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HomeMy Public PortalAbout03 March 9, 2016 Special ExecutiveRIVERSIDE COUNTY TRANSPORTATION COMMISSION EXECUTIVE COMMITTEE SPECIAL MEETING AGENDA TIME: 8:45 a.m. DATE: Wednesday, March 9, 2016 LOCATION: CONFERENCE ROOM A County of Riverside Administrative Center 4080 Lemon Street, Third Floor, Riverside  COMMITTEE MEMBERS  Scott Matas, City of Desert Hot Springs – Chair John F. Tavaglione, County of Riverside, District 2 – Vice Chair Dana Reed, City of Indian Wells – Second Vice Chair Daryl R. Busch, City of Perris – Past Chair Steven Hernandez, City of Coachella Karen Spiegel, City of Corona Rick Gibbs, City of Murrieta Ben Benoit, City of Wildomar Chuck Washington, County of Riverside, District 3 John J. Benoit, County of Riverside, District 4 Marion Ashley, County of Riverside, District 5  AREAS OF RESPONSIBILITY  Reviews and makes final decisions on personnel issues and office operational matters. Comments are welcomed by the Committee. If you wish to provide comments to the Committee, please complete and submit a Speaker Card to the Clerk of the Board. COMM-EC-00026 Tara Byerly From: Tara Byerly Sent: To: Wednesday, March 02, 2016 10 :49 AM Tara Byerly Cc: Jennifer Harmon Subject: RCTC : Executive Committee Special Meeting -03 .09 .2016 Importance: High Good morning Executive Committee Members: The agenda for the Executive Committee Special meeting on Wednesday, March 9 @ 8:45 a.m. is posted. http://www.rctc.org/uploads/media items/march-9-2016-special-meeting.original.pdf Please let me know if you have any questions. Respectfully, rtara S. <Byer[y Deputy Clerk of the Board Riverside County Transportation Commission 4080 Lemon Street, 3rd Floor Riverside, CA 92501 (951) 787-7141 1 RIVERSIDE COUNTY TRANSPORTATION COMMISSION EXECUTIVE COMMITTEE SPECIAL MEETING 8:45 a.m. WEDNESDAY, MARCH 9, 2016 County of Riverside Administrative Center Conference Room A 4080 Lemon Street, Third Floor, Riverside In compliance with the Brown Act and Government Code Section 54957.5, agenda materials distributed 72 hours prior to the meeting, which are public records relating to open session agenda items, will be available for inspection by members of the public prior to the meeting at the Commission office, 4080 Lemon Street, Third Floor, Riverside, CA, and on the Commission’s website, www.rctc.org. In compliance with the Americans with Disabilities Act, Government Code Section 54954.2, and the Federal Transit Administration Title VI, please contact the Clerk of the Board at (951) 787-7141 if special assistance is needed to participate in a Commission meeting, including accessibility and translation services. Assistance is provided free of charge. Notification of at least 48 hours prior to the meeting time will assist staff in assuring reasonable arrangements can be made to provide assistance at the meeting. 1. CALL TO ORDER 2. ROLL CALL 3. PUBLIC COMMENTS 4. APPROVAL OF THE MINUTES – SPECIAL EXECUTIVE JANUARY 13, JANUARY 13, AND SPECIAL EXECUTIVE FEBRUARY 18, 2016 MEETINGS 5. ADDITIONS/REVISIONS – The Committee may add an item to the Agenda after making a finding that there is a need to take immediate action on the item and that the item came to the attention of the Committee subsequent to the posting of the agenda. An action adding an item to the agenda requires 2/3 vote of the Committee. If there are less than 2/3 of the Committee members present, adding an item to the agenda requires a unanimous vote. Added items will be placed for discussion at the end of the agenda. RCTC Executive Special Committee Agenda March 9, 2016 Page 2 6. APPROVE RESOLUTION NO. 16-004, “RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION ADOPTING THE RESTATED 401(A) GOVERNMENTAL MONEY PURCHASE PLAN AND TRUST ADOPTION AGREEMENT” Overview This item is for the Committee to: 1) Review the restated Riverside County Transportation Commission 401(a) Governmental Money Purchase Plan and Trust Adoption Agreement, provided by ICMA Retirement Corporation (ICMA); and 2) Adopt Resolution No. 16-004, “Resolution of The Riverside County Transportation Commission Adopting the Restated 401(a) Governmental Money Purchase Plan and Trust Adoption Agreement.” 7. CLOSED SESSION 7A. CONFERENCE WITH LEGAL COUNSEL: EXISTING LITIGATION Pursuant to Government Code Section 54956.9(d)(1) Case No(s). RIC 1511130 and RIC 1602030 8. ADJOURNMENT RIVERSIDE COUNTY TRANSPORTATION COMMISSION EXECUTIVE COMMITTEE SIGN-IN SHEET MARCH 9, 2016 NAME AGENCY E MAILADDRESS ~-.,, .. /n4---r7J-t:< ---:~~ A, .c---/;, / "":tf.t;"T-.,7-?~-"".,,.,.,L, ' ·~1'J4\) C_, ~.P-E'J .