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2016-10 401 Plan RenewalsRESOLUTION 2016 -10 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH / \ PALM BEACH, FLORIDA APPROVING UPDATED AND RESTATED ADOPTION l AGREEMENTS FOR THE VILLAGE'S FOUR DEFINED CONTRIBUTION PLANS ADMINISTERED BY ICMA RETIREMENT CORPORATION; PROVIDING FOR CONFLICTS; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, through the adoption of Resolution No. 74 -96, the Village Council established a defined contribution plan for the Village Manager to be administered by the ICMA Retirement Corporation and authorized the Mayor and Village Council to execute the Adoption Agreement for this plan; and WHEREAS, through the adoption of Ordinance No. 2006 -26, the Village Council established three additional defined contribution plans for Department Directors, Village employees covered by the collective bargaining agreement with the Federation of Public Employees, and non -union general employees to be administered by the ICMA Retirement Corporation and authorized the Mayor and Village Clerk to execute Adoption Agreements for these plans; and WHEREAS, ICMA has updated the defined contribution plans to incorporate provisions required by various legislative acts, including, but not limited to, the Pension Protection Act, the Heroes Earnings Assistance and Relief Tax Act, and the Worker Retiree and Employer Recovery Act and has obtained approval of amended documents from the Internal Revenue Service; and WHEREAS, the Village Council determines that the adoption of this Resolution is in the best interests of the residents and citizens of the Village of North Palm Beach. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA as follows: Section 1. The foregoing recitals are ratified as true and incorporated herein. Section 2. The Village Council hereby approves updated and restated Adoption Agreements for its four defined contribution plans (Village Manager, Department Directors, FPE employees, and non -union general employees) and authorizes the Mayor and Village Clerk to execute these Agreements on behalf of the Village. Section 3. All resolutions in conflict with this Resolution are hereby repealed to the extent of such conflict. Section 4. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED THIS 10' DAY OF MAR( ATTEST: vz 1'e'll le 17g, VILLAGE CLEkK �f l(MA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN &TRUST ADOPTION AGREEMENT icmARC BUILDING PUBLIC SECTOR RETIREMENT SECURITY ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT Plan Number 106280 _ _ The Employer hereby establishes a Money Purchase Plan and Trust to be known as VILLAGE OF NORTH PALM BEACH (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. 0 Yes ❑ No If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: VILLAGE OF NORTH PALM BEACH I. Employers VILLAGE OF !NORTH PALM BEACH II. 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 1, 2007.) ❑ 2. Effective Date of New Plan. If this is a new Plan, the effective dare of the Plan shall be the first day of the Plan Year during which the Employer adopts the Plan, unless an alternate Effective Date is hereby specified: 3. Special Effective Dates. Please note here any elections in the Adoption Agreement with an effective date that is different from that noted in 1. or 2. above, (Note provision and effective date.) III. Plan Year will mean: ❑ The twelve (12) consecutive month period which coincides with the limitation year. (See Section 5.03(f) of the Plan.) ❑ The twelve (12) consecutive month period commencing on October 1 and each anniversary thereof. IV. Normal Retirement Age shall be age 60.0 (not to exceed age 65). Important Note to Employers: Normal Retirement Age is significant for determining the earliest date at which the Plan may allow for in- service distributions. Normal Retirement Age also defines the latest date at which a Participant must have a fully vested right to his /her Account. There are IRS rules that limit the age that may be specified as the Plan's Normal Retirement Age. The Normal Retirement Age cannot be earlier than what is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed. An age under 55 is presumed not to satisfy this requirement, unless the Commissioner of Internal Revenue determines that the facts and circumstances show otherwise. Whether an age between 55 and 62 satisfies this requirement depends on the facts and circumstances, but an Employer's good Money Purchase Plan Adoption Agreement Whether an age between 55 and 62 satisfies this requirement depends on the facts and circumstances, but an Employer's good faith, reasonable determination will generally be given deference. A special rule, however, applies in the case of a plan where substantially all of the participants in the plan are qualified public safety employees within the meaning of section 72(t)(10)(B) of the Code, in which case an age of 50 or later is deemed not to be earlier than the earliest age that is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed. V. ELIGIBILITY REQUIREMENTS 1. The following group or groups of Employees are eligible to participate in the Plan: — All Employees — All Full Time Employees Salaried Employees Non union Employees Management Employees Public Safety Employees General Employees _x Other Employees (Specify the group(s) of eligible employees below. Do not specify employees by name. Specific positions are acceptable.) impartment W rpators 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. Notes As stated in Sections 4.07 and 4.08, the Plan may, however, provide that Final Pay Contributions or Accrued Leave Contributions are the only contributions made under the Plan. 2. The Employer hereby waives or reduces the requirement of a twelve (12) month Period of Service for participation. The required Period of Service shall be (write N/A if an Employee is eligible to participate upon employment) N/A If this waiver or reduction is elected, it shall apply to all Employees within the Covered Employment Classification. 3. A minimum age requirement is hereby specified for eligibility to participate. The minimum age requirement is NIA (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 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.) A. Employer Contributions, The Employer shall contribute on behalf of each Participant 15 % of Earnings or $ for the Plan Year (subject to the limitations of Article V of the Plan). Mandatory Participant Contributions ® are required ❑ are not required to be eligible for this Employer Contribution. ® B, Mandatory Participant ConErlburions for Plan Participation, Required Mandatory Contributions. A Participant is required to contribute (subject to the limitations of Article V of the Plan) the specified amounts designated in items (i) through (iii) of the Contribution Schedule below: Cl Yes ❑ No Money Purchase Plan Adoption Agreement Emplgyee Opt-in Mandates Contributions, Each Employee eligible to participate in the Plan shall be given the opportunity to irrevocably elect to participate in the Mandatory Participant Contribution portion of the Plan by electing to contribute the specified amounts designated in items (i) through (iii) of the Contribution Schedule below for each Plan Year (subject to the limitations of Article V of the Plan): (3 Yes ❑ No Contribution Schedule. (i) % of Earnings, (ii) $ , or (iii) a whole percentage of Earnings between the range of 3, 5, 10 or 15% (insert range of percentages between 1 % and 20% inclusive (e.g., 3%, 6% or 20%; 5 % to 7%)), as designated by the Employee in accordance with guidelines and procedures established by the Employer for the Plan Year as a condition of participation in the Plan. A Participant must pick a single percentage and shall not have the right to discontinue or vary the rate of such contributions after becoming a Plan Participant. Employer Pick 4L. The Employer hereby elects to "pick up' the Mandatory Participant Contributions' (pick up is required if Option A is not selected). ✓❑ Yes ❑ No ( "Yes" is the default provision under the Plan if no selection is made,) C. Wection Window (Complete if Option B is selected): Newly eligible Employees shall be provided an election window of 14 days (no more than 60 calendar days) from the date of initial eligibility during which they may make the election to participate in the Mandatory Participant Contribution portion of the Plan. Participation in the Mandatory Participant Contribution portion of the Plan shall begin the first of the month following the end of the election window. An Employee's election is irrevocable and shall remain in force until the Employee terminates employment or ceases to be eligible to participate in the Plan. In the event of re- employment to an eligible position, the Employee's original election will resume. In no event does the Employee have the option of receiving the pick -up contribution amount directly. 2. The Employer may also elect to contribute as follows: ❑ A. 1;1W Employer Match of Voluntary After -Tax Participant Contributions. The Employer shall contribute on behalf of each Participant _% of Earnings for the Plan Year (subject to the limitations of Article V of the Plan) for each Plan Year that such Participant has contributed _% of Earnings or $ . Under this option, there is a single, fixed rate of Employer contributions, but a Participant may decline to make the required Participant contributions in any Plan Year, in which case no Employer contribution will be made on the Participant's behalf in that Plan Year. ❑ B. Variable Employer Match of Voluntary After -Tax Participant Contributions The Employer shall contribute on behalf of each Participant an amount determined as follows (subject to the limitations of Article V of the Plan): — % of the Voluntary Participant Contributions made by the Participant for the Plan Year (not including Participant contributions exceeding _% of Earnings or $ ); 1 Neither an IRS advisory letter nor a determination letter issued to an adopting Employer is a ruling by the Internal Revenue Service that Participant contributions that are `picked up" by the Employer are not includable in the Participant's gross income for federal income tax purposes. Pick -up contributions are not mandated to receive private letter rulings; however, if an adopting employer wishes to receive n ruling on pick -up contributions they may request one in accordance with Revenue Procedure 2012 -4 (or subsequent guidance). Money Purchase Plan Adoption Agreement PLUS % of the contributions made by the Participant for the Plan Year in excess of those included in the above paragraph (but not including Voluntary Participant Contributions exceeding in the aggregate % of Earnings or $ ). Employer Matching Contributions on behalf of a Participant for a Plan Year shall not exceed $ or „_% of Earnings, whichever is more or _ less. 3. Each Participant may make a voluntary (unmatched), after tax contribution, subject to the limitations of Section 4.05 and Article V of the Plan: ® Yes ❑ No ( "No" is the defaultprovision tinder the Plan if no sekction is made.) 4. Employer contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): Bl- WEEKLY 5. Participant contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): BI- WEEKLY G. In the case of a Participant performing qualified military service (as defined in Code section 414(u)) with respect to the Employer: A. Plan contributions will be made based on differential wage payments: ❑ Yes ❑ No ( "Yes" is the defaultprovision under the Alan if no selection is made.) If yes is selected, this is effective beginning January 1, 2009 unless another later effective date is filled in here B. Participants who die or become disabled will receive Plan contributions with respect to such service: ❑ Yes ❑ No ("No "is the default provision under the Alan if no selection is made.) If yes Is selected, this is effective for participants who died or became disabled while performing qualified military service on or after January 1, 2007, unless another later tffective date is filled in here: Money Purchase Plan Adoption Agreement VII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: 1. Overtime ❑ Yes ® No 2, Bonuses 0 Yes ❑ No 3. Other Pay (specifically describe any other types of pay to be included below) VIII. ROLLOVER PROVISIONS 1. The Employer will permit rollover contributions in accordance with Section 4.12 of the Plan: 0 Yes ❑ No ( "Yes" is the default provision under the Plan if no selection is made.) 2. Direct rollovers by non - spouse beneficiaries are effective for distributions after 2006 unless the Plan delay d ma ng them available If the Plan de ed makes such rollover available check the box below and Indicate the later ff &lyg date-in the pace provided. ❑ Effective Date is Wate: Plans must offer direct rollovers by non - spouse beneficiaries no later than plan years beginning after December 31, 2009.) IX. LIMITATION ON ALLOCATIONS If the Employer maintains or ever maintained another qualified plan in which any Participant in this Plan is (or was) a participant or could possibly become a participant, the Employer hereby agrees to limit contributions to all such plans as provided herein, if necessary in order to avoid excess contributions (as described in Section 5.02 of the Plan). 1. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, the provisions of Section 5.02(a) through (e) of the Plan will apply unless another method has been indicated below. ❑ Other Method. (Provide the method under which the plans will limit total Annual Additions to the Maximum Permissible Amount, and will properly reduce any excess amounts, in a manner that precludes Employer discretion.) 2. The Limitation Year is the following 12 consecutive month period; 3. Unless the Employer elects a delayed effective date below, Article S of the Plan will apply to limitations years beginning on or after July 1, 2007. Me effective date listed cannot be later than 90 days of ter the close of the first regular legislative session of the legislative body with authority to amend the plan that begins on or after July 1, 2007.) Money Purchase Plan Adoption Agreement 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 100 % Service 100 % Completed Percent 11 VPCYPf1 Zee 0 One 0 Two 25 % Three 50 % Four 75 % Five 100 % Six 100 % Seven 100 % Fight 100 % Nine 100 % Ten 100 % XI. WITHDRAWALS AND LOANS 1. In- service distributions are permitted under the Plan after a participant attains (select one of the below options): ❑ Normal Retirement Age ✓❑ Age 70V2(700" is the default provision under the Plan ff no selection is made.) ❑ Alternate age (after Normal Retirement Age); ❑ Not permitted at any age 2. A Participant shall be deemed to have a severance from employment solely for purposes of eligibility to receive distributions from the Plan during any period the individual is performing service in the uniformed services for more than 30 days. ❑ Yes ❑ No ( "Yes" is the default provision under the plan ff no selection is made.) 3. Tax -free distributions of up to $3,000 for the direct payment of qualifying insurance premiums for eligible retired public safety officers are available under the Plan. ❑ Yes 0 No (`No" is the default provision under the Plan if no selection is made.) 4. In- service distributions of the Rollover Account are permitted under the Plan, as provided in Section 9.07. ❑ Yes 0 No ( "No "is the default provision under the Plan if no selection is made.) 5. Loans are permitted under the Plan, as provided in Article XIII of the Plan: ❑ Yes ✓❑ No ( "No" is the default provision under the Plan if no selection is made.) Money Purchase Plan Adoption Agreement M. 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. 02. Beneficiary Spousal Consent Election (Article XII). The normal form of payment of benefits under the Plan is a lump sum. Upon death, the surviving spouse is the Beneficiary, unless he or she consents to the Participant's naming another Beneficiary. ( "Beneficiary Spousal Consent Election" is the default provision render the Alan if no selection is made.) ❑ 3. QJSA Election (Article XVII). The normal form of payment of benefits under the Plan is a 50% qualified joint and survivor annuity with the spouse (or life annuity, if single). In the event of the Participant's death prior to commencing payments, the spouse will receive an annuity for his or her lifetime. (If C is selected, the spousal consent requirements in Article X11 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. C3 All Eligible Employees ❑ Other: Final Pay shall be defined as (select one): ❑ A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave ❑ D. Other (insert definition of Final Pay — must be leave that Employee would have been able to use if employment had continued and must be bona fide vacation and/or sick leave): ❑ 1. Employer Final Pay Contribution. The Employer shall contribute on behalf of each Participant % of Final Pay to the Plan (subject to the limitations of Article V of the Plan). ❑ 2. Employee Designated Final Pay Contribution. Each Employee eligible to participate in the Plan shall be given the opportunity at enrollment to irrevocably elect to contribute % (insert fixed percentage of final pay to be contributed) or up to % (insert