HomeMy WebLinkAboutR-02-1210J-02-945
11/07/02
RESOLUTION NO. 02-1210
A RESOLUTION OF THE MIAMI CITY COMMISSION,
WITH ATTACHMENT(S), AUTHORIZING THE
IMPLEMENTATION OF A GOVERNMENT MONEY PURCHASE
PLAN AND TRUST ADOPTION RETIREMENT PLAN FOR
THE EXECUTIVE DIRECTOR AND EMPLOYEES OF THE
BAYFRONT PARK MANAGEMENT TRUST ("TRUST")
THROUGH THE ICMA RETIREMENT CORPORATION,
APPROVED BY THE TRUST BY RESOLUTION
NOS. 02-052 AND 02-052.1, ATTACHED AND
INCORPORATED; ALLOCATING FUNDS FROM THE
OPERATING BUDGET OF THE TRUST; AND AUTHORIZING
THE EXECUTIVE DIRECTOR OF THE TRUST TO EXECUTE
ANY NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE
TO THE CITY ATTORNEY, FOR SAID PURPOSE.
WHEREAS, the City Commission created the Bayfront Park
Management Trust ("Trust") to operate, manage and maintain Bayfront
Park to ensure maximum community utilization; and
WHEREAS, the Executive Director of the Trust recommends the
implementation of a retirement plan for the Trust's employees and
Executive Director using an existing City vendor; and
WHEREAS, the Trust, has approved the implementation of this
Retirement Plan pursuant to Trust Resolution Nos. 02-052 and 02-
052.1, attached and incorporated; and
CITY comasma
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62-1210
WHEREAS, funds for the Retirement Plan will be allocated from
the Operating Budget of the Trust when required;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are adopted by reference and
incorporated as if fully set forth in this Section.
Section 2. The implementation of a Government Money
Purchase Plan and Trust Adoption Retirement Plan for the Executive
Director and employees of the Trust through the ICMA Retirement
Corporation, is authorized, with funds allocated from the Operating
Budget of the Trust.
Section 3. The Executive Director of the Trust is
authorized!' to execute of all necessary documents, in a form
acceptable to the City Attorney, for said purpose.
1� The herein authorization is further subject to compliance with all
requirements that may be imposed by the City Attorney, including but
not limited to those prescribed by applicable City Charter and Code
provisions.
Page 2 of 3 012-1210
Section 4. This Resolution shall become effective
immediately upon its adoption and signature of the Mayor.'
PASSED AND ADOPTED this 19th day of November , 2002.
EL A. DIAZ, MAYO
ATTEST:
PRISCILLA A. T OMPS
CITY CLERK
APPROVED A5,460 ,PIORiM AND CO CTNESS :�>
VI
W6A3:tr:AS:BSS
zi If the Mayor does not sign this Resolution, it shall become
effective at the end of ten calendar days from the date it was
passed and adopted. If the Mayor vetoes this Resolution, it shall
become effective immediately upon override of the veto by the City
Commission.
Page 3 of 3 o2-1210
RESOLUTION
No. 02-052
Authorizing the Executive Director to proceed with the Bayfront Park
Management Trust Employee's Governmental Money Purchase Plan & Trust
Adoption Agreement (retirement plan) through the ICMA Retirement Corporation,
account No. 10-7762.
Dated this 30'h day of September 2002.
:nt Trust
BAYFRONT PARK MANAGEMENT TRUST
301 North. Biscayne Boulevdrd Miami, FL 33132 (305) 358-7550
02-1210
RESOLUTION
No. 02-052.1
Authorizing the Executive Director to proceed with the Bayfront Park
Management Trust Executive Director Governmental Money Purchase Plan &
Trust Adoption Agreement (retirement plan) through the ICMA Retirement
Corporation, Account No. 10-8161.
Dated this 30th day of September 2002.
BAYFRONT PARK MANAGEMENT TRUST
301 North Biscayne Boulevaid Miami, FL 33132 (305) 358-7550
:nt Trust
02-1210
TO: Honorable Mayor and Members
o e City Commission
FROM: imothy F. Schmand
Executive Director
CA -10
DATE: October 16, 2002
SUBJECT: Resolution authorizing
the implementation of a retirement
plan for the employees and the
executive director of the Bayfront
Park Management Trust by the
Bayfront Park Management Trust
from ICMA Retirement Corporation.
