2000-012RESOLUTION NO. 2000-12
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA AUTHORIZING THE CITY
MANAGER TO EXECUTE THE ATTACHED ICMA
RETIREMENT CORPORATION PROTOTYPE MONEY
PURCHASE PLAN & TRUST REVISED ADOPTION
AGREEMENT AND PROVIDE FOR TRANSMITTAL 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, City staff and the City Manager recommend that the provisions
contained in Plan No 9534 covering employees other than the City Manger and
Department Directors and Assistant Department Directors be revised to reflect a more
favorable vesting schedule; and
WHEREAS, the City Commission concurs with said recommendation.
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 ICMA
Retirement Corporation Prototype Money Purchase Plan & Trust Revised Adoption
Agreement and provide for transmittal 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 Rogers-Libert,
Resolution 2000- [_._~
Page 2
who moved
its adoption. The motion was seconded by Commissioner
and upon being put to a vote, the vote was as follows:
Commissioner Jay Beskin yes
Commissioner Ken Cohen yes
Commissioner Harry Holzberg 3,es
Commissioner Jeffrey Perlow 3,es
Commissioner Patricia Rogers-Libert yes
Vice Mayor Arthur Berger 7es
Mayor Arthur I. Snyder yes
ARTHUR L SN~DE~, MAYOR
AT'~.?//E ST: ,
TERESA, M. ~0~, CMC, Cl~ CLERK
APPROVED AS TO LEGAL SUFFICIENCY:
CITY ATTORNEY
PROTOTYPE MONEY PURCHASE PLAN &TRUST
REVISED ADOPTION AGREEMENT
Account Number q 5 ES Of
The Employer hereby establishes a Money Purchase Plan and Trust to be known as C±ty of Avert!
I~.mpl oyee.~ Retirement Plan (the "Plan") in ~e form of the IC~ Retirement
~mtion Protow~ Money Purcha~ Plm and Trust.
~ P~ ~ ~ mendment ~ rmmtement of ~ ex~t~ defm~ con=ibution money pur~ plan.
~ %s ~ No
If yes, please s~ciO ~e name of ~e defined contribution money purch~e plan which this Plan
hereby amends and restates:
III.
IV.
Employer:
Prototype Sponsor:
Name:
Address:
Telephone Number:
City of Aventura
ICMA Retirement Corporation
777 N. Capitol Street, N.E.
Washington, D.C. 20002-4240
(202) 962-4600
The Effective Date of the Plan shall be the first day of the Plan Year during which the
~{ loyer adopts the Plan, unless an alternate Effective Date is hereby specified:
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 l0/01 and
each anniversary thereof.
V.
VI.
Normal Retirement Age shall be age 591/2-(not to exceed age 65).
ELIGIBILITY 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)
All employees other than City Manager, Department
Directors and As$±stant Department Directors.
Tl~e group specified must correspond to a group of the same designation that is defined
in the statutes, ordinances, rules, regulations, pemonal manuals or other material in
effect in the state or locality of the Employer.
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.
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.)
VII. CONTRIBUTION PROVISIONS
1. The Employer shall contribute as follows (choose one, if applicable):
Fixed Employer Contributions With Or Without Mandatory Participant
Contributions.
The Employer shall contribute on behalf of each Participant 1.2.0% of
Earnings or $0_ 0~for the Plan Year (subject to the limitatiom of Article VI
of the Plan). Each Participant is required to contribute 0.0 % of Earnings
or $0_ OOfor 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.
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- I 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 % 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 % of
Earnings or $ . Under this option, there is a single, fixed rote 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
).
Employer Contributions on behalf of a Participant for a Plan Year
shall not exceed $. or __% of Earnings, whichever is [~l more or
~ less.
Each Participant may make voluntary (unmatched), after-tax contribution, subject to
the limitations of Section 4.05 and Articles V and VI of the Plan.
IZl Yes t~ No
Employer contributions and Participant contributions shall be contributed to the
Trust in accordance with the following payment schedule:
Bi-weekly
VIII. EARNINGS
IX.