maximum percentage of final pay to be contributed) of Final Pay to the Plan (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. Money Purchase Plan Adoption Agreement XIV. ACCRUED LEAVE CONTRIBUTIONS The Plan will provide for accrued unpaid leave contributions annually if either 1 or 2 is selected below. The following group of Employees shall be eligible for Accrued Leave Contributions: ❑ All Eligible Employees ❑ Other: Accrued Leave shall be defined as (select one): ❑ A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave ❑ D. Other (insert definition of accrued leave that is bona fide vacation and /or sick leave): ❑ ], Employer Accrued Leave Contribution. The Employer shall contribute as follows (choose one of the following options): ❑ For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant the unused Accrued Leave in excess of (insert number of hours /days /weeks (circle one)) to the Plan (subject to the limitations of Article V of the Plan). ❑ For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant % of unused Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). ❑ 2. Employee Designated Accrued Leave Contribution. Each eligible Participant shall be given the opportunity at enrollment to irrevocably elect to contribute % (insert fixed percentage of accrued unpaid leave to be contributed) or up to % (insert maximum percentage of accrued unpaid leave to be contributed) of Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. XV. The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality of one or more units of state or local government. XVI. The Employer understands that this Adoption Agreement Is to be used with only the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust. This ICMA Retirement Corporation Governmental Money Purchase Plan and Trust is a restatement of a previous plan, which was submitted to the Internal Revenue Service for approval on April 2, 2012, and received approval on March 31, 2014. The Plan Administrator hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 14.05 of the Plan or of the discontinuance or abandonment of the Plan. The Employer understands that an amendments) made pursuant to Section 14.05 of the Plan will become effective within 30 days of notice of the amendment(s) unless the Employer notifies the Plan Administrator, in writing, that it disapproves of the amendment(s). If the Employer so disapproves, the Plan Administrator will be under no obligation to act as Administrator under the Plan. XVII, The Employer hereby appoints the ICMA Retirement Corporation as the Plan Administrator pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST. The Employer hereby agrees to the provisions of the Plan and Trust, Money Purchase Plan Adoption Agreement XV111. The Employer hereby acknowledges it understands thi t failure to properly fill ot it this Adoption Agreement may result in disqualification of P6n, XM An adopting Employer may rely on an adviriory letter Imcd by the Internal Revenue Service as evidence that the Plan is qualified under section 401 of the Internal iRevenue Code to the extent provided in applicable IRS revenue procedures and other official Suidance. In WArness Whereof, the Employer hereby causes This Agreement to be executed on this day oF9&d&6 , 20_Z� EMPLOYER By: Prir ICMA RET'WMENT CORPORATION 777 North Capitol St., NE Suite 600 Washington, D 800-326-7272 z By, Efte McFarquhar Money Purchase Plan Adoption Agreement icmA -RC BUILDING PUBLIC SECTOR RETIREMENT SECURITY ICMA RETIREMENT CORPORATION 117 NORTH CAPITOL STREET, NE I WASHINGTON, OC 20002.4240 800.669.7400 WWWJCMARC.ORG BRCOOO.214,21268.201405•W1303 ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN 8 TRUST ADOPTION AGREEMENT icmA-RC BUILDING PUBLIC SECTOR RETIREMENT SECURITY ICMA RETIREMENT CORPORATION GOVERNMENTAL. MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT Plan Number 106281 __._ The Employer hereby establishes a Money Purchase Plan and Trust to be known as VILLAGE OF NORTH PALM BEACH (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 13 No If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: VILLAGE OF NORTH PALM BEACH I. Employer: VILLAGE OF NORTH PALM BEACH II. Effective Dates ✓❑ 1. Effective Date of Restatement. If this document is a restatement of an existing plan, the effective date of the Plan shall be January 1, 2007 unless an alternate effective date is hereby specified: (Note: An alternate effective date can be no earlier than January 1, 2007.) ❑ 2. Effective Date of New Plan. If this is a new Plan, the effective date of the Plan shall be the first day of the Plan Year during which the Employer adopts the Plan, unless an alternate Effective Date is hereby specified: 3. Special Effective Dates. Please note here any elections in the Adoption Agreement with an effective date that is different from that noted in 1. or 2. above. (Note provision and effective date.) III. Plan Year will mean: ❑ The twelve (12) consecutive month period which coincides with the limitation year. (See Section 5.03(f) of the Plan.) 0 The twelve (12) consecutive month period commencing on October and each anniversary thereof. IV. Normal Retirement Age shall be age 60.0 (not to exceed age 65). Important Note to Employers: Normal Retirement Age is significant for determining the earliest date at which the Plan may allow for in- service distributions. Normal Retirement Age also defines the lattst 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. Tae Normal Retirement Age cannot be earlier than what is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed. An age under 55 is presumed not to satisfy this requirement, unless the Commissioner of Internal Revenue determines that the facts and circumstances show otherwise. Whether an age between 55 and 62 satisfies this requirement depends on the facts and circumstances, but an Employer's good Money Purchase Plan Adoption Agreement 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)(1 0)(B) of the Code, in which case an age of 50 or later is deemed not to be earlier than the earliest age that is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed. V. ELIGIBILITY REQUIREMENTS 1. The following group or groups of Employees are eligible to participate in the Plan: All Employees All Full Time Employees Salaried Employees Nonunion Employees (Excluding Directors) _ Management Employees _ Public Safety Employees _ General Employees Other Employees (Specify the group(s) of eligible employees below, Do not specify employees by name. Specific positions are acceptable.) The group specified must correspond to a group of the same designation that is defined in the statutes, ordinances, rules, regulations, personnel manuals or other material in effect in the state or locality of the Employer. The eligibility requirements cannot be such that an Employee becomes eligible only in the Plan Year in which the Employee terminates employment. Note: As stated in Sections 4.07 and 4.08, the Plan may, however, provide that Final Pay Contributions or Accrued Leave Contributions are the only contributions made under the Plan. 2. The Employer hereby waives or reduces the requirement of a twelve (12) month Period of Service for participation. The required Period of Service shall be (write N/A if an Employee is eligible to participate upon employment) N/A If this waiver or reduction is elected, it shall apply to all Employees within the Covered Employment Classification. 3. A minimum age requirement is hereby specified for eligibility to participate. The minimum age requirement is NIA (not to exceed age 2l. 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 no selected, Employer must pick up Participant Contributions under Option B.) Fixed Employer Contributions With or Without Mandatory Participant Contributions. (If Option B is chosen, please complete section C.) ® A. ,Employer Contributions. The Employer shall contribute on behalf of each Participant —15--% of Earnings or $ for the Plan Year (subject to the limitations of Article V of the Plan). Mandatory Participant Contributions Q are required ❑ are not required to be eligible for this Employer Contribution. ® B. Mandatory Participant Contributions for Plan Participation Required Mandatory Contributions. A Participant is required to contribute (subject to the limitations of Article V of the Plan) the specified amounts designated in items (i) through (iii) of the Contribution Schedule below: O Yes D No Money Purchase Plan Adoption Agreement EmpiMe Opt -In_ Mandl Contribution Each Employee eligible to participate in the Plan shall be given the opportunity to irrevocably elect to participate in the Mandatory Participant Contribution portion of the Plan by electing to contribute the specified amounts designated in items (i) through (iii) of the Contribution Schedule below for each Plan Year (subject to the limitations of Article V of the Plan); dyes 0 N Contribution Schedule. (i) % of Earnings, (ii) $ , or (iii) a whole percentage of Earnings between the range of 3 , 5,10 or 15W (insert range of percentages between 1 % and 20% inclusive (e,g., 3%, 6%, or 2095; 590 to 7%)), as designated by the Employee in accordance with guidelines and procedures established by the Employer for the Plan Year as a condition of participation in the Plan. A Participant must pick a single percentage and shall not have the right to discontinue or vary the rate of such contributions after becoming a Plan Participant. Employer "Pick up'. The Employer hereby elects to "pick up" the Mandatory Participant Contributions' (pick up is required if Option A is not selected). 