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HomeMy Public PortalAboutRES 90/08RESOLUTION NO. 90 -8 A RESOLUTION OF THE TOWN COMMISSION OF THE TOWN OF GULF STREAM, PALM BEACH COUNTY, FLORIDA, PROVIDING FOR A MONEY PURCHASE RETIREMENT PLAN FOR EMPLOYEES OF THE TOWN OF GULF STREAM WHEREAS, the Town of Gulf Stream has employees rendering valuable services to the Town; and WHEREAS, the establishment of a money purchase retirement plan benefits employees by providing funds for retirement and funds for their beneficiaries in the event of death; and WHEREAS, the Town of Gulf Stream desires that its money purchase money retirement plan be administered Retirement Corporation and that the funds held invested in the ICMA Retirement Trust, a trust public employers for the collective investment their money purchase retirement plans and defe plans. by the ICMA under such plan be established by of funds held under rred compensation NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COMMISSION OF THE TOWN OF GULF STREAM, FLORIDA: Section 1. The Town of Gulf Stream hereby establishes a Money Purchase Retirement Plan in the form of the ICMA Retirement Corporation Prototype Money Purchase Retirement Plan and Trust, pursuant to the specific provisions of the Adoption Agreement attached hereto and incorporated in this Resolution as if fully set forth herein. The Plan and Trust adopted by the Town of Gulf Stream shall be maintained for the exclusive benefit of eligible employees and their beneficiaries. Section 2. The Town Commission hereby approves and executes the Declaration of Trust of the ICMA Retirement Trust attached hereto as Appendix B. Section 3. The Town of Gulf Stream by and through officials designated by the Town Commission, hereby agrees to participate under the Money Purchase Retirement Plan and to invest all funds held under such plan in the ICMA Retirement Trust. Section 4. The Town Manager shall be the coordinator for this program and shall receive necQssary reports, notices and other information from the ICMA Retirement Corporation or the ICMA Retirement Trust and shall cast on behalf of the Town any required votes under the program. Administrative duties to carry out the program may be assigned to the appropriate departments. PASSED AND ADOPTED in regular session on this Xh day of November, 1990. MAY U1 ` ATTEST: TOWN CLERK JCR \13147 -01 WENSION AES 11 \14 \90 2 Q,' i TOWN COMMISSION ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT ( #001) The Employer hereby establishes a Money Purchase Plan and Trust to be known as I t 1 ') /l e (the "Plan's in the form of the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust. This Plan is an amendment and restatement of an existing defined contribution money purchase plan. ® "es ❑ No If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: Ft �l a r) i S U-) *1 -Mr, S. D. S I. Employer: _�i�L re YYl II. Prototype Sponsor: Name: ICMA Retirement Corporation Address: 777 N. Capitol Street, N.E. Washington, D.C. 20002 -4240 Telephone Number: (202) 962 -4600 III. 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: + �cjG[) IV. Plan Year will mean: Ids The twelve (12) consecutive month period that coincides with the limitation year. (See Section 6.05(i) of the Plan.) ❑ The twelve (12) consecutive month period commencing on and each anniversary thereof. K111KIR V. Normal Retirement Age shall be age 59 l/A (not to exceed age 65). VI. ELIGIBILITY REQUIREMENTS: The following group or groups of Employees are eligible to participate in the Plan: 2'-All Employees ❑ All Full-Time Employees ❑ Salaried Employees ❑ Non -Union Employees ❑ Management Employees ❑ Public Safety Employees ❑ General Employees ❑ Other (specify below) 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 IJ / 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 re- quirement is + (not to exceed age 21. Write N/A if no minimum age is declared.) VII. CONTRIBUTION PROVISIONS The Employer shall contribute as follows (choose one): 1.11 Fixed Employer Contributions With or Without Mandatory Participant Contributions. The Employer shall contribute on behalf of each Participant 10, C�, % of Earnings or $ for the Plan Year (subject to the limitations of Article VI of the Plan). Each Participant is required to contribute ;7- % of Earnings or $ for the Plan Year as a condition of participation in the Plan. (Write 110" 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. W Yes l❑ No [Note to Employer: Neither an opinion letter issued by the Internal Revenue Service with respect to the Prototype Plan, 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. PI •1 � 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. Rul. 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.) ❑ 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 and VI 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 contribu- tions, 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 Articles V and VI of the Plan): ❑ % of the contributions made by the Participant for the Plan Year (not including Participant contributions exceeding % of Earn- ings 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 more or % of Earnings, whichever is less. 2. Each Participant may make a voluntary (unmatched), after -tax contribution, subject to the limitations of Section 4.04 and Articles V and VI of the Plan. Cl Yes DYNo 3. Employer contributions and Participant contributions shall be contributed to the Trust in accordance with the following payment schedule: CUnc� ec��.h month VIII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: (a) Overtime ❑ Yes ❑ No (b) Bonuses ❑ Yes ❑ No IX. LIMITATION ON ALLOCATIONS If the Employer (i) 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, and/or (ii) maintains a welfare benefit fund (as defined in Section 419(e) of the Code) or an individual medical account (as defined in Section 415a)(2) of the Code, under which amounts are treated as Annual Additions with respect to any Participant in this Plan, 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 6.03 and 6.04 of the Plan). A. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, other than a Master or Prototype Plan, the provisions of Section 6.02(a) through (f) of the Plan will apply as if the other plan were a Master or Prototype Plan, 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.) B. 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 6.04 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 Sections 6.01 through 6.03. The methods of avoiding the limitation described in this paragraph will not apply if the Employer indicates another method below. ❑ 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.) C. The limitation year is the following twelve (12) consecutive month period: 4 001 -90D X. 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 Specified Minimum Service Percent Vesting -cam—P11W VestinLy Reo it men c ** Less than One U % No minimum One Two 20 % '10 No minimum Three % (0 % No minimum Four %0 % Not less than 20% Five 100 % Not less than 40% Six 106% Not less than 60% Seven or more 100 % Not less than 80% Must equal 100% (* *These minimum vesting requirements conform to the Code's three- to seven -year vesting schedule. If the employee becomes 100% vested by the completion of five years of service, there is no minimum for years three and four.) XI. INVESTMENT OPTION ❑ A Participant may direct his/her investment only to or into an investment option that provides a guarantee of principal. ❑ A Participant may direct his/her investment of not more than option which does not provide an % in an investment p Y guarantee of principal. A Participant may direct his/her investment, without restriction, among various investment option available under the Trust. s ❑ Specify any other investment restrictions. XII. BENEFITS UPON SEPARATION 1 • Upon separation from service for reason other than death, disability, or attainment of Normal Retirement Age, the Participant may elect to commence receiving benefits from the following accounts, without regard to age: a) Employer Contribution Account (Nonforfeitable Interest) 0 Yes ❑ No b) Participant Contribution Account (if applicable) (2-les ❑ No C) Participant Portable Benefits Account es ❑ No 11 •It 2. If "no" to any of the above, the earliest age at which the Employer will allow a distribution from the Employer Contribution Account, the Participant Portable Benefits Account, and/or the Participant Contribution Account, if applicable, is 3. Notwithstanding Subsection (2) above, a distribution shall be made pursuant to Section 10.04 of the Plan, De Minimis Accounts. Further, the Participant shall be entitled to request that his/her entire Nonforfeitable Interest in his/her Account be transferred to another plan, pursuant to Section 10.03 of the Plan. XIII. Loans are permitted under the Plan, as provided in Article XIV. ❑ Yes a No XIV. 