HomeMy WebLinkAboutResolution-1999-0079
RESOLUTION NO.-29.
Series of 1999
TITLE.
RESOLUTION CREATING A MONEY PURCHASE RETIREMENT PLAN
FOR CITY MANAGER
WHEREAS, the City of Wheat Ridge (the "City") has a City Manager rendering
yaluable services, and
WHEREAS, the establishment of a money purchase retirement plan benefits the City
Manager by providing funds for retirement and funds for their beneficiaries in the event of
death, and
WHEREAS, the City desires that its money purchase retirement plan for the City
Manager be administered by the ICMA Retirement Corporation and that the funds held
under such plan be inyested in the ICMA Retirement Trust, a trust established by public
employers for the collective inyestment of funds held under their retirement and deferred
compensation plans;
NOW THEREFORE BE IT RESOLVED that the City hereby establishes or has
established a money purchase retirement plan (the "Plan") in the form of'
The ICMA Retirement Corporation Goyernmental Money Purchase & Trust,
pursuant to the specific proYisions of the Adoption Agreement (executed copy
attached hereto).
The Plan shall be maintained for the exclusiye benefit of eligible employees and their
beneficiaries; and
BE IT FURTHER RESOLVED that the City hereby executes the Declaration of Trust
of the ICMA Retirement Trust, and 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 inyested in the ICMA Retirement Trust.
BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee
under the Plan and to inyest funds held under the Plan in the ICMA Retirement Trust; and
BE IT FURTHER RESOLVED that the City Manager shall be the coordinator forthe
Plan; shall receiye 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; may delegate any administrative duties relating to the Plan to appropriate
departments; and
BE IT FURTHER RESOLVED that the City hereby authorizes the City Manager to
execute all necessary agreements with the ICMA Retirement Corporation incidental to the
administration of the Plan.
DONE AND RESOLVED by a vote of L to -D- on this 2D..t.}{:lay of December, 1999.
ATTEST
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Wanda Sang, City Clerk ~<'
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ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN & TRUST
ADOPTION AGREEMENT
The City of Wheat Ridge ("City") hereby establishes a Money Purchase Plan and Trust to be known
as the City Of Wheat Ridge City Manager Retirement Plan (the "Plan")
This Plan is an amendment and restatement of an existing defined contribution money purchase
plan
o
Yes
)ia
No
If yes, please specify the name of the defined contribution money purchase plan which this Plan
hereby amends and restates:
Employer'
City of Wheat Ridge
II The Effective Date of the Plan shall be the first day of the Plan Year during which Employer
adopts the Plan, unless an alternate Effective Date is hereby specified'
January 1. 2000.
III. Plan Year will mean:
o The twelve (12) consecutive month period which coincides with the limitation year
(See Section 6 05(i) of the Plan.)
o The twelve (12) consecutive month period commencing on ' -I. ,,1C\<.'oand each
anniversary thereof
IV. Normal Retirement Age shall be age 55 (not to exceed age 65)
V ELIGIBILITY REQUIREMENTS:
1. The following group or groups of Employees are eligible to participate in the Plan:
All Employees
1
All Full-Time Employees
Salaried Employees
Non-union Employees
Management Employees
Public Safety Employees
General Employees
v- Other (specify below)
Appointed Citv Manaqer
The group specified must correspond to a group of the same designation that is
defined in the statutes, ordinances, rules, regulations, personnel manuals or other
material in effect in the state or locality of the City
2. The City hereby waives or reduces the requirement of a twelve (12) month Period
of SeNice for participation. The required Period of SeNice 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.
3. 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.)
VI. CONTRIBUTION PROVISIONS
1. The City shall contribute as follows (choose one, if applicable)'
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Fixed Employer Contributions With or Without Mandatory Participant
Contributions.
The City shall contribute on behalf of each Participant 5% of Earning or $
_ for the Plan Year (subject to the limitations of Article V of the Plan) Each
Participant is required to contribute 0% of Earnings or $ _ for 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.
