CC Resolution 11060
RESOLUTION NO. 11060
A RESOLUTION AMENDING THE MONEY PURCHASE PLAN & TRUST
AGREEMENT 401 (a) PLAN #107599
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 City of Campbell desires that its money purchase retirement
plan be administered by the ICMA Retirement Corporation and that the funds
held in such plan be invested in the ICMA Retirement Trust, a trust established
by public employers for the collective investment of funds held under their
retirement and deferred compensation plans;
NOW, THEREFORE, BE IT RESOLVED, that the City Council hereby authorizes
an amendment of the existing money purchase retirement plan (the "Plan") in the
form of:
The ICMA Retirement Corporation Governmental Money Purchase &
Trust, pursuant to the specific provisions of the amended Adoption
Agreement (executed copy attached hereto).
The Plan shall be maintained for the exclusive benefit of eligible employees and
their beneficiaries; and
BE IT FURTHER RESOLVED that the City of Campbell hereby executes the
Declaration of Trust of the ICMA Retirement Trust, and attached hereto,
intending this execution to be operative with respect to any retirement or deferred
compensation plan subsequently established by the City of Campbell, if the
assets of the plan are to be invested in the ICMA Retirement Trust;
BE IF FURTHER RESOLVED that the City of Campbell hereby authorizes the
Human Resources Manager to execute all necessary agreements with the ICMA
Retirement Corporation incidental to the administration of the Plan.
PASSED AND ADOPTED, this
call vote:
21st day of July, 2009 by the following roll
AYES: Councilmembers:
Kotowski, Furtado, Baker, Low, Kennedy
NOES: Councilmembers:
None
ABSENT: Council members:
None
APPROVED:
ATTEST:
\
I
;
~
Anne Bybee, City Clerk
ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN & TRUST
ADOPTION AGREEMENT
ATTACHMENT #01
PLAN NAME AND NUMBER
City of Campbell, CA PLAN 107599
VI. Contribution Provision: Effective Date: Julv 1. 2009
Fixed Employer Contributions With Or Without Mandatory Participant Contribution.
The Employer shall contribute on behalf of each participant the following
amounts for the Plan Year.
Emplover Rate
Emplovee Ranqe
Executive Staff
$780.00(Annually)
5% and 20%
Mid-Management
0%
1% and 15%
The Employer hereby elects to "pick up" the Mandatory Participant Contributions.
x
Yes
No
EMPLOYER
lCMA RETIREMENT CORPORATION
777 North Capital St., NE
Washington, DC 20002-4290
By: J~~~
::~a:U;:ager
~ee, Clty Clerk
By:
Title:
Attest:
ICMA RETIREMENT CORPORATION
GOVERNMENTAL MONEY PURCHASE PLAN & TRUST
ADOPTION AGREEMENT
PLAN NUMBER 10-7599
The Employer hereby establishes a Money Purchase Plan and Trust to be known as Citv of
Campbell (the "Plan") in the form of the ICMA Retirement Corporation Governmental Money
Purchase Plan and Trust (MPP 01/01/06).
This Plan is an amendment and restatement of an existing defined contribution money purchase plan.
x
Yes
No
If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby
amends and restates:
Effective Date:
Summary of Change:
July 1,2009
Contribution Provisions / Final Pay Attachment
I. Employer: Citv of Campbell
II. The Effective Date of the Plan shall be the first day of the Plan Year during which the
Employer adopts the Plan, unless an alternate Effective Date is hereby specified:
1/1/2000 (e.g., January 1,2006 for the MPP 01/01/06 Plan)
III. Plan Year will mean:
(X) The twelve (12) consecutive month period which coincides with the
limitation year. (See Section 5.03(t) of the Plan.)
( ) The twelve (12) consecutive month period commencing on _ and each
anniversary thereof.
IV. Normal Retirement Age shall be age ~ (not to exceed age 65).
* Age 50 for Safety Employees and Age 55 for Miscellaneous Employees
MPP 01/01/06
V. ELIGIBILITY REQUIREMENTS
1. The following group or groups of Employees are eligible to participate in the Plan:
x
All Employees
All Full-Time Employees
Executive Staff
Non-union Employees
Mid-Management Employees
Public Safety Employees
General Employees
Other (specify below)
x
The group specified must correspond to a group of the same designation that is
defined in the statutes, ordinances, rules, regulations, personnel manuals or other
material in effect in the state or locality of the Employer.
2. The Employer hereby waives or reduces the requirement of a twelve (12) month
Period of Service for participation. The required Period of Service shall be N/ A
(write N/A if an Employee is eligible to participate upon employment).
If this waiver or reduction is elected, it shall apply to all Employees within the
Covered Employment Classification.
3. A minimum age requirement is hereby specified for eligibility to participate. The
minimum age requirement is N/A (not to exceed age 21. Write N/A ifno
minimum age is declared.)
VI. CONTRIBUTION PROVISIONS
1. The Employer shall contribute as follows (choose all that apply):
(X) Fixed Employer Contributions With or Without Mandatory
Participant Contributions.
A. Fixed Employer Contributions. The Employer shall contribute on
behalf of each Participant (See Attachment) % of Earnings for the
Plan Year. (subject to the limitations of Article V ofthe Plan).
Mandatory Participant Contributions
l are required
are not required
to be eligible for this Employer Contribution.
MPP 01/01/06
2
B. Mandatory Participant Contributions for Plan Participation. A
Participant is required to contribute (subject to the limitations of Article
V of the Plan)
(i) % of Earnings,
(ii) $ , or
(iii) a whole percentage of Earnings between the range of (See
Attachment) (insert range of percentages between 0% and 20%
(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 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 Participant
Contributions.!
x
Yes
No
( ) Fixed Employer Match of Voluntary 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.
