'coruecucivo monrhperiod:
X. VESTING PROVISIONS
The Employor hero by spcclfie.s the following vesting schedule, subjecc co (1) the minimum
vosdng requirement.\ a.s noted and (2) rhe concurrence.o( che Plan AdminLsrra,or,
Yo= of
Servlce,
C'ÆJmfJlotod
Revised Percent Mini~urn
Vesting ,Effective Vesting
1/1/00 ReQlJiromencs"
Specified
Percent
~
Zero ---12-% No minimum
One --ù- % 20¡:: No minimum
Two --e--- % 4.0¡ No minimum
TIu-ce ' Q 0-- % 60¡ Not bs than 20%
Four --40- % 80¡ Not l=iÍ1.an A.(]%
Five ~% 100¡ Not l~;',,'-Can 60%
SLx ---<!-O % 100¡ Nod=< ch.an,80'%,
Seven, or mar<: .."~,,.JÇ2,...'1ó. Musc,;qual1C'J%
(':'These minimum vc:5c\ng r~,Û~~~c:s conform ro me COOe's three co s.:ve~,~':~r vesting
schedule. If che emoloyee IxC4¿cllCD% vesccd by the completion of five years of le,vlce,
rheR is no m"'tmum for years ;'f:ccee and (our,)
" ,
XL
'Loan.s arc p.:rmlrted under the h~,:'as'provided in Arc:icl~ XIV:
0 I Y ~~_..,-,_...- .. G" No
REVISED ADOPTION AGREEMENT (EITECTIVE-J:B--J:---e-r)
10-01-03
Ð
)]1.
XIlI.
XlV.
xv.
XVI.
TCl~ Employer hr::.'1:by at1:~C! ,h.3.t lr i.s a llI\ic of =ce or local gOV<=lm~no or an ag~ncy or
in.s==c:ahri of one or maR units of sorc or local gavc..'11fficm.
The Prococype S¡:onsor h=by agr= üo inform ch.c Emp¡oy~r Of =y a=ndm.:nr:; to c:.'-t~
Plan made pu..r:ruanc co ;:=aon 15.05 of the Pla.'1 Or of me di.scantinuancc or aba.ndo"m~:¡r
of che'Plan.
TIu: Employo:r h=by appoints th~ Prorocypc Sparuor as th~ Plan Administrator pur:;uaht co
me terms and condicions of the ICMA. RETIREMENT CORPORATION PROTOTYPE'
MONEY PVRCHA.SE PLAN & TRUST, '
The Employer h~reby ag-r= to ilie provisions of me Plan and Trust:
T,,~ Employo:r h~reby acknowledges lC ur;d~rstands rhor failure to ¡:rropedy fill our chis
Adoption Ag-reom=r =y rosulcln di.,qualificaeion of tho Plan,
An adopcing Employer m¿y noc rdy on" notification lector issued by the Nar¡onal or
District Ofüce of cho [memal Revenuo Sorvico as evidence rhor rho Plan is qualiflod
under section 401 of tho Imernal Revenue Coda, In order ro obeain rdiance wic:."-
rospecr co plan qualification, cho Employer muse apply co me approprure key disrrlcc
office for a d~c~rminario" lot:cer.
This Adopcion AgrO<:CI'\em may bo used only tn conjunc.tion wich basic Plan documem
numbor 001. '
See NOte D for Rollovers for Certified Police Officers.
',- In,Wim= Wher~of, m~ Employ~r her~b.Y cau= chis Agre~m~nc to be ~x~cured On
~ ~of .
A~c~pte,li)/J¡:Mþ R"ETlREMÇN"fCORPORATION
EMPLOYER r-
By:~
Eric M:-sorõ1<a
'Tlcle.1.~,~, nae
A"~(r" R
~
Actos~".
'4
,.
By:, ~
T,d~: CoCJ?9ra!<:-&'5°eary
,"
\
H~
(EFFECTIVE 10-01-03)
Note A
Note B
Note C
Note D
Notes for Chanqes to Adoption Aqreement
Effective October 1, 2003, no further contributions will be made for those
individuals employed as a certified Police Officer.
For all individuals employed as certified Police Officers prior to October 1,
2000, the individual will be 100% vested as of October 1, 2003. The Director
of Finance Support Services will notify the ICMA Retirement Corporation of
those individuals who meet the vesting requirements.
For all individuals employed as certified Police Officers who began service
with the City as a certified Police Officer after October 1, 2000, the individual
will continue to accrue years of service after October 1, 2003 even though no
contributions are made after that date.
The City is establishing a defined benefit retirement plan known as the City of
Aventura Police Officers Retirement Plan. Once that Plan is fully operational,
all officers meeting the criteria set forth in Note B above, will complete forms
to rollover all money in their 401 account attributable to the City of Aventura
contributions to the new qualified defined benefit plan. All rollover requests
will also be signed by the City Sponsor (Director of Finance Support
Services).
.'
ICMA RETIREMENT CORPORATION
PROTOTYPE MONEY PURCHASE PLAN & TRUST
ADOPTION AGREEMENT
#001 10-01-03
REVISED ADOPTION AGREEMENT (EFFECTIVE ~~~
Account Number CI" C;:, 5
The E~ployer hereby esta?l,shes a Money P~1f1~\f/érl'tdpl.'%hto be known as City of Ave.atur
Dep t. D~re.c tor .& As s ~s t Dep t D~r, Céh~ "Plan") in the form of me ICMA Retlrement
Corporatton Protocype Money Purchase Plan and Trust.
This Plan is an amendment and cescatement of an existing deflned contrlbucion money purchase plan.
0
Yes
~
No
If yes, please spedfy the n.ame of the defined contrlbution money purchase plan which this Plan
hereby amends and restates:
I.
Employer:
CITY OF AVENTURA, FLORIDA
II.
rrocotype Sponsor:
Name:
ICMA Retirement Corporation
Address:
. 777 N. Capitol Street, N.E.
Washington, D.c. 20002-4240
Telephone Number: (202) %2-4600
III.
The Effeccive Date of the Plan shall be me first day of the Plan Year during which the
Employer adopts the Plan, unless an alternate Effective Dace tS hereby specified:
Iv.
Plan Year well mean:
0
The tWelve (12) consecutive monm peelod whlch colnddes wtm the llmlca,
cion year. (See Seccion 6.050) of me Plan.)
~
The tWelve (12) consecutive month pedod commenctng on 10/01 and
each anniversary thereof.
MPP Adoption Agreement 12/23/94
('('1 ê\'
II
v.
Vl.
See Notes
A,B,C & D
Vll.
See Notes
B & C
fJ
Normal Reclrement Age shall be age 9+ 1/ 2(not to exceed age 65).
ELIGlBlLITY REQUIREMENTS:
1.
The following group or groups of Employees are eltgible to partidpate in the Plan:
x
Department
All Employees
All FuU,llme Employees
Salarled Employees
Non,union Employees
Man~gement Employees
Public Safecy Employees
General Employees
Ocher (specify below)
Directors and Assistant
Department Directors
Thegroup spectfied musc correspond co a group of the same deslgnatlon that ls deEmed
in the staruteS, ordinances, rules, regulaclons, personal manuals or ocher matertal in
effect tn the state or locaLLcy of the Employer.
2.
The Employer hereby waives or reduces the requirement of a tWelve (l2) month
Perlod of Service for partldpatton. The required Period of Servlce shall be N / A
(wrtte N/A if an Employe~ is eligtble to participate ,upon employment).
If mls waiver or reducttòn is elected, it shall apply to all Employees within me
Covered Employment Classtftc;atlon.
3.
A mmtmum age requlrement ls hereby speclfied for eligibillcyto particlpate. The
minimum age requirement is --1:l.L.A- (not to exceed age 21. Wrtte N/A if no
mtrÜmum age is declared.)
CONTRIBUTION PROVISIONS
1.
The Employer shall contribute as follows (choose one, if appLLcable):
~
Fixed Employer Contributions 'With Or Without Mandatory Participant
Contributions.
" 13.5% (EFFECTIVE
The Employer shall contribute on behalf of each Participanc..J..L..ll '70 of
Earnings or $.o......o.cfor the Plan Year (subject to me limitations of Article VI
of me Plan). Eåch Parcicipant lS requtred co concribute.....Q..,JL % of Eamlngs
or $JL...Q.fur che Plan Year as a condition of partlclpatlon In me Plan. (Wnte
"0" If nO concrlbution ls requlred.) If Partlcipant Concrlbutlons are required
under chis option. a Parrlcipanc shall not have ,me right CO discontinue or
vary the rate of such contrtbuttons after becoming a Plan Partidpant.
See Note A (attached)
10-1-02)
MPP Adoption Agreement 12/23/94
001-94
MPP ~,.,nntinn ; çr
REvISED ADOPTION AGREEMENT
10-01-03
(EFFECTIVE 1~~~)
The Employer hereby decLS Co "plck up" me Marcdatory{Required Parctcipant
Contributlon.
0
Ð
Yes
No
[Note CO Employer: Nelther an oplnLon letter issued by the Internal
Revenue Servtce wlth respect to the Protocype Plan, nor a determinatton
lecter tssued to an adopting Employer ls a rultng by the Imernal Revenue
Service that Parctdpant concdbuctons that are ptcked up by me Employer are
not lncludable In the PartlCtpanc's gross lncome for federal income ta." pur,
poses. The E,mployer may seek such a rullng.