0 Yes ❑ No ( "Yes" is the default provision under the Plan if so selection is made.) ❑ C. Election Window (Complete iFOption B is selected): Newly eligible Employees shall be provided an election window of days (no more than 60 calendar days) from the date of initial eligibility during which they may make the election to participate in the Mandatory Participant Contribution portion of the Plan. Participation in the Mandatory Participant Contribution portion of the Plan shall begin the first of the month following the end of the election window. An Employee's election is irrevocable and shall remain in force until the Employee terminates employment or ceases to be eligible to participate in the Plan. in the event of re-employment to an eligible position, the Employee's original election will resume. In no event does the Employee have the option of receiving the pick -up contribution amount directly. 2. The Employer may also elect to contribute as follows: ❑ A. Fixed Employcr Match of Vol_ntary After -Tax I'irticipant Contributions The Employer shall contribute on behalf of each Participant _% of Earnings for the Plan Year (subject to the limitations of Article V of the Plan) for each Plan Year that such Participant has contributed % of Earnings or $ Under this option, there is a single, fixed rate of Employer contributions, but a Participant may decline to make the required Participant contributions in any Plan Year, in which case no Employer contribution will be made on the Participant's behalf in that Plan Year. ❑ B. Variable Employer March of Voluntary After -Tax Participant Concri�Jons 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 apt 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. Pick -up contributions are not mandated to receive private letter rulings; however, if an adapting employer ruishes 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 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: 0 Yes ❑ No ( "No" is the default provision under the Plan if no selection is made.) 4. Employer contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): BI- WEEKLY 5. Participant contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): BI- WEEKLY 6. In the case of a Participant performing qualified military service (as defined in Code section 414(u)) with respect to the Employer: A. plan contributions will be made based on differential wage payments: Cl Yes ❑ No ( "Yes" is the default provision under the Plan if no section is made.) If yes is selected, this is effective beginning January 1, 2009 unless another later effective date is filled in here: B. Participants who die or become disabled will receive Plan contributions with respect to such service: ❑ Yes ❑ No ( "No" is the default provision under the Plan if uo selection is made.) If yes is selected, this is effective for participants who died or became disabled while performing qualified military service on or after January 1, 2007, unless another later g)J'ective date is filled in here: Money Purchase Plan Adoption Agreement VII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: 1. Overtime Cl Yes ® No 2. Bonuses ® Yes ❑ No 3. Other Pay (specifically describe any other types of pay to be included below) VIII. ROLLOVER PROVISIONS 1. the Employer will permit rollover contributions in accordance with Section 4.12 of the Plan: 0 Yes ❑ No ("Yes" is the default provision raider the Alan if no selection is made.) 2. Direct tollovers by non- spouse beneficiaries are effective for distributions after 2006 unless the Plan delayed making them ava'labl . If the Plan delayed making sttclt rollovers available. check the box below and indicate the later effective date in the space provided. ❑ Effective Date is (Note. Plans must offer direct rollovers by non - spouse beneficiaries no later than plan years beginning after December 31,200P.) 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). I. if the Participant is covered under another qualified defined contribution plan maintained by the Employer, the provisions of Section 5.02(a) through (e) of the Plan will apply unless another method has been indicated below. ❑ Other Method. (Provide the method under which the plans will limit total Annual Additions to the Maximum Permissible Amount, and will properly reduce any excess amounts, in a manner that precludes Employer discretion.) 2. The Limitation Year is the following 12 consecutive month period: 3. Unless the Employer elects a delayed effective date below, Article 5 of the Plan will apply to limitations years beginning on or after July 1, 2007. (The effective date listed cannot be later than 90 days after the close of the first regular legislative session of the legislative body with authority to amend the plan that begins on or after July 1, 2007.) Money Purchase Plan Adoption Agreement X. `VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to (1) the minimum vesting requirements and (2) the concurrence of the Plan Administrator. (For the blanks below, enter the applicable percent – from 0 to 100 (with no entry after the year in which 100% is entered), in ascending order.) Period of Service Completed —_ Percent U .red Zero 0 % One 0 rya Two 25 Three 50 % Four 75 Five 100 % Six 100 % Seven 100 % Eight 100 % Nine 100 % Ten 100 % XI. WITHDRAWALS AND LOANS 1. In- service distributions are permitted under the Plan after a participant attains (select one of the below options); ❑ Normal Retirement Age 0 Age 70Vz (`70%" is the default,provision under the Plan if no selection is made.) ❑ Alternate age (after Normal Retirement Age): ❑ Not permitted at any age 2. A Participant shall be deemed to have a severance from employment solely for purposes of eligibility to receive distributions from the Plan during any period the individual is performing service in the uniformed services for more than 30 days. ❑ Yes ❑ No ( "Yes" is the default provision under the plan if no selection is made.) 3. Tax -free distributions of up to $3,000 for the direct payment of qualifying insurance premiums for eligible retired public safety officers are available under the Plan. ❑ yes No ( "No "is the default provision under the Plan if no selection is made.) 4. In- service distributions of the Rollover Account are permitted under the Plan, as provided in Section 9.07. ❑ Yes 0 No ( "No" is the default provision under the Plan ifno selection is made,) 5. Loans are permitted under the Plan, as provided in Article XIII of the Plan: ❑ Yes ✓❑ No ( "No" is the defauk provision under the Plan if no selection is made,) Money Purchase Plan Adoption Agreement 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. 02. 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. ( "Benefidary Spousal Consent Election" is the default provision under the Plan if no selection is made.) ❑ 3. QJSA Election (Article XVII). 'Ihe normal form of payment of benefits under the Plan is a 500/o 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. (IfC is selected, the spousal consent requirements in Article X11 also will apply.) XIII. FINAL PAY CONTRIBUTIONS The Plan will provide for Final Pay Contributions if either 1 or 2 below is selected. The following group of Employees shall be eligible for Final Pay Contributions: ❑ All Eligible Employees ❑ Other; Final Pay shall be defined as (select one); ❑ A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave ❑ D. Other (insert definition of Final Pay — must be leave that Employee would have been able to use if employment had continued and must be bona fide vacation andlor sick leave): ❑ 1. Employer Final Pay Contribution. The Employer shall contribute on behalf of each Participant % of Final Pay to the Plan (subject to the limitations of Article V of the Plan). ❑ 2. Employee Designated Final Pay Contribution. Each Employee eligible to participate in the Plan shall be given the opportunity at enrollment to irrevocably elect to contribute _ % (insert fixed percentage of final pay to be contributed) or up to % (insert maximum percentage of final pay to be contributed) of Final Pay to the Plan (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. Money Purchase Plan Adoption Agreement XIV. ACCRUED LEAVE CONTRIBUTIONS The Plan will provide for accrued unpaid leave contributions annually if either l or 2 is selected below. The following group of Employees shall be eligible for Accrued Leave Contributions: ❑ All Eligible Employees ❑ Other: Accrued Leave shall be defined as (select one)t ❑ A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave ❑ D. Other (insert definition of accrued leave that Is bona fide vacation and /or sick leave): ❑ 1. Employer Accrued Leave Contribution. The Employer shall contribute as follows (choose one of the following options): ❑ For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant the unused Accrued Leave in excess of (insert number of hours /days /weeks (circle one)) to the Plan (subject to the limitations of Article V of the Plan). ❑ For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant % of unused Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). ❑ 2. Employee Designated Accrued Leave Contribution. Each eligible Participant shall be given the opportunity at enrollment to irrevocably elect to contribute % (insert fixed percentage of accrued unpaid leave to be contributed) or up to % (insert maximum percentage of accrued unpaid leave to be contributed) of Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. XV. The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality of one or more units of state or local government. XVI. The Employer understands that this Adoption Agreement is to be used with only the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust. This ICMA Retirement Corporation Governmental Money Purchase Plan and Trust is a restatement of a previous plan, which was submitted to the Internal Revenue Service for approval on April 2, 2012, and received approval on March 31, 2014, The Plan Administrator hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 14.05 of the Plan or of the discontinuance or abandonment of the Plan. The Employer understands that an amendment(s) made pursuant to Section 14.05 of the Plan will become effective within 30 days of notice of the amendment(s) unless the Employer notifies the Plan Administrator, in writing, that it disapproves of the amendment(s). If the Employer so disapproves, the Plan Administrator will be under no obligation to act as Administrator under the Plan. XVII. The Employer hereby appoints the ICMA Retirement Corporation as the Plan Administrator pursuant to the terms and conditions of the ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST. The Employer hereby agrees to the provisions of the Plan and Trust, Money Purchase Plan Adoption Agreement XV111. `Ilre Employer hereby acknowkdgos it understands that !failure to properly bell out this Adoption Agreement may result In disqualification of the Plan, XIX An P Employer y y advisory y rna'l Revenue 'Service as c6dence that the Plan is qualified under X401 � time Internal Revenue Code to the extent provided in applicable IRS rcveraue procedures and other offidal guidancc, / f Witness Whereof, the Employer here causes this Agreement to he executed on this, ' day of , 20 �' �'" r � n ''� 4'i' S� EMPLOYER Icy: Print Marne, Title; Mosncy Purchase Plan Adoption Agreement ICMA I; u,IREMEN"I CORPORATION 777 Notth Capitol StAE Suite 600 Washington. IDC 800- 326.7272 2�7 IClvlA -RC BUILDING PUB11C SECTOR RETIREMENT SECURITY I(MA RETIREMENT CORPORATION 111 NORTH (APITOL STREET, NE I WASHINGTON, D( 20002.4240 800. 664.1400 WWW.I(MARC.ORG BKOOD- 214.21268.20140SM1303 I(MA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN &TRUST ADOPTION AGREEMENT ic ", ARC BUILDING PUBLIC SECTOR RETIREMENT SECURITY ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT Plan Number 106262 _ _ The Employer hereby establishes a Money Purchase Plan and Trust to be known as VILLAGE OF NORTH PALM BEACH (the "Plan') in the form of the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust, This Plan is an amendment and restatement of an existing defined contribution money purchase plan. ✓❑Yes ❑No If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: VILLAGE OF NORTH PALM BEACH I. Employer, VILLAGE OF NORTH PALM BEACH II. Effective Dates ✓❑ 1. Effective Date of Restatement. If this document is a restatement of an existing plan, the effective date of the Plan shall be January 1, 2007 unless an alternate effective date is hereby specified: (Note: An alternate effective date can be no earlier than January 1, 2007.) ❑ 2. Effective Date of New Plan. If this is a new Plan, the effective date of the Plan shall be the first day of the Plan Year during which the Employer adopts the Plan, unless an alternate Effective Date is hereby specified: 3. Special Effective Dates. Please note here any elections in the Adoption Agreement with an effective date that is different from that noted in 1. or 2. above. (Note provision and effective date.) III. Plan Year will mean: ❑ The twelve (12) consecutive month period which coincides with the limitation year. (See Section 5.03(f) of the Plan.) 0 The twelve (12) consecutive month period commencing on __Qc_tober i and each anniversary thereof. IV. Normal Retirement Age shall be age JUL_ (not to exceed age 65). Important Note to Employers: Normal Retirement Age is significant for determining the earliest date at which the Plan may allow for in- service distributions. Normal Retirement Age also defines the latest date at which a Participant must have a fully vested right to his /her Account. There are IRS rules that limit the age that may be specified as the Plan's Normal Retirement Age. The Normal Retirement Age cannot be earlier than what is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed. An age under 55 is presumed not to satisfy this requirement, unless the Commissioner of Internal Revenue determines that the facts and circumstances show otherwise. Whether an age between 55 and 62 satisfies this requirement depends on the facts and circumstances, but an Employer's good Money Purchase Plan Adoption Agreement 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 he given deference. A special rule, however, applies in the case of a plan where substantially all of the participants in the plan are qualified public safety employees within the meaning of section 72(t)(10)(B) of the Code, in which case an age of 50 or later is deemed not to be earlier than the earliest age that is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed. V. ELIGIBILITY REQUIREMENTS 1. The following group or groups of Employees are eligible to participate in the Plan: All Employees _ All Full Time Employees _ Salaried Employees Non union Employees Management Employees Public Safety Employees _ General Employees X Other Employees (Specify the group(s) of eligible employees below, Do not specify employees by name. Specific positions are acceptable.). Municipal Workers covered by the Collective Bargaining Agreement with the Federation of Public Employees The group specified must correspond to a group of the same designation that is defined in the statutes, ordinances, rules, regulations, personnel manuals or other material in effect in the state or locality of the Employer. * The eligibility requirements cannot be such that an Employee becomes eligible only in the Plan Year in which the Employee terminates employment. Note: As stated in Sections 4.07 and 4.08, the Plan may, however, provide that Final Pay Contributions or Accrued Leave Contributions are the only contributions made under the Plan. 2. The Employer hereby waives or reduces the requirement of a twelve (12) month Period of Service for participation. The required Period of Service shall be (write NIA if an Employee is eligible to participate upon employment) NIA 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 NIA (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 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.) 