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. XV. The Prototype Sponsor hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 15.05 of the Plan or of the discontinuance or abandonment of the Plan. XVI, The Employer hereby appoints the Prototype Sponsor as the Plan Administrator pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST. The Employer hereby agrees to the provisions of the Plan & Trust. XVII. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. XVIII. An adopting Employer may not rely on a notification letter issued to the Prototype Sponsor by the Inter- nal 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 Employer must apply to the appropriate key district office for a determination letter. This Adoption Agreement may be used only in conjunction with basic Plan document number 001. In Witness Whereof, the Employer hereby causes this Agreement to be executed on this 4 h 19 y / day of Accepte ICMA RETIRE ORPORATION By: ` By: w - 1�l .►�Q Title: T(r' Wri 41 (,t n (4 G' ✓ zttAttest: These prototype documents have n submitted to the IRS for approval as to form. It is anticipated that such IRS approval will be received at some time during 1991. When that occurs, ICMA Retirement Corporation will distribute the approved version of the prototype documents for adoption by employers. pp ICMA RETIREMENT CORPORATION, CORPORATE HEADQUARTERS, 777 NORTH CAPITOL STREET, NE, WASHINGTON, DC 20002 -4240 6 001 -90D ICMA RETIREMENT CORPORATION Corporate Headquarters Suite 600 777 North Capitol Street, NE Washington, DC 20002 -4240 (202) 962 -4600 Toll -Free (800) 669 -7400 June 14, 1991 Mr. Franklin Flannery Town Manager Town of Gulf Stream 100 Sea Road Gulf Stream, FL 33483 RE: Plan Number 9079 Dear Mr. Flannery: The ICMA Retirement Corporation is pleased to accept the amendment of the Money Purchase Plan for the Town of Gulf Stream. This amendment specifies the following vesting schedule: Years of Services Completed Less than one One Two Three Four Five Six Seven or More Specified_ Percent Vestina 0% 0 20% 40% 60% 80% 100% 100% 100% A copy of the amended adoption agreement is enclosed for your files. If you have any questions, please contact me at 1- 800 - 669 -7400. Thank you for your continued interest in the ICMA Retirement Corporation. Sincerely, 1 LaRhonda Walden Service Associate Qualified Plan Services TF Es ICMA -RC Services, Inc. Member NASD and SIPC, is a wholly owned broker - dealer subsidiary of the ICMA Retirement Corporation ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT ( #001) The Employer hereby establishes a Money Purchase Plan and Trust to be known as THE TOWN OF GULF STREAM (the `Plan') in the form of the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust. This Plan is an amendment and restatement of an existing defined contribution money purchase plan. ❑ Yes ❑ No If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: I. II. IV. Employer: Town of Gulf Stream Prototype Sponsor: Name: ICMA Retirement Corporation Address: 777 N. Capitol Street, N.E. Washington, D.C. 2000211240 Telephone Number: (202) 96211600 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: October 1, 1990 Plan Year will mean: The twelve (12) consecutive month period that coincides with the limitation year. (See Section 6.05(i) of the Plan.) ❑ The twelve (12) consecutive month period commencing on and each anniversary thereof. nmr nnv,% V. VI. ff " Normal Retirement Age shall be age ELIGIBILITY REQUIREMENTS: 59-3-2 (not to exceed age 65). 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 ❑ Other (specify below) 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 re- quirement is 18 (not to exceed age 21. Write N/A if no minimum age is declared.) CONTRIBUTION PROVISIONS 1. The Employer shall contribute as follows (choose one): IR Fixed Employer Contributions With or Without Mandatory Participant Contributions. The Employer shall contribute on behalf of each Participant 12.6 % of Earnings or $ for the Plan Year (subject to the limitations of Article VI of the Plan). Each Participant is required to contribute 7 % 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. ® Yes ❑ No [Note to Employer: Neither an opinion letter issued by the Internal Revenue Service with respect to the Prototype Plan, 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. 2. 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. Rul. 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.] ❑ 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 and VI 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 contribu- tions, 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 Articles V and VI of the Plan): % of the contributions made by the Participant for the Plan Year (not including Participant contributions exceeding ings or $ ); % of Earn- 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 $ I ❑ Employer contributions on behalf of a Participant for a Plan Year shall not exceed $ or % of Earnings, whichever is more or less. Each Participant may make a voluntary (unmatched), after -tax contribution, subject to the limitations of Section 4.04 and Articles V and VI of the Plan. ❑ Yes ® No Employer contributions and Participant contributions shall be contributed to the Trust in accordance with the following payment schedule: Bi Week1V VIII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: (a) Overtime ❑ Yes M No (b) Bonuses ❑ Yes Q No IX. LIMLITATION ON ALLOCATIONS If the Employer (i) 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, and/or (ii) maintains a welfare benefit fund (as defined in Section 419(e) of the Code) or an individual medical account (as defined in Section 415(i)(2) of the Code, under which amounts are treated as Annual Additions with respect to any Participant in this Plan, 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 6.03 and 6.04 of the Plan). A. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, other than a Master or Prototype Plan, the provisions of Section 6.02(a) through (f) of the Plan will apply as if the other plan were a Master or Prototype Plan, 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.) B. 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 6.04 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 Sections 6.01 through 6.03. The methods of avoiding the limitation described in this paragraph will not apply if the Employer indicates another method below. ❑ 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.) C. The limitation year is the following twelve (12) consecutive month period: 001 -900 X. 