Earnings, as defined under Section 2.09 of the Plan, shall include:
(a) Overtime
Yes ~l No
(b) Bonuses
Yes ~ No
LIMITATION ON ALLOCATIONS
If the Employer (i) maintains or ever maintained another qualified plan in which any Par-
ticipant in this Plan is (or was) a participant or could possibly become a participant, and/or
(ii) maintains a welfare benefit fund (as defined in section 419(e) of the Code) or an indi-
vidual medical account (as defined in section 415(1)(2) of the Code, under which amounts
are treated as Annual Additions with respect to any Participant in this Plan) the Employer
hereby agrees to limit contributions to all such plans as provided herein, if necessary in order
to avoid excess contributions (as described iv. Sections 6.03 and 6.04 of the Plan).
If the Participant is covered under another qualified defined contribution plan
maintained by the Employer, other than a Regional Prototype Plan, the provisions
of Section 6.02(a) through (f) of the Plan will apply as if the other plan were a
Master Prototype Plan, unless another method has t-een 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.)
If the Participant is or l~s ever been a participant in a defined benefit plan main-
mined by the Employer, and ff tile limitation in Section 6.04 of the Plan would be
exceeded, then the Psnicip~t~ Pwjected Annusi Ben~t under the deemed benefit
plan shall be reduced in ~'~'~hnce with the terms thereof to the extent nee_~_sary to
~thfi/such limitation. I/Ich plan doe~ not provide for such reduction, or ff the
limitation is still exceeded after the reduction, annual additions sh~ll be reduced to
the ext~mt necessm-y in the manner described in Sections 6.01 dm~u~h 6.0}. The
methods oir avokl/n~ the limitation described in this paral~ph will not apply if the
Other Method. (No~e to Employcr. Provide below language which will satis~
the 1.0 limitation of section 415(e) of the Co<lc. Such language muse
preclude Employer disc~tion. See section 1.415-1 of the Regulations for
guuJance.)
3. The limitation year is the following 12-consecutive month period:
X. VESTING PROVISIONS
XI.
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 Specified Revised Percent Minimum
Service Percent Vesting Effective Vesting
~ V~t/rm 1 / 1/00 Reauiremenu* *
Zero 0 % No minimum
One --'-~-- % 20% No minimum
Two ---~-- % 40% No minimum
Three ---.g0-- % 601 Not less than 20%
Four --~- % 801 Not lm ~n ~%
Five -~% 100Z Not 1~ ~n ~%
S~ ~-% 100% Not lm ~n ~%
Sev~, or mo~ I~ % M~t e~al 1~
(**These minimum ve~ting requirements conform to the Code's three to seven year vesting
~'tedule. If the employee becomes 100% vested by the completion of five years of service,
thet~ is no minimum for years three and four.)
Loans are permitted under the Plan, as provided in Article XIV:
~l Ye* [~1 No
REVISED ADOPTION AGREEMENT
XII. The Employer he:eby attests that it is a unit of state or local government or an agency or
instrulllen~llWot: o~-~ or l~ote units of stnte or loual government.
Plan made purmant to Section 15.05 of dae Plan or of the discontinuance or abandonment
of the'Pla~
The Employer hereby appoint- the }',ototype Sponsor as the Plan Administrator pursuaht to
d~e tenm and conditions of the ICMA RETIREMENT CORPORATION PROTOTYPE'
MONEY PURCHASE PLAN & TRUST.
The Employer hereby agrees ro the provisions of the Plan and Trust.
The Employer hereby acknowledges it maderstands that failure m properly fill out this
Adoption Agreement may result in disqualification of the Plan.
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 V/imess '~Xlhereof, the Employer here~ causes ~ A~eement to ~ e~ecuted on 'ii, ~/~
By'E~LO~~' . / Accept~:~A gmaT CORm~nON
, _ ~ , ~de: ~mte ~
REVISED ADOPTION AGREEMENT