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Home My Public Portal AboutPRR 16-2390TOWN OF GULF STREAM PALM BEACH COUNTY, FLORIDA Delivered via e-mail November 8, 2016 Alina Johns [mail to: alinai(a iuoa.orel Re: GS #2390 (PD Pension Plan) This request is madejor the following records and other records: 1. A document which reflects how many years it takes for the city Police Department employees to he eligible to receive their pension. 2. Any document which states the multiplier for city Police Department employees, Pension plan. Dear Alina Johns [mail to: alinaikiliuoa.orej: 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: httn://www2.gulf-stream.ore/weblink/Oldoc/99670/Pagel asox I have also attached the response for your convenience. We consider this request closed. Sincerely, vD�� IZ� 1�4tVml P As requested by Rita Taylor Town Clerk, Custodian of the Records ��NI}va5ipn ErtmOM IDCeS4BEB5-9u09439A-AE01.196F00ACDSEE ICMA RE 7REMENT CORPORATION GOVERNMENTAL MONEYPURCHASE PLAN &TRUST ADOPTION AGREEMENT Plan Number 109079 Tile Employer hereby establisha a Money Purchase Plan and Thus, [a be known as TOWN OF GULF STREAM (the "Pian") in the Form "Frim ICMA Retirement Corporation Governmental Money Purchase Plan and Trust, This Plan is an amendment and restatement "fan existing defined contribution money purchase plan. 0Yes 13 No r Ifyes, please specify the tame of the defined contribution money purchase plan which this Plan hereby amends and testares: TOWN OF GULF STREAM I. Employer. TOWN OF GULF STREAM 11. Effective Data m 1. Effective Date of Restatement. If this document is a tcsntemenr of an existing plan, the effective date of the Plan shall be January ), 2007 unless an alternate effective date is hereby specified: (Nair. An alternate effective dare an be no =bier than January 1, 2007.) Q' 2. Effective Date of New Plan. If this is a new Plan, the effective dare of [he Plan shall be [he first day of the Plan Yeas during which the Employer adopts the Plan, unless an alternate Effective Date is hereby apecificd; 3. Special Effective Data. Please note here any elections Indic Adoption Agmemcnr within effective date that is di&=t from thar noted In 1. or 2, above. (Note provision and effective date.) III. Plan Year will man: Q'/The twcIve (I2) consecutive month period which coincides with the limitation year. (See Secrion 5.030 oFthe Plan.) sU' The twelve (12) consecutive month period commencing on /�� _ and each anniversary themo IV. Nomad Retirement Age shall be age59.5 (not m exceed age 65). ImparranrNare to Emplayem Normal Redrement Age is significant for determining the earliest date at which [he Plan may allow for in-service distributions. Normal Retirement Age also defines the latest date car which a Participant must have a fully sewed tight to hislher Account. Trete arc IRS rules that limit the age that may be specified as dsc Plans Norma) Retirement Age, The Normal Retirement Age cannot be earlier than what is reasonably representative of the typical retirement age for the indutuy in which the coveted workforce is employed. An age under 55 is presumed not to satisfy, chis requirement, unless the Commissioner oFlnternal Revenue determines that the facts and circumstances show otherwise. W(serher an age between 55 and 62 satisfies this requirement depends an the lata and circumstances, but an Employer's good Money Purchase plan Adoption Agmemenr Do mOgn Envetope ID: De51BBB6-6O00-439XAE04-186FDOAC08EE Whether an age between 55 and 62 satisfies this requirmem depends on the Facts and circumstances, but an Employer's goad faith, reasonable determination will generally be given deference. A special rule, however, applies in the case of plan where substantially all of the participants in die plan ate qualified public safety employ= within the meaning oFsection 72(t)(10)(8) of the Code, in which ase an age oF50 or later is deemed nor to Ix earlier than the earliest age that it reasonably representative of the typical retirement age for rhe industry in which the covered workforce is employed. V. ELIGIBILITY REQUIREMENTS 1. The foilowing group or groups of Employees arc eligible to participates in the Plan: _ All Employees V. All