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RES 16-702 - Adopting Amended ICMA Retirement CorpRESOLUTION NO. 16 -702 A RESOLUTION of the City Council of the City of Federal Way, Washington, adopting the amended 401 Governmental Money Purchase Plan & Trust Basic Document and Plan Adoption Agreement (Amending Resolution No. 99 -307, 02 -356, and 07 -494). WHEREAS, the City has employees rendering valuable services; 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 City desires that its money purchase retirement plan be administered by the ICMA Retirement Corporation and that the funds held by 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, THE CITY COUNCIL OF THE CITY OF FEDERAL WAY, RESOLVES AS FOLLOWS: Section 1. Plan Form. The City herby establishes or has established a money purchase retirement plan (the "Plan") in the form of The ICMA Retirement Corporation Governmental Money Purchase and Trust, pursuant to the specific provisions of the Adoption Agreement (executed copy attached hereto); Section 2. Plan Assets. The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries; and the City 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 of deferred compensation plan subsequently established by the City, if the asset of the plan are to be invested in the ICMA Retirement Trust. Resolution No. 16 -702 Page 1 of 3 Section 3. Plan Trustee. The City does hereby agree to serve as trustee under the Plan and to invest funds held under the Plan in the ICMA Retirement Trust; and Section 4. Plan Administrator. The Human Resources Manager shall be the coordinator for the Plan, shall receive reports, notices, etc. from the ICMA Retirement Corporation or the ICMA Retirement Trust; shall cast, on behalf of the City, any required votes under the ICMA Retirement Trust; and may delegate any administrative duties relating to the Plan to appropriate departments. The City authorizes the Human Resources Manager to execute all necessary agreements with the ICMA Retirement Corporation, incidental to the administration of the Plan. Section 5. Severability. If any section, sentence, clause or phrase of this resolution should be held to be invalid or unconstitutional by a court of competent jurisdiction, such invalidity or unconstitutionality shall not affect the validity or constitutionality of any other section, sentence, clause or phrase of this resolution. Section 6. Corrections. The City Clerk and the codifiers of this resolution are authorized to make necessary corrections to this resolution including, but not limited to, the correction of scrivener /clerical errors, references, resolution numbering, section/subsection numbers and any references thereto. Section 7. Ratification. Any act consistent with the authority and prior to the effective date of this resolution is hereby ratified and affirmed. Section 8. Effective Date. This resolution shall be effective immediately upon passage by the Federal Way City Council. Resolution No. 16 -702 • Page 2 of 3 RESOLVED BY THE CITY COUNCIL OF THE CITY OF FEDERAL WAY, WASHINGTON this 1st day of March, 2016. CITY OF FEDERAL WAY MAY •_' , 1' ERRELL ATTEST: atti CI f C ERK, STEPHANIE CO EY, CMC APPROVED AS TO FORM: $1.0 CITY AT EY, AMY JO PEARSALL FILED WITH THE CITY CLERK: 02/26/2016 PASSED BY THE CITY COUNCIL: 03/01/2016 RESOLUTION NO.: 16 -702 Resolution No. 16 -702 Page 3 of 3 ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN&TRUST ADOPTION AGREEMENT Plan Number 10- 7222 The Employer hereby establishes a Money Purchase Plan and Trust to be known as,car of Federal War (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. 0Yes 0 N If yes,please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: City of FederatWay L Employes C*yof Federal way 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: urni ! 1 • (Note:An alternate effective date can be no earlier than January 1,2007.) 0 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: pi The twelve(12)consecutive month period which coincides with the limitation year.(See Section 5.03(1)of the Plan.) ❑ The twelve(12)consecutive month period commencing on and each anniversary thereof. IV. Normal Retirement Age shall be age lts (not to exceed age 65). Imp,oramt Noce to Employer: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. 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)(l0)(B) of the Code,in which case an age of 50 or later is deemed not to he 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 .l Other Employees(Specify the group(s)of eligible employees below.Do not specify employees by name.Specific positions are acceptable.) Chief olStas and Police Chief 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 Crave Contributions are the only contributions made under the Platt. 2. 'lhe Employer hereby waives or reduces the requirement ofa 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)tw► 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 t'e'a (not to exceed age 21,Write N/A if no minimum age is declared.) VI. CONTRIBUTION PROVISIONS I., The Employer shall contribute as follower(Choose all that apply,but at least one of Options A or B.If Option A is not selected.Employer must pick up Participant Contributions under Option B.) Fixed Employer Contributions With or Without Mandatory Participant Contributions.(If Option B is chosen,please complete section C.) 91 A. Emcnnnibutions The Employer shall contribute on behalf of each Participant %of Earnings or $ Cow for the Plan Year(subject to the limitations of Article V of the Plan). Mandatory Participant Contributions 0 are required ❑ are not requited to be eligible for this Employer Contribution. 0 B. ,amatory Participant Contributions for Plan Participation. Required Mandator anti_one_A Participant is required to contribute(subject to the limitations of Amide V of the Plan)the specified amounts designated in items(i)through(iii)of the Contribution Schedule below: 0 Yes ❑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 Artide V of the Plan): 13 Yes 0 N Co. ntrtbut oti Sd►esftrle. (i) %of Earnings, CIO $ ,or (iii)a whole percentage of Earnings between the range of ax Mc,4x02%•a'K (insert range of percentages between 1%and 20%inclusive(e.g.,3%.6%,or 20%;5%to 796)).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 nor 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). 0 Yes ❑ No("Yes"it the default provision under the Plan sf no selection is made.) 0 C. Election Wit (Complete if Option B is selected): Newly eligible Employees shall be provided an election window of NIA 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.Isi 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. 2. The Employer may also elect:to contribute as follows ❑ A. fixed Employer March of Voluntary After-Tax Participant Contautions3he 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. 0 B. i ., „. . . , ,., ; , ,-` : .•• The Employer shall contribute on behalf of each Participant an amount determined as follows(subject to the limitations of Article V of the Plan): %of the Voluntary Participant Contributions made by the Participant for the Plan Year(not including Participant contributions exceeding %of Earnings or$ ), I Neither an IRS advisory letter nor a determination letter issued to an adopting,lmployyer is a ruling by the Internal Revenue Serail?that Participant contributions that are pitied up'by the Emplver are not includable in the Participant's grrarr income for federal income tax purposes Pick-up contributions are not mandated to receive private letter rulings however,fan adopting employer wishes to receive a ruling on pick-up contributions they may request one in accordance with Revenue Procedure 20124(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: cid Yes ❑No(We"is the default provision under the Plem 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 I5th day of the tenth calendar month following the end of the calendar year or fiscal year(as applicable depending on r,be basis on which the Employer keeps its books)with or within which the particular limitation year ends, or in accordance with applicable law): 9i Mott y S. 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): 81.Mom fy • b, 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: 0 Yes or No("Yes"is the default provision under the Pion xf no selection is made.) If yes is selected,this is effective beginning January 1,2009,finless 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 prevision harder 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 anoth_,er later effecsive date is filled in herd Money Purchase Plan Adoption Agreement 4 VII. EARNINGS Earnings,as defined under Section 2.09 of the Plan,shall include: 1. Overtime 0 Yes gi No 2. Bonuses C3 Yes C21 No 3. Other Pay(specifically describe any other types of pay to be included below) VIII. ROLLOVER PROVISIONS I. The Employer will permit rollover contributions in accordance with Section 4.12 of the.Plant gir Yes 0 No("Yes"is the defnnit provision under the Plan gym selection is made.) 2. Direct rollovers by non-spouse beneficiaries are effective for distributions after 2006 unless the Pladelayec(tnaking them available, If the Plan delayed makipg such rollovers available,..check the box`below and indicate the later effective date in the space provides.. 0 Effective Date is (Note: Plats must offer d acct rollovers by non-spouse beneficiaries no later tient plan years beginning after Denrmber,31,200.9)} 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. 0 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 I,2007. (The ay:Active date listed cannot he later than 90 days altar the close of the first reviler$gisla:ivs session tithe 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 Percent Completed Ve!creal Zero 100 96 One 96 Two 96- 'Throe g6 Four 96 Five 96 Six 96 Seven Eight 9t► Nine Ten 90 XI. WITHDRAWALS AND LOANS 1. In-service distributions are permitted under the Plan after a participant attains(select one of the below options): O Normal Retirement Age Cl Age 701/2("700"is the default provision under the Plan if no selection is made.) O 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 gi.r No("Yea"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 No("No"is the defier&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. O Yes No("No"is the default provision under the Plan f ao selection is made.) 5. Loans ate permitted under the Plan,as provided in Article XIII of the Plan: ❑ Yes 0 No(Wo"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. 0 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. ("Benefaciary Spousal Consent Election'is the default provision wader the Plan if no selection is made.) 0 3. QJSA Election(Article XVIl).The normal form of payment of benefits under the Plan is a 30%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 Xll also will apply.) XIII. FINAL FAY 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 haw been able to use tfemploysnent had continued and mutt be bona fide vacation andloriick leave): ❑ i. 