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HomeMy WebLinkAboutResolution 2006-13RESOLUTION NO. 2006-13 A RESOLUTION OF THE CITY OF CAPE CANAVERAL, FLORIDA, ESTABLISHING A DEFERRED COMPENSATION PLAN; PROVIDING FOR EXECU'T'ION OF TRUST JOINDER AGREEMENT; PROVIDING FOR ADOPTION OF DEFERRED COMPENSATION PLAN; PROVIDING FOR ACKNOWLEDGEMENT OF MASTER TRUSTEES; PROVIDING FOR EXECUTION OF AN ADOPTION AGREEMENT; PROVIDING FOR ABIDING BY TERMS AND ACCEPTANCE OF SERVICES; PROVIDING FOR TERMINATION OF PARTICIPATION; PROVIDING FOR ACKNOWLEDGEMENT REGARDING ASSETS; PROVIDING FOR APPROVAL BY MASTER TRUS'T'EES; PROVIDING FOR FULL FORCE AND EFFECTIVENESS; PROVIDING FOR REPEAL OF CONFLICTING RESOLUTIONS; AND PROVIDING AN EFFECTIVE DA'Z'E. WHEREAS, the City of Cape Canaveral, Florida, (hereinafter referred to as the "Participating Employer ") has determined that in the interest of attracting and retaining qualified employees, it wishes to offer a deferred compensation plan; WHEREAS, the Participating Employer has also determined that it wishes to encourage employees' saving for retirement by offering salary reduction contributions; WHEREAS, the Participating Employer has reviewed the Florida Municipal Pension Trust Fund ( "FMPTF ") Deferred Compensation Plan ( "Plan "); WHEREAS, the Participating Employer wishes to participate in the Plan to provide certain benefits to its employees, reduce overall administrative costs, and afford attractive investment opportunities; WHEREAS, the Participating Employer is an Employer as defined in the Plan; WHEREAS, the Participating Employer shall execute a Trust Joinder Agreement to become a party to the FMPTF Master Trust Agreement as a condition of participating in the Plan; WHEREAS, the Participating Employer shall execute an Adoption Agreement for the Plan; and WHEREAS, the Cape Canaveral City Council is authorized by law to adopt this resolution approving the Trust Joinder Agreement and the Adoption Agreement; Therefore, the City of Cape Canaveral, Florida hereby resolves: Section 1. The Participating Employer authorizes the execution of the Trust Joinder Agreement for the Participating Employer to become a party to the FMPTF Master Trust Agreement. The FMPTF Master Trust Agreement, as may be amended by the Master Trustees of the FMPTF Deferred Compensation Plan ( "Master Trustees "), shall be attached to and made - a part of the Trust Joinder Agreement. Section 2. The Participating Employer adopts the FMPTF Deferred Compensation Plan for its Employees. The Plan, as may be amended by the Master Trustees, is attached hereto as Exhibit I and is made a part of this Resolution. Section 3. The Participating Employer acknowledges that the Master Trustees are only responsible for the Plan and have no responsibility for other employee benefit plans maintained by the Participating Employer. Section 4. The Participating Employer hereby adopts the terms of the Adoption Agreement, which is attached hereto as Exhibit 2 and is made a part of this Resolution. The Adoption Agreement sets forth the Employees to be covered by the Plan, the benefits to be provided by the Participating Employer under the Plan, and any conditions imposed by the Participating Employer with respect to, but not inconsistent with, the Plan. The Participating Employer reserves the right to amend its elections under the Adoption Agreement, so long as the ?' amendment is not inconsistent with the Plan, the FMPTF Master Trust Agreement or the Internal Revenue Code or other applicable law and is approved by the Master Trustees of the Plan. SPOtinn 5 (a) The Participating Employer shall abide by the terms of the Plain and the FMPTF Master Trust Agreement, including amendments to the Plan and the FMPTF Master Trust Agreement made by the Master Trustees, all investment, administrative, and other service agreements of the Plan and the FMPTF Master Trust Agreement, and all applicable provisions of the Internal Revenue Code or other applicable law. (b) The Participating Employer accepts the administrative services to be provided by Florida League of Cities, Inc. and any services provided by a service manager as delegated by the Master Trustees. The Participating Employer acknowledges that fees will be imposed with respect to the services provided and that such fees may be deducted from the Participating Employees' accounts. Section 6. (a) The Participating Employer may terminate its participation in the Plan, if it takes the following actions: (i) A resolution must be adopted terminating its participation in the Plan. City of Cape Canaveral, Florida Resolution No. 2006 --1 Pnap 9 of L (ii) The resolution must specify when the participation will end. The Master Trustees shall determine whether the resolution complies with the Plan, the FMPTF Master Trust Agreement, and all applicable federal