Full Time Employees z' Salaried Employees _ Non union Employees _ Management Employees Public Sakty Employees _ General Employees _ Other Employees (Specify thegmup(s) afdigibleemployers be m-. Do not specify employees by name. Specific positions are acceptable) The group specified must correspond to a group of the same daignarion char is defined in thea statutrs, ordinances, lutes, regulations, personnel manuals or other material in efkcr in the state or locality of the Employer. The eligibility requirements annor be such that an Employee becomes eligible only in the Plan Year in which the Employee terminates employment. Notes 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 reducer the requirement of twelve (12) month Period of Service for participation. The required Period ofService shall be (write N/A iFan Employee is eligible ro participate upon employmenr) B months if this waiver or reduction is elccmd, it shall apply to all Employees within the Covered Employment Classification. 3. A minimum age requirement is hereby specified for eligibility to participme. The minimum age requirement is 18 (not to exceed age 21. Write NiA if no minimum age is dedared.) VI. CONTRIBUTION PROVISIONS 1. The Employer shall contribute as foBawar (Choose all that apply, but at least one of Opriom A or B. IF Option A is= selected, Employer most pick up Participant Contributions under Option B.) Fbxcd Employer Cootribudons Wits or Without Maindatory Participant Contributions. (IFOption B is chosen, please complete section Q ❑ A Emolgn _„r ConSributicag The Employer shall contribute on behalf of ach Participant 20.92 % of Earnings or $ 0 for the Plan Ynr (subject to the limitations of Article V of the Plan). Mandatory Participant Contributions ® are required ❑ arc nor required to be eligible for this Employer Contribution. Q B. Mandmory Parricimnt Conrpbypnns for Plan Participation. Bgquimd Mandatocy Cnnrtiburians. A Participant is required to contribute (subject to die limitations ofArtide V of the Plan) the specified amounts designated in items (i) through (iii) of the Contribution Schedule below: =Yes ❑No Money Purchase plan Adoption Agreement Dc6Si9n Envelope ID: D85488866000-439A-AE04-196FDOACOBEE Employee Opc In Mandatory Contributions. Each Employee eligible to participate in the Plan shall be given the opportunity to irmeeably elect to participate in the Mandatory Participant Contribution portion of the Plan by electing to contribute die specified amounts designated in items (i) through (Iii) of the Contribution Schedule below for ach Plan Year (subject to tic limitations oFArdcle V of the Plan): ❑Yes ❑No ontrihution SchZjUlr. (i) g%oFEamings, (i i) $ ,or (iii) a whole percentage of Earnings between the rangeoF (insertrrrngeof percentages beri=n 1% and 20% inclusive (e.g., 396, 646, or -2096; S% to 74n)), as designated by the Employee in accordance with guidelines and ptomduret established by the Employer for the Plan Ymr as a condition of participatian in the Plan. A Participant most pick a single percentage and shall not have the right to discontinue or vary the rate o(sueh contributions after becoming a Plan Participant. Emplo)tr Tick up". The Employer hereby elects to 'pick up" the Mandatory Participant Contributions' (pick up is required if Option A is not selected) 0Yes ❑No("Ya"irilia defaultPravitionunderthe Plan ifnoselection itmade.) ❑ C. Flection Window (Complete if Option B is selected). Newly eligible Employees shall be provided an election window of_dayr (no more than GO calendar days) fmm the date of initial eligibility during which they may make the election to participate in the Mandatory Participant Contribution portion cFthe Plan. Participation in the Mandatory Participant Contribution portion of the Plan shall begin the first ofthc month following the end oFthe election window. An Employee's elenion 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 Employee's original election will resume. In no event docs die Employee have the option of receiving the pick-up contribution amount directly. 