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 96(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 nor 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: ❑ AU Eligible Employees ri Other. Accrued Leave shall be defined as(select ones ❑ 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 andfor 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 9 of unused Accrued Leave to the Plan(subject to the limitations of Artiide 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 46(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 nor 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 amendrnent(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 WitnessWhereof,the Employer hereby causes this Agreement to be executed on this day of ,20_th. EMPLOYER ICMA RETIREMENT CORPORATION 777 North Capitol St.,NE Suite 600 Washington,DC 20002 800-326-7272 BY: Jean Stanley By: Print Name: Jean Stanley Print Name: Fric* MCF8Milhar HR artager slant Secretary Title: It Title: Any:Toni Bradshaw • Attest 4 • • • • Money Purchase Plan Adoption Agreement 9 ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN&TRUST ADOPTION AGREEMENT Plan Number 10- 6325 The Employer hereby establishes a Money Purchase Plan and Trust to be known as cb or Foot*was (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 CI No If yes,please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: City of Federal Way I. Employer: City of Federal way IL Effective Dates • 0 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 I,2007.) 0 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 as alternate Effective Date is hereby specified: 3. SPcidilthargstbsaita. Please note here any elections in the Adoption Agreement with an effective date that is different from that noted in I.or 2.above. • (Note provision and effective date.) III.Plan Year will mean: 0 The twelve(12)consecutive month period which coincides with the limitation year(See Section 5.03(0 of the Plan) CI The twelve(12)consecutive month period commencing on and each anniversary thereof. W. Normal Retirement Age shall be age 55 (not to exceed age 65). Important Nor,so Employer,.Normal Retirement Age is significant for determining the evilest 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 coveted 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. Money Purchase Plan Adoption Agreement 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)(l0)(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 ache 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: _AR EloPloYees All Full Time Employees Salaried Employees —Non onion EntlaloYees Management Employs _Public Safety Employees General Employees Other Employees(Specify the gr aup(s)of eligible employees below.Do not specify employees by name.Specific positions are acceptable)Assistant City Manage 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 Wan Employee is eligible to participate upon employment)tux 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 wA (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 nor 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 I{t+aploor Contributions,The Employer shall contribute on behalf of each Participant %of Earnings or $ 6,000 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. U) B. MandatorxhirsicipasuLannibucioathmEiaailaisipasim Required Mandan Contributions.A Participant is required to contribute(subject to the limitations ofAtticle V of the Plan)the specified amounts designated in items(i)through(lii)of the Contribution Schedule below: 0Yes ❑No Money Purchase Plan Adoption Agreement 2 Employee Opr In Man arnr,.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(1)through(iii)of the Contribution Schedule below for each Plan Year(subject to the limitations of Article V of the Plan): ri Yes ❑ No Contribution Schedule. (i) %of Earnings, (ii) $ ,or (iii)a whole percentage of Earnings between the range of ax. + .12%,a'5% (rrtren range of percentages between 1%and 20416 inclusive(e.g.,5%.6%,or 20%;5%to 796)),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). 1l Yes ❑ No("Yes"is tbedsfatalt provision snider the Plan ifno selection is made) ❑ C. Election Window(Complete if Option B is selected): Newly eligible Employees shall be provided an election window of.WA 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 pasition,the Employee's original election will resume.In no event does the Employee have the option of receiving the pick-up contribution amount directly. 2. The Employer may also elect to contribute as follows: 0 A. '.2( t:4 k,� \ ! •; i r♦ :.,r a «,r i _Wife t t . 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. yari.t t,t t.. lei. I t :«t r - it t ,r t "1.1 j. !.t t•. 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$ )3 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. 'mployer are not includable in the Participant's gross income for fedenrl income tax purposes.Pick-up ronsributions are not mandated to receive private letter rulings;however,Van adopting employer wishes to receive a ruling on pith-up contributions they may request one in accordance with Revenue Procedure 2012-4(or subsequent gaadsaner). Money Purchase Plan Adoption Agreement 3 PLUS %tithe 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..._._96 of Earnings or$ ). Employer Matching Contributions on behalf of a Participant for a Plan Year shall not exceed $ or__.,,.96 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: 17 Yes ri No("No"is the defrsult provision under the Plan cif no selsetrton 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 ands, or in accordance with applicable law): • Br-Monthly 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): BAioniNyt 6. In the rase 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 Pi No("FM"is the defaultprovision under the Plan fno selection is made) If yes is selected,this is effective beginning January 1,2009 unless another later ettestfiveare is filled in here; B. Participants who die or become disabled will receive Plan contributions with respect to such service•. Q Yes PI No("N.