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached resolution authorizing
the Bayfront Park Management Trust (Trust) to implement an employee and executive director
Governmental Money Purchase Plan and Trust Adoption Agreement (retirement plan) from ICMA
Retirement Corporation, utilizing an existing City vendor and approved by the Trust in a resolution
attached herewith. Funds are available from the Trust's Operating Budget at time of need.
BACKGROUND:
The Bayfront Park Management Trust was created by the Miami City Commission to operate
manage and maintain Bayfront Park to ensure maximum community participation. The Trust is
responsible for the upkeep and maintenance of Bayfront and Bicentennial Parks.
The Trust has identified a need to reward employee loyalty and hard work and to encourage
employees to participate in their own retirement future.
FISCAL IMPACT
The expenditure contemplated in this purchase is contained in the Trust's operating budget and the
funds are available.
TS/jrg
02-1210
s- ICIV RETIREMENT CORPORATION
GOVERNMEN.AL MONEY PURCHASE PLAN & i 8UST
ADOPTION AGREEMENT
Account Number 10- 8161
The Employer hereby establishes a Money Purchase Plan and Trust to be known as (the "Plan") in the
form of the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust. The Plan
shall be known as:
[906]
This Plan is an amendment and restatement of an existing defined contribution money purchase plan.
❑ Yes 125 No
If yes, please specify the name of the defined contribution money purchase plan which this Plan
hereby amends and restates:
I. Employer Name: Bayfront Park Management Trust [902]
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:
III. Plan Year will mean:
❑ The twelve (12) consecutive month period which coincides with the limita-
tion year. (See Section 5.04(1) of the Plan.) [803]
C The twelve (12) consecutive month period commencing on
October 1 and each anniversary thereafter. [803]
IV. Normal Retirement Age (not to exceed age 65) shall be age 62 [288]
V. ELIGIBILITY REQUIREMENTS:
1. The following group(s) 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
X Other (specify below):
Executive Director
MPP Adoption Agreement 4/30/2000 02-1210
„_1210
VI
The roup specifi rust correspond to a group of the sarr 9signation that is defined
in the statutes, ordinances, rules, regulations, personnel manudis 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 mimmuin age requirement is hereby specified for eligibility to participate. The
minimum age requirement is NIA (not to exceed age 21). Write N/A if no mini-
mum age is declared.
CONTRIBUTION PROVISIONS
The Employer shall contribute as follows (choose one):
Y! Fixed Employer Contributions With Or Without Mandatory
Participant Contributions.
The Employer shall contribute on behalf of each Participant 12 % of
earnings or $ N/A for the PlanYear (subject to the limitations
of Article V of the Plan). Each Participant is required to contribute
8 % of earnings or $ N/A for the PlanYear as a condition
of participation in the Plan. (Write "0" if no contribution is required.)
If Participant Contributions are required under this option, a Participant
shall not have the right to discontinue or vary the rate of such contribu-
tions after becoming a Plan Participant.
The Employer hereby elects to "pick up" the Mandatory/ Required
Participant Contribution.
❑ Yes ❑ No
The pick-up provision specifies that the contribution is treated, for
federal income tax purposes, as though it is made by the employer -The
pick-up provision allows the employee to defer taxes on the emplp- ee
mandatory contribution. The actual result is the same as if the contribu-
tion were a reduction in that employee's salary by the amount of the
contribution. Picked up contributions are NOT exempt from Social
Security tax.
[Note to Employer: A determination letter issued to an adopting Em-
ployer is not a ruling by the Internal Revenue Service that Participant
contributions that are picked up by the Employer are not includable in
the Participant's gross income for federal income tax purposes. The
Employer may seek such a ruling.
[344]
[341]
[621]
o62-1210
MPP Adoption Agreement 4/30/2000
[Pick xp contributions are excludable from Participant's gross
income under section 414(h)(2) of the Internal revenue Code of 1986
only if they meet the requirements of Rev. Rul. 81-35,1981-1 C.B. 255.
Those requirements are (1) that the Employer must specify that the
contributions, although designated as employee contributions, are being
paid by the Employer in lieu of contributions by the employee; and (2)
the employee must not have the option of receiving the contributed
amounts directly instead of having them paid by the Employer to the
plan.]
