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HomeMy WebLinkAboutFMPTF 401(a) Adoption Agreement 2001 Florida Municipal Pension Trust Fund § 401(a) Defined Contribution Plan Adoption Agreement Participating Employer: Name of Government Entity City of Cape Canaveral Address P.O. Box 326 Address 105 Polk Ave City-State-Zip Cape Canaveral, FL 32920 Individual to Receive Plan Notices Ms. Andrea Bowers Title City Treasurer Telephone 321-868-1234 Fax 321-799-3170 e-mail Bowers-cape@cfl.n.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 Contacts: Mark Sittig, Retirement Services Manager, 850-224-6779 x276, marksittig@flcities.com Taimmi Jackson, FMPTF Trust Administrator, 850-224-6779 x272 tjackson@flcities.com Plan Provisions The City of Cape Canaveral will use FMPTY's § 401(a) Defined Contribution 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: 1111 October 1 — September 30 0 January 1 — December 31 0 Other © Florida Municipal Pension Trust Fund Florida League of Cities, Inc. Florida Municipal Pension Trust Fund § 401(a) Defined Contribution Plan Adoption Agreement Payroll Periods } The payroll period of the Participating Employer is: ❑ weekly bi- weekly semi - monthly ❑ monthly ❑ other [specify]: Who's eligible? An Employee is eligible to share in Non - elective Contributions and Matching Contributions (to the extent provided under the Plan) if he or she meets all of the following three eligibility conditions: 1. Age condition An Employee is eligible if he or she has attained: X no age requirement age 16 age 18 age 21 2. Service condition An Employee is eligible if he or she has completed: no service requirement months of Eligibility Service _ X _ 1 Year of Eligibility Service X Other: Must work over 1000 hours/year 3. Excluded Employees Every Employee shares in Non - elective Contributions and Matching Contributions except an Employee who belongs to a classification specified below: © Florida Municipal Pension Trust Fund Florida League of Cities, Inc. page 2 '.z Florida Municipal Pension Trust Fund § 401(a) Defined Contribution Plan Adoption Agreement Participating Employer Contributions A Participating Employer may make Non - elective Contributions and/or Matching Contributions as specified below. Non elective Contributions and Matching Contributions that are tied to Payroll Periods (as defined in this Adoption Agreement) must be remitted to the Plan Administrator no later than 15 business days after the Payroll Period. Annual Contributions must be remitted to the Plan Administrator no later than 15 business days after the end of the Plan Year. A Participating Employer may establish different classes of Employees for contribution purposes in this Adoption Agreement. The Participating Employer hereby elects to make Contributions as follows (choose one or both as applicable): II Non - elective Contributions — Participating Employer Non - elective Contributions will be made on the following basis: 7% of employee's compensation ❑ Matching Contributions Matching Contributions are Participating Employer Contributions that may be made to match all or a portion of a Participant's contribution to an eligible 457(b) deferred compensation plan. If the Participating Employer provides Matching Contributions, the amount of Matching Contributions made for a Participant each Plan Year will be (choose only one): [ ] up to % of such Participant's Employee Basic Contributions. [ ] % of the Participant's Employee Basic Contributions, which cannot exceed % of the Participant's Benefit Compensation. [ ] other formula (requires approval from the FMPTF ) Non - elective Contributions and Matching Contributions in the year of termination A Participant shall receive the Employer Contribution during the year of termination regardless of time completed, subject to the vesting schedule. Non - elective Contributions and Matching Contributions will be made: per pay X monthly quarterly once a year © Florida Municipal Pension Trust Fund Florida League of Cities, Inc. page 3 Florida Municipal Pension Trust Fund § 401(a) Defined Contribution Plan Adoption Agreement Benefit Compensation Benefit Compensation means the Participant's: • Benefit Compensation as defined in Provision 3.13 in the Plan Document. • other [specify] ( requires approval from the FMPTF) Vesting for Participating Employer Non-elective Contributions and Matching Contributions A Participating Employer may establish a vesting schedule for Participating Employer Non- elective Contributions and Matching Contributions. This means that if the Participant leaves the Participating Employer's employment prior to completing a specified minimum period of service (not to exceed 5 years), the Participant forfeits the Participating Employer's Non-elective Contributions and Matching Contributions. However, upon Death, Disability, or the Termination of the Plan, the Participant is 100% vested in the Participant's Participating Employer Non- elective Contributions and Matching Contributions, notwithstanding any vesting schedule. If a vesting schedule is established, it is the Participating Employer's responsibility to calculate the Participants service and report it to the Plan Administrator. The Participating Employer hereby elects the following: A Participant becomes Vested in his or her Plan Account according to: Ell immediate vesting III the schedule marked below Vested percentage Years of Vesting Service [ ] [ ] [ 1 [X] [ 1 20% 0% 2 0% 0% 40% 25% 3 100% 0% 60% 50% 4 **** 0% 80% 75% 5 **** 100% 100% 100% 6 **** **** **** **** 7 **** **** **** **** © Florida Mtmicipal Pension Trust Fund Florida League of Cities, Inc. page 4 Florida Municipal Pension Trust Fund § 401(a) Defined Contribution Plan Adoption Agreement Unless otherwise specified above, the vesting period will begin on the Participant's first day of employment as an Eligible Employee. In addition, unless otherwise indicated above, Eligible Employees who are employed on the date the Plan is adopted by the Employer will be given credit for prior service as an Eligible Employee for purposes of satisfying the vesting schedule. Also, unless otherwise provided above, different periods of service as an Eligible Employee will be added together in determining whether the vesting period has been satisfied. Restated Plan - If this is a Restated Plan to an existing defined contribution plan and the Vesting Schedule has been amended by this Restated Plan, enter the pre - amended vesting schedule below: a. Years of Service Percentage Years of Service Percentage Less than 4 years 0% 7 yrs _ 70 % 4 yrs _ 40% _ 8 yrs 80% 5 yrs _ 50 % 9 yrs _ 90 % 6 yrs 60 % 10 or more yrs _ 100 % b. Schedule has not been amended. Years of Vesting Service A year of vesting service shall be measured from the Participant's date of hire. The completion of twelve calendar months from the date of hire shall count as a year of vesting service. Any years of vesting service credited from prior years shall remain credited, regardless of revised provisions. Forfeitures Forfeitures shall be held in a Forfeiture Account and be used to reduce future Participating Employer Contributions. © Florida Municipal Pension Trust Fund Florida League of Cities, Inc. page 5 $ Florida Municipal Pension Trust Fund § 401(a) Defined Contribution Plan Adoption Agreement 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 401(a) Defined Contribution 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 auth . . • to enter into this Adoption Agreement as an obligation of the Participating Employer. Participating Employer Date: / / 0) Q CVLA Name: Title: Q Accepted for the: CaL Florida Municipal Pension Trust Fund By a Administ a or: on • e Tat. s, Inc. ate. it to © Florida Municipal Pension Trust Fund Florida League of Cities, Inc. page 6