Ptcked up contrlbuctons are excludable from the Partlctpanc's gross
lncome under sectlOC\ 414(h)(2) of the Imernal ReveC\ue Code of 1986 only
if they meet me requtrement:s of Rev. Rul. 81-35, 1981,1 C.B. 255. Those
requirement:s are (1) that me Employer musc spedfy that the contributions,
almough designated as employee concribuciom, are betng paid by CI1.e Em,
player In [leu of contributions by me employee; and (2) the employee must
nOt have che optloC\ of receiving the contributed amounts direcdy instead of
having them paid by me Employer to the plan.]
0
Fi."Ced Employer Match of Participant Contributions.
The Employer shall contribute on behalf of each Participant _% of Earn-
ings for the Plan Year (subject to me limtcacions of Articles V and VI of the
'Plan) for each Plan Year mat such Parctcipanc has contributed _% of
Earnings or $_. Under this option, mere is a single, flxed rate of Em-
ployer concribuctons, but a PanicLpant may decllne to make the required
Partictpanc contribuctons in any Plan Year, in which case no Employer contri-
bution will be made on the Participant's behalf tn that Plan Year.
0
Variable Employer Match Of Participant Contributions.
The Employer shall contribute on behalf of each Particlpant an amount de'
termined as follows (subject to the limitations of Articles V and VI of the Plan):
_% of the Partldpanc contributlons made by the Parclcipam for
me Plan Year (noc includlng Parctclpant contrtbutions exceeding _% of
Eamlngs or $ );
PLUS - % of che concriburiom made by che Parctdpanc for the
Plan Year In eXcess of chose included tn the above paragraph (but not lnclud-
Lng Parclctpant coC\trtbutlons exceedlng tn the aggregate - % of Earnings
or $ ).
Employer Concributloru on behalf of a Parcldpam for a Plan Year
shall noC exceed $- or - % of Eamlngs, whlchever ls 0 moce or
.0 less.
l'lntl?I"</QA
REVISED ADOPTION AGREEMENT
,-------.- -~.~~cr'-} ",u-u"'-UJ
z.
Each ParÜctpanc may make voluncary (unmatched), afœ¡-cax co[mlbuClOrl, subjecc to
the limitations of Section 4,05 and Articles V and VI of the Plan.
0 Yes G x No
3.
Employer contributions and Parclctpanc contrtbucions shall be contributed co the
Trust in accordance with the followtng paymenc schedule:
Bi-weeklv
VIII.
EARNINGS
Earnings, as deftned under Sectlon 2.09 of the Plan, shall tnclude:
(a) Overtime
0 Yes
(b) Bonuses
0 Yes
IX. LIMITATION ON ALLOCATIONS
£J.
No
:@
No
If the Employer ([) maintains or eVer matncained another qualified plan In whlch any Par-
cicipant tn this Plan lS (or was) a partictpanc or could posstbly become a parclclpant, and/or
(li) maincalns a welfare beneEtt fund (as deftned in section 419( e) of the Code) or an indi,
vidual medtcal accounc (as defined tn section 415(l)(2) of me Code, under whlch amounts
are treated as Annual Addiclons wtth'respect to any Participant in this Plan) the Employer
hereby agrees to limit contributLons to all such plans as provided hereln, ¡f neCessary In order
to avold excess contributions (as described In Sections 6.03 and 6.04 of the I;'lan).
1.
If the Parclcipanc is covered under another qualified defined contribucton plan
maintained by the Employer, otherchan a Regional Prototype Plan; the provisions
of Section 6.02(a) mrough (f) of me ,Plan will apply as if.me ocher plan Were a
Master Prototype Plan, unless another method ,has been indicatëd below.
0
Ocher Memod. (Provlde the m~thod under which the plans'willilmic
total Annual Additions co the Maximum Permlsstble Amount, and will
properly reduce any eXCesS amounts, tn a manner chat precludes Employer
discreclon.)
9
MPP Adoption Agreement 12/23/94
001-94
REVISED ADOPTION AGREEMENT
(EFFECTIVE ..l.!.ì.=L:JJ1.) 10-01-03
z.
If me ParcicLpant es or has ever been a ~arttcLpanc en a ceflned benefLt ~lan maln,
calned by che Employer, and If me ltmitaclon In SeccloC\ 6.04 of the Plan would be
exceeded, then the Parclclpant's Project~d Annual ßenettc under che defened beneflr
'plan shall be reduced ln accordance wlm me tew.s thereof co the excent necessary co
sattsfy such lemecaclon. If such plan does not provlde tor such reductlon, or ef the
ltmlcacion Ls stell exceeded afc~r the reducclon, annualaddecloC\S shall be reduced to
me e:ctenC necessary In che manner described In SeccloC\S 6.01 through 6.03, The
memods of avotdlng the llmecaclon descrebed tn thls paragraph wlll not apply tf c;.\e
Employer indlcates another method below.