0 A. Employ -a Cogtrib d ns. The Employer shall contribute on behalf of each Participant _1S_10 of Earnings or $ for the Plan Year (subject to the limitations of Article V of the Plan). Mandatory Participant Contributions 0 are required. ❑ are not required to be eligible for this Employer Contribution. d B. hdandatory Participant Contributions for Plan Participation Required MandatoO Contributions. A Participant is required to contribute (subject to the limitations of Article V of the Plan) the specified amounts designated in items (i) through (iii) of the Contribution Schedule below; MYes C3 No Money Purchase Plan Adoption Agreement Employee Opt-in Mandatory Co r'butions. 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 Platt by electing to contribute the specified amounts designated in items (i) through (iii) of the Contribution Schedule below for each Plan Year (subject to the limitations of Article V of the Plan): © Yes ❑ No Lmribution Sc (i) % of Earnings, (li) $ -,or (iii) a whole percentage of Earnings between the range of 3%,5a,10%, or 15t(ituert trtttge of percentages between I% and 2045 inclusive (e.g., 345, 6%. or 204'0; Sorb to 7 9166)), 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). 0 Yes ❑ No ( "Yes" is the default provision under the Plan ene selection is made.) © C. Election Window (Complete if Option B is selected): Newly eligible )employees shall be provided an election window of 14 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 Employees election is irrevocable and shall remain in force until the Employee terminates employment or ceases to be eligible to participate in the Plan. In the event of re- employment to an eligible position, the Employee's original election will resume. In no event does the Employee have the option of receiving the pick -up contribution amount directly. 2. The Employer may also elect to contribute as follows: ❑ A. Fixed Emplonr Match of Voluntary fret -Tax Participant C=tributions 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. Y-W bla a Ernployer Match of Voluntary After -Tax Participant Contributions The Employer shall contribute on behalf of each Participant an amount determined as follows (subject to the limitations of Article V of the Plan): % of the Voluntary Participant Contributions made by the Participant for the Plan Year (not including Participant contributions exceeding ___% of Earnings or $ ^ �; 1 Neithrr an IRS advirory letter nor a determination letter issued to an adopting Employer is a ruling by the Internal Revenue Service that Participant contributions that are picked up" by the Employer are not includable in the Participants gross income for federal income tax purposes. Pick -up contributions are not mandated to receive private letter rulings: however, if an adopting employer rvithes to receive a ruling on pick -up co» tributions they may request one in accordance with Revenue Procedure 2012-1 (or subsequent guidance), Money Purchase Plan Adoption Agreement PLUS 0 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; X❑ Yes ❑ No ("No" is the default provision under the Plan if no selection is made.) 4. Employer contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): Bi- WEEKLY 5. Participant contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): BI- WEEKLY G. In the case of a Participant performing qualified military service (as defined in Code section 414(u)) with respect to the Employer: A. Plan contributions will be made based on differential wage payments: ❑ Yes ❑ No ( "Yes" is the default provision under the Plan if no selection is made.) If yes is selected, this is effective beginning January 1, 2009 unless another laccr 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 pr »vision under the Plan if no selection is made.) If yes is selected, this is effective for participants who died or became disabled while performing qualified military service on or after January 1, 2007, unless another later effective dace is filled in here: Money Purchase Plan Adoption Agreement VII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include: f 1. Overtime ❑ Yes 0 No 2. Bonuses ® Yes ❑ No 3. Other Pay (specifically describe any other types of pay to be included below) VIII. ROLLOVER PROVISIONS 1. The Employer will permit rollover contributions in accordance with Section 4.12 of the Plan: 0 Yes ❑ No ( "Yes" is the default provision under the Plan ifne selection is made.) 2. Direct rollovers by non - spouse beneficiaries are effective for distributions after 2006 unless she Plan delayed miming_ them available If the Plan delayedag such rollovers available check the box below and lodicate the later effective date in the space provided. ❑ Effective Date is (Note: Plans must offer direct rollovers by non - spouse beneficiaries no later than plan years beginning after December 3l, 2009.) IX. LIMITATION ON ALLOCATIONS If the Employer maintains or ever maintained another qualified plan in which any Participant in this Plan is (or was) a participant or could possibly become a participant, the Employer hereby agrees to limit contributions to all such plans as provided herein, if necessary in order to avoid excess contributions (as described in Section 5.02 of the Plan). 1. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, the provisions of Section 5.02(a) through (e) of the Plan will apply unless another method has been indicated below. ❑ Other Method. (Provide the method under which the plans will limit total Annual Additions to the Maximum Permissible Amount, and will properly reduce any excess amounts, in a manner that precludes Employer discretion,) 2. The Limitation Year is the following 12 consecutive month period: Unless the Employer elects a delayed effective date below, Article 5 of the Plan will apply to limitations years beginning on or after July 1, 2007. (The effective date listed cannot be later than 90 days after the close of the first regular legislative session of the legislative body with authority to amend the plan that begins on or after July 1, 2007) Money Purchase Plan Adoption Agreement X. VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to (1) the minimum vesting requirements and (2) the concurrence of the Plan Administrator. (For the blanks below, enter the applicable percent — from 0 to 100 (with no entry after the year in which 100% is entered), in ascending order.) Period of Service Completed. Percent Veste Zero 0 % One 0 % Two 25 % Three 50 Four 75 % Five 100 % Six 100 % Seven 100 % Fight 100 % Nine 100 % Ten 100 % XI. WITHDRAWALS AND LOANS 1. In- service distributions are permitted under the Plan after a participant attains (select one of the below options): ❑ Normal Retirement Age 0 Age 7M (" 70h" is the default provision under the Plan if no selection is made.) ❑ Alternate age (after Normal Retirement Age): ❑ Not permitted at any age 2. A Participant shall be deemed to have a severance from employment solely for purposes of eligibility to receive distributions from the Plan during any period the individual is performing service in the uniformed services for more than 30 days. ❑ Yes ❑ No ( "Yes" it 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 default provision under the Plan if no selection is made.) 4. In- service distributions of the Rollover Account are permitted under the Plan, as provided in Section 9.07. ❑ Yes 0 No ( "No" is the default provision under the Plan if no selection is made.) 5. Loans are permitted under the Plan, as provided in Article XIII of the Plan: ❑ Yes 0 No ( "No" is the default provision under the Plan if no selection is made.) Money Purchase Plan Adoption Agreement 6 XII. SPOUSAL PROTECflON 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. ✓❑ 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. ( "Benefrciary Spousal ConsentElection" is the default provision under the Plan if no selection is made.) ❑ 3. QJSA Election (Article XVII). The normal form of payment of benefits under the Plan is a 50% qualified joint and survivor annuity with the spouse (or life annuity, if single). In the event of the Participants death prior to commencing payments, the spouse will receive an annuity for his or her lifetime. (If C is selected, the spousal consent requirements in Article XII also will apply.) XIII. FINAL PAY CONTRIBUTIONS The Plan will provide for Final Pay Contributions if either 1 or 2 below is selected, The following group of Employees shall be eligible for Final Pay Contributions: ❑ All Eligible Employees ❑ Other; Final Pay shall be defined as (select one)r ❑ A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave ❑ D. Other (insert definition of Final Pay -- must be leave that Employee would have been able to use if employment had continued and must be bona fide vacation andlor sick leave): ❑ 1. Employer Final Pay Contribution. The Employer shall contribute on behalf of each Participant % of Final Pay to the Plan (subject to the limitations of Article V of the Plan), ❑ 