❑ Fixed Employer Match of Participant Contributions.
The Employer shall contribute on behalf of each Participant % of
Earnings for the Plan Year (subject to the limitations of 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 P1anYear, in which case no
Employer contribution will be made on the Participant's behalf in that
Plan Year.
❑ Variable Employer Match Of Participant Contributions.
The Employer shall contribute on behalf of each Participant an amount
determined as follows (subject to the limitations ofArticle V of the
Plan):
% of the contributions made by the Participant for the Plan
Year (not including Participant contributions exceeding % of
Earnings or $ );
PLL7S % of the contributions made by the Participant for the
Pian Year in excess of those included in the above paragraph (but not
rn,:)uding Participant contributions exceeding in the aggregate
Larnings or $ ).
Lriiplk,%er Contributions on behalf of a Participant for a PlanYear shall
i ex: eed $ or % of Earnings, whichever is
more or less.
2. Each Participair: r ia% make a voluntary (unmatched), after-tax contribution, subject to
the limitation, of Section 4.05 and ArticleV of the Plan.
Yes J No
MPP Adoption Agreement 4/30/2000 3
02-1210
VIII
4
3. Employer contrit )ns and Participant contributions shall contributed to the Trust
in accordance with the following payment schedule: (please circle one choice)
0Bi-Weekly 1 Weekly 2 Semi -Weekly
3 i- 0-Weekly
y 4 Monthly 5 Semi -Monthly
6 Bi -Quarterly 7 Quarterly 8 Semi -Quarterly
9 Bi -Annually 10 Annually 11 Semi -Annually
EARNINGS
Earnings, as defined under Section 2.09 of the Plan, shall include:
(a)
Overtime
❑
Yes
❑
No
(b)
Bonuses
❑
Yes
J
No
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 and 5.03 of the Plan).
1. If the Participant is covered under another qualified defined contribution plan main-
tained 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 Em-
ployer discretion.)
2. If the Participant is or has ever been a participant in a defined benefit plan maintained
by the Employer, and if the limitation in Section 5.03 of the Plan would be exceeded,
then the Participant's Projected Annual Benefit under the defined benefit plan shall be
reduced in accordance with the terms thereof to the extent necessary to satisfy such
limitation. If such plan does not provide for such reduction, or if the limitation is still
exceeded after the reduction, annual additions shall be reduced to the extent necessary
in the manner described in Sections 5.02 and 5.02. The methods of avoiding the hnuta-
tion described in this paragraph will not apply if the Employer indicates another method
below.
[611]
02-1210
MPP Adoption Agreement 4/30/2000
' ❑ Oth `✓Iethod. (Note to Employer: Provide 'ow language which
will satisfy the 1.0 limitation of section 415(e) of the Code.. Such
language must preclude Employer discretion. See section 1.415-1 of
the Regulations for guidance.)
3. The limitation year is the following 12 -consecutive month period:
I�
X.
XI
VESTING PROVISIONS
The Employer hereby specifies the following vesting schedule, subject to (1) the minimum
vesting requirements as noted and (2) the concurrence of the Plan Administrator.
Years of
Service Percent
Completed Vesting
Zero
100 %
One
%
Two
Three
%
Four
%
Five
%
Six
Seven
%
Eight
%
Nine
%
Ten
Loans are permitted under the Plan, as provided in Article XIII:
❑ Yes
0 No
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.
XII. 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.
XIII. The Employer hereby appoints the ICMA Retirement Corporation as the Plan Administra-
tor pursuant to the terms and conditions of the ICMA RETIREMENT CORPORA-
TION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST.
The Employer hereby agrees to the provisions of the Plan and Trust.
(751]
MPP Adoption Agreement 4/30/2000 02-1210
XIV. The Employer hereby a :)wledges it understands that failure tc )perly fill out this Adoption
Agreement may result in disqualification of the Plan.
XV. An adopting Employer may not rely on a determination letter issued by the National or District Office
of the Internal Revenue Service as evidence that the Plan is qualified under Section 401 of the Inter-
nal Revenue Code. In order to obtain reliance with respect to plan qualification, the Employer must ---
apply to the appropriate key district office for a determination letter.