0
Ocher Method, (Note co Employer: Provide below language whlch well sactsfy
the 1.0 llmicaclon of section 415( e) of me Code. Such language musc
preclude Employer dtscreclon. See sectlon 1.415,1 of the RegulatloC\S for
guldance.)
J.
The llmlcaclon year lS the followlng 12-consecuttve month period:
x.
VESTING PROYISIONS
The Employer hereby specifees the followlng vesclng schedule, subject to(l) the minimum
vesting requlrements as noted and (2) the concurrence of the Plan Admlnlscrator.
Years of
Service
Comoleced
Specifled
Percenc
Vesttn~
Mlnlmum
Vescing
Reoulrements**
Zero
One
Two
Three
Four
Five
Slx
Seven, or more
~%
~%
~%
--1QQ... %
..........1QQ.. %
~%
~%
~%
I:
No minimum
No mlnimum
No mlnlmum
Noe less than 20%
Noc les.s than 40%
Noe less than 60%
Noc less than 80%
Must equal 100%
'/
("These mtnlmum vesclng requlrements conform eo che Code's chree co seven year vestlng
schedule, If the employee becomes 100% vested by the com~leceon of flve years of servlce,
mere ls no mlnimum for years three and four.)
XI.
Loans are permltted under the Plan, as provlded In Arclde XIV:
--- @
'!
,-_.."..,..,.
"'---""--'"
Yes
0
No
MPP Adoption Agreement 12/23/94
)II:!!!!!
Xl!.
XII!.
XIV
xv.
XVI.
,u<t.1..1J.'/J:.-:tT=t=i,~)
10-01-03
REVISED ADOPTION AGREEMENT
Tt\e Employer hereby aecem chat 'le is a unit of state or local government or an agency or
ln5erumencalicy of one or more unlcs of seate or local govemmenc.
The Protocype Sponsor hereby agreeS to ¡Norm the Employer of any amendments to the
Plan made pursuant co Sectton lS.OS of the Plan or of c.\.¡,e dlseonttnuanCe or abandonment
of the Plan.
The Employer hereby appolnts c.1.e Protoeype Sponsor as c.'te Plan Adml."'Üstraeor Qursuant co
c.r.e terms and cor\diclons of c.!ce LCMA RETLREMENT CORPORATION PROTOTYPE
MONEY PURCH..A.SE PLAN & TRUST.
The Employer hereby agrees to me provtstons of c.!ce Plan and Trusc.
The Employer hereby acknowledges le underseands mac fallure to properly flU oue mls
AdopclO'Í=I Agreemenc may resulc in disquallEtcaclon of the Plan,
An adopcing Employer may noc rely On a nocifLcactor\ leeter Lssued by c.!ce Nacional or
District Ofnce of the Intemal Revenue Secvtce as evidence that me Plan l.s quallfled
under SecctOn 40 l of the [ncema[ Revenue Code. In order co obealn rdtance Wtth
respect CO plan quallficacion, me Employer musc apply co me appropciate key dlscricc
offLce for a determinacion letter.
This Adopclon Agreement may be used only Ln conjuncclon with baste Plan documenc .
number 001. "
See NbteD for Rollovers of Certified Police officers..
[n Wimess Whereof, the Employer hereby CaUseS this Agreement to be executed on
thls day of' ,19_,
EMPLOY
By: - ~ - .--
EriE M.. Soroka
TLcle: ~.ct:-:n.f!g~r -
A~u '
D
Accepted: LØM.A. RETIREMEJ)I;¡"'CORPORATION
By:-
--
TLcle: Corporate)3~r:r~b'Y
Acres-'
Note A
Note B
Note C
Note D
Notes for Chanqes to Adoption Aqreement
Effective October 1, 2003, no further contributions will be made for those
individuals employed as a certified Police Officer.
For all individuals employed as certified Police Officers prior to October 1,
2000, the individual will be 100% vested as of October 1, 2003. The Director
of Finance Support Services will notify the ICMA Retirement Corporation of
those individuals who meet the vesting requirements.
For all individuals employed as certified Police Officers who began service
with the City as a certified Police Officer after October 1, 2000, the individual
will continue to accrue years of service after October 1, 2003 even though no
contributions are made after that date.
The City is establishing a defined benefit retirement plan known as the City of
Aventura Police Officers Retirement Plan. Once that Plan is fully operational,
all officers meeting the criteria set forth in Note B above, will complete forms
to rollover all money in their 401 account attributable to the City of Aventura
contributions to the new qualified defined benefit plan. All rollover requests
will also be signed by the City Sponsor (Director of Finance Support
Services).