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 Specified Minimum Service Percent Vesting Completed Vestiniz Requirements" Less than One 0 % No minimum One 2n % No minimum Two 4 n % No minimum Three gyp_ % Not less than 20% Four n_ % Not less than 40% Five 1 n n % Not less than 60% Six i n n % Not less than 80% Seven or more loo % Must equal 100% ( "These minimum vesting requirements conform to the Code's three- to seven -year vesting schedule. If the employee becomes 100 % vested by the completion of five years of service, there is no minimum for years three and four.) XI. ►M INVESTMENT OPTION ❑ A Participant may direct his/her investment only to or into an investment option that provides a guarantee of principal. ❑ A Participant may direct his/her investment of not more than option which does not provide any guarantee of principal. % in an investment l A Participant may direct his/her investment, without restriction, among various investment options available under the Trust. ❑ Specify any other investment restrictions. BENEFITS UPON SEPARATION 1. Upon separation from service for reason other than death, disability, or attainment of Normal Retirement Age, the Participant may elect to commence receiving benefits from the following accounts, without regard to age: a) Employer Contribution Account (Nonforfeitable Interest) Yes ❑ No b) Participant Contribution Account (if applicable) $l Yes ❑ No C) Participant Portable Benefits Account? Yes ❑ No 5 001 -90D 2. If "no" to any of the above, the earliest age at which the Employer will allow a distribution from the Employer Contribution Account, the Participant Portable Benefits Account, and/or the Participant Contribution Account, if applicable, is Notwithstanding Subsection (2) above, a distribution shall be made pursuant to Section 10.04 of the Plan, De Naimis Accounts. Further, the Participant shall be entitled to request that his/her entire Nonforfeitable Interest in his/her Account be transferred to another plan, pursuant to Section 10.03 of the Plan. XIII. Loans are permitted under the Plan, as provided in Article XIV. ❑ Yes a No XIV. 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. XV. The Prototype Sponsor hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 15.05 of the Plan or of the discontinuance or abandonment of the Plan. XVI. The Employer hereby appoints the Prototype Sponsor as the Plan Administrator pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST. The Employer hereby agrees to the provisions of the Plan & Trust. XVII. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. XVIII. An adopting Employer may not rely on a notification letter issued to the Prototype Sponsor by the Inter- nal 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 Employer must apply to the appropriate key district office for a determination letter. This Adoption Agreement may be used only in conjunction with basic Plan document number 001. In Witness Whereof, the Employer hereby causes this Agreement to be executed on, this nct-ob r '19 91 . EMPLOYER By: irnyl !e 1st day of Accepted: ICMA RETIREMENT CORPORATION M Title: Title: Attest: (h Attest: These prototype documents have n submitted to the IRS for approval as to form. It is anticipated that such IRS approval will be received at some time during 1991. When that occurs, ICMA Retirement Corporation will distribute the approved version of the prototype documents for adoption by employers. ICMA RETIREMENT CORPORATION, CORPORATE HEADQUARTERS, 777 NORTH CAPITOL STREET, NE, WASHINGTON, DC 20002 -4240 6 001 -90D ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT The Employer hereby establishes a Money Purchase Plan and Trust to be known as Town of Gulf Stream (name of plan) (The "Plan ") in the form of the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust. This Plan is an amendment and restatement of an existing defined contribution pension plan. X Yes ❑ No If yes, please specify the name of the defined contribution pension plan which this Plan hereby amends and restates: Town of Gulf Stream Pension Plan #2367.P1an is with I.D.S. A. Employer: Town of Gulf Stre B. 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: October 1, 1990 C. Plan Year will mean: ( x) the 12- consecutive month period which coincides with the limitation year. (See section 5.05(h) of the Plan.) ( ) the 12- consecutive month period commencing on and each anniversary thereof. D. ELIGIBILITY REQUIREMENTS: 1. The following group or groups of Employees are eligible to participate in the Plan: X All Employees All Full -Time Employees Salaried Employees Non -union Employees Management Employees Public Safety Employees General Employees Other (specify below) 2. The Employer hereby waives or reduces the requirement of a twelve -month Period of Service for participation. The period of service shall be N (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 require- ment is p8 (not to exceed age 21). Write N/A if no minimum age is declared. 1 4. Normal Retirement Age shall be 5 9 # (not to exceed age 65). If a different Normal Retirement Age is established for one or more groups of Employees, please specify. Age Group 45 Early Retirement E. CONTRIBUTION PROVISIONS 1. The Employer shall contribute as follows (choose one): (X) Fixed Percentage Employer Contributions With Or Without Mandatory Employee Contributions. The Employer shall contribute on behalf of each Participant 10.6 % of Earnings for the Plan Year (subject to the limitations of Article V of the Plan). Each Participant is required to contribute 5 % of Earnings for the Plan Year as a condition of par- ticipation. (Write "0" if no contribution is required.) The Employer hereby elects to "pick up" the Mandatory /Required Participant Contribution. X Yes of [Note to Employer: Neither an opinion letter issued by the Internal Revenue Service with respect to the prototype plan, nor a determina- tion letter issued to an adopting employer is a ruling by the Internal Revenue Service that Par- ticipant 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 con- tributions, 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.] ( ) Fixed Dollar Employer Contributions With Or Without Mandatory Employee Contributions. The Employer shall contribute on behalf of each Participant $_ for the Plan Year (subject to the limitations of Article V of the Plan). Each Participant is required to con- tribute % of Earnings or $ for the Plan Year as a condition of participation. (Write "0" if no contribution is required.) The Employer hereby elects to "pick up" the Mandatory /Required Participant Contribution. Yes No [See the above Note to Employer regarding the tax treatment of picked up contributions.] 3. Employer contributions and Participant contribu- tions shall be contributed to the Trust in accordance with the following payment schedule: Once each month F. EARNINGS Earnings, which form the basis for computing Employer contributions, are defined as all of each Participant's: (X) W -2 earnings for the plan year which are sub- ject to tax under section 3101(a) of the Internal Revenue Code without the dollar limitation of section 3121(a), or which would be subject to such tax but for section 3121(b)(7); plus any con- tributions through a salary reduction agreement to a cash or deferred plan under section 401(k), to a tax deferred annuity under section 403(b), and compensation voluntarily deferred under an eligible deferred compensation plan under sec- tion 457; and excluding overtime compensation and bonuses. ( ) Earnings as defined above, plus the following (check whichever is applicable, if any): Overtime Bonuses which are actually paid within such Plan Year. Employer Percentage Match Of Employee Contributions. G. LIMITATION ON ALLOCATIONS The Employer shall contribute on behalf of If you maintain or ever maintained another qualified each Participant an amount determined as plan in which any participant in this plan is (or was) follows (subject to the limitations of Article V of a participant or could possibly become a participant, the Plan): you must complete this section. of the contributions made by the Participant for the Plan Year (not including Participant contributions exceeding of Earnings of 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 con- tributions exceeding in the aggregate of Earnings or $ ). Employer contributions on behalf of a Partici- pant for a Plan Year shall not exceed $ or _% of Earnings, whichever is more or less. 2. Each Participant may make a voluntary, after -tax contribution, subject to the limitations of Section 4.04 and Article V of the Plan. Yes No 1. If the participant is covered under another qualified defined contribution plan maintained by the employer, other than a master or prototype plan: (>O The provisions of section 5.02(a) through (g) will apply as if the other plan were a master or pro- totype plan. ( ) 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 man- ner that precludes employer discretion.) If the participant is or has ever been a participant in a defined benefit plan maintained by the employer: ( ) If the limitation in section 5.04 would be ex- ceeded, 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 limita- tion. 