2. The Employer may also elect to contribute u follows: ❑ A. Fixed Employer March oFVojnD}acy After -Tax Participant Contributions, The Employer shall contribute on behalf ofcach Participant _%ofEamings for the Plan Year (subject to the limirations of Article V of the Plan) for each Plan Year that such Participant has contributed ___% of Earnings or S . Undo this option, there is a single, Cured rate of Employer contributions, but a Participant may decline to make the required Participant contributions in any Plan Yar, in which case no Employer contribution will be made on die Participants behalf in that Plan Year. ❑ H. V iiable F.mplirter March oFVolumagr Afar -Tax Pa rti£panr Contributions,The Employer shall contribute c behalf of each Participanr an amount determined a fellows (subject to the limitations oFAnicle V of the Plan); _ %oFthe Valunrary Parricipanr Contributions made by the Participanr for the Plan Yar (not including Participanr contributions "cecding _% of timings or S I Neither an IRS advuory letter nor a determination letter inued m an adopting Emplayer it a ruling by the lnmmal Rtrrnue Service that Participanr contribution, chat are 'picked up' by the Employer arc not includible in the Panicipanty grow income far federal income tax purposes. Pick-up mnrributions an net mandated to receiveprivare letter rulings: howrurr, fan adopting nnplayrr with, to receive a ruling an pick-up contribution,,bey may requen one in accordance with Revenue Procedure 2012-4 (err mburqutntgwalance). ibianey Purchase Plan Adoption Agreement DawSign Envelope ID: D65496BMOD0439A-AE04.196FDOAC08EE PLUS_% of the contributions made by the Participant for the Plan Yar in excess of those included in the above paragraph (but not including Volunary Participant Contriburians exceeding in the aggregate _% of Earnings or S _ ). Employer Matching Contributions on behalfof a Participant for a Plan Year shall nor exceed S or % of Eamings, 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 afthe Plan: ❑Yes 21NOMa" irthe defauhrprovision"der sbePlan rynoselertionittnadt.J 4. Employer contributions for a Plan Year shall be contributed to the Trust in accordance with the following paymenrschedule (no later than die 15th day of the tenth calendar month following the end aFdhe calendar year or fiscal year (as applicable depending on the basis an 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 Yar 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 yar or fiscal year (u applicable depending on the basis on which the Employer keeps is books) Wither within wilds die particular Limitation year ends, or in accordance with applicable law): BI -WEEKLY 6. In the cue Of Participant performing qualified military service (as defined in Code section 414(u)) with =Pact to tilt Employer. A. Plan contributions will be made based on differenrial wage payments: ❑ Yrs ❑ No ("Yes" helm defauleprovision ander rhe Planenonkcdonisnrade.J If yar is selected, this is cfrective beginning January 1, 2009 units another later effective dare is filled in here, B. Participants who die or became disabled will receive Plan contributions with respect to such service: ❑Yes❑No("No"isthe deftultprooisionunderthe Planffnon4etionisirtade.) IFyes is selected, this is eff:crive for participants who died or became disabled while performing qualified military service on or after January 1, 2007, unless another later efFecrivr dare is filled in herr Money Purchase Pian Adoption Agreement OocuSgn Envelope l0'Oe54B8B6.6000-039A.AE04-196FOUACOBEE VIL 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 I The Employer will permir mllnver Contributions in accordance with Section 4.12 of the Plan: © Yes ❑ No ("W' it rhe defardr protridon ander the Plan !f no selection it made.) 2. Diteer m'.lovers by non -spouse beneficiaries are elfeetive for distributions 2frcr 2006 unless the Plan delayed mALag__ them 2V2926Ie. If the Plan ddavrd m+ki0!'such mllnvers available chtsk the box below and intliare tic na-r fgetive date in the space pmvided, ❑ Effective Dare is (Hare: Platy rester offer th'rectmHovert by non-rparae berrrfrriaria no facer than phm years beginningafter Decrmber31, 2009.) DL LIMITATION ON ALLOCATIONS If the Emp`.uycr maintains or ever maintained another qualified plan in which any Participant in this Plan is (or was) a participant or could possibly became 2 participant, the Employer hereby agrees to limit contributions to all such plans as provided herein, if neL-as2ry in order to avoid excess contributions (as desaibed in Section 5.02 of the Plan). 