-1-I\\ ~ I PrN tn-e lls / v 17.r-:. A/ r!J~,yo;/ w-~ _<J(}/lJ f/I.. ::1 /)tvu ... ~µ~1-r /(,JI&:. If (? )/fj C.,/<:_ LA/ AS'!-lt dCJDAI P1\/Co 3 /( ;c_~ C1~/3 X U IL /l-·l p_.r/3 fa:~tl1~ Yv'-. <~-lJ1~{ {}/~ tx.ei";A..~e.et0._~~0!~) rd/YwA .L-~ 1r'/1 · { ( ·-\.~.\.. --) -LA\ l.Ar:.-.~c 1JJA. rrr -v AGENDA ITEM 4 MINUTES RIVERSIDE COUNTY TRANSPORTATION COMMISSION    EXECUTIVE COMMITTEE  SPECIAL MEETING  JANUARY 13, 2016    Minutes    1. CALL TO ORDER    The special meeting of the Executive Committee was called to order by  Chair Scott Matas at 8:34 a.m. in Conference Room A at the County of Riverside  Administrative Center, 4080 Lemon Street, Third Floor, Riverside, California, 92501.    2. ROLL CALL    Commissioners Present Commissioners Absent    Ben Benoit  Marion Ashley  John J. Benoit  Steven Hernandez  Daryl Busch  John Tavaglione  Rick Gibbs    Scott Matas    Dana Reed    Karen Spiegel    Chuck Washington      3. CLOSED SESSION    3A. CONFERENCE WITH LEGAL COUNSEL: EXISTING LITIGATION  Pursuant to Government Code Section 54956.9(d)(1)  Case No(s). RIC 1511130    There was no announcement from the Closed Session item.    4. ADJOURNMENT    There being no other items to be considered, the Executive Committee meeting  adjourned at 8:59 a.m.    Respectfully submitted,    Jennifer Harmon  Clerk of the Board  RIVERSIDE COUNTY TRANSPORTATION COMMISSION    EXECUTIVE COMMITTEE  JANUARY 13, 2016    Minutes    1. CALL TO ORDER    The meeting of the Executive Committee was called to order by Chair Scott Matas at  9:00 a.m. in Conference Room A at the County of Riverside Administrative Center  4080 Lemon Street, Third Floor, Riverside, California, 92501.    2. ROLL CALL    Commissioners Present Commissioners Absent    Ben Benoit  Marion Ashley  John J. Benoit  Steven Hernandez  Daryl Busch    Rick Gibbs    Scott Matas    Dana Reed    Karen Spiegel    John Tavaglione    Chuck Washington      3. PUBLIC COMMENTS    There were no requests to speak from the public.    4. APPROVAL OF MINUTES    M/S/C to approve the minutes of December 9, 2015, as submitted.    5. ADDITIONS/REVISIONS    There were no additions or revisions to the agenda.    6. CLOSED SESSION    6A. PUBLIC EMPLOYEE PERFORMANCE EVALUATION  Pursuant to Government Code Section 54957  Title:  Executive Director    RCTC Executive Committee Minutes  January 13, 2016  Page 2  6B. CONFERENCE WITH LABOR NEGOTIATORS   Pursuant to Government Code Section 54957.6   Agency Representative:  Chair or Designee   Employee:  Executive Director    There was no announcement from the Closed Session item.    7. EXECUTIVE DIRECTOR – EMPLOYMENT CONTRACT    M/S/C to:    1) Approve an amendment to the Executive Director’s employment  contract; and  2) Direct legal counsel to work with the Chair to finalize the amendment  and authorize the Chair to execute the amendment on behalf of the  Commission.    8. ADJOURNMENT    There being no other items to be considered, the Executive Committee meeting  adjourned at 9:28 a.m.    Respectfully submitted,    Jennifer Harmon  Clerk of the Board  RIVERSIDE COUNTY TRANSPORTATION COMMISSION EXECUTIVE COMMITTEE FEBRUARY 18, 2016 Special Meeting Minutes 1. CALL TO ORDER The special meeting of the Executive Committee was called to order by Chair Scott Matas at 3:01 p.m. in Conference Room A at the County of Riverside Administrative Center, 4080 Lemon Street, Third Floor, Riverside, CA and teleconference locations at: • County of Riverside District 4 Office, 73-710 Fred Waring Drive, Suite 222, Palm Desert, CA; • Desert Hot Springs City Hall, 65-950 Pierson Boulevard, Desert Hot Springs, CA; • Murrieta City Hall, 1 Town Square, Murrieta, CA; and • South Coast Air Quality Management District, 21865 Copley Drive, Room CC8, Diamond Bar, CA. 2. ROLL CALL Commissioners Present Commissioners Absent Ben Benoit Marion Ashley John J. Benoit Steven Hernandez Daryl Busch John Tavaglione Rick Gibbs Chuck Washington Scott Matas Dana Reed Karen Spiegel 3. CLOSED SESSION 3A. CONFERENCE WITH LEGAL COUNSEL: EXISTING LITIGATION Pursuant to Government Code Section 54956.9(d)(1) Case No(s). RIC 1511130 3B. CONFERENCE WITH LEGAL COUNSEL: ANTICIPATED LITIGATION Initiation of Litigation Pursuant to Government Code Section 54956.9(d)(4) Potential Number of Case(s): 1 The Executive Committee authorized legal counsel to initiate litigation regarding the initiatives related to the World Logistics Center in Moreno Valley, CA. RCTC Executive Committee Special Meeting Minutes February 18, 2016 Page 2 4. ADJOURNMENT There being no other items to be considered, the Executive Committee meeting adjourned at 3:32 p.m. Respectfully submitted, Jennifer Harmon Clerk of the Board AGENDA ITEM 6 RIVERSIDE