and state laws, shall determine an appropriate effective date, and shall provide appropriate forms to terminate ongoing participation. However, distributions under the Plan of existing accounts to Participating Employees will be made in accordance with the Plan. (b) The Participating Employer acknowledges that the Plan and the FMPTF Master Trust Agreement contain provisions for involuntary Plan termination. Section 7. The Participating Employer acknowledges that all assets held in connection with the Plan, including all contributions to the Plan, all property and rights acquired or purchased with such amounts and all income attributable to such amounts, property or rights shall be held in trust for the exclusive benefit of Participating Employees and their Beneficiaries under the Plan. No part of the assets and income of the Plan shall be used for, or diverted to, purposes other than for the exclusive benefit of Participating Employees and their Beneficiaries and for defraying reasonable expenses of the Plan. All amounts of compensation deferred pursuant to the Plan, all property and rights acquired or purchased with such amounts and all income attributable to such amounts, property or rights held as part of the Plan, shall ' be transferred to the Master Trustees to be held, managed, invested and distributed as part of the Master Trust Fund in accordance with the provisions of the Plan and the FMPTF Master Trust Agreement. All contributions to the Plan must be transferred by the Participating Employer to the Master Trust Fund. All benefits under the Plan shall be distributed solely from the Master Trust Fund pursuant to the Plan. Section 8. This Resolution, the Trust Joinder Agreement and the Adoption Agreement shall be submitted to the Master Trustees for their approval. The Master Trustees shall determine whether the Resolution complies with the Plan and the FMPTF Master Trust Agreement, and, if it does, shall provide appropriate forms to the Participating Employer to implement participation in the Plan. The Master Trustees may refuse to approve an Adoption Agreement by an Employer that does not have proper authority to participate in the Plan. The Cape Canaveral City Council hereby acknowledges that it is responsible to assure that this Resolution, the Trust Joinder Agreement and the Adoption Agreement are adopted and executed in accordance with the requirements of applicable law. Section 9. This Resolution shall remain in full force and effect until supplemented, amended, repealed or otherwise altered. Section 10. This Resolution hereby repeals all resolutions in conflict herewith. Section 11. This Resolution shall become effective immediately upon its adoption. Adopted by the City Council, City of Cape Canaveral, Florida on April 4th, 2006. City of Cape Canaveral, Florida Resolution Nos 2006 -r13 Page 3 of 4 I c L u cJJk ce ATTEST', :∎i, , Rocky Randels, Mayor ' .i "'", Name ',,�:•,' Yes No z . :an" Robert Hoog X Susan . I , ' , Clerk : — James Morgan Second Leo Nicholas X Buzz Petsos Motion Appr to Form: Rocky Randels X Anthony A. Garganese, City Attorney cv City of Cape Canavral, Florida Resolution No. 2006-13 Page 3 of 4 TRUST JOINDER AGREEMENT FOR DEFERRED COMPENSATION PLANS UNDER FLORIDA MUNICIPAL PENSION TRUST FUND MASTER TRUST AGREEMENT THIS TRUST JOINDER AGREEMENT, between the City of Cape Canaveral, Brevard County, Florida (herein referred to as the "Participating Employer") and the Master Trustees of the Florida Municipal Pension Trust Fund (herein referred to as the "Master Trustee"). WITNESSETH: WHEREAS, the Participating Employer desires to provide a deferred compensation plan for the sole and exclusive benefit of its Participating Employees and their Beneficiaries, and for such purposes adopted Resolution No. 2006-13 on the 4th day of April, 2006, providing for the establishment of a deferred compensation plan; WHEREAS, said Resolution authorizes participation in the Florida Municipal Pension Trust Fund ("FMPTF") and further authorizes the execution of this Trust Joinder Agreement to become a party to the FMPTF Master Trust Agreement; and WHEREAS, the Participating Employer desires to submit this Trust Joinder Agreement to the Master Trustee to become a party to the FMPTF Master Trust Agreement; THEREFORE, in consideration of the mutual covenants and agreements flowing to each of the parties hereto, it is agreed as follows: Both parties to this Trust Joinder Agreement agree that the City of Cape Canaveral, Brevard County, Florida is a Participating Employer as provided in the Florida Municipal Pension Trust Fund Master Trust Agreement ("Master Trust Agreement"). 