In Witness Whereof, the Employer hereby causes this Agreement to be executed on this day of
200
EMPLOYER
Title: Executive Director
Attest:
ACCEPTED: ICMA RETIREMENT CORPORATION
Title: Corporate Secretary
Attest:
APPROVED AS TO FORM AND
CORRECTNESS:
Alejandro Vilarello
City Attorney
APPROVED AS TO INSURANCE
REQUIREMENTS:
Robert J. Nachlinger
Acting Risk Manager
-190
6 MPP Adoption Agreement 4/30/2000
ICN' ZETIREMENT CORPORATION
GOVERNMEN iAL MONEY PURCHASE PLAN &) r{UST
ADOPTION AGREEMENT
Account Number 10- 7762
The Employer hereby establishes a Money Purchase Plan and Trust to be known as (the "Plan") in the
form of the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust.The Plan
shall be known as:
This Plan is an amendment and restatement of an existing defined contribution money purchase plan.
❑ Yes U No
If yes, please specify the name of the defined contribution money purchase plan which this Plan
hereby amends and restates:
I
II.
III
,IV.
V
Employer Name: Bayfront Park Management Trust
The Effective Date of the Plan shall be the first day of the P1anYear during which the
Employer adopts the Plan, unless an alternate Effective Date is hereby specified:
P1anYear will mean:
91
[906]
[9021
The twelve (12) consecutive month period which coincides with the limita-
tion year. (See Section 5.04(1) of the Plan.) [803]
The twelve (12) consecutive month period commencing on
October 1 and each anniversary thereafter.
Normal Retirement Age (not to exceed age 65) shall be age 62 .
ELIGIBILITY REQUIREMENTS:
1. The following group(s) of Employees are eligible to participate in the Plan:
All Employees
All Full -Time Employees
Salaried Employees
Non-union Employees
Management Employees
Public Safety Employees
General Employees
Other (specify below):
[803]
[288]
MPP Adoption Agreement 4/30/2000 1
02-1210
VI
The group specif nust correspond to a group of the san 'esignation 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). [344]
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 mini- (341]
mum age is declared.
CONTRIBUTION PROVISIONS
The Employer shall contribute as follows (choose one):
Fixed Employer Contributions With Or Without Mandatory
Participant Contributions.
The Employer shall contribute on behalf of each Participant 3 % of
earnings or $ for the P1anYear (subject to the limitations
of Article V of the Plan). Each Participant is required to contribute
3 % of earnings or S for the Plan Year as a condition
of participation in the Plan. (Write "0" if no contribution is required.)
If Participant Contributions are required under this option, a Participant
shall not have the right to discontinue or vary the rate of such contribu-
tions after becoming a Plan Participant.
The Employer hereby elects to "pick up" the Mandatory/Required
Participant Contribution.
@ Yes ❑ No [621]
The pick-up provision specifies that the contribution is treated, for
federal income tax purposes, as though it is made by the employer. The
pick-up provision allows the employee to defer taxes on the employee
mandatory contribution. The actual result is the same as if the contribu-
tion were a reduction in that employee's salary by the amount of the
contribution. Picked up contributions are NOT exempt from Social
Security rax
[Note to Employer: A determination letter issued to an adopting Em-
ployer is not a ruling by the Internal Revenue Service that Participant
contributions that are picked up by the Employer are not includable in
the Participant's gross income for federal income tax purposes. The
Employer may seek such a ruling.
0x-1210
MPP Adoption Agreement 4/30/2000
[Pick zp contributions are excludable from Participant's gross
income under section 414(h)(2) of the Internal ttevenue Code of 1986
only if they meet the requirements of Rev. Rul. 81-35, 1981-1 C.B. 255.
Those requirements are (1) that the Employer must specify that the
contributions, although designated as employee contributions, are being
paid by the Employer in lieu of contributions by the employee; and (2)
the employee must not have the option of receiving the contributed
amounts directly instead of having them paid by the Employer to the
plan.]
❑ Fixed Employer Match of Participant Contributions.
The Employer shall contribute on behalf of each Participant % of
Earnings for the Plan Year (subject to the limitations ofArticleV of the
Plan) for each Plan Year that such Participant has contributed %
of Earnings or $ . Under this option, there is a single, fixed rate
of Employer contributions, but a Participant may decline to make the
required Participant contributions in any Plan Year, in which case no
Employer contribution will be made on the Participant's behalf in that
Plan Year.