2. Employee Designated Final Pay Contribution. Each Employee eligible to participate in the Plan shall be given the opportunity at enrollment to irrevocably elect to contribute % (insert fixed percentage of final pay to be contributed) or up to % (insert maximum percentage of final pay to be contributed) of Final Pay to the Plan (subject to the limitations of Article V of the flan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. Money Purchase Plan Adoption Agreement XI�V. ACCRUED LEAVE CONTRIBUTIONS 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: ❑ All Eligible Employees ❑ Other: Accrued Leave shall be destined as (select one); ❑ A. Accrued unpaid vacation ❑ B, Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave ❑ D. Other (insert definition of accrued leave that is bona fide vacation and /or sick leave): ❑ 1. Employer Accrued Leave Contribution, The Employer shall contribute as follows (choose one of the following options): ❑ For each Plan Year, the Employer shall contribute on behalf of each (Eligible Participant the unused Accrued Leave in excess of (insert number of hours /days /weeks (circle one)) to the Plan (subject to the limitations of Article V of the Plan), ❑ For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant a/o of unused Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). ❑ 2. Employee Designated Accrued Leave Contribution. Each eligible Participant shall be given the opportunity at enrollment to irrevocably elect to contribute R'o (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 Employees election shall remain in force and may not be revised or revoked. XV. The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality of one or more units of state or local government. XVI. The Employer understands that this Adoption Agreement is to be used with only the ICMA Retirement Corporation Governmental Money Purchase Plan and Trust.1his ICMA Retirement Corporation Governmental Money Purchase Plan and Trust is a restatement of a previous plan, which was submitted to the Internal Revenue Service for approval on April 2, 2012, and received approval on March 31, 2014. The Plan Administrator hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 14.05 of the Plan or of the discontinuance or abandonment of the Plan. The Employer understands that an amendment(s) made pursuant to Section 14.05 of the Plan will become effective within 30 days of notice of the amendment(s) unless the Employer notifies the Plan Administrator, in writing, that it disapproves of the amendment(s). If the Employer so disapproves, the Plan Administrator will be under no obligation to act as Administrator under the Plan. XVIL 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 XV111, 1he Emptoyerlitcreby acknowicdges it understands that fjjjtjre to pfoperly fill out this Adoption Agrccmcnr may result in disqualifiemion of.the Flan. XIX, An adapting Employer may rely on an advisory letter issued by the Internal Rovenut; Service as evidence that the Man 1$ qualified sunder section 401 of the Internal Revenue Code to the "tent provided in applicable IRS revenue procedures and other offietal guidance.. In Witness Whereof, the F-irnployer hereby causes this Agreement to be executed an this ffA day aF&kZ:eA, 201�a—, EMPLOYER 1CMA R.EfIREMENT COR110RATION 777 North Capital St., NE Suite 1600 Washington, DC 900,.326-727 V /l' Money IPurch ae Plan Adoption Agreement I cmA-RC BUILDING PUBLIC SECTOR RETIREMENT SECURITY ICMA RETIREMENT CORPORATION 777 NORTH CAPITOL STREET, NE I WASHINGTON, D( 20002.4240 800.669.7400 WWW,I(MAR(,ORG B R(OOO.214.21268.201405 •W 1303 ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN &TRUST ADOPTION AGREEMENT icmARC BUILDING PUBLIC SECTOR RETIREMENT SECURITY ICMA RETIREMENT CORPORATION GOVERNMENTAL MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT Plan Number 109501 The Employer hereby establishes a Money Purchase Plan and Trust to be known as VILLAGE OF NORTH PALM BEACH (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 C3 No If yes, please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates: VILLAGE OF NORTH PALM BEACH I. Employer: VILLAGE OF NORTH PALM BEACH II. Effective Dates ✓❑ 1. Effective Date of Restatement. If this document is a restatement of an existing plan, the effective date of the Plan shall be January 1, 2007 unless an alternate effective date is hereby specified: (Note: An alternate effective date can be no earlier than January 1, 2007.) ❑ 2. Effective Date of New Platt. If this is a new Plan, the effective date of the Plan shall be the first day of the Plan Year during which the Employer adopts the Plan, unless an alternate Effective Date is hereby specified: 3. Special Effective Dates. Please note here any elections in the Adoption Agreement with an effective date that is different from that noted in 1. or 2. above. (Note provision and effective date.) III. Plan Year will mean: ❑ The twelve (12) consecutive month period which coincides with the limitation year. (See Section 5.03(f) of the PIan,) ® The twelve (12) consecutive month period commencing on and each anniversary thereof. IV. Normal Retirement Age shall be age SU (not to exceed age 65). Important Note to Employers: Normal Retirement Age is significant for determining the earliest date at which the Plan may allow for in- service distributions. Normal Retirement Age also defines the latest dare at which a Papant must have a fully vested right to his /her Account. There tici ere are IRS rules that limit the age that may be specified as the mac Normal Retirement y representative of the typical retirement age for the Age. The Normal Retirement Age cannot be earlier than what is reasonabl industry in which the covered workforce is employed, An age under 55 is presumed not to satisfy this requirement, unless the Commissioner of Internal Revenue determines that the facts and circumstances show otherwise. Whether an age between 55 and 62 satisfies this requirement depends on the facts and circumstances, but an Employer's good Money Purchase Plan Adoption Agreement 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)(100) of the Code, in which case an age of 50 or later is deemed not to be earlier than the earliest age that is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed. V. ELIGIBILITY REQUIREMENTS 1. The following group or groups of Employees are eligible to participate in the Plan: — All Employees All Full Time Employees Salaried Employees _ Non union Employees —. Management Employees — Public Safety Employees — General Employees _1L Other Employees (Specify the group(s) of eligible employees below. Do not specify employees by name. Specific positions are acceptable.) The Village Manager The group specified must correspond to a group of the same designation that is defined in the statutes, ordinances, rules, regulations, personnel manuals or other material in effect in the state or locality of the Employer. The eligibility requirements cannot be such that an Employee becomes eligible only in the Plan Year in which the Employee terminates employment. Note. As stated in Sections 4.07 and 4.08, the Plan may, however, provide that Final Pay Contributions or Accrued Leave Contributions are the only contributions made under the Plan. 2. The Employer hereby waives or reduces the requirement of a twelve (12) month Period of Service for participation. The required Period of Service shall be (write N/A if an Employee is eligible to participate upon employment) NIA 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 NIA 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 trot 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. EEmpbyer Contributions The Employer shall contribute on behalf of each Participant _11-L216 of Earnings or $ for the Plan Year (subject to the limitations of Article V of the Plan). Mandatory Participant Contributions 0 are required ❑ are not required to be eligible for this Employer Contribution. ❑ B. Mandatory Participant Cons Plan Participation Re-quiLd Mandatory Contri iitions. A Participant is required to contribute (subject to the limitations of Article V of the Plan) the specified amounts designated in items (i) through (iii) of the Contribution Schedule below: ❑ Yes 0 No Money Purchase Plan Adoption Agreement Employee nd r y Contr'butious. Each Employee eligible to participate in the Plan shall be given the opportunity to irrevocably elect to participate in the Mandatory Participant Contribution portion of the Plan by electing to contribute the specified amounts designated in items (i) through (iii) of the Contribution Schedule below for each Plan Year (subject to the limitations of Article V of the Plan): ❑ Yes ❑ No Contribution Schedule. (i) % of Earnings, (ii) $ , or (iii) a whole percentage of Earnings between the range of 3� to lots {insert ratsge of percentages between 146 and 2046 inclusive (e.g,, 346, 6 %, or 20%; 5% to 7%)), as designated by the Employee in accordance with guidelines and procedures established by the Employer for the Plan Year as a condition of participation in the Plan, A Participant must pick a single percentage and shall not have the right to discontinue or vary the rate of such contributions after becoming a Plan Participant. Employer "Pick ulL. The Employer hereby elects to "pick up" the Mandatory Participant Contributions' (pick up is required if Option A is not selected). 