1. As provided in the plan provisions selected by the Participating Employer, the Participating Employer shall make timely contributions or shall timely forward contributions made by Participating Employees for the deferred compensation plan. 2. The Participating Employer agrees to provide all initial and update all relevant Participating Employee information required under the deferred compensation plan to the Administrator designated by the Master Trustee. The Participating Employer shall certify said information to be correct to the best of its knowledge and the Master Trustee and the Administrator shall have the right to rely on the accuracy of said information in performing contractual responsibilities. 3. The Participating Employer has the responsibility to provide the Administrator designated by the Master Trustee, in a timely manner, all information concerning Participating Employee termination. The Participating Employer shall certify said information to be correct to the best of its knowledge and the Master Trustee and the Administrator shall have the right to rely on the accuracy of said information in performing contractual responsibilities. 4. The parties to this Trust Joinder Agreement agree to abide by and be bound by the terms, duties, rights and obligations of the parties as set forth in the Florida Municipal Pension Trust Fund Master Trust Agreement, as may be amended by the Master Trustees, which is attached hereto and is made a part of this Trust Joinder Agreement. 5. Either party may terminate this Trust Joinder Agreement by giving at least 60 days notice in writing to the other party. Any termination shall be governed by the provisions of the Florida Municipal Pension Trust Fund Master Trust Agreement and the plan document for the deferred compensation plan. IN WITNESS WHEREOF, the Participating Employer has caused this Trust Joinder Agreement to be executed and the signature of its authorized officer affixed this 4th day of April, 2006. CITY OF CAPE CANAVERAL BY: Signature SP-r•St .s Rocky Raridels, Mayor ATTEST: �.? Assista?t City Clerk DATE: LoZi, FLORIDA MUNICIPAL PENSION TRUST FUND BY: Secretary - Treasurer Florida Municipal Pension Trust Fund 457(b) Deferred Compensation Plan Adoption Agreement Please tell us about the Participating Employer: Name of Government Entity City of Cape Canaveral Address 105 Polk Avenue Address P. O. Box 326 City-State-Zip Cape Canaveral, FL 32920 Individual to Receive Plan Notices fxmcmdWkx Bennett Boucher Title ntFaXan City Manager Telephone 321-868-1230 Fax 321-868-1248 e-mail oucher-cape@ cfl.rr.com Your Plan Administrator is: Florida League of Cities, Inc. 301 S. Bronough Street P.O. Box 1757 Tallahassee, Florida 32302 Phone: (850) 222-9684 Fax: (850) 222-3806 Contact: Paul Shamoun, Retirement Services Manager, PTShamounfIcities.com Plan Provisions The Participating Employer will use FMPTF's § 457(b) Deferred Compensation Plan. For any Plan choice that this Adoption Agreement fails to specify, the Participating Employer is deemed to have specified the first-displayed choice. Your Plan Year is: October 1 — September 30 Payroll Periods The payroll period of the Participating Employer is: 1 weekly bi-weekly 1 semi-monthly monthly other [specify]: © Florida Municipal Pension Trust Fund Florida League of Cities, Inc. Florida Municipal Pension Trust Fund § 457(b) Deferred Compensation Plan Adoption Agreement Who's eligible? Covered Departments A Participating Employer may cover all of its departments in the Plan or only those listed: II All Departments I I Covered Departments (must specify) Any Employee from a covered department (and any natural person or independent contractor who is an elected or appointed official or officer) is eligible to make § 457(b) Plan deferrals from his or her wages or fees paid by the Participating Employer. An Employee is eligible to begin participation immediately upon enrollment into Plan by completing the required documents. Changing and Terminating this Adoption Agreement If a Participating Employer desires to amend any of its elections contained in this Adoption Agreement, the Participating Employer by official action must adopt an amendment to the Adoption Agreement or a new Adoption Agreement must be adopted and forwarded to the FMPTF for approval. This Adoption Agreement may be terminated only in accordance with the Plan. Adopting the Plan By signing below, the Participating Employer adopts the FMPTF 457(b) Deferred Compensation Plan ("Plan"). The Participating Employer acknowledges that it received a copy of the Plan. The Participating Employer shall receive copies of any Plan amendments made by the FMPTF. The Participating Employer's signer represents that he or she is a proper officer of and has authority to enter into this Adoption Agreement as an obligation of the Participating Employer. CITY OF CAPE CANAVERAL BY: Date: April 26, 2006 ® _ Rocky Randels, MayoF Accepted for the: Florida Municipal Pension Trust Fund By the Administrator: Florida League of Cities, Inc Date: