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HomeMy WebLinkAboutResolution 2001-27 1 1 RESOLUTION NO. 01 27 1 I I A RESOLUTION OF THE CITY OF CAPE CANAVERAL, BREVARD COUNTY, FLORIDA ESTABLISHING A DEFINED CONTRIBUTION PLAN; PROVIDING FOR EXECUTION OF TRUST JOINDER AGREEMENT; PROVIDING FOR ADOPTION OF DEFINED CONTRIBUTION PLAN; PROVIDING FOR J ACKNOWLEDGEMENT OF MASTER TRUSTEES; I 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 TRUSTEES; PROVIDING FOR FULL FORCE AND EFFECTIVENESS; PROVIDING FOR REPEAL OF CONFLICTING RESOLUTIONS; AND PROVIDING AN EFFECTIVE DATE. 1 WHEREAS, the City of Cape Canaveral, Brevard County, Florida, (hereinafter 1 i referred to as the "Participating Employer") has determined that in the interest of attracting and retaining qualified employees, it wishes to offer a defined contribution plan; WHEREAS, the Participating Employer has also determined that it wishes to encourage employees' saving for retirement by offering non - matching contributions; WHEREAS, the Participating Employer has reviewed the Florida Municipal Pension Trust Fund ( "FMPTF ") Defined Contribution 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 x WHEREAS, the City of Cape Canaveral is authorized by law to adopt this resolution approving the Trust Joinder Agreement and the Adoption Agreement; City of Cape Canaveral, Florida Resolution No. 01 -27 Page 2 THEREFORE, the City of Cape Canaveral, Brevard County, Florida hereby 1 d . : 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 Defined Contribution Plan ( "Master Trustees "), shall be attached to and made a part of the Trust Joinder Agreement. 1 Section 2. The Participating Employer adopts the FMPTF Defined Contribution Plan for its Employees. The Plan, as may be amended by the Master Trustees, is attached hereto as Exhibit 1 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 i - 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. Section 5. (a) The Participating Employer shall abide by the terms of the Plan 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. 1 (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. i f Section 6. I (a) The Participating Employer may terminate its participation in the Plan, if it i takes the following actions: i i I 1 i F i 1 i `, i City of Cape Canaveral, Florida Resolution No. 01 -27 Page 3 i (i) A resolution must be adopted terminating its participation in the i Plan. 1 (ii) The resolution must specify when the participation will end. i The Master Trustees shall determine whether the resolution complies with the Plan, the FMPTF Master Trust Agreement, and all applicable federal and state laws, I shall determine an appropriate effective date, and shall provide appropriate forms to terminate ongoing participation. However, distributions under the Plan of existing x accounts to Participating Employees will be made in accordance with the Plan. I (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 1 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 1 Y 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. I 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 City of Cape Canaveral 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. I City of Cape Canaveral, Florida 1 Resolution No. 01 -27 Page 4 I Section 11. This Resolution shall become effective immediately upon its E adoption. I PASSED AND ORDAINED BY the City Council of the City of Cape Canaveral, Brevard I 1 . County, Florida, this 18 day of Se temb 001. CSIC4‘ 1 Rocky Randels, MAYOR i i ATTEST: FOR AGAINST Burt Bruns X usan' tills,'CITY ERK Buzz Petsos X Rocky Randels X Richard Treverton Motion APPROVED AS TO FORM: i Larry Weber Second //Igo i E ... Kohn Bennett, ATTORNEY fi .1,0p1,1111111.,,,,( 11,1„ 111:111,,;,111,1'11 Florida Municipal Pension TrustRESOLUTION NO. 01-27 Fund EXHIBIT 1 § 401(a) Defined Contribution Plan Adoption Agreement Participating Employer: Name of Government Entity_ Address Address City:State-Zip__ City of Canaveral P.O. Box 326 105 Polk Ave 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-capeir4fl.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 Contacts: Mark Sittig, Retirement Services Manager, 850-224-6779 x276, marksittig@flcities.com Taimmi Jackson, FMPTF Trust Adrninistrator, 850-224-6779 x272 tjackson@fleities.com Plan Provisions The City of Cape Canaveral will use FMPTF'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: .0111 October 1 — September 30 January 1 — December 31 Other CO Florida Municipal Pension Trust Fund Florida League of Cities, Inc. ,,,11101?11111111/11111111p,„ 1,11 ,00n1111, Florida Municipal Pension Trust Fund § 401(a) Defined Contribution Plan Adoption Agreement Payroll Periods The payroll period of the Participating Employer is: 0 weekly bi-weekly • semi-monthly 0 monthly D other [specify]: Who's eligible? RESOLUTION NO. 01-27 EXHIBIT 1 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 I Year of Eligibility Service X_Other: Must work over 1000 hours/year . 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 111111111H111111M11111111111111111011M1M1101140011M nuramormomnInnInnommumm 111111111101 Florida Municipal Pension Trust Fund § 401(a) Defined Contribution Plan Adoption Agreement RESOLUTION NO. 01-27 EXHIBIT 1 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): Non -elective Con_ttibutionl — Participating Employer Non -elective Contributions will be made on the following basis: 7% of employee's compensation MatchingContributions 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 0 Florida Municipal Pension Trust Fund Florida League of Cities, Inc. page 3 11111111 'I I I I 1'1'1' 111111111)11 11,011.'61,1in Florida Municipal Pension Trust Fund § 401(a) Defined Contribution Plan Adoption Agreement Benefit Compensation Benefit Compensation means the Participant's: 11, 1111111,1,111 11:1111"1"11111 Benefit Compensation as defined in Provision 3.13 in the Plan Document. other [specify] ( requires approval from the FMPTF) RESOLUTION NO. 01-27 EXHIBIT 1 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 Contlibutions, 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: O immediate vesting -or- the schedule marked below Vested percent: Years of Vesti S !-vice Jj 1 2 3 4 5 6 7 MIMUUMIVOIMINGIMMIUMIIIIIIIIIIIIMIEM111111111111111MIIIIMMUNIIMEMNI1111111111111,111111111111.111M11111111111 0% 20% 0% 0% 40% 25% 0% 60% 50% 0% 80% 75% 100% 100% 100% **** **** **** * * * * * * * * MIMMIM1110 1901 NOM IM1111.81... 0 Florida Municipal Pension Tmst Fund Florida League of Cities, Inc. page 4 0111111MOM 0,0410101,1001M1M01,14.40/011M WRIN EIIIM11111111111111111111111111MNIMMIMIIIIIIMMIMMIMMIntibliniliiiiM orida Municipal Pension Trust Fund 40 (a) Defined Contribution Plan Adoption Agreement RESOLUTION NO. 01-27 EXHIBIT 1 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. X__ Years of Service Percentage Years of Service Percentage Less than 4 years _0% 7 yrs 70%. 4 yrs 4 0`)/0 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 RESOLUTION NO. 01-27 EXHIBIT 1 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 authority to enter into this Adoption Agreement as an obligation of the Participating Employer. City of Cane Canaveral Participating Employer Date: .2118/ 2001. Accepted for the: Florida Municipal Pension Trust Fund ( By th Adminis!rato BY: © Florida Municipal Pension Trust Fund Florida League of Cities, Inc. Page 6 11110111A1011111,