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 sections 5.01 through 5.03. ( ) Other Method. (Note to Employer: Provide below language which will satisfy the 1.0 limita- tion 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: H. VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to 1) the minimum vesting re- quirements as noted (either Type 1 or Type 2) and 2) the concurrence of the Plan Administrator. Years of Service Completed Zero One Two Three Four Five Six Seven Eight Nine Ten Eleven, or more Specified Percent Vesting o� o� a/o a/o o� 100% o� o� % o� % 100 Type 1 Minimum Vesting Requirements" No minimum No minimum No minimum No minimum Not less than 40% Not less than 45% Not less than 50% Not less than 60% Not less than 70% Not less than 80% Not less than 90% Must equal 100% Type 2 Minimum Vesting Requirements - No Minimum No Minimum No Minimum No Minimum No Minimum Must equal 100% Must equal 100% Must equal 100% Must equal 100% Must equal 100% Must equal 100% Must equal 100% ( "These minimum vesting requirements conform to the IRS's Four -Forty and Five -year Cliff schedules, which are., the most restrictive schedules for which an advance deter- mination ruling for qualification will be issued by the IRS without a pre -test for nondiscrimination.) I. INVESTMENT OPTION A Participant may direct his /her investment only in an investment option which provides a guarantee of principal. 3 A Participant may direct his /her investment of not more than % in an in- vestment option which does not provide any guarantee of principal. X A Participant may direct his /her investment, without restriction, among various invest- ment options available under the Trust. Specify any other investment restrictions J. BENEFITS UPON SEPARATION 1. Upon separation from service for reason other than death, disability or attainment of Normal Retirement Age, the Participant may elect to commence receiv- ing benefits from the following accounts, without regard to age: a) Employer Contribution Account (Nonforfeitable Interest) X Yes No b) Participant Contribution Account (if applicable) X Yes No c) Participant Portable Benefits Account X Yes No 2. If "no" to any of the above, the earliest stage is , at which the Employer will allow a distribu- tion from the Employer Contribution Account, the Participant Portable Benefits Account, and /or the Participant Contribution Account, if applicable. 3. Notwithstanding Section J(2) above, a distribution shall be made pursuant to Section 9.05 of the Plan, De Minimis Accounts. Further, the Participant shall be entitled to make a rollover contribution pursuant to Section 9.03 of the Plan. K. Loans are permitted under the Plan, as provided in Article XIII: Yes X No L. WAIVER OF FUNDING (complete this section only if waiver of minimum funding applied for) The Employer, if unable to satisfy the minimum funding standard for a given Plan Year, may apply to the Inter- nal Revenue Service for a waiver of the minimum fun- ding standard. If the waiver is granted, the following provisions shall apply and suspend any contrary pro- vision: M.The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality of one of more units of state or local government. N. The Employer hereby appoints the ICMA Retirement Corporation as the Plan Administrator pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN AND TRUST. The Employer hereby agrees to the provisions of the Plan and Trust. O. An adopting Employer may not rely on an opinion let- ter issued by the National 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 qualifica- tion, the Employer must apply to the appropriate key district office for a determination letter. This Adoption Agreement may be used only in conjunc- tion with basic Plan document number 01. In Witness Whereof, the Employer hereby causes this Agreement to be executed on this 28th day of November , 19 90 . EMPLOYER Accepted: ICMA RETIREMENT CORPORATION By: By: Title: G' /�.✓� G c'/� Title: Attest: ".� Attest: 401005-1189 4 M.The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality of one of more units of state or local government. N. The Employer hereby appoints the ICMA Retirement Corporation as the Plan Administrator pursuant to the terms and conditions cd the ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN AND TRUST. The Employer hereby agrees to the provisions of the Plan and Trust. O. An adopting Employer may not rely on an opinion let- ter issued by the National 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 qualifica- tion, the Employer must apply to the appropriate key district office for a determination letter. This Adoption Agreement may be used only in conjunc- tion with basic Plan document number 01. In Witness Whereof, the Employer hereby causes this Agreement to be executed on this 28th day of November ,1990. EMPLOYER Accepted C By: By: Title: inl 6' 6' Title: Attest: Attest: '431 "e;I. 038 401005 -1189 4 RETIR�EMENT(� O ORATION 41- 0 ectaranon o etirement orarion DECLARATION OF TRUST OF ICMA RETIREMENT CORPORATION ARTICLE I. NAME DEFINITIONS Section 1.1 Name: The Name of the Trust, as amended and restated hereby, is the ICMA Retirement Trust. Section 1.2 Definitions: Wherever they are used herein, the following terms shall have the following respective meanings: (a) Bylaws. The bylaws referred to in Section 4.1 hereof, as amended from time to time. (b) Deferred Compensation Plan. A deferred compensation plan established and maintained by a Public Employer for the purpose of providing retirement income and other deferred benefits to its employees in accordance with the provision of section 457 of the Internal Revenue Code of 1954, as amended. (c) Employees. Those employees who participate in Qualified Plans. (d) Employer Trust. A trust created pursuant to an agreement between RC and a Public Employer for the purpose of investing and administering the funds set aside by such Employer in connection with its Deferred Compensation agreements with its employees or in connection with its Qualified Plan. (e) Guaranteed Investment Contract. A contract entered into by the RetirementTrust with insurance companies that provides for a guaranteed rate of return on investments made pursuant to such contract. (f) ICMA. The International City Management Association. (g) ICMA/RC Trustees. Those Trustees elected by the Public Employers who, in accordance with the provisions of Section 3.1(a) hereof, are also members, or former members, of the Board of Directors of ICMA or RC. (h) Investment Adviser. The Investment Adviserthat enters into a contract with the Retirement Trust to provide advice with respect to investment of the Trust Property. (i) Portfolios.The Portfoliosof investment established by the Investment Adviser to the Retirement Trust, under the supervision of the Trustees, for the purpose of providing investments for