1. If [he Paniupant is coveted under another qualified defined Contribution plan maintained by the Employer, the provisions ol'Seainn 5.02(2) through (e) of the Plan will apply unless another method has been indicted below. ❑ Other Method. (Provide the method under which the plans will limit royal Annual Additions to the Maximum Permissible Amount, and will properly reduce any ex= amounts, in a manner that precludes Employer discretion.) 2. The Limitation Year is the fallmving 12 consecutive month period: 3.. Unless the Employer elects a delayed effective dare below, Amide 5 of the Plan will apply to limitations years beginning on or after July 1, 2007. (The effective date fitted canna! be later than 90 days after the don aftbe fait regular legislative resrion of the leyidatiue body with cat dim rity to amend the plan that begin ort or a lrrJrdy 1, 2007.) Money Purchase Plan Adoption Agreement DocuSign Envelope ID: 1)854989Sfi0D0-039A-AE04-196FDOACDBEE X VF_S71NG PROVISIONS The Employer hereby specifies the following %,:sting schedule, subject to (1) the minimum vesting requirements and (2) die concurmm:c of the Plan Administrator. (For the blanks below, enter the applicable pcmcnr — from 0 to 100 (wirlt no entry after theyear in which 100% is entered), in ascending order.) Period of Sema Completed Percent Vested 71 0 % One 20 % Two 40 % Three E0 % Four 60 % Five 100 % Six 100 % Sewn 100 % Eight 10D % Nine 100 % Tim 100 % XI. WFI'HDRAWALSAND LOANS 1. In-mrvice distributions am permitted under the Plan after a participant anains (select one of the blow options): ❑ Normal Rctircmcnr Age m Age 70th (7055"ir the defaultprovirion under the Phan ifno relertion it made.) ❑ Alternate age (after Normal Reritement Age): ❑ Not permitted a any age 2. A Paniclpam shall be deemed to have a severance from employment solely for purposes ofeligibiliry to receive distriburiom from the Plan during any period the individual is performing service in the uniformed services for mom than 30 days. ❑ Yet ❑ No ("Yet" L the default provirion wider theplan ifno selection it made.) 3. Tax•fine distributions of up to $3,000 for the direct payment of qualifying insurance premiums for eligible retired public safety officers am available under the Plan. 0Yes ❑No("No"o the defaultprovirionunder rhePlanifnorriectionLmade.) 4. In-service distributions of die Rollover Account are permitted under the Plan, as provided in Section 9.07. ❑ Yes m No ("No"ir the default provirian under the Plan ifno ralertioa it made.) 5. Loans arc permitted under the Plan, as provided in Article XII] of the Plan: m Yes ❑ No ('No" it the defatilipmvirion under the Plan ifno relertian it made.) Money Purchase Plan Adoption Agmemenr Docu5lgn Envelope 10: D8548BB6-60D0.439A-AED4196FDMCD9EE XII. SPOUSAL PROTECTION The Plan will provide the following level ofspouml protection (sdcct one): ❑ 1. Participant Directed Election. The normal form orpayment of benefits under the Plan is a lump sum. The Participant can name any person(s) as the Beneficiary of rhe Plan, with no spousal consenr required. 02. Beneficiary Spousal Consent Election (ArticleXll). 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. ("Benefi'riary Spowal ConrenrElection" it the dafirultprovirion under the Plan if no selection it mala) ❑ 3. qSA Flection (Article XVII). The normal form of payment of benefits under the Plan is a 50% qualified joint and survivor annuity wilt the spouse (or life annuity, ifsingle). In the event orthe Participant's doth prior to commencing payments, the spouse will rcecivc an annuity for his or her lifetime. Of C is selected, the spousal consent requircmcnts in Article X11 also will apply.) XIII. FINAL, PAY CONT RIBU7IONs The Plan will provide for Rnal Pay Contributions if either 1 ort below is selected. The following group ofEmployees shall be eligible for Final Pay Contributions: m All Eligible Employees ❑ Othen Final Pay shall be dcfmcd m (sdcct