HomeMy WebLinkAbout2008 Resolution No. 075•
•
•
CONTRACT NO. "f -A.oo9
RESO LUTION 10 . _'7fi
ER IFS OF cOON
A RES LCTIO, AL'T HORI ZING AN AMEND IENT TO THE 1O 1A RET IR H IENT
C RP RATION GOV 'R:S'll1E TAL ~!ON EY l'UR II A E PL AN&. TR ST ADOPTION
AGRE EMENT FO R THE EN ,LEWO D POLI CE OFF ICE RS 401a MONEY PURCII ASE
PL AN (PL AN).
WH EREAS. the Engk\\ood Police Benefi t Associati on (E PBA ) Co mrn c, c•uo ti at ions
provided for a one per c111 emp loyer co ntribu 1ion in crea se fo r EPHA mcmb crsl:i!,: and
WHER EA S. the EPBA me mbers hip has re,1 ues 1cd the em ployee co nt ributio n be increased by
one percen t: and
WH EREAS. the Pl an mem bership cons ists of EPBA members and po li ce ma nage me nt staff:
and
WHER EAS. a vo te of the EPBA member ship approved a Co nt rac t for 2009 and 20 10 whi ch
pro vi des for rm in crease of 1 °o in co ntri bution s cffcct h·e Janu ary I. 2009; and
\VHEREAS . the pa ssag e of thi s Re so luti on amends the existi ng Pl an by provid in g none
percent empl nyc r increase (ten perce nt total) and a one percent empl oyee increase (ten perce nt
tot al) for Plan memb ers hi p:
NO W. THER ErORE . BE IT RES LVE D BY THE CITY CO '(IL OF Tl IE CITY OF
ENG LEW OO D. CO LORADO. THAT :
Section I. The Cit y Counci l of the Ci1y of Englewood. Co lorad o here by authorizes an
amendm ent to th e ··ICMA Retireme nt orpo rntion Govcmmcnta l ~toney Purclm sc Pl an & Tru st
Ado pti on Agree ment"' f,: th e Eng lew ood Police Officer s 40 1a Money Purcha se Plan , a copy of
wh h.:h is marked as ·Exhibit A" and ntt ac hcd hcrc1 0.
Secti on 2. The Direc to r of Fina nce and Adrn :nis 1rativc Services nnd Ci1 y Clerk are hereby
authori zed 10 sign and attest sai d Amcndmcl\l 10 the "ICMA Rc1ircmcnt Corp0rn ti on Govcmmcnt al
M one y Pui .:-ltasc Plan & Trust Adopti on Agree ment " on behnlf of th e City of Eng lewood .
AD OPTE D AND APPR OVED thi s 201h da y of Oc tobe r. 20(1<
•
•
•
•
•
ICMA RETIREMENT CORPORATIO N
GOVERNMENTAL MONEY PURCHASE PLAN & TRUST
ADOPTION AGREEMENT
PLAN NUMBER 10-8370
The Employer hereby esta bl is he s a M oney Purchase Plan and Trus t to be known as CITY CF
ENGLEWOO D/PO LI CE (th e "Plan") in the form of th e ICMA RC Governmental Money
Purch ase Plan and Tru st.
This Plan is an amendme nt and restatement of an exis ting defined contribution money
purchase plan .
__ x_ Yes No
If yes, please specify the name of the defined contribution money purchase plan which this Plan
he reby amends and restates :
II .
Ill.
IV.
CITY OF ENGLEWOOD POLICE PENSION PLAN
Empl oye r: CITY OF ENGLEWOOD
The Effective Da '.: .if the Plan shall be the first day of the Plan Year during which the
Employer adopts the Plan , unl ess an alternate Effective Dale is hereby sp ec ified:
01/01 /1986
Plan Year will m ean :
() The twe lv e (12) co nsecutive mon th period whi c h coincides wth th e
li m itation year . (See Section 5.03 (9) of the Plan .)
( X) The twelv e (12) consecutive month period commencing on 01/01
and each anniversary th ereof.
Norma l Re tirement Age shall be age~ (not to exceed ag e 65).
I! >c
H
I
B
I
T
A
V. ELIG IB ILITY REQU IREMENTS :
1. The fo ll owing group or groups of Employee s are eligible to participa le in th e
Pl an :
All Employees
All Full-Tim e Employees
Salaried Employees
Non-union Employees
Management Employees
Public Safety Employees
General Employees
Other (s pecify l;:,iJow)
ALL POLICE LFFICERS HIRED AFTER 417/1978
The group specified must correspond to a group of the same designation that is
defined in the statutes , ordinances , ruli;s , regulations , personnel manuals or
other material in effect in the state or lo cality of the Employer.