( ) Variable Employer Match of Voluntary 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):
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 Participant's gross income for federal income tax
purposes.
MPP 01/01/06
3
_% of the Voluntary 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 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.
2. Each Participant may make a voluntary (unmatched), after-tax contribution, subject
to the limitations of Section 4.05 and Article V of the Plan.
X Yes
No
3. Employer contributions shall be contributed to the Trust in accordance with the
following payment schedule:
Bi-Weeklv
4. Participant contributions shall be contributed to the Trust in accordance with the
following payment schedule:
Bi- W eeklv
VII. EARNINGS
Earnings, as defined under Section 2.09 of the Plan, shall include:
(a) Overtime
Yes
~ No
(b) Bonuses
Yes
~ No
(c)
Other
MPP 01/01/06
4
VIII. The Employer will permit rollover contributions in accordance with Section 4.09 ofthe Plan.
x
Yes
No
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 Sections 5.02 of the Plan).
1. If the Participant is covered under another qualified defined contribution plan
maintained by the Employer, the provisions of Section 5.02(a) through (f) of the Plan
will apply unless another method has been indicated below.
( ) Other Method. (Provide the method under which the plans will limit
total Annual Additions to the Maximum Permissible Amount, and
will properly reduce any excess amounts, in a manner that precludes
Employer discretion.)
N/A
2. The limitation year is the following 12-consecutive month period:
N/A
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.
Years of
Service
Completed
Percent
Vested
Zero
One
Two
Three
Four
Five
Six
Seven
Eight
Nine
Ten
--1Q!L %
%
%
%
%
%
%
%
%
%
%
MPP 01/01/06
5
XI. Loans are permitted under the Plan, as provided in Article XVII:
X Yes
No
XII. Age 70-1/2 in-service distributions are permitted under the Plan as provided in Section 9.08.
x
Yes (Default)
No
XIII. In-service distributions of the Rollover Account are permitted under the Plan as provided in
Section 9.07.
Yes
x
No
XIV. SPOUSAL PROTECTION
The Plan will provide the following level of spousal protection (select one):
A. 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.
X B. 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. (This is the default provision under the Plan ifno selection
is made.) (Default)
C. 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.
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 Plan Administrator hereby agrees to inform the Employer of any amendments to the
Plan made pursuant to Section 14.05 of the Plan or ofthe discontinuance or abandonment of
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.
MPP 01/01/06 6
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 21st day of
,Tll 1 Y
,200~...
EMPLOYER
ICMA RETIREMENT CORPORATION
777 North Capital St., NE
Washington, DC 20002-4290
202-962-8096
By:
~QL~~.~ '
~~~ Lopez ~
~r
Anne Bybee, City Clerk
By:
Title:
Title:
Attest:
Attest:
MPP 01/01/06
7
H:IOl10701000011MONEY PURCHASE ADOPT AGREE -2006
RESTATEMENT DOC
Page 1 of3
ATTACHMENT TO THE
CITY OF CAMPBELL (107599)
GOVERNMENTAL MONEY PURCHASE PLAN AND TRUST
ADOPTION AGREEMENT
XV. FINAL PAY CONTRIBUTIONS
The Plan will provide for Final Pay Contributions if either 1 or 2 below is selected.
Final Pay shall be defined as (select one):
A. D Accrued unpaid vacation
B. D Accrued unpaid sick leave
C. ~ Accrued unpaid vacation and sick leave
D. D Other (insert definition offinal pay)
that would otherwise be payable to the Employee in cash upon
termination.
D 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).
D 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 100 % (insert maximum percentage
offinal 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. If the employer elects to "pick up" these amounts, in
no event does the Employee have the option of receiving the pick-up
contribution amount directly.
The Employer hereby elects to "pick up" the Employee Designated Final
Pay Contribution thereby treating such contributions as Employer-made
contributions for federal income tax purposes.
DYes
D No
Page 2 of3
XVI. ACCRUED LEAVE CONTRIBUTIONS
The Plan will provide for accrued unpaid leave contributions if either I or 2 is selected
below.
Accrued Leave shall be defined as (select one):
A. D Accrued unpaid vacation
B. D Accrued unpaid sick leave
C. D Accrued unpaid vacation and sick leave
D. D Other (insert definition offinal pay)
D 1.
that would otherwise be payable to the Employee in cash.
Employer Accrued Leave Contribution. The Employer shall contribute
as follows (choose one of the following options):
D 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) to the Plan (subject
to the limitations of Article V of the Plan).
D 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).
D 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. If the employer elects to "pick up" these amounts, in
no event does the Employee have the option of receiving the pick-up
contribution amount directly.
The Employer hereby elects to "pick up" the Employee Designated Final
Pay Contribution thereby treating such contributions as Employer-made
contributions for federal income tax purposes.
DYes
D No
Page 3 of3
In order to allow for Final Pay Contributions and/or Accrued Leave Contributions, as defined
above, the Plan must also include additional sources of ongoing contributions, such as Fixed
Employer Contributions or Mandatory Participant Contributions. In accordance with IRS
Guidance, ICMA-RC will not process Final Pay Contribution or Accrued Leave Contribution
Features as part of a "Stand Alone" Final Pay Plan.
In Witness Whereof, the Employer hereby causes this Agreement to be executed on this
21st <:Jay of July
200 9
,
EMPLOYER
Name (please print): Jill Lopez
Signature: ~ ~~(
Title:
Human Resources Manager
Date:
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