*is the defiasl't provision under the Plan i,f`no 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 snottier later effective date is filled in here: Money Purchase Plan Adoption Agreement 4 VIL EARNINGS Earnings,as defined under Section 2.09 of the Plan,shall include: 1. Overtime Yes 91 No 2. Bonuses ❑ Yes ;# No 3. Other Pay(specifically describe any other types of pay to be included below) VIII. ROLLOVER PROVISIONS I. The Employer will permit rollover contributions in accordance with Section 4.12 of the Plan: Yes ❑ No("Yes"is the ehrfaultprovision under the Elan f ere safeuion is made) 2. Direct rollovers by non-spouse beneficiaries are effective for distributions after 2006 unless the Plan delayeclyr► king them available, If the Plan delayed making such rolavets available.check the box below andindiete the later effective date in chic space provided. ❑ Effective Date is • (Note: Plans must q f f it direct rollovers by non spouse beneficiaries no later than plan years beginning after December31,2009.) 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 rovided herein,if necessary in order to avoid takes s 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(c)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 exes amounts,in a manner that precludes-Employer discretion.) 2. The Limitation Year is following month period: >s the fo owiag l2 consecutive pert 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 I,2007. (Me s,f f eetive date listed cannot be laser than 90 days after the close of the first iesider ieSidatim semi=oft legislative body with authority to amend the plan that begins on or after fttly 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 Percent Completed Vested Zero 100 °► One Two 9b Tee Four Five Six Seven Eight 9b Nine Ten 96 XL 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 70K("761/2" the&Ault ps smiler the Alan no selection is made.) ❑ Alternate age(after Normal Retirement Age): Q 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. Q Yes 0 No(*Yes"is the default provision under the plan ifue selection it 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 gi No CI**is the*find:provision under the Plan if no selection is mode) 4. In-service distributions of the Rollover Account are permitted under the Plan,as provided in Section 9.07. ❑ Yes 0 No(`No"is the*tide provision under the Plan ifno selection is made.) 5. Loans are permitted under the Plan,as provided in Article XIII of the Plan: ❑ Yes 0 No(We"iv the defaxkprovision under the Mars sjno selection is made.) Money Purchase Plan Adoption Agreement 6 Xll. SPOUSAL PROTECTION The Plan will provide the following level of spousal protection(select one): 0 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. 0 2. Beneficiary Spousal Content 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.) Cl 3. Q)SA Election(Article XVII).The normal form of payment of benefits under the Plan is a.S0%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: Cl All Eligible Employees Q 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 Cl D. Other(insert definition of Final Pay—must be leave that Employee would have been able to use if employmeru had continued and must be bona fade vacation and/or sick leave): Cl i. Employer Final Pay Contributions.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 Penal Pay Contribution.Each Employee eligible to participate in the Plan shall be given the opportunity ar 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 ICIV. ACCRUED LEAVE CONTIUBUTIQNS The Plan will provide for accrued unpaid leave contributions annually if either I or 2 is selected below. The following group of Employees shall be eligible for Accrued Leave Contributions: 0 All Eligible Employees ❑ Chher: Accrued Leave shall be defined as(select one): 0 A. Accrued unpaid vacation 0 B. Accrued unpaid sick leave 0 C. Accrued unpaid vacation and sick leave 0 p, Other(insert definition of accrued leave that is bona fide vacation and/or sick leave): 0 i• Employer Accrued Leave Contribution.The Employer shall contribute as follows(choose one of the following options): 0 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). 0 For each Plan Year,the Employer shall contribute on behalf of each Fligpble Participant %of unused Accrued Leave to the Plan(subject to the limitations of Article V of the Plan). 0 2. Employee Designated Accrued Leave Contribution. Lion. Each eligible Participant shall be given the opportunity at entnllnear to irrevocably elect to contributes (insert fixed percentage of accrued unpaid leave to be contributed)or up to %(insert maxinnum 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 arrests 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 amehdment(s)unless the Employer notifies the Plan Administrator,in writing,that it disapproves of the amendment(s).lithe 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 Adminisrator 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. 'Ihe Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of rhe 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 1RS revenue procedures and other official guidance. In Witness Whereof,the Em hereby causes this ent to be executed on this ! day of March ,201 >�� Y Agreement ICMA RETIREMENT CORPORATION 777 North Capitol St.,NE Suite 600 Washington,DC 4 / 800-325-7272 c I3y. Jean Stanley 8y: Print Name: Jean Stanley Print Name:. Erica McFarqutlar Tide: Talc Assistant Secretary HR Manager Attest:Toni Bradshaw • • Money Purchase Plan Adoption Agreement 9