2
o
Yes
o
No
(Note to Employer: An opinion letter issued to an adopting Employer is not 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 purposes. 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 Rule 81-35,1981-1 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 Employer 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)
o Fixed Employer Match of Participant Contributions.
The Employer shall contribute on behalf of each Participant _ % of Earnings for the
Plan Year (subject to the limitations of Articles V of the Plan) for each Plan Year that
such Participant has contributed % of Earnings of L Under this option, there is
a single, fixed rate of Employer contributions, but a Participant may decline to make
the required Participant contributions in any Plan Year, in which case no Employer
contribution will be made on the Participant's behalf in the Plan Year
o Variable Employer Match of Participant Contributions.
The Employer shall contribute on behalf of each Participant an amount determined
as follows (subject to the limitations of Articles V 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 including Participant contributions
exceeding in the aggregate _% of Earnings or $ _).
3
Employer Contributions on behalf of a Participant for a Plan Year shall not exceed
$ _ or _% of Earnings, whichever is 0 more or 0 less.
2. 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.
o
Yes
o
No
3 Employee contributions and Participant contributions shall be contributed to the
Trust in accordance with the following payment schedule' beqinninq January 21st.
and every two weeks thereafter.
VII EARNINGS
Earnings, as defined under Section 2.09 of the Plan, shall include:
(a) Overtime
o
Yes
'~
No
(b) Bonuses
o
Yes
~
No
VIII. LIMITATION ON ALLOCATIONS
If the Employer maintains or ever maintained another qualified plan in which any Participant in this
Plan is (or was) a participant or could possibly become a participant, the City hereby agrees to limit
contributions to all such plans as provided herein, if necessary in order to avoid excess
contributions (as described in Sections 5.02 and 5.03 of the Plan.)
1. If the Participant is covered under another qualified defined contribution plan
maintained by the Employer, the provisions of Section 5 02(a) through (f) of the Plan
will apply as if the other plan were a Master Prototype Plan, unless another method
has been indicated below.
o 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.)
4
2. If the Participant is or has ever been a participant in a defined benefit plan
maintained by the Employer, and if the limitation in Section 5 03 of the Plan would
be exceeded, then the Participant's Projected Annual Benefit under the defined
benefit plan shall be reduced in accordance with the terms thereof to the extent
necessary to satisfy such limitation. If such plan does not provide for such
reduction, or if the limitation is still exceeded after the reduction, annual additions
shall be reduced to the extent necessary in the manner described in Section 5 02
and 5.02. The methods of avoiding the limitation described in this paragraph will not
apply if the Employer indicates another method below
o Other Method (Note to Employer' Provide below language which will satisfy
the 1 0 limitation of section 415(e) of the Code Such language must
preclude Employer discretion. See Section 1.415-1 of the Regulations for
guidance)
3 The limitation year is the following 12-consecutive month period:
IX. VESTING PROVISIONS
The City 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
Service
Completed
Percent
Vestinq
Zero
One
Two
Three
Four
Five
Six
Seven
Eight
Nine
Ten
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
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X. Loans are permitted under the Plan, as provided in Article XIII
o
Yes
~
No
XI The City hereby attests that is a unit of state or local government or an agency or
instrumentality of one or more units of state or local government.
XII The Plan Administrator hereby agrees to inform the City of any amendments to the Plan
made pursuant to Section 14.05 of the Plan or of the discontinuance or abandonment of the
Plan
XIII The City hereby appoints the ICMA Retirement Corporation as the Plan Administrator
pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN & TRUST
The City hereby agrees to the provisions of the Plan and Trust.
XIV. The City hereby acknowledges it understands that failure to properly fill out this Adoption
Agreement may result in disqualification of the Plan.
XV An adopting Employer may not rely on a determination 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 City must apply to the appropriate key district office for a determination
letter.
In Witness Whereof, the City hereby causes this Agreement to be executed on this 20thdayof
December, 1996.
Accepted: ICMA RETIREMENT CORPORATION
By:
Title:
Attest:
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