•
2. The Employer hereby waives or re duces the requirement of e twelve (12) month
Period of Service for participation . The required Period of Service shall be
NIA (write NIA if an Employee is eligible to participate upon mployment). •
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 el igibility lo participate. The
minimum age requirement is -1.iQQ__ (not to exceed age 21 . Write NIA if no
minimum age is declared .)
VI. CONTRIBUTION PROVISIONS
1. The Employer shall contribu te as follows (c hoose one):
(X ) Fixed Employer Contributions With Or Without Mandatory
Participant Contributions .
The Employer shall contribute on behalf of each Participant
_1Q2_ % of Earnings or$ ___ for the Plan Year (subject to
the limitations of Artic le V of the Plan). A Participan t is required to
contribute (subject to the lim itations of Article V of the Plan)
(i) --1.Q&._% of Earnings ,
(ii) $ ___ , or •
(iii ) a whole percentage at Earnings, as desi gnated by the
Employee in acco rdan ce with g uide lin es and procedures
es tablished by the Employer
•
•
()
• ()
fo r the Plan Ye ar as a condition of participation in the Plan . (Write
"0" if no co ntribution is required .) If Participant Contributions ar e
required under this option , a Pa rtic ipa nt shall not have the right to
discontinue or vary the ra te of such co ntributions after becomi ng a
Plan Participant.
Th e Employer hereby elect s to "pick up" th e Mandatory/Require d
Parti cipant Co ntribution .
_x_ Yes No
[Note to Employer : Neither an IRS advisory let te r nor a
determ ination letter issued to an adopting Emp , ·!': is a ruling by
the Internal Revenue Service that Participant cu 11trib ~c1 ons that
are picked up by the Empl oyer are not includable in the
Participant's gross income for federal income tax purposes . The
Employer may seek such a ruling .
Picked up contributions are excludable from th e Pa :tici pant's
gross income under section 414(h)(2) of the Internal Revenue
Code of 1986 only if th ey meet th e requirements of Rev . Rui s .
81 -35 and 81 -36 , 1981-1 C.B. 255, and 87-10 , 1987-1 C.B. 136 .
Th ose requ irem ents are (1) that the Employer must specify that
the contributions , although designated as employee contributions ,
are being paid by the Employer in li eu of contributions by the
employee; (2) the employee must not have the option of receivi ng
the contributed amounts directly inst ead of having them paid by
the Employer to the plan ; and (3) the required specification of
designated employee contribution s must be completed before the
period to which su ch contributions relate .]
Fixed Employer Match of Participant Contributions .
T he Employer shall con tr ibute en behalf of each Participant _%
of Earni ngs for th e Plan Year (subject to th e limitations of Article V
of the Plan) for each Pla n Year that such Parti ci pant has
contributed __ % o' learnings or$ ___ . Under thi s option, th e re
is a single, fi xe d ra .. Employer co ntributions , but a Participant
may decline to make the required Participant cont ributions in any
Plan Year, in which case no Employer contribution wi ll be mad e
on the Parti cipant 's beha lf in that Plan Year.
Variable Employer Match Of Participant Contributions.
The Employer shall contribute on beha lf of ea ch Pa rticipant an
amount determ ined as fol lows (s ubject to the limitations of Article
V of the Plan ):
• __ % of the co ntributions made by the Partic ipant for the Pl an
Year (not in clu ding Parti cip ant contributions exceeding __ % of
Earn in~s or$___);
PLUS __ % of th e co ntributions made by !he Participan t for the
Plan Yea r in excess of those in cl ud ed in the above paragraph (bu t
not includ ing Participa nt contributions exceeding in th e agg reg ate
__ % of Earnings or $ ___ _,
Employer Contribution s on behalf of a Participant for a Plan Year
sh all not exceed $ ___ or __ % of Earnings , whichever is
more or less .
2. Ea c h Participant may make a voluntary (u nmatched}, after-tax contribution ,
subject to the limitations of Section 4 .05 and Article V of the Plan .
