2006-045
RESOLUTION NO. 2006-45
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
AVENTURA, FLORIDA ESTABLISHING A MONEY PURCHASE
RETIREMENT PLAN FOR CHARTER SCHOOL DEPARTMENT
EMPLOYEES HIRED AFTER JULY 1, 2006; AUTHORIZING THE
CITY MANAGER TO EXECUTE THE ATTACHED ADOPTION
AGREEMENT BETWEEN THE CITY OF AVENTURA AND 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 Employer 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 employer 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 Vantage 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 BY THE CITY COMMISSION OF THE CITY
OF AVENTURA, FLORIDA, THAT:
Section 1. The City hereby establishes a money purchase retirement plan for Charter
School Department Employees hired after July 1, 2006. Said Plan is established in the form of
the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust, pursuant to
the specific provisions of the Adoption Agreement attached hereto. The Plan shall be
maintained for the exclusive benefit of eligible employees and their beneficiaries.
Section 2. The City hereby agrees to serve as trustee under the Plan and to invest
funds held under the Plan in the Vantage Trust.
- --H"'T-..,.____ - - T--"'--- "_-0.
Resolution No. 2006-45
Page 2
Section 3. The Finance Support Services Director shall be the coordinator for the
Plan; shall receive reports, notices, etc., from the ICMA Retirement Corporation or the Vantage
Trust; shall cast, on behalf of the Employer, any required votes under the Vantage Trust; and
may delegate any administrative duties relating to the Plan to appropriate departments.
Section 4. The City Manager is hereby authorized to execute the attached Adoption
Agreement.
Section 5. That the City Manager is authorized to do all things necessary to carry out
the aims of this Resolution.
Section 6. This Resolution shall become effective immediately upon adoption.
The foregoing Resolution was offered by Commissioner Joel, who moved its adoption.
The motion was seconded by Vice Mayor Weinberg, and upon being put to a vote, the vote
was as follows:
Commissioner Zev Auerbach
Commissioner Bob Diamond
Commissioner Harry Holzberg
Commissioner Billy Joel
Commissioner Michael Stern
Vice Mayor Luz Urbaez Weinberg
Mayor Susan Gottlieb
ves
ves
ves
ves
ves
ves
ves
Resolution No. 2006-~
Page 3
PASSED AND ADOPTED on this 11th day of July, 2006.
~~
"SUSAN GOTTLIEB, MAYOR
APPROVED AS TO LEGAL SUFFICIENCY:
H1~~ ~
CITY ATTORNEY
ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN & TRUST
ADOPTION AGREEMENT
PLAN NUMBER 10-
The Employer hereby establishes a Money Purchase Plan and Trust to be known as
City of Aventura Charter School Department Employee Pla(ihe "Plan") in the form of the
ICMA RC Governmental Money Purchase Plan and Trust.
This Plan is an amendment and restatement of an existing defined contribution money
purchase plan.
Yes
x
No
If yes, please specify the name of the defined contribution money purchase plan which this Plan
hereby amends and restates:
I
Employer:
City of AventurH, Florida
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:
July I, 2006
III Plan Year will mean:
( ) The twelve (12) consecutive month period which coincides with the
limitation year. (See Section 5.03(g) of the Plan)
( ) The twelve (12) consecutive month period commencing on
July I, 2006 and each anniversary thereof.
IV. Normal Retirement Age shall be age 59! (not to exceed age 65).
V. ElIGIB\lI1Y REQUIREMENTS:
1. The following group or groups of Employees are eligible to participate in the
Plan:
All Employees
All Full-Time Employees
Salaried Employees
Non-union Employees
Management Employees
Public Safety Employees
General Employees
x Other (specify below)
Charter School Department employees hired
after July 1, 2006
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 N/A (write N/A if an Employee is eligible to participate upon employment).
If this waiver or reduction is elected, it shall apply to all Employees within the
Covered Employment Classification.
3. A minimum age requirement is hereby specified for eligibility to participate. The
minimum age requirement is N/A (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
7 % of Earnings or $ for the Plan Year (subject to
the limitations of Article V of the Plan). A Participant is required to
contribute (subject to the limitations of Article V of the Plan)
(i) -0- % of Earnings,
(ii) $-0- , or
(iii) a whole percentage of Earnings, as designated by the
Employee in accordance with guidelines and procedures
established by the Employer
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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.
x
Yes
No
[Note to Employer: Neither an IRS advisory letter 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 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. Ruls.
81-35 and 81-36, 1981-1 CB. 255, and 87-10, 1987-1 C.B 136.
Those requirements are (1) that the Employer must specify that
the contributions, although designated as employee contributions,
are being paid by the Employer in lieu of contributions by the
employee; (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; and (3) the required specification of
designated employee contributions must be completed before the
period to which such contributions relate.]
( ) Fixed Employer Match of Participant Contributions.
The Employer shall contribute on behalf of each Participant _0/0
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 _0/0 of Earnings 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):
3
% of the contributions made by the Participant for the Plan
Year (not including Participant contributions exceeding _0/0 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 including Participant contributions exceeding in the aggregate
_0/0 of Earnings or $ ).
Employer Contributions on behalf of a Participant for a Plan Year
shall not exceed $ or _0/0 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
x No
3. Employer contributions and Participant contributions shall be contributed to the
Trust in accordance with the following payment schedule:
Bi-weekly
VII. EARNINGS
Earnings, as defined under Section 2.09 of the Plan, shall include:
(a) Overtime
Yes
x No
(b) Bonuses
Yes
x
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 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.
4
( ) 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.)
2. The limitation year is the following 12-consecutive month period: _
IX. VESTING PROVISIONS
The Employer hereby specifies the following vesting schedule, subject to (1) the
minimum vesting requirements as noted and (2) the concurrence of the Plan
Administrator.
Years of
Service
Completed
Percent
Vestinq
Zero
One
Two
Three
Four
Five
Six
Seven
Eight
Nine
Ten
%
20 %
40 %
60 %
80 %
100 %
%
%
%
%
%
X. Loans are permitted under the Plan, as provided in Article XIII:
Yes
x 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.
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XIII. The Employer hereby appoints the ICMA RC as the Plan Administrator pursuant to the
terms and conditions of the ICMA RC 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 rely on an advisory letter issued by the Internal Revenue
Service as evidence that the Plan is qualified under section 401 of the Internal
Revenue Code.
In Witness Whereof, the Employer hereby causes this Agreement to be executed on this
day of , 2006.
EMPLOYER
ICMA RC
By:
By:
Title:
Title:
Attest:
Attest:
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