the Trust Property. (j) Public Employee Trustees. Those Trustees elected bythe Public Employers who, in accordance with the provision of Section 3.1(a) hereof, are full - time employees of Public Employers. (k) Public Employer Trustees. Public Employers who serve as trustees of the Qualified Plans. Public Employer. A unit of state or local government, or any agency or instrumentality thereof, that has adopted a Deferred Compensation Plan or a Qualified Plan and has executed this Declaration of Trust. (m) Qualified Plan. A plan sponsored by a Public Employer for the purpose of providing retirement income to its employees which satisfies the qualification requirements of Section 401 of the Internal Revenue Code, as amended. (n) RC. The International City Management Association Retirement Corporation. (o) Retirement Trust. The Trust created by the Declaration of Trust. (p) Trust Property. The amounts held in the Retirement Trust on behalf of the Public Employers in connection with Deferred Compensation Plans and on behalf of the Public Employer Trustees for the exclusive benefit of Employees pursuantto Qualified Plans. The Trust Property shall include any income resulting from the investment to the amounts so held. (q) Trustees. The Public Employee Trustees and ICMA/RCTrustees elected bythe PublicEmployers to serve as members of the Board of Trustees of the Retirement Trust. ARTICLE II. CREATION AND PURPOSE OF THE TRUST; OWNERSHIP OF TRUST PROPERTY Section 2.1 Creation: The Retirement Trust is created and established by the execution of this Declaration of Trust by the Trustees and the Public Employers. Section 2.2 Purpose: The purpose of the Retirement Trust is to provide for the commingled investment of funds held by the Public Employers in connection with their Deferred Compensation and Qualified Plans. The Trust Property shall be invested in the Portfolios, in Guaranteed Investment Contracts, and in other in- vestments recommended by the Investment Adviser under the supervision of the Board of Trustees. No Part of the Trust Property will be invested in securities issued by Public Employers. Section 2.3 Ownership of Trust Property: The Trustees shall have legal title to the Trust Property. The Public Employers shall be the beneficial owners of the por- tion of the Trust Property allocable to the Deferred Compensation Plans. The portion of the Trust Prop- erty allocable to the Qualified Plans shall be held for the Public Employer Trustees forthe exclusive benefit of the Employees. ARTICLE III. TRUSTEES Section 3.1 Number and Qualification of Trustees: (a)The Board of Trustees shall consist of nine Trust- ees. Five of the Trustees shall be full -time employees of a Public Employer (the Public Employee Trustees) who are authorized by such Public Employer to serve as Trustee. The remaining four Trustees shall consist of two persons who, at the time of election to the Board of Trustees, are members of the Board of Directors of ICMA and two persons who, atthetime of election, are members of the Board of Directors of RC (the ICMA/ RC Trustees. One of the Trustees who is a director of ICMA, and one of the Trustees who is a director of RC, shall, at the time of election, be full -time employees of a Public Employer. (b) No person may serve as a Trustee for more than one term in any ten -year period. Section 3.2 Election and Term: (a) Except for the Trust- ees appointed to fill vacancies pursuant to Section 3.5 hereof, the Trustees shall be elected by a vote of a majority of the Public Employers in accordance with the procedures set forth in the By -Laws. (b) At the first election of Trustees, three Trustees shall be elected for a term of three years, three Trustees shall be elected for a term of two years and three Trustees shall be elected for a term of one year. At each subsequent election, three Trustees shall be elected for a term of three years and until his or her successor (d) invest and reinvest the Trust Property in the is elected and qualified. Portfolios, the Guaranteed Interest Contracts and Section 3.3 Nominations: The Trustees who are full -time in any other investment recommended by the employees of Public Employers shall serve as the Investment Adviser, but not including securities Nominating Committee for the Public Employee Trustees. The Nominating Committee shall choose issued by Public Employers, provided that if a Public Employer has directed that its monies be candidates for Public Employee Trustees in accor- invested in specified Portfolios or in a Guaranteed dance with the procedures set forth in the By -Laws. Investment Contract, the Trustees of the Section 3.4 Resignation and Removal: (a) Any Trustee Retirement Trust shall invest such monies in accordance with such directions; may resign as Trustee (without need for prior or subsequent accounting) by an instrument in writing (e) keep such portion of the Trust Property in cash or signed by the Trustee and delivered to the other cash balances as the Trustees, from time to time, Trustees and such resignation shall be effective upon may deem to be in the best interest of the such delivery, or at a later date according to the terms Retirement Trust created hereby without liability of the instrument. Any of the Trustees may be re- for interest thereon; moved for cause, by a vote of a majority of the Public (f) accept and retain for such time as they may deem Employers. (b) Each Public Employee Trustee shall advisable any securities or otherproperty received resign his or her position as Trustee within sixty days or acquired by them as Trustees hereunder, of the date on which he or she ceases to be a full -time whether or not such securities or other property employee of a Public Employer. would normally be purchased as investment Section 3.5 Vacancies: The term of office of a Trustee hereunder; shall terminate and a vacancy shall occur in the event (g) cause any securities or other property held as part of the death, resignation, removal, adjudicated incom- of the Trust Property to be registered in the name petence or other incapacity to perform the duties of the of the Retirement Trust or in the name of a nominee, office of a Trustee. In the case of a vacancy, the and to hold any investments in bearerfrom, but the remaining Trustees shall appoint such person as they books and records of the Trustees shall at all times in theirdiscretion shall see f it (subject to the limitations show that all such investments are a part of the set forth in this Section), to serve for the unexpired Trust Property; portion of the term of the Trustee who has resigned or otherwise ceased to be a Trustee. The appointment (h) make, execute, acknowledge, and deliver any and shall be made by a written instrument signed by a all documents of transfer and conveyance and any and all other instruments that maybe necessary or majority of the Trustees. The person appointed must be the same type of Trustee (i.e., Public Employee appropriatetocarry outthepowershereingranted; Trustee or ICMA/RC Trustee) as the person who has (i) vote upon any stock, bonds, or other securities; ceased to be a Trustee. An appointment of a Trustee give general orspecial proxies orpowers of attorney may be made in anticipation of a vacancy to occur at with or without power of substitution;exercise any a later date by reason of retirement or resignation, conversion privileges, subscription rights, or other provided that such appointment shall not become options, and make any payments incidentalthereto; effective prior to such retirement or resignation. oppose, or consent to, or otherwise participate in, Whenever a vacancy in the number of Trustees shall corporate reorganizations or to other changes occur, until such vacancy is filled as provided in this affecting corporate securities, and delegate Section 3.5, the Trustees in office, regardless of their discretionary