❑ Variable Employer Match Of Participant Contributions.
The Employer shall contribute on behalf of each Participant an amount
determined as follows (subject to the limitations of Article V of the
Plan):
% of the 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
P1anYear in excess of those included in the above paragraph (but not
including Participant contributions exceeding in the aggregate
of Earnings or $ ).
Employer Contributions on behalf of a Participant for a Plan Year shall
not exceed $ or % of Earnings, whichever is
more or less.
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.
❑ Yes a No
MPP Adopdon Agreement 4/30/2000 02-1216
VII.
VIII
4
3. Employer contril )ns and Participant contributions shal' contributed to the Trust
in accordance with the following payment schedule: (please circle one choice)
0 Bi -Weekly 1 Weekly 2 Semi -Weekly
3 Bi -Monthly 4 Monthly 5 Semi -Monthly
6 Bi -Quarterly 7 Quarterly 8 Semi -Quarterly
9 Bi -Annually 10 Annually 11 Semi -Annually
EARNINGS
Earnings, as defined under Section 2.09 of the Plan, shall include:
(a)
Overtime
❑
Yes
❑
No
(b)
Bonuses
❑
Yes
❑
No
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 and 5.03 of the Plan).
1. If the Participant is covered under another qualified defined contribution plan main-
tained by the Employer, the provisions of Section 5.02(a) through (0 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 Em-
ployer discretion.)
2. If the Participant is or has ever been a participant in a defined benefit plan maintained
by the Employer, and if the limitation in Section 5.03 of the Plan would be exceeded,
then the Participant's Projected Annual Benefit under the defined benefit plan shall be
reduced in accordance with the terms thereof to the extent necessary to satisfy such
limitation. If such plan does not provide for such reduction, or if the limitation is still
exceeded after the reduction, annual additions shall be reduced to the extent necessary
in the manner described in Sections 5.02 and 5.02. The methods of avoiding the limita-
tion described in this paragraph will not apply if the Employer indicates another method
below.
[611]
02-1210
MPP Adoption Agreement 4/30/2000
❑ Oth 'Method. (Note to Employer: Provide ow language which
will sa,isfy the 1.0 limitation of section 415(e) „i the Code. Such
language must preclude Employer discretion. See section 1.415-1 of
the Regulations for guidance.)
3. The limitation year is the following 12 -consecutive month period:
IX. VESTING PROVISIONS
X.
XI
The Employer hereby specifies the following vesting schedule, subject to (1) the minimum
vesting requirements as noted and (2) the concurrence of the Plan Administrator.
Years of
Service Percent
Completed Vesting
Zero
%
One
100
Two
%
Three
%
Four
%
Five
%
Six
%
Seven
%
Eight
%
Nine
%
Ten
%
Loans are permitted under the Plan, as provided in Article XIII:
❑ Yes
JU No
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.
XII. 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.
[751 J
XIII. The Employer hereby appoints the ICMA Retirement Corporation as the Plan Administra-
tor pursuant to the terms and conditions of the ICMA RETIREMENT CORPORA-
TION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST.
The Employer hereby agrees to the provisions of the Plan and Trust.
MPP Adoption Agreement 4/30/2000 62-1210
XIV. The Employer hereby a :)wledges it understands that failure to perly fill out this Adoption
Agreement may result in aisqualification of the Plan.
XV. An adopting Employer may not rely on a determination letter issued by the National or District Office
of the Internal Revenue Service as evidence that the Plan is qualified under Section 401 of the Inter-
nal Revenue Code. In order to obtain reliance with respect to plan qualification, the Employer must
apply to the appropriate key district office for a determination letter.
In Witness Whereof, the Employer hereby causes this Agreement to be executed on this
, 200
EMPLOYER
Im
Title: Executive Director
Attest:
ACCEPTED: ICMA RETIREMENT CORPORATION
Title: Corporate Secretary
� _e
Attest:
APPROVED AS TO FORM AND CORRECTNESS:
Alejandro Vilarello
City Attorney
6
day of
APPROVED AS TO INSURANCE
REQUIREMENTS:
Robert J. Nachlinger
Acting Risk Manager
02-1210
MPP Adoption Agreement 4/30/2000