HomeMy WebLinkAboutResolution-2007-0038
RESOLUTION NO. 38
SERIES OF 2007
TITLE:
A RESOLUTION APPROVING THE ADOPTION OF THE
AMENDMENT OF THE CITY OF WHEAT RIDGE MONEY
PURCHASE PENSION PLAN FOR DESIGNATED POLICE
DEPARTMENT EMPLOYEES FOR THE PURPOSE OF
CLARIFYING THE PARTICIPATION AND VESTING OF POLICE
CHIEFS.
WHEREAS, the City of Wheat Ridge established and maintains the Money
Purchase Pension Plan for Designated Police Department Employees (the "Plan"), most
recently amended and restated on January 8, 2007 effective as of January 1, 1997; and
WHEREAS, the Plan's Pension Board (the "Board") has determined that it is in
the best interest of the City of Wheat Ridge and the City of Wheat Ridge employees to
amend the Plan to clarify the historical and future participation and vesting of persons
employed by the police department of the City of Wheat Ridge in the position of police
chief; and
WHEREAS, in accordance with Municipal Code S 19-52(e), a summary of the
amendment has been provided to all members of the Plan, who have been polled
regarding and have provided their approval of the amendment as provided in C.R.S.
S 31-30.5-101 et seq.; and
WHEREAS, the City of Wheat Ridge is authorized to amend the Plan pursuant
to Section 14.01 of the Plan and Municipal Code S 19-52(e).
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WHEAT RIDGE THAT:
1. Effective as of September 24, 2007 the City of Wheat Ridge Money
Purchase Pension Plan for Designated Police Department Employees is
hereby amended as reflected on the attached amended Adoption
Agreement, which shall be substituted for the Adoption Agreement
approved and adopted on January 8, 2007.
2. The City Manager or any other appropriate officer or officers of the City
of Wheat Ridge be and they hereby are authorized to do all other acts and
things necessary and proper to effectuate the terms and intent of this
Resolution.
No further actions are hereby consented to or taken.
1
DONE AND RESOLVED at a meeting of the City Council of the City of Wheat
Ridge, Colorado on the 24th day of Sent ember, 2007.
ATTEST:
JJ1 D::r M~
Jet ngtrllio, Mayor
Michael Snow, City Clerk
2
ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN & TRUST
ADOPTION AGREEMENT
(as amended on September 24, 2007)
PLAN NUMBER 10- 002
The Employer hereby establishes a Money Purchase Plan and Trust to be known as
The Citv of Wheat Ridae Monev Purchase Pension Plan for Desianated Police
Deoartment Emolovees (the "Plan") in the form of the ICMA RC Governmental Money
Purchase Plan and Trust.
This Plan is an amendment and restatement of an existing defined contribution money
purchase plan.
-.2L
Yes
No
If yes, please specify the name of the defined contribution money purchase plan which
this Plan hereby amends and restates:
The City of Wheat Ridae Monev Purchase Pension Plan for Desianated Police
Deoartment Emolovees
I. Employer: The Citv of Wheat Ridae
II. The Effective Date of the Plan shall be the first day of the Plan Year during which
the Employer adopts the Plan, unless an alternate Effective Date is hereby
specified:
Januarv 1. 1997
III. Plan Year will mean:
(x) The twelve (12) consecutive month period which coincides with the
limitation year. (See Section 5.03(g) of the Plan.)
( ) The twelve (12) consecutive month period commencing on
and each anniversary thereof.
IV. Normal Retirement Age shall be age ~ (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
All Full-Time Employees
Salaried Employees
Non-union Employees
Management Employees
Public Safety Employees
General Employees
x Other (specify below)
Anv oerson who is a full-time oaid sworn oolice officer
emoloved bv the oolice deoartment of the Emolover. as determined bv the Emolover
under the Emolover's standard oersonnel oolicies and oractices as mav from time to
time be in effect. Notwithstandino the foreooina. exceot for oersons emoloved as oolice
chief on and after Seotember 24. 2007. anv oerson who is emoloved as ooHce chief of
the ooHce deoartment of the Emolover shall have the ootion of waivino or otherwise
ootino out of oarticioation in the Plan in lieu of oarticioation in the seoarate alan
maintained bv the Emolover for its deoartment heads.
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 Employer.
2. The Employer hereby waives or reduces the requirement of a twelve (12)
month Period of Service for participation. The required Period of Service
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 Employer shall contribute as follows (choose one):
(x) Fixed Employer Contributions With Or Without
Mandatory Participant Contributions.
The Employer shall contribute on behalf of each Participant
10 % of Earnings or $-=- for the Plan Year (subject to the
limitations of Article V of the Plan). A Participant is required
2
to contribute (subject to the limitations of Article V of the
Plan)
(i) 10 % of Earnings,
(ii) $ , or
(Hi) a whole percentage of Earnings, as designated
by the Employee in accordance with guidelines
and procedures established by the Employer
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.
Effective for Plan Years beginning on or after January 1,
2006, the Employer hereby elects to "pick up" the
Mandatory/Required Participant Contribution.
---L Yes
No
[Note to Employer: Neither an IRS advisory letter nor a
determination letter issued to an adopting Employer is 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. Ruls. 81-35 and 81-36,1981-1 C.B. 255, and 87-10,
1987-1 C.B. 136. 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; (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; and (3) the required specification
of designated employee contributions must be completed
before the period to which such contributions relate.]
( ) 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
3
of Article V of the Plan) for each Plan Year that such
Participant has contributed _% of Earnings or $_.
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 that Plan Year.
( ) 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 Article V of the Plan):
% of the contributions made by the Participant for the
Plan Year (not including Participant contributions exceeding
_0/0 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
$ ).
Employer Contributions on behalf of a Participant for a Plan
Year shall not exceed $ or _% of Earnings,
whichever is more or less.
2. Effective for Plan Years prior to January 1, 2006, each Participant may
make a voluntary (unmatched), after-tax contribution, subject to the
limitations of Section 4.05 and Article V of the Plan.
---L Yes
No
Effective for Plan Years beginning January 1, 2006, voluntary
(unmatched), after-tax contributions are not permitted.
3. Employer contributions and Participant contributions shall be contributed
to the Trust in accordance with the following payment schedule: On a
oavroll bv oavroll basis.
VII. EARNINGS
Earnings, as defined under Section 2.09 of the Plan, shall include:
(a) Overtime
Yes
---L No
4
(b) Bonuses
Yes
---L 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 Employer 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 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 unless another method has been
indicated below.
( ) 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.)
2. The limitation year is the following 12-consecutive month period: the
twelve (12) consecutive month oeriod endinG everv December 1.
IX. VESTING PROVISIONS
The Employer 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 Percent
Comoleted Vestino
Zero 0 %
One 0 %
Two 0 %
Three 20 %
Four 40 %
Five 60 %
Six 80 %
5
Seven
Eight
Nine
Ten
100 %
%
%
%
Notwithstanding the foregoing, vesting for Participants who are employed as
police chiefs on SEilptember 24, 2007 shall be 100% regardless of years of
service completed, and vesting for Participants who are employed as police
chiefs after September 24, 2007 shall be as follows:
years of
service
comoleted
percent
vestino
Zero
One
Two
o %
50 %
100 %
X. Loans are permitted under the Plan, as provided in Article XIII:
Yes
---L No
XI. The Employer hereby attests that it 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 Employer 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 Employer hereby appoints the ICMA RC as the Plan Administrator pursuant
to the terms and conditions of the ICMA RC GOVERNMENTAL MONEY
PURCHASE PLAN & TRUST.
The Employer hereby agrees to the provisions of the Plan and Trust.
XIV. The Employer 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 rely on an advisory letter issued by the Internal
Revenue Service as evidence that the Plan is qualified under section 401 of the
Internal Revenue Code.
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In Witness Whereof, the Employer hereby causes this Agreement to be executed on
this 24th day of September, 2007.
EMPLOYER ~ ~
By: Afill} JJl/vW
Title: J J 1Yi~V)1J '(L
v .
ICMA RC
By:
Title:
Attest:
Attest:
3627725_2.DOC
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