powers and pay any assessments or number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed charges in connection therewith; and generally exercise any of the powers of an owner with upon the Trustees by this Declaration. A written respect to stocks, bonds, securities or other instrument certifying the existence of such vacancy property held as part of the Trust Property; signed by a majority of the Trustees shall be conclu- (j) enter into contracts or arrangements for goods or sive evidence of the existence of such vacancy. services required in connection with the operation Section 3.6 Trustees Serve in Representative Capacity: of the Retirement Trust, including, but not limited By executing this Declaration, each Public Employer to, contracts with custodians and contracts for the agrees that the Public Employee Trustees elected by provision of administrative services; the Public Employers are authorized to act as agents (k) borrow or raise money for the purposes of the and representatives of the Public Employers collec- Retirement Trust in such amount, and upon such tively. terms and conditions, as the Trustees shall deem ARTICLE IV. POWERS OF TRUSTEES advisable, provided that the aggregate amount of such borrowings shall not exceed 30% of the Section 4.1 General Powers: The Trustees shall have the value of the Trust Property. No person lending powerto conduct the business of the Trust and to carry money to the Trustees shall be bound to see the on its operations. Such power shall include, but shall application of the money lent or to inquire into its not be limited to, the power to: validity, expediency or propriety or any such (a) receive the Trust Property from the Public Employers, Public Employer Trustees borrowing; (1) incur reasonable for or other Trustee of any Employer Trust; expenses as required the operation of the Retirement Trust and deduct such (b) enter into a contract with an Investment Adviser expenses from of the Trust Property; providing, among other things, for the (m) ay expenses properly allocable to the Trust establishment and operation of the Portfolios, Property incurred in connection with the Deferred selection of the Guaranteed Investment Contracts Compensation Plans, Qualified Plans, or the in which the Trust Property may be invested, Employer Trusts and deduct such expenses from selection of the other investments for the Trust the portion of the Trust Property to whom such Property and the payment of reasonable fees to the Investment Adviser and to any sub - investment expenses are properly allocable; adviser retained by the Investment Adviser; (n) pay out of the Trust Property all real and personal property taxes, income taxes and other taxes of (c) review annuallythe performance of the Investment any and all kinds which, in the opinion of the Adviser and approve annually the contract with Trustees, are properly levied, or assessed under such Investment Adviser; existing or future laws upon, or in respect of, the Trust Property and allocate any such taxes to the appropriate accounts; (o) adopt, amend and repeal the bylaws, provided that such bylaws are at all times consistent with the terms of this Declaration of Trust; (p) employ persons to make available interests in the Retirement Trust to employers eligible to maintain a Deferred Compensation Plan under Section 457 or a Qualified Plan under Section 401 of the Internal Revenue Code, as amended; (q) issue the Annual Report of the Retirement Trust, and the disclosure documents and other literature used by the Retirement Trust; (r) make loans, including the purchase of debt obligations, provided that all such loans shall bear interest at the current market rate; (s) contract for, and delegate any powers granted hereunder to, such officers, agents, employees, auditors and attorneys as the Trustees may select, provided that the Trustees may not delegate the powers set forth in paragraphs (b), (c) and (o) of this Section 4.1 and may not delegate any powers if such delegation would violate their fiduciary duties; (t) provide for the indemnification of the Officers and Trustees of the Retirement Trust and purchase fiduciary insurance; (u) maintain books and records, including separate accounts for each Public Employer, Public Employer Trustee or Employer Trust and such additional separate accounts as are required under, and consistent with, the Deferred Compensation or Qualified plan of each Public Employer; and (v) do all such acts, take all such proceedings, and exercise all such rights and privileges, although not specifically mention herein, as the Trustees may deem necessary or appropriate to administer the Trust Property and to carry out the purposes of the Retirement Trust. Section 4.2 Distribution of Trust Property: Distributions of the Trust Property shall be made to, or on behalf of, the Public Employer or Public Employer Trustee, in accordance with the terms of the Deferred Compen- sation Plans, Qualified Plans or Employer Trusts. The Trustees of the Retirement Trust shall be fully protected in making payments in accordance with the directions of the Public Employers, Public Employer Trustees or other Trustee of the Employer Trusts without ascer- taining whethersuch payments are in compliance with the provision of the Deferred Compensation or Quali- fied Plans, or the agreements creating the Employer Trusts. Section 4.3 Execution of Instruments: The Trustees may unanimously designate any one or more of the Trust- ees to execute any instrument or document on behalf of all, including but not limited to the signing or en- dorsement of any check and the signing of any appli- cations, insurance and other contracts, and the action of such designated Trustee or Trustees shall have the same force and effect as if taken by all the Trustees. ARTICLE V. DUTY OF CARE AND LIABILITY OF TRUSTEES Section 5.1 Duty of Care: In exercising the powers hereinbefore granted to the Trustees, the Trustees shall perform all acts within their authority for the exclusive purpose of providing benefits for the Public Employers in connection with Deferred Compensa- tion Plans and Public Employer Trustees pursuant to Qualified Plans, and shall perform such acts with the care, skill, prudence and diligence in the circum- stances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. Section 5.2 Liability: The Trustees shall not be liable for any mistake of judgment or other action taken in good faith, and for any action taken or omitted in reliance in good faith upon the books of account or other records of the Retirement Trust, upon the opinion of counsel, or upon reports made to the Retirement Trust by any of its officers, employees or agents or by the Invest- ment Adviser or any sub - investment adviser, accoun- tants, appraisers or other experts or consultant se- lected with reasonable care by the Trustees, officers or employees of the Retirement Trust. The Trustees shall also not be liable for any loss sustained by the Trust Property by reason of any investment made in good faith and in accordance with the standard of care set forth in Section 5.1. Section 5.3 Bond: No Trustee shall be obligated to give n bond or other security for the performance of any is or her duties hereunder. ARTICLE VI. ANNUAL REPORT TO SHAREHOLDERS The Trustees shall annually submit to the Public Employers and Public Employer Trustees a written report of the transac- tions of the Retirement Trust, including financial statements which shall be certified by independent public accountants chosen by the Trustees. ARTICLE VII. DURATION OR AMENDMENT OF RETIREMENT TRUST Section 7.1 Withdrawal: A Public Employer or Public EmployerTrustee may, at anytime, withdraw from this Retirement Trust by delivering to the Board of Trust- ees a written statement of withdrawal. In such state- ment, the Public Employer or Public EmployerTrustee shall