COUNTY TRANSPORTATION COMMISSION DATE: March 9, 2016 TO: Executive Committee FROM: Beth Gutierrez, Human Resources Administrator THROUGH: Anne Mayer, Executive Director SUBJECT: Approve Resolution No. 16-004, “Resolution of the Riverside County Transportation Commission Adopting the Restated 401(a) Governmental Money Purchase Plan and Trust Adoption Agreement” STAFF RECOMMENDATION: This item is for the Committee to: 1) Review the restated Riverside County Transportation Commission 401(a) Governmental Money Purchase Plan and Trust Adoption Agreement, provided by ICMA Retirement Corporation (ICMA); and 2) Adopt Resolution No. 16-004, “Resolution of The Riverside County Transportation Commission Adopting the Restated 401(a) Governmental Money Purchase Plan and Trust Adoption Agreement.” BACKGROUND INFORMATION: In 1989, the Commission established a 401(a) Governmental Money Purchase Retirement Plan and Trust Adoption Agreement (Plan) with ICMA to provide retirement funds for employees and their beneficiaries. The Riverside County Transportation Commission Plan provides benefits to regular benefited employees. Since 1998, the Commission has contributed the equivalent to 7.5 percent of annual compensation to the Plan for each eligible employee. Participants are vested after five years of Commission service and are eligible to withdraw funds after separation from the Commission. The Internal Revenue Service (IRS) requires restatement of plans on a regular amendment cycle to incorporate legislative and regulatory changes. Pursuant to this requirement, ICMA has requested the Commission adopt the restated Plan prepared by ICMA. Therefore, staff is requesting the Commission to adopt Resolution No. 16-004 in order to execute the restated Plan. There is no direct fiscal impact associated with this recommended action. The adoption of Resolution No. 16-004 merely amends the Plan in accordance with applicable law. Attachments: 1) Resolution No. 16-004 2) Riverside County Transportation Commission 401(a) Governmental Money Purchase Plan and Trust Adoption Agreement Agenda Item 6 RESOLUTION NO. 16-004 RESOLUTION OF THE RIVERSIDE COUNTY TRANSPORTATION COMMISSION ADOPTING THE RESTATED 401(a) GOVERNMENTAL MONEY PURCHASE PLAN AND TRUST ADOPTION AGREEMENT WHEREAS, the Riverside County Transportation Commission (Commission) adopted personnel policies and procedures in 1989 establishing the terms and conditions of the Riverside County Transportation Commission 401(a) Governmental Money Purchase Plan and Trust Adoption Agreement (Plan) for employees of the Commission; and WHEREAS, the Commission adheres to the request by ICMA Retirement Corporation to review and adopt the restated Plan, effective January 1, 2007, in accordance with the Internal Revenue Service rules and regulations; and WHEREAS, the Commission acknowledges the ongoing purpose of the Plan to provide retirement benefits to all regular benefited employees, as defined in the Personnel Policies and Procedures Manual; and WHEREAS, the Commission acknowledges its ongoing obligation to contribute 7.5% of participants’ annual compensation to the Plan. NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of the Riverside County Transportation Commission hereby approves the adoption of the restatement to the Riverside County Transportation Commission 401(a) Governmental Money Purchase Plan and Trust Adoption Agreement, as set forth above. APPROVED AND ADOPTED this 9th day of March, 2016. Scott Matas, Chair Riverside County Transportation Commission ATTEST: Jennifer Harmon, Clerk of the Board Riverside County Transportation Commission ATTACHMENT 1 ATTACHMENT 2 ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT Plan Number 108975 The Employer hereby establishes a Money Purchase Plan and Trust to be known as Riverside County Transportation Commission (the "Plan") in the form of the ICMA Retirement Corporation Governmental 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: Riverside County Transportation Commission I. Employer: Riverside County Transportation Commission II. Effective Dates © 1. Effective Date of Restatement. If this document is a restatement of an existing plan, the effective date of the Plan shall be January 1, 2007 unless an alternate effective date is hereby specified: (Note: An alternate effective date can be no earlier than January 1, 2007.) ❑ 2. Effective Date of New Plan. If this is a new Plan, the effective 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: 3. Special Effective Dates. Please note here any elections in the Adoption Agreement with an effective date that is different from that noted in 1, or 2. above. (Note