_x_ Yes No
3. Employer contributions and Participant contributions shall be contributed to the
Trust in accordance with the following payment schedule :
Bl -WEEKLY •
VII. EARNINGS
Earnings , as defined und er Section 2.09 of the Plan , shall include:
(a Overtime
Yes _..2L No
(b} Bonuses
Yes _..2L No
VIII. 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 c ould possibly become a participant,
th e 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). • If the Particip ant is co vered under another qualified defined contribution plan
maintained by the Empl oyer, the provisions of Section 5.02(a} throug h (f) of th e
Plan w ill apply unless another method has been indi cated be low .
•
•
•
() Other Method . (Provi·1e the meth od under wh ich th e pl ans will
li mit tot a l A nnua l Add itio ns to the Ma ximum Pe rmiss ib le Amoun t,
and will properly redu ce any excess amo unts , in a ma nn er tha t
precl ude s Employe r d iscretion.)
:!. The limitation yea r is the foll owi ng 12-consecutive m o nth pe ri od : __
IX. VESTIN G PROVISION S
Th e Employer hereby sp ecifies the following vesting sche dule , subject to (1) the
min imum vesting requ irer ,ents as noted and (2) th e co ncurrence of th e Plan
Administrator.
Years of
Service
Comol eted
Zero
One
Two
Three
Four
Five
Si x
Seven
Eight
Nine
Te n
Percent
Vesting
_Q,_QQ_ %
0 .00 %
0 .00 %
20 .00 %
40 .00 %
. 60 .00 %
80 .00 %
100.00 %
100.00 %
100.00 %
100.00 %
X. Loa ns are pe rmitted unde r th e Pl a n , as provid ed in Arti cle XIII :
_x_ Yes No
X I. The Empl oyer hereby atte sts that it is a un it of state or lo cal government or an ag e ncy
or in strume nta lity of one or more units of state or local government.
XII. The Plan Admini strator hereby ag ree s to inform the Employer of any am endm ents to
the Plan made pursuant to Section 14 .05 of th e Plan or of the discontinuance or
abandonm e nt of th e Plan .
XIII. Th e Employer hereby appoi nts the ICMA RC as the Pl an Adm in istrator pursuant to th .
terms and cond it ions of th e ICMA RC GOVER NMENTAL MONEY PURCHASE PL AN
& TRUST .
Th e Employer hereby agrees to the provisions of the Plan and T rust.
XIV . The Employer he reby ackn ow ledges it understand s that failure to prop e rl y fill out this
Adopt ion Agreement may resu lt in dis qua lifi cat io n of th e Plan .
XV . An ad opting Employer may rely on an advi sory lette r issued by th e lnterncil Revenu e
Service as ev id e nce that the Plan is qualified und er section 401 of th e Internal
Revenue Code .
In Witness Whereof, the Employer he reby cau ses th is Agreem en t to be executed on this __
day of _______ , 200_.
EMPLOYER ICMA RC
By : By :
Title: Title :
Attes t: Attest: •
•
•
•
•
COUNCIL COMMUN ICATION
Date: Agenda Item: Subject:
October 20, 2008 11 C ii Reso luti on Adop ting Amendments 10 th e City oi
Engl ewood Poli ce O ffi ce rs Pensi on Plan D oc um ent
(Plan )
Initiated By : I Staff Source:
Depar tm en t of Finan ce and Adm in is trative Service s Frank G r)'glewicz, Direc tor
COUNCIL GOAL AND PREVIOUS COUNC IL ACTION
Th e City Council approved Resolu tion 66, Se ri es of 2008 approving th e Coll ec tive Barga inin g
Agree ment betwee n th e En glewood Poli c e Bene fit Associa tion an d th e City of Englewood fo r th e
years 2009 and 20 I 0.
RECOMMENDED ACTI ON
Staff recommends City Council approve th e att ached reso lution for an Adopti on Ag ree m ent th at
in c rea ses th e City of En glewood and empl oyee contributio n to th e Pl an from nin e to ten perce nt .
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
Th e chang es propos ed inc rease th e City and emp loyees req uired contribution to th e Plan . The
in crea se was prop ose d b y th e EPBA and approved by City Counci l (Reso lution 66, Se ri es of 2008).
FINANCIAL IMPACT
This change to th e Po li ce O h1 ce rs Plan will cos t ap proxim ately $39,000 in 2009 and in c rease as
wag es in crease ove r tim e.
LIST OF ATTACHMENTS
Pro pose d Resoluti on
ICMA Ad op ti o n Agr ee m ent