acknowledge that the Trust Property allocable to the Public Employer is derived from compensation deferred by employees of such Public Employer pur- suant to its Deferred Compensation Plan or from contributions to the accounts of Employees pursuant to a Qualified Plan, and shall designate the financial institution to which such property shall be transferred by the Trustees of the Retirement Trust or by the Trustee of the Employer Trust. Section 7.2 Duration: The Retirement Trust shall continue until terminated by the vote of a majority of the Public Employers, each casting one vote. Upon termination, all of the Trust Property shall be paid out to the Public Employers, Public Employer Trustees orthe Trustees of the Employer Trusts, as appropriate. . Section 7.3 Amendment: The Retirement Trust may be amended by the vote of a majority of the public Employers, each casting one vote. Section 7.4 Procedure: A resolution to terminate or amend the Retirement Trust or to remove a Trustee shall be submitted to a vote of the Public Employers if: (i) a majority of the Trustees so direct, or; (ii) a petition requesting a vote signed by not less that 25 percent of the Public Employers, is submitted to the Trustees. ARTICLE Vlll. MISCELLANEOUS Section 8.1 Governing Law: Except as otherwise re- quired by state or local law, this Declaration of Trust and the Retirement Trust hereby created shall be construed and regulated by the laws of the District of Columbia. Section 8.2 Counterparts: This Declaration may be ex- ecuted by the Public Employers and Trustees In two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. ICMA RETIREMENT CORPORATION, CORPORATE HEADQUARTERS, 777 NORTH CAPITOL STREET, NE, WASHINGTON, DC 200024240 �- ICMA Retirement Corporation Prototype Money Purchase Plan & Trust Adoption Agreement . G IE I v 001 -91F ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT #001 The Employer hereby establishes a Money Purchase Plan and Trust to be known as TOWN OF GULF STREAM MPP 401 WITH ICMA (the "Plan ") in the form of the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust. This Plan is an amendment and restatement of an existing defined contribution money purchase plan. M Yes ❑ No If yes,please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: TOWN OF GULF STREAM I. Employer: TOWN OF GULF STREAM II. Prototype Sponsor: Name: ICMA Retirement Corporation Address: 777 N. Capitol Street, N.E. Washington, D.C. 20002 -4240 Telephone Number: (202) 962 -4600 M. The Effective Date of the Plan shall be on the first day of the Plan Year during which the Employer adopts the Plan, unless an alternative Effective Date is hereby specified: 10 /01 Month/Day IV. Plan Year will mean: ❑ The twelve (12) consecutive month period that coincides with the limitation year. (See Section 6.05(1) of the Plan.) ® The twelve (12) consecutive month period commencing on 01 /01 and each anniversary thereof. Month /Day V. Normal Retirement Age shall he age 59.5 (not to exceed age 65.). 1 001 -91F 1i /A VII. ELIGIBII.ITY REQUIREMENTS: 1. The Following 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 ❑ Other (specify below) 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 6 months (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 18 (not to exceed age 21).(Write N/A if no minimum age is declared.) CONTRIBUTION PROVISIONS The Employer shall contribute as follows (choose one): ® Fixed Employer Contributions With or Without Mandatory Participant Contributions. The Employer shall contribute on behalf of each Participant 12.60 % of Earnings or $ 0 for the Plan Year (subject to the limitations of Article VI of the Plan). Each Participant is required to contribute 7.00 % of Earnings or $ 0 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. ® Yes ❑ No [Note to Employer: neither an opinion letter issued by the Internal Revenue Service with respect to the Prototype Plan, 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 if they meet the requirements of Rev. Rul. 81 -35, 1981 -1 C.B. 255. those requirements are (1) that the Employer must specify that the 2 001 -91F contribution, 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.] ❑ 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 and VI 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 contribu- tions, but a Participant may decline to make the required Participant contributions in any Plan Year, in which case n Employer contributions 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 Articles V and VI of the Plan): ❑ % of the contributions made by the Participant for the Plan Year (not including Participant contributions not exceeding % of Earr- ings 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. Each Participant may make a voluntary (unmatched), after -tax contribution, subject to the limitations of Section 4.04 and Articles V and VI of the Plan. ❑ Yes 191 No 3. Employer contributions and Participant contributions shall be contributed to the Trust in accordance with the following payment schedule: BI- WEEKLY VII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: Overtime ❑ Yes ® No 2. Bonuses ❑ Yes ® No 3 001 -91F IX. LIMITATION ON ALLOCATIONS If the Employer (i) 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, and /or (ii) maintains a welfare benefit fund (as defined in Section 419(e) of the Code) or an individual medical account (as defined in Section 415(1)(2) of the Code, under which amounts are treated as Annual Additions with respect to any Participant in this Plan), 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 6.03 and 6.04 of the Plan). 1. If the participant is covered under another qualified defined contribution plan maintained by the Employer, other than a Regional Prototype Plan, the provisions of Section 6.02(a) through (f) of the Plan will apply as if the other plan were a Master or Prototype Plan, 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. 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 6.04 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 aditions shall be reduced to the extent necessary in the manner described in Sections 6.01 throu:-Yh 6.03. the methods of avoiding the limitation described in this paragraph will not apply if the Employer indicates another method below. 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 twelve (12) consecutive month period: / Month /Day 4 001 -91F X. 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 Specified Minimum Service Percent Vesting Completed Vesting Reuiments° Zero 0 % No minimum One 20 % No minimum Two 40 % No minimum Three 60 % Not less than 20 % Four 80 % Not less than 40% Five 100 % Not less than 60 % Six 100 % Not less than 80% Seven or More 100 % Must equal 100 % ("These minimum vesting requirements conform to the Code's three- to seven -year vesting schedule. If the employee becomes 100% vested by the completion of five years of service, there is no minimum for years three and four.) M. INVESTMENT OPTION ❑ A Participant may direct his/her investment only to or into an investment option that provides a guarantee of principal. ❑ A Participant may direct his/her investment of not more than option which does not provide any guarantee of principal. % in an investment ® A Participant may direct his/her investment, without restriction, among various investment options available under the Trust. ❑ Specify any other investment restrictions: XII. BENEFITS UPON SEPARATION 1. Upon separation from service for reason other than death, disability, or attainment of Normal Retirement Age, the Participant may elect to commence receiving benefits from the following accounts, without regard to age: a) Employer Contribution Account (nonforfeitable Interest) ® yes ❑ No b) Participant Contribution Account (if applicable) ® yes ❑ No C) Participant Portable Benefits Account ® yes ❑ No 5 001 -91F 2. If "no" to any of the above, the