provision and effective date.) III. Plan Year will mean: ❑ The twelve (12) consecutive month period which coincides with the limitation year. (See Section 5.03(f) of the Plan.) ❑ The twelve (12) consecutive month period commencing on and each anniversary thereof. IV. Normal Retirement Age shall be age 62.0 (not to exceed age 65). Important Note to Employers: Normal Retirement Age is significant for determining the earliest date at which the Plan may allow for in-service distributions. Normal Retirement Age also defines the latest date at which a Participant must have a fully vested right to his/her Account. There are IRS rules that limit the age that may be specified as the Plan's Normal Retirement Age. The Normal Retirement Age cannot be earlier than what is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed. An age under 55 is presumed not to satisfy this requirement, unless the Commissioner of Internal Revenue determines that the facts and circumstances show otherwise. Whether an age between 55 and 62 satisfies this requirement depends on the facts and circumstances, but an Employer's good Money Purchase Plan Adoption Agreement 1 Whether an age between 55 and 62 satisfies this requirement depends on the facts and circumstances, but an Employer's good faith, reasonable determination will generally be given deference. A special rule, however, applies in the case of a plan where substantially all of the participants in the plan are qualified public safety employees within the meaning of section 72(t)(10)(B) of the Code, in which case an age of 50 or later is deemed not to be earlier than the earliest age that is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed. V. ELIGIBILITY REQUIREMENTS 1. The following group or groups of Employees are eligible to participate in the Plan: All Employees All Full Time Employees Salaried Employees Non union Employees Management Employees Public Safety Employees General Employees ✓ Other Employees (Specify the group(s) of eligible employees below. Do not specify employees by name. Specific positions are acceptable.) All Regular, benefited employees The group specified must correspond to a group of the same designation that is defined in the statutes, ordinances, rules, regulations, personnel manuals or other material in effect in the state or locality of the Employer. The eligibility requirements cannot be such that an Employee becomes eligible only in the Plan Year in which the Employee terminates employment. Note: As stated in Sections 4.07 and 4.08, the Plan may, however, provide that Final Pay Contributions or Accrued Leave Contributions are the only contributions made under the Plan. 2. The Employer hereby waives or reduces the requirement of a twelve (12) month Period of Service for participation. The required Period of Service shall be (write N/A if an Employee is eligible to participate upon employment) N/A If this waiver or reduction is elected, it shall apply to all Employees within the Covered Employment Classification. 3. A minimum age requirement is hereby specified for eligibility to participate. The minimum age requirement is N/A (not to exceed age 21. Write N/A if no minimum age is declared.) VI. CONTRIBUTION PROVISIONS 1. The Employer shall contribute as follows: (Choose all that apply, but at least one of Options A or B. If Option A is n selected, Employer must pick up Participant Contributions under Option B.) Fixed Employer Contributions With or Without Mandatory Participant Contributions. (If Option B is chosen, please complete section C.) © A. Employer Contributions. The Employer shall contribute on behalf of each Participant 7.5 % of Earnings or $ for the Plan Year (subject to the limitations of Article V of the Plan). Mandatory Participant Contributions ❑ are required ❑ are not required to be eligible for this Employer Contribution. ❑ B. Mandatory Participant Contributions for Plan Participation. Required Mandatory Contributions. A Participant is required to contribute (subject to the limitations of Article V of the Plan) the specified amounts designated in items (i) through (iii) of the Contribution Schedule below: El Yes El No Money Purchase Plan Adoption Agreement 2 Employee Opt -In Mandatory Contributions. Each Employee eligible to participate in the Plan shall be given the opportunity to irrevocably elect to participate in the Mandatory Participant Contribution portion of the Plan by electing to contribute the specified amounts designated in items (i) through (iii) of the Contribution Schedule below for each Plan Year (subject to the limitations of Article V of the Plan): ❑ Yes ❑ No Contribution