The URL can be used to link to this page

Home My WebLink AboutR-00-58 RESOLUTION NO. R-OO-58 A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, PERTAINING TO PENSIONS, ESTABLISHING A MONEY PURCHASE RETIREMENT PLAN WITH THE ICMA RETIREMENT CORPORATION, PROVIDING FOR AN EXECUTION OF A DECLARATION OF TRUST OF THE ICMA RETIREMENT TRUST, DESIGNATION OF CITY TO SERVE AS TRUSTEE, AND DESIGNATION OF THE DIRECTOR OF FINANCE TO SERVE AS COORDINATOR AND SIGNATORY ON ALL DOCUMENTS NECESSARY TO ADMINISTER THE TRUST; PROVIDING FOR REPEAL OF RESOLUTIONS OR PARTS OF RESOLUTIONS IN CONFLICT HEREWITH; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Sebastian adopted prior resolutions establishing a deferred compensation plan to be administered by the ICMA Retirement Trust; and WHEREAS, City staff researched additional retirement vehicles pursuant to the CW A contract and found the Internal Revenue Code (IRC) 401a plan to be an alternative to the IRC 457b; and WHEREAS, the CW A employees elected not to participate in an alternative retirement vehicle, however, all other non-union employees did elect to participate; and WHEREAS, the City desires that its money purchase plan be administered by the ICMA Retirement Corporation and that the funds and that the funds held under such plan be invested in the ICMA Retirement Trust, a trust established by public employers for the collective investment of fund held under their retirement and deferred compensation plans, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, that: Section 1. ESTABLISH MONEY PURCHASE RETIREMENT PLAN. The City of Sebastian hereby establishes a money purchase retirement plan (the "Plan") in the form of The ICMA Retirement Corporation Prototype Money Purchase Plan and Trust, pursuant to the specific provision of the Adoption Agreement (copy attached hereto). Section 2. DECLARATION OF TRUST. The City hereby authorizes the City Manager to immediately execute the Declaration of Trust of the ICMA Retirement Trust, attached hereto, intending this execution to be operative with respect to any retirement or deferred compensation plan subsequently established by the City, if the assets of the plan are to be invested in the ICMA Retirement Trust. Section 3. TRUSTEE. The City hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in the ICMA Retirement Trust. Section 4. PLAN COORDINATOR. The Director of Finance shall be the coordinator of the Plan; shall receive necessary reports, notices, etc., from the ICMA Retirement Corporation or the ICMA Retirement Trust; shall cast, on behalf of the City, any required votes under the ICMA Retirement Trust; and may delegate any administrative duties relating to the Plan to appropriate departments. The City further authorizes the Director of Finance, as Plan Coordinator, to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the Plan. Section 5. CONFLICT. herewith are hereby repealed. All resolutions or parts of resolutions ill conflict Section 6. EFFECTIVE DATE. This resolution shall retroactively take effect on October 1,2000. The foregoing Resolution was moved for ad?:ytion by Conncilmember 1/u The motion was seconded by Councilmember ~('J1 L and, upon being put into a vote, the vote was as follows: Mayor Walter Barnes Councilmember James Hill Councilmember Joe Barczyk Councilmember Ben A. Bishop Councilmember Edward J. Majcher, Jr. ~~ ~ The Mayor thereupon declared this Resolution duly passed and adopted this 11 th day of October, 2000. CITY OF SEBASTIAN, FLORIDA By: fA)' 'b . It 'v ~ '- ~/'vfi.s..P Walter Barnes, Mayor ATTEST: ~t2l71~ SallyMa' , CMC City Clerk Approved as to form and legality for the reliance Of the City of Sebastian only: ~) I (I K./ I I,. v" ( "tJ'" . I ""- Rich Stringer, City AttOrney ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT #001 Account Number The City of Sebastian hereby establishes a Money Purchase Plan and Trust to be known as The City of Sebastian 401a Plan (the "Plan") in the form of the lCMA Retirement Corporation Prototype Money Purchase Plan and Trust. This Plan is not an amendment or restatement of an existing defined contribution money purchase plan. 1. Employer: City of Sebastian n. Prototype Sponsor: Name: lCMA Retirement Corporation Address: 777 N. Capitol Street, N.E. Washington, D.C. 20002-4240 Telephone Number: (202) 962-4600 m. The Effective Date of the Plan shall be October 1,2000. IV. Plan Year will mean the twelve (12) consecutive month period commencing on October 1, and each anniversary thereof. V. Normal Retirement Age shall be 65 years of age. VI. ELIGIBILI1Y REQUIREMENTS: 1. The following groups of Employees are eligible to participate in the Plan: a. All Exempt Salaried Employees not covered by a labor agreement. b. Charter Officers 2. The group of employees as defined above shall be eligible to participate upon employment. 3. The minimum age requirement is hereby specified as 18 years of age for eligibility to participate in the plan. VIT. CONTRIBUTION PROVISIONS 1. The City of Sebastian shall contribute as follows: Fixed Employer Contributions Without Mandatory Participant Contributions. The City of Sebastian shall contribute on behalf of each participant 9% of Earnings for the Plan Year (subject to the limitations of Article VI of the Plan). 2. Each participant may not make voluntary (unmatched), after-tax contribution, subject to the limitations of Section 4.05 and Articles V and Vi of the Plan. 3. City of Sebastian contributions shall be contributed to the Trust on a bi-weekly basis. VIII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include bonuses. IX. LIMITATION ON ALLOCATIONS The limitation year is the 12-consecutive month period beginning January 1, and ending December 31. X. VESTING PROVISIONS Contributions by the City of Sebastian are immediately vested to the participant. XI. Loans shall not be permitted under the Plan, as provided in Article XN. XII. The City of Sebastian hereby attests that it is a unit of local government. xm. The Prototype Sponsor hereby agrees to inform the City of Sebastian of any amendments to the Plan made pursuant to Section 15.05 of the Plan or of the discontinuance or abandonment of the Plan. XN. The City of Sebastian hereby appoints the Prototype Sponsor as the Plan Administrator pursuant to the terms and conditions of the ICMA RETlREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST. XV. The City of Sebastian hereby aclrnowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. XVI. The City of Sebastian 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 Intemal Revenue Code. In order to obtain reliance with respect to plan qualification, the City of Sebastian must apply to the appropriate key district office for a determination letter. In Witness Whereof, the City of Sebastian hereby causes this Agreement to be executed on this 1st day of Oc ber,2000. Accepted: ICMA RETIREMENT CORPORATION By: Title: Corporate Secretary Attest: .)n~ A fi/t- . (rLt 0 Attest: