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HomeMy Public PortalAboutPRR 16-2390INTERNATIONAL UNION OF POLICE ASSOCIATIONS AFL-CIO The Only Union for Law Enforcement Officers Via entail (rtay/otfr)rulf-streant.orp) October 28, 2016 Rita Taylor Town Clerk 100 Sea Road Gulf Stream, FL 33483 Dear Rita Taylor: SAM A. CABRAL International President HUGH J. CAMERON International Secretary -Treasurer This is a request for information in accordance with your Public Records Law. We would like this request delivered to the custodian of these records as defined by your Public Records Law. If you are not the custodian, please forward this request to the custodian of records, or contact me immediately if you are unable to do so. The department can provide this information in a readily accessible electronic format (such as PDF or Microsoft Excel). This request is made for the fallowing records and other records: 1. A document which reflects how many years it takes for city Police Department employees to be eligible to receive their pension. 2. Any document which states the multiplier for city Police Department employees' pension plan. If the reasonable costs exceed $50.00, then please contact me prior to making any copies. Should you have any questions, or when the records are ready, please contact me at (941) 487-2560 ext. 103 or at alinaj@iupa.org. Respectfully submitted, Alina Johns Research Assistant International Union of Police Associations, AFL-CIO International Headquarters - 1549 Ringling Boulevard • Suite 600 • Sarasota, Florida • 34236-6772 (941)487-2560 •Fax (941)487-2570 • Toll -Free 1-800-247-4872 - website: www.iuoa.ora TOWN OF GULF STREAM PALM BEACH COUNTY, FLORIDA Delivered via e-mail November 8, 2016 Alina Johns [mail to: alina](a,iupa.ore] Re: GS #2390 (PD Pension Plan) This request is made for the following records and other records: 1. A document which reflects how many years it takes for the city Police Department employees to be eligible to receive their pension. 2. Any document which states the multiplier for city Police Department employees' pension plan. Dear Alina Johns [mail to: alinai(7.iuna.orel: The Town of Gulf Stream has received your public records request dated October 28, 2016. Your original public records request and response to your request can be found at the following link: hqp://www2.gulf-stream.org/weblink/O/doc/99670/Pay—el.asi)x I have also attached the response for your convenience. We consider this request closed. Sincerely, pp ""�'� jz"Id R""pr+�J.u. As requested by Rita Taylor Town Clerk, Custodian of the Records QARgcuSign Envelope ID 0854B8B"ODD-439A-AE04-196FDOACDBEE \ ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT Plan Number 109079 11he Employer hereby establishes a Money Purchase Plan and Trust to be known as TOWN OF GULF STREAM (the "Plan") in the form of the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust. This Plan is an amendment and restatement ofan existing defined contribution money purchase plan. m Yes ❑ No Ifyes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: TOWN OF GULF STREAM 1. Employer: TOWN OF GULF STREAM 11, Effective Dates 1. Effective Date of Restatement. If this document is a resmtetncnt of an misting plan, the effective date of the Plan shall be January 1, 2007 unless an alternate dfective date is hereby specified: (Note: An alternate effective date can be no earlier than January 1, 2007.) ❑ 2. Effective Date of New Plan. If this is a new Plan, the effective dare 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: 3. Special Effective Dates. Please note here any elections in die Adoption Agreement with an effective date that is different from that noted in 1. or 2. above. (Note prevision and effective date.) III. Plan Year will mean: ❑ The twelve (12) consecutive month period which coincides with the limitation year. (Sec Section 5.03(f) of the Plan.) tL) The twelve (12) consecutive month period commencing on and each anniversary thereof. IV Normal Retirement Age shall be age 59.5 (not to exceed age 65). Important Nate to £mpigyern Normal Retirement Age is sign ifieant for determining the earliest date at which the Plan may allow for in-service distributions. Normal Retirement Age also defines die latesr date at which a Participant must have a fully vested right to his/her Account. There are IRS rules that limit the age that may be specified as the Plans Normal Retirement Age. The Normal Retirement Age cannot be earlier than what is rcasonably representative of the typical retirement age for the industry in which the covered workforce is employed. An age under 55 is presumed not ro satisfy this requirement, unless the Commissioner of Internal Revenue determines that the facts and circumstances show otherwise. Wherher an age between 55 and 62 satisfies this requirement depends on the facts and circumstances, but an Employer's good Money Purchase Plan Adoption Agreement DocuSign Envelope ID: 0854B8B6E000439A•AE06-196FOCACOBEE Whether an age between 55 and 62 satisfies this requirement depends on the facts and circumstances, but an Employer's gond faith, reasonable determination will generally be given deference. A special rule, however, applies in the cue of a plan where substantially all of the participants in the plan are qualified public safety employees within the meaning of section 72(t)(10)(B) of the Code, in which case an age of 50 or later is deemed not to be earlier than the earliest age that is reasonably mpresemadve of the typical retirement age for the industry in which the covered workforce is employed. 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 Employers _ Management Employees _ Public Safety Employees General Employees Other Employees (Specify the group(s) of eligible employees below. Do not specify employees by name. Specific positions are acceptable.) The group specified must correspond to a group of the same designation that is defined in the statutes, ordinances, tufts, regulations, personnel manuals or other material in effect in the state or locality of the Employer. The eligibility requirements cannot be such that an Employee becomes eligible only in the Plan Year in which the Employee terminates employment. Note: As stated in Sections 4.07 and 4.08, the Plan may, however, provide that Final Pay Contributions or Accrued Leave Contributions are the only contributions made under the Plan. 2. The Employer hereby waives or reduces the requirement 0172 twelve (12) month Period of Service for participation. The required Period of Service shall be (write N/A if an Employee is eligible to participate upon employment) 6 months if rhis 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. 'file minimum age requirement is 18 (not to exceed age 21. Write N/A if no minimum age is declared.) VI. CONTRIBUTION PROVISIONS 1. The Employer shall contribute u follows: (Choose all that apply, but at least one of Options A or B. If Option A is not selected, Employer must pick up Participant Contributions under Option B.) Fixed Employer Contributions With or Without Mandatory Participant Contributions. (IE Option B is chosen, please complete section C.) O A. Employe Co�tSt117LS14Li The Employer shall contribute on behalf of each Participant 20.9295 of Earnings or $ 0 for the Plan Year (subject to the limitations of Article V of the Plan). Mandatory Participant Contributions © are required ❑ arc not required to be eligible for this Employer Contribution. ❑ B. Mandatory Partici Rant Co_njrih—tuions for Plan Participation e uired1wa�datoyy Contributions. A Participant is required to contribute (subject to die limitations ofArticle V of the Plan) the specified amounrs designated in items (i) through (iii) of die Contribution Schedule below: m Yes ❑ No Money Purchase Plan Adoption Agreement DocuSgn Envelope ID: D854B8B6.6000.439A-AE04-IOEFOQACDBEE Employee Ovo-ln Mandatory C40StB2LLtiStBt. Each Employee eligible to Participate in the Plan shall be given the opportunity to irrevocably elect to participate in the Mandatory Participant Contribution portion of the Plan by electing to contribute the specified amounts designated in items (i) through (iii) of the Contribution Schedule below for each Plan Year (subject to the limitations ofArticle V of the Plan): ❑ Yes ❑ No Contribution Schedule. (i) B% of Earnings, (ii) $ , or (iii) a whole percentage of Earnings between the range of (insert range of percentages between 14o and 20% inclusive (e.g., 3%, 6%, or 20%; 5% to 7%)J, 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. A Participant must pick a single percentage and shall not have the right to discontinue or vary the ram of such contributions after becoming a Plan Participant. Employer "Pick uo".'fhe Employer hereby elects to "pick up" the Mandatory Participant Contributions' (pick up is required if Option A is nor selected). m Yes ❑ No ("Yes" is the default provision ander the Plans if no selection is rnadc) ❑ C. Flection Window (Complete if Option B is selected): Newly eligible Employees shall be provided an election window of days (no more than 60 calendar days) from the date of initial eligibility during which they may make the election to participate in the Mandatory Participant Contribution portion of the Plan. Participation in the Mandatory Participant Contribution portion of the Plan shall begin the first of the month following the end of the election window. An Employees election is irrevocable and shall remain in force until the Employee terminates employment or ceases to be eligible m participate in the Plan. In the event of re-employment to an eligible position, the Employees original election will resume. In no event does the Employee have the option of receiving the pick-up contribution amounrdirecdy. 2. The Employer may also elect to contribute as follows. ❑ A. Fixed Employer Match of Volumary After -Tax Participant Contributions The Employer shall contribute on behalf of each Participant _% of Earnings for the Plan Year (subject to the limitations 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 he made on the Participant's behalf in that Plan Yeu. ❑ B. Variable Em foyer March of Voluntary After -Tax 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 Voluntary Participant Contributions made by the Participant for the Plan Year (not including Participant contributions exceeding _% of Earnings or $ ); I Neither an IRS advisory letter nor a determination letter issued to an adopting Employer is a ruling by the Internal Revenue Service that Partiripant contributions tbatare "pirked up"by the Empbyerare not includable in the Participanti gross incomefer federal income tax purposes, pick-up contributions art not mandated to receive privart later rulings; hotuttar, ifan adopting employer wishes to receive a ruling an pick -tip contributions they may request one in accordance with Revenue Praredure, 20124 (or submquent guidance). Money Purchase Plan Adoption Agreement DocuSign Envelope ID: D8548886-6000-439A-AE04198FDOACD8EE PLUS _% of the contributions made by the Participant for the Plan Year in excess of those included in the above paragraph (but not including Voluntary Participant Contributions exceeding in the aggregate _% of Earnings or $ ___ ). Employer Matching Contributions on behalf ofa Participant for a Plan Year shall nor exceed $ or _% of Earnings, whichever is _ more or _ less. 3. Each Participant may make a voluntary (unmatched), after tax contribution, subject to the limitations of Section 4.05 and Article V of the Plan: ❑ Yes m Na (No"is the defaultprovision under the Plan if no selection is rnada) 4. Employer contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of Elie calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): BI -WEEKLY 5. Participant contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): BI -WEEKLY 6. In the case of a Participant performing qualified military service (as defined in Code section 414(u)) with respect to du Employer: A. Plan contributions will be made based on differential wage payments: ❑ Yes ❑ No("Yei'isthedefoultprovitionundertbePlanifnoselectionismade.) I fyes is selected, this is effective beginning January 1, 2009 unless anyther latereffective dare is filled in here: B. Participants who die or become disabled will receive Plan contributions with respect to such service: Yes ❑ No ('No" is the defaulcprovision under the Plan if no selection is made.) If yes is selected, this is effective for participants who died or became disabled while performing qualified military service on or after January 1, 2007, unless another lacer effective dare is 61W in here: Money Purchase Plan Adoption Agreement DocuSign Envelope ID: 0854B8B6-60D0.439A-AE04-196FDOACD8EE VII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: I. Overtime ❑ Yes © No 2. Bonuses ❑ Yes © No 3. Other Pay (specifically describe any other types of pay to be included below) VIII. ROLLOVER PROVISIONS 1. The Employer will permit rollover contributions in accordance with Section 4.12 of the Platt: 0 Yes ❑ No ("Yes" is the default provision under the Pian if no selection is made.) 2. Direct rollovers by non -spouse beneficiaries are effective for distributions after 2006 unless the Plan delayed maku). them available. If the Plan delayed making such rollovers available, check the box below and indicate the larer effcetivg date in the space provided. ❑ Effective Date is (Note: Plans must offer direct rollovers 4 non -spouse berzd2ciaries no later than plan years beginning after Der mber3l.2009.) IX. 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 (u described in Section 5.02 of the Plan). 1. If the Participant is covered under another qualified defined conrriburion plan maintained by the Employer, the provisions ofSeetian 5.02(a) through (e) 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 property reduce any excess amounts, in a manner that precludes Employer discretion.) 2. The Limitation Year is the following 12 consecutive month period: 3. Unless the Employer elects a delayed effective date below, Article 5 of the Plan will apply to limitations years beginning on or after July 1, 2007. (77je effective date listed cannot be later than 90 days after the close of thefirit regular legislative session of the legislative body with authority to amend the plan that begins on or after July J, 2007.) Money Purchase Plan Adoprion Agreement DocuSign Envelope ID: 08548886.6000439A-AE04-196FDOACDBEE X. VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to (1) the minimum vesting requirements and (2) the concurrence of the Plan Administrator. (For the blanks below, enter the applicable percent — from 0 to 100 (with no entry after the year in which 100% is entered), in ascending order.) Period of Service ComPICW Percent Vested 7�cm 0 % One 20 % Two 40 % Three 60 % Four 80 % Five 100 % Six 100 % Seven 100 % Eight 100 % Nine 100 % Ten 100 % XI. WITHDRAWALS AND LOANS I. In-service distributions are permitted under the Plan after a participant attains (select one oFthe below options): ❑ Normal Retirement Age 0 Age 70!6 ('70tH"is the defaultprovirion under the Plan ifno selection is made.) ❑ Alternate age (after Normal Retirement Age): _ ❑ Not permitted at any age 2. A Participant shall be deemed to have a severance from employment solely For purposes of eligibility to receive distributions from the Plan during any period the individual is performing service in the uniformed services for more than 30 days. ❑ Yes ❑ No ("Yes" is the defaultpmvision under theplan ifno selection is vada) 3. Tax-free distributions of up to $3,000 for the direct payment of qualifying insurance premiums for eligible retired public safety officers are available under the Plan. 0 Yes ❑ No ("No"ir the defaultpmvision under the Plan ifno selection is made.) 4. In-service distributions of rhe Rollover Account are permitted under the Plan, as provided in Section 9.07. ❑ Yes 0 No ("No"is the default provision under the Plan ifno selection it made.) 5. Loans are permitted under the Plan, as provided in Article XIII of the Plan: 0 Yes ❑ No ('No" it the default provision under the Plan if no selection is made.) Money Purchase Plan Adoption Agreement DocuSlgn Envelope ID: D654BBB6.6000-439A-AE04-196FDOACD6EE XII. SPOUSAL PROTEMON The Plan will provide the following level of spousal protection (select one): ❑ 1. Participant Directed Election. The normal form of paymenr of benefits under the Plan is a lump sum. The Participant an name any person(s) as the Beneficiary of the Plan, with no spousal consent required. 02. Beneficiary Spousal Consent Election (Article XII). The normal form of payment of benefits under the Plan is a lump sum. Upon death, the surviving spouse is the Beneficiary, unless he or she consents to the Participant's naming another Beneficiary. ("Beneftdary Spousal ConrentElection" ii the defaultprovisian under the Plan i no selection is made.) ❑ 3. Q)SA Election (Article XVII). The normal form of payment of benefits under the Plan is a 50% qualified joint and survivor annuity with the spouse (or life annuity, if single). In the event of du Participants death prior to commencing payments, rhe spouse will receive an annuity for his or her lifetime. (if C is sciccred, the spousal consent requirements in Article XII also will apply.) XIII. FINAL PAY CONTRIBUTIONS The Plan will provide for Final Pay Contributions if either I or 2 below is selected. The following group of Employees shall be eligible for Final Pay Contributions: m All Eligible Employees ❑ Other: Final Pay shall be defined as (select one): © A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave ❑ D. Other (insert definition of Final Pay — mutt be leave that Employee would have been able to use if employment had continued and must be bona fide vacation and/or sick leave): 01. Employer Final Pay Contribution. The Employer shall contribute on behalf of etch Participant X4.92 % of Final Pay to the Plan (subject to the limitations of Article V of the Plan). M(2. Employee Designated Final Pay Contribution. Each Employee eligible to participate in the Plan shall be given the opportunity at enrollment to irrevocably elect to contribute 8 % (insert fixed percentage of final pay to be contributed) or up to ___A01u (insert maximum percentage of final pay to be contributed) of Final Pay to the plan (subject to the limitations of Articic V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. Money Purchase Plan Adoption Agreement XIV. ACCRUED LEAVE CONTRIBUTIONS The Plan will provide for accrued unpaid leave contributions annually if either 1 or 2 is selected below. The following group of Employees shall be eligible for Accrued have Contributions: ❑ All Eligible Employees ❑ Other. Accrued Leave shall be defined as (select one): ❑ A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave ❑ D. Other (insert definition of accrued leave that is hona fide vacation and/or sick leave): ❑ 1. Employer Accrued Leave Contribution, The Employer shall contribute as follows (choose one of the following options): ❑ For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant the unused Accrued Leave in excess of (insert number of hours/days/weeks (circle one)) to the Plan (subject to the limitations of Article V of the Plan). ❑ For each Plan Year, the Employer shall contribute on behalf ofeach Eligible Participant —% of unused Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). ❑ 2. Employee Designated Accrued Leave Contribution. Each eligible Participant shall be given the opportunity at enrollment to irrevocably elect to contribute _% (insert fixed percentage of accrued unpaid leave to be contributed) or up to _ % (insert maximum percentage ofaccrued unpaid leave to be contributed) of Accrued Leave to the Plus (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. XV. The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality ofone or more units of state or local government. XVI. The Employer understands that this Adoption Agreement is to be used with only the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust. This ICMA Retirement Corporation Governmental Profit Sharing Plan and Trust is a restatement of a previous plan, which was submitted to the Internal Revenue Service for approval on April 2, 2012, and received approval on Match 31, 2014. 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. The Employer understands that an amendment(s) made pursuant to Section 14.05 of the Plan wig become effectivewithin 30 days of notice of the amendment(s) unless the Employer notifies the Plan Administrator, in writing, that it disapproves of the amendment(s). If die Employer so disapproves, the Plan Administrator will be under no obligation to acr as Administrator under the Plan. XVII. The Employer 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 Employer hereby agrees to the provisions of the Plan and Trust. Money Purchase Plan Adoption Agreement OocuSign E+webpe 10: oe546ee"oao•499A-AE04-196FoaAco9EE XVIII. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result In disqualificadon of the Plan. XDL 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 Revcnue Code to the extent provided In applicable IRS revenue procedures and other official guidance. In Wimess Whereof, the Employer hereby muses this Agreement to be executed on this 4th day of February , 201Q.__, EMPLOYER Print Name: William H. Thrasher Tida Town Manager Anus r�;ra L. T,1 tor,TWA C(er/e Money Purchase Plan Adoption Agreement ICMA RETIREMENT CORPORATION 777 North Capitol St., NE Suite 600 Washington, DC 20002 800.326-7Z72 By: Print Name. rica MCFarqunar Title: assistant Secretary Atteste (/('t