earliest age at which the Employer will allow a distribution from the Employer Contribution Account, the Participant Portable Benefits Account, and /or the Participant Contribution Account, if applicable, shall be age 0 (not later than Normal Retire- ment Age). Notwithstanding Subsection (2) above, a distribution shall be made pursuant to Section 10.04 of the Plan, De Minimis Accounts. Further, the Participant shall be entitled to requet that his/her entire Nonforfeitable Interest in his/her Account be transferred to another plan, pursuant to Section 10.03 of the Plan. XII. Loans are permitted under the Plan, as provided in Article XIV. ❑ yes © No XIV. The Employer hereby attests that it is a unit of state or local government or any agency or instrumentality of one or more units of state or local government. XV. The Prototype Sponsor hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 15.05 of the Plan or of the discontinuance or abandonment of the Plan. XVI. the Employer hereby appoints the Prototype sponsor as the Plan Administrator pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST. The Employer hereby agrees to the provisions of the Plan & Trust. XVIL The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. XVIII. An adopting Employer may not rely on a notification 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 Employer must apply to the appropriate key district office for a determination letter. This Adoption Agreement may be used only in conjunction with the basic Plan document number 001. In Witness Whereof, the Employer hereby causes this Agreement to be eaxecuted on this day of 19 fT. EMPLOYER BY: Title: Attest: nr- Accepted: ICMA RETIREMENT CORPORATION By: W " Title: Attest: _7T ICMA RETIREMENT CORPORATION,CORPORATE HEADQUARTERS,777 NORTH CAPITOL STREET,NE,NASHINGTON,DC 20002 -4240 6 001 -91F 1 ICMA Retirement Corporation Prototype Money Purchase Plan &Trust Adoption Agreement 001 -94 ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT #001 Account Number 109079 The Employer hereby establishes a Money Purchase Plan and Trust to be known as TOWN OF GULF STREAM MPP 401 WITH ICMA (the "Plan ") in the form of the ICMA Retirement Corporation Prototype Money Purchase Plan and Trust. This Plan is an amendment and restatement of an existing defined contribution money purchase plan. El Yes ❑ No If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: TOWN OF GULF STREAM I. Employer: II. Prototype Sponsor: TOWN OF GULF STREAM Name: ICMA Retirement Corporation Address: 777 N. Capitol Street, N.E. Washington, D.C. 20002 -4240 Telephone Number: (202) 962 -4600 III. 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: 10 /01 IV. Plan Year will mean: ❑ The twelve (12) consecutive month period which coincides with the limitation year. (See Section 6.05(i) of the Plan.) El The twelve (12) consecutive month period commencing on 01 /01 and each anniversary thereof. V. Normal Retirement Age shall be age 5M (not to exceed age 65). 001 -94 1 VI. ELIGIBILITY REQUIREMENTS: 1. The following group or groups of Employees are eligible to participate in the Plan: All Employees X All Full -Time Employees X Salaried Employees Non -union Employees Management Employees Public Safety Employees General Employees Other (specify below) The group specified must correspond to a group of the same designation that is defined in the statutes, ordinances, rules, regulations, personal 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 h MONTHS (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 IM (not to exceed age 21. Write N/A if no minimum age is declared.) VII. CONTRIBUTION PROVISIONS 001 -94 1. The Employer shall contribute as follows (choose one, if applicable): El Fixed Employer Contributions With or Without Mandatory Participant Contributions. The Employer shall contribute on behalf of each Participant 12.60 % of Earnings or $ 0-0 for the Plan Year (subject to the limitations of Article VI of the Plan). Each Participant is required to contribute 7—M % of Earnings or $ 0 —M 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. F 001 -94 The Employer hereby elects to "pick up" the Mandatory /Required Participant Contribution. 0 Yes ❑ No [Note to Employer: Neither an opinion letter issued by the Internal Revenue Service with respect to the Prototype Plan, 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. Rul. 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.] ❑ 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 and VI 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 Articles V and VI 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 $ _). Employer Contributions on behalf of a Participant for a Plan Year shall not exceed $ _ or % of Earnings, whichever is ❑ more or ❑ less. 3 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. ❑ Yes 0 No 3. Employer contributions and Participant contributions shall be contributed to the Trust in accordance with the following payment schedule: BI- WEEKLY VIII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: (a) Overtime ❑ Yes No (b) Bonuses ❑ Yes 0 No IX. LIMITATION ON ALLOCATIONS 001 -94 If the Employer (i) 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, and /or (ii) maintains a welfare benefit fund (as defined in section 419(e) of the Code) or an individual medical account (as defined in section 415(1)(2) of the Code, under which amounts are treated as Annual Additions with respect to any Participant in this Plan) 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 6.03 and 6.04 of the Plan). 1. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, other than a Regional Prototype Plan, the provisions of Section 6.02(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. ❑ 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 6.04 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 Sections 6.01 through 6.03. The methods of avoiding the limitation described in this paragraph will not apply if the Employer indicates another method below. ❑ 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: X. VESTING PROVISIONS XI. 001 -94 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 Specified Minimum Service Percent Vesting Completed V s in R Requirements ** Zero _0 % No minimum One 20 % No minimum Two 40 % No minimum Three 60 % Not less than 20% Four _ so % Not less than 40% Five 100 % Not less than 60% Six 100 % Not less than 80% Seven, or more 100 % Must equal 100% ("These minimum vesting requirements conform to the Code's three to seven year vesting schedule. If the employee becomes 100% vested by the completion of five years of service, there is no minimum for years three and four.) Loans are permitted under the Plan, as provided in Article XIV: ❑ Yes ❑x No 5 XII. 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. XIII. The Prototype Sponsor hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 15.05 of the Plan or of the discontinuance or abandonment of the Plan. XIV. The Employer hereby appoints the Prototype Sponsor as the Plan Administrator pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST. The Employer hereby agrees to the provisions of the Plan and Trust. XV. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. XVI. An adopting Employer may not rely on a notification 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 Employer must apply to the appropriate key district office for a determination letter. This Adoption Agreement may be used only in conjunction with basic Plan document number 001. In Witness Whereof, the Employer hereby causes this Agreement to be executed on this .2 / -'Ll- day of t I 19 f5. EMPLOYER By: Title: -] O 1 r1 At a h o g )- Attest: 1 oW to C f etlw Accepted: ICMA RETIREMENT CORPORATION By: on�dCh.�( Title: Corporat Secretary Atte z ICMA Retirement Corporation ❑ P.O. Box 96220 ❑ Washington, DC ❑ 20090 -6220 ❑ 1 -800- 326 -7272 001 -94 RECEIVED AUG 1 1 1995 6