Schedule. (i) % of Earnings, (ii) $ , or (iii) a whole percentage of Earnings between the range of (insert range of percentages between 1 % and 20% inclusive (e.g., 3%, 6%, or 20%; 5% to 7%)), as designated by the Employee in accordance with guidelines and procedures established by the Employer for the Plan Year as a condition of participation in the Plan. A Participant must pick a single percentage and shall not have the right to discontinue or vary the rate of such contributions after becoming a Plan Participant. Employer "Pick up". The Employer hereby elects to "pick up" the Mandatory Participant Contributions' (pick up is required if Option A is not selected). ❑ Yes ❑ No ("Yes" is the default provision under the Plan if no selection is made.) ❑ C. Election Window (Complete if Option B is selected): Newly eligible Employees shall be provided an election window of days (no more than 60 calendar days) from the date of initial eligibility during which they may make the election to participate in the Mandatory Participant Contribution portion of the Plan. Participation in the Mandatory Participant Contribution portion of the Plan shall begin the first of the month following the end of the election window. An Employee's election is irrevocable and shall remain in force until the Employee terminates employment or ceases to be eligible to participate in the Plan. In the event of re-employment to an eligible position, the Employee's original election will resume. In no event does the Employee have the option of receiving the pick-up contribution amount directly. The Employer may also elect to contribute as follows: ❑ A. Fixed Employer Match of Voluntary After -Tax Participant Contributions. The Employer shall contribute on behalf of each Participant _% of Earnings for the Plan Year (subject to the limitations of Article V of the Plan) for each Plan Year that such Participant has contributed % of Earnings or $ . Under this option, there is a single, fixed rate of Employer contributions, but a Participant may decline to make the required Participant contributions in any Plan Year, in which case no Employer contribution will be made on the Participant's behalf in that Plan Year. ❑ B. Variable Employer Match of Voluntary After -Tax Participant Contributions. The Employer shall contribute on behalf of each Participant an amount determined as follows (subject to the limitations of Article V of the Plan): % of the Voluntary Participant Contributions made by the Participant for the Plan Year (not including Participant contributions exceeding % of Earnings or $ ); 1 Neither an IRS advisory letter nor a determination letter issued to an adopting Employer is a ruling by the Internal Revenue Service that Participant contributions that are picked up" by the Employer are not includable in the Participants gross income for federal income tax purposes. Pick-up contributions are not mandated to receive private letter rulings; however, if an adopting employer wishes to receive a ruling on pick-up contributions they may request one in accordance with Revenue Procedure 2012-4 (or subsequent guidance). Money Purchase Plan Adoption Agreement 3 PLUS % of the contributions made by the Participant for the Plan Year in excess of those included in the above paragraph (but not including Voluntary Participant Contributions exceeding in the aggregate % of Earnings or $ ). Employer Matching Contributions on behalf of a Participant for a Plan Year shall not exceed $ or % of Earnings, whichever is more or less. 3. Each Participant may make a voluntary (unmatched), after tax contribution, subject to the limitations of Section 4.05 and Article V of the Plan: ❑ Yes ❑ No ("No" is the default provision under the Plan if no selection is made.) 4. Employer contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): BI-WEEKLY 5. Participant contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): BI-WEEKLY 6. In the case of a Participant performing qualified military service (as defined in Code section 414(u)) with respect to the Employer: A. Plan contributions will be made based on differential wage payments: ❑ Yes ❑ No ("Yee is the default provision under the Plan if no selection is made.) If yes is selected, this is effective beginning January 1, 2009 unless another later effective date is filled in here: B. Participants who die or become disabled will receive Plan contributions with respect to such service: ❑ Yes ❑ No ("No" is the default provision under the Plan if no selection is made.) If yes is selected, this is effective for participants who died or became disabled while performing qualified military service on or after