one): © A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C Accrued unpaid vacation and sick lave ❑ D. Other (invert definition of Final Pay— mart be leave that Employee would bave been able to rue if rnrployment had continued and mavr be bans fide vacation andlorsick leave): 01. Employer Final Pay Contributlon. The Employer shall contribute an hehalfofoch Participant 96 of ,,f Final Pay m the Plan (Subject: to the limitations of Anlcle V of the Plan). Lel 2. Employee Doignated Final Pay Contribution. Each Employee eligible to puticipate in the Plan shall be Oven the opportunity, at enmllmcat to irrevocably deer to contribute 9 % (insert fixed percentage of final pay to be contributed) or up to ___j% (insert muimum percentage official pay to be contributed) aFFinal Pay to the Plan (subject to the limirarions of Article V of the Plan). Once elected, an Employees election shall remain in farce and may not be revised or revoked. Monty Purchase Plan Adoption Agreement XIV. ACCRUED LEAVE CONTRIBUTIONS Tire 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 Fmplayees ❑ Other. Acccued Lean shall be defined as (select one): ❑ A. Accrued unpaid nmdon ❑ B. Accrued unpaid sick lave ❑ C. Accrued unpaid vacation and sick lave ❑ D. Other (insert definition of accrued lave that is born fide vacation and/or sick lave): ❑ 1. Lt nployerAmved Lean Contribution. The Employer slsall contribute as follows (disime one of the following options): ❑ rvr each Plan Year, the Employer shall contribute on behalf of mch Eligible Participant the unused Acoucd Lave in acess 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 beh:df oFeach Eligible Participant Woof uuused Accrued Lave to the Plan (subject to the limitations of Article V of the Plan). ❑ 2. Employee Designated Accrued Leave Contributlorr. Each eligible Participant shall be given the opportunity at enrollment to irrevocably elect to contribute (insert fixed perunrage of accmcd unpaid lave (a be contributed) or up to _ % (insert maximum percentage of accrued unpaid lave to be contributed) of Ace tied Lave no the PL" (subject to the limitations of Anicie V of the Plan). Once elected, an Employees election shall remain in form and may not be revised or revoked. XV. The Employer hereby attests dint it is a unit urinate or local government or an agency or instrumentality crone or mote unim of crate or local gavemment. XVI. The Employer understands that this Adoption Agreement is to be used with only the ICMA Retirement Corporation Govern icnul Money Purchase Plan and Trust. This ICMA Retirement Corporation Governmental Profit Sharing Plan and Trutt 1s a restatement of a previous plan, which was submitted to the Internal Revenue Service for appmval an April 2. 2012, and received approval an March 31, 2014. The Plan Administrator hereby agrees to inform the Employer of any amendments to the Plan made pumaam co Section 14.05 of the Plan or of the discontinuance or abandonment of the Plan. The Employer undersunds that an amendmenr(s) made pursuant to Section 14.05 of the Plan will become effectivewithin 30 days of notice of the amendment(s) unless the Employer natifica the Plan Administrator, in writing, that is disapprnves of the amendmem(s). If die Employer so disapproves, rhe Plan Adminiaramr will be under no obligation to act 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 Doamsyn Envelope D. DZ4866MM0439AAE04.19eFD0AC09EE XVIII. The Employ= hereby acknowledges it undersands that Gllure to properly 611 out this Adaption Agreement may fault In disqualification ofthe Plan. XIX An adapting Employer may rely an an advisory letter issued by the Internal Revenue Servlre as evidence that the Plan is qualified under section 901 ofthe Internal Revenue Code to the stent provided in applicable IRS revenue procedures and otheraf cialguidance. In Wirnta Whc=F, the Employer hereby causes this Agreemmt to be taatd on this 41h day of February _ 20.]x, EMPLOYER Print Name: William H. Thrasher Tide: Town Manager Ancor.E04 04 z ! �s L. ry/O1-,rwk Ckr/e Monty Purchase Plan Adoption AVr_menr ICMA RETIREMENT CORPORATION 777 North Capital Sc, NE Suitt Goo Was ington.DC 20002 800.326-7172 By: Print Name C8 C qu ar Tide Acsl I r 1$scretary Ants --