January 1, 2007, unless another later effective date is filled in here: Money Purchase Plan Adoption Agreement 4 VII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: 1. Overtime ❑ Yes 2. Bonuses ❑ Yes ❑ No ❑ No 3. Other Pay (specifically describe any other types of pay to be included below) VIII. ROLLOVER PROVISIONS 1. The Employer will permit rollover contributions in accordance with Section 4.12 of the Plan: O Yes ❑ No ("Yes" is the default provision under the Plan if no selection is made.) 2. Direct rollovers by non -spouse beneficiaries are effective for distributions after 2006 unless the Plan delayed making them available. If the Plan delayed making such rollovers available, check the box below and indicate the later effective date in the space provided. ❑ Effective Date is (Note: Plans must offer direct rollovers by non -spouse beneficiaries no later than plan years beginning after December 31, 2009.) IX. LIMITATION ON ALLOCATIONS If the Employer maintains or ever maintained another qualified plan in which any Participant in this Plan is (or was) a participant or could possibly become a participant, the Employer hereby agrees to limit contributions to all such plans as provided herein, if necessary in order to avoid excess contributions (as described in Section 5.02 of the Plan). 1. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, the provisions of Section 5.02(a) through (e) of the Plan will apply unless another method has been indicated below. ❑ Other Method. (Provide the method under which the plans will limit total Annual Additions to the Maximum Permissible Amount, and will properly reduce any excess amounts, in a manner that precludes Employer discretion.) 2. The Limitation Year is the following 12 consecutive month period: 3. Unless the Employer elects a delayed effective date below, Article 5 of the Plan will apply to limitations years beginning on or after July 1, 2007. (The effective date listed cannot be later than 90 days after the close of the first regular legislative session of the legislative body with authority to amend the plan that begins on or after July 1, 2007.) Money Purchase Plan Adoption Agreement 5 X. VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to (1) the minimum vesting requirements and (2) the concurrence of the Plan Administrator. (For the blanks below, enter the applicable percent — from 0 to 100 (with no entry after the year in which 100% is entered), in ascending order.) Period of Service Completed Percent Vested Zero 0 One 20 Two 40 Three 60 Four 80 Five 100 Six 100 Seven 100 Eight 100 Nine 100 Ten 100 XI. WITHDRAWALS AND LOANS 1. In-service distributions are permitted under the Plan after a participant attains (select one of the below options): ❑ Normal Retirement Age © Age 701 ("701/2" is the default provision under the Plan if no selection is made.) ❑ Alternate age (after Normal Retirement Age): ❑ Not permitted at any age 2. A Participant shall be deemed to have a severance from employment solely for purposes of eligibility to receive distributions from the Plan during any period the individual is performing service in the uniformed services for more than 30 days. ❑ Yes ❑ No ("Yes" is the default provision under the plan if no selection is made.) 3. Tax-free distributions of up to $3,000 for the direct payment of qualifying insurance premiums for eligible retired public safety officers are available under the Plan. ❑ Yes 0 No ("No" is the default provision under the Plan if no selection is made.) 4. In-service distributions of the Rollover Account are permitted under the Plan, as provided in Section 9.07. © Yes ❑ No ("No" is the default provision under the Plan if no selection is made.) 5. Loans are permitted under the Plan, as provided in Article XIII of the Plan: m Yes ❑ No ("No" is the default provision under the Plan if no selection is made.) Money Purchase Plan Adoption Agreement 6 XII. SPOUSAL PROTECTION The Plan will provide the following level of spousal protection (select one): ❑ 1. Participant Directed Election. The normal form of payment of benefits under the Plan is a lump sum. The Participant can name any person(s) as the Beneficiary of the Plan, with no spousal consent required. m 2. Beneficiary Spousal Consent Election (Article XII). The normal form of payment of benefits under the Plan is a lump sum. Upon death, the surviving spouse is the Beneficiary, unless he or she consents to the Participant's naming another Beneficiary. ("Beneficiary Spousal Consent Election" is the default provision under the Plan if no selection is made.) ❑ 3. QJSA Election (Article XVII). The normal form of payment of benefits under the Plan is a 50% qualified joint and survivor annuity with the spouse (or life annuity, if single). In the event of the Participant's death prior to commencing payments, the spouse will receive an annuity for his or her lifetime. (If C is selected, the spousal consent requirements in Article XII also will apply.) XIII. FINAL PAY CONTRIBUTIONS The Plan will provide for Final Pay Contributions if either 1 or 2 below is selected. The following group of Employees shall be eligible for Final Pay Contributions: ❑ All Eligible Employees ❑ Other: Final Pay shall be defined as (select one): ❑ A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave ❑ D. Other (insert definition of Final Pay — must be leave that Employee would have been able to use if employment had continued and must be bona fide vacation and/or sick leave): ❑ 1. Employer Final Pay Contribution. The Employer shall contribute on behalf of each Participant % of Final Pay to the Plan (subject to the limitations of Article V of the Plan). ❑ 2. Employee Designated Final Pay Contribution. Each Employee eligible to participate in the Plan shall be given the opportunity at enrollment to irrevocably elect to contribute % (insert fixed percentage of final pay to be contributed) or up to % (insert maximum percentage of final pay to be contributed) of Final Pay to the Plan (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. Money Purchase Plan Adoption Agreement 7 XIV. ACCRUED LEAVE CONTRIBUTIONS The Plan will provide for accrued unpaid leave contributions annually if either 1 or 2 is selected below. The following group of Employees shall be eligible for Accrued Leave Contributions: ❑ All Eligible Employees ❑ Other: Accrued Leave shall be defined as (select one): ❑ A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave ❑ D. Other (insert definition of accrued leave that is bona fide vacation and/or sick leave): ❑ 1. Employer Accrued Leave Contribution. The Employer shall contribute as follows (choose one of the following options): ❑ For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant the unused Accrued Leave in excess of (insert number of hours/days/weeks (circle one)) to the Plan (subject to the limitations of Article V of the Plan). ❑ For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant % of unused Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). ❑ 2. Employee Designated Accrued Leave Contribution. Each eligible Participant shall be given the opportunity at enrollment to irrevocably elect to contribute (insert fixed percentage of accrued unpaid leave to be contributed) or up to % (insert maximum percentage of accrued unpaid leave to be contributed) of Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. XV. The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality of one or more units of state or local government. XVI. The Employer understands that this Adoption Agreement is to be used with only the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust. This ICMA Retirement Corporation Governmental Money Purchase Plan and Trust is a restatement of a previous plan, which was submitted to the Internal Revenue Service for approval on April 2, 2012, and received approval on March 31, 2014. The Plan Administrator hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 14.05 of the Plan or of the discontinuance or abandonment of the Plan. The Employer understands that an amendment(s) made pursuant to Section 14.05 of the Plan will become effective within 30 days of notice of the amendment(s) unless the Employer notifies the Plan Administrator, in writing, that it disapproves of the amendment(s). If the Employer so disapproves, the Plan Administrator 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 8 XVIII. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. XIX. An adopting Employer may rely on an advisory letter issued by the Internal Revenue Service as evidence that the Plan is qualified under section 401 of the Internal Revenue Code to the extent provided in applicable IRS revenue procedures and other official guidance. In Witness Whereof, the Employer hereby causes this Agreement to be executed on this 9th day of March EMPLOYER By: Riverside County Transportation Commission Print Name: Anne Mayer Title: Executive Director Attest: ICMA RETIREMENT CORPORATION 777 North Capitol St., NE Suite 600 Washington, DC 20002 800-326-7272 , 2016 . By: Print Name: Title: Attest: Money Purchase Plan Adoption Agreement 9 icMARC BUILDING PUBLIC SECTOR RETIREMENT SECURITY ICMA RETIREMENT CORPORATION 777 NORTH CAPITOL STREET, NE WASHINGTON, DC 20002-4240 800-669-7400 WWW.ICMARC.ORG BRC000-214-21268-201405-W1303