0 Yes ❑ No r Yes" is the default provision under the plan ifno selection is made.) ❑ C. Election 'n ow (Complete if Option B is selected): Newly eligible Employees shall be provided an election window of N/A days (no more than 60 calendar days) from the date of initial eligibility during which they may make the election to participate in the Mandatory Participant Contribution portion of the Plan. Participation in the Mandatory Participant Contribution portion of the Plan shall begin the first of the month following the end of the election window. An Employee's election is irrevocable and shall remain in force until the Employee terminates employment or ceases to be eligible to participate in the Plan, In the event of re- employment to an eligible position, the Employee's original election will resume. In no event does the Employee have the option of receiving the pick -up contribution amount directly. 2. The Employer may also elect to contribute as follows: ❑ A. Fixed Employer Match of Voluntary After -Tax Participant Contributions The Employer shall contribute on behalf of each Participant _% of Earnings for the Plan Year (subject to the limitations of Article V of the Plan) for each Plan Year that such Participant has contributed _% of Earnings or $ . Under this option, there is a single, fixed rate of Employer contributions, but a Participant may decline to make the required Participant contributions in any Plan Year, in which case no Employer contribution will be made on the Participant's behalf in that Plan Year. ❑ B. Variable Employer Match of Voluntary After -TaN Participant Contributions. The Employer shall contribute on behalf of each Participant an amount determined as follows (subject to the limitations of Article V of the Plan): % of the Voluntary Participant Contributions made by the Participant for the Plan Year (not including Participant contributions exceeding —% of Earnings or $_ 1 Neither an IRS advisory letter star a determination letter Issued to an adopting Employer is a ruling by the Internal Revenue Service that Participant contributiont that are 'picked up" by the Employer are not includible in the Participant's gross income for federal income tax purposes. Pick -up contributions are not mandated to receive private letter rulings; however, if an adopting employer wishes to receive a ruling on pick -up contributiont they may request one in accordance with Revenue Procedure 2012 -4 (or subrequent guidance). Money Purchase Plan Adoption Agreement PLUS % of the contributions made by the Participant for the Plan Year in excess of those included in the above paragraph (brit 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: 0 Yes ❑ No ( "No" is the default provision under the Plan if no selection is made.) 4. Employer contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): Bi- Weekly 5. Participant contributions for a Plan Year shall be contributed to the Trust in accordance with the following payment schedule (no later than the 15th day of the tenth calendar month following the end of the calendar year or fiscal year (as applicable depending on the basis on which the Employer keeps its books) with or within which the particular Limitation year ends, or in accordance with applicable law): Bi- Weekly 6. In the case of a Participant performing qualified military service (as defined in Code section 414(u)) with respect to the Employer: A. Plan contributions will be made based on differential wage payments: ❑ Yes ❑ No ( "Yes" is the default provision under the Alan if no selection is made.) If yes is selected, this is effective beginning January 1, 2009 unless another latter effective date is filled in heres B. Participants who die or become disabled will receive Plan contributions with respect to such service: ❑ Yes ❑ No ( "No" is the default provision under the Alan 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 Mother later effective -date is filled in here: Money Purchase Plan Adoption Agreement VII. EARNINGS Earnings, as defined under Section 2.09 of the Plan, shall include; 1. Overtime ❑ Yes No 2. Bonuses ❑Yes No 3. Other Pay (specifically describe any other types of pay to be included below) VIII, ROLLOVER PROVISIONS 1. The Employer will permit rollover contributions in accordance with Section 4.12 of the Plan: © Yes ❑ No ( "Yes' is the default provision render the Plan if no selection is made.) 2. Direct rollovers by non - spouse beneficiaries are effective for distributions after 2006 unless the m i them available If the Plan delaved ma ing such rollovers available check the box below and indicate the larrr e(fective dam .in e space provi ❑ Effective Date is (Note., Plans must Offer direct rollovers by non - spouse beneficiaries no later than plan years beginning after December 31, 2009.) IX. LIMITATION ON ALLOCATIONS If the Employer maintains or ever maintained another qualified plan in which any Participant in this Plan is (or was) a participant or could possibly become a participant, the Employer hereby agrees to limit contributions to all such plans as provided herein, if necessary in order to avoid excess contributions (as described in Section 5.02 of the Plan). L If the Participant is covered under another qualified defined contribution plan maintained by the Employer, the Provisions of Section 5.02(a) through (e) of the Plan will apply unless another method has been indicated below. ❑ Other Method. (Provide the method under which the plans will limit total Annual Additions to the Maximum Permissible Amount, and will properly reduce any excess amounts, in a manner that precludes Employer discretion.) 2. The Limitation Year is the following 12 consecutive month period: 3. Unless the Employer elects a delayed effective date below, Article 5 of the Plan will apply to limitations years beginning on or after July 1, 2007. (7he elective date listed cannot be later than 90 days after the close of the first regular legislative session of the legislative body with authority to amend the plan that begins on or after July 1, 2007 ) Money Purchase Plan Adoption Agreement X. VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to (1) the minimum vesting requiremenrs and (2) the concurrence of the Plan Administrator. (For the blanks below, enter the applicable percent — from 0 to 100 (with no entry after the year in which 100% is entered), in ascending order.) Period of Service Completed Percent Vetted Zero 100 % One 100 % Two 100 % Three 100 % Four 100 % Five 100 Six 100 Seven 100 oho Eight 100 % Nine 100 % Ten 100 % XI. WITHDRAWALS AND LOANS 1. In- service distributions are permitted under the Plan after a participant attains (select one of the below options): ❑ Normal Retirement Age ✓❑ Age 70Yz ( "7016" is the default provision under the Alan if no section is made.) ❑ Alternate age (after Normal Retirement Age): ❑ Not permitted at any age 2. A Participant shall be deemed to have a severance from employment solely for purposes of eligibility to receive distributions from the Plan during any period the individual is performing service in the uniformed services for more than 30 days. ❑ Yes ❑ No ("Yes" is the default provision under the plrars 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 Q No ( "No" is the default provision under the Plan if no selection is made.) 4. In- service distributions of the Rollover Account are permitted under the Plan, as provided in Section 9.07. ❑ Yes 0 No (`No" is the defaule provision under the Plan if no selection is made.) 5. Loans are permitted under the Plan, as provided in Article XIII of the Plan: 0 Yes ❑ No ( "No" is the default provision under the Plan if no selection is made.) Money Purchase Plan Adoption Agreement XII. SPOUSAL PROTEC'T'ION The Plan will provide the following level of spousal protection (select one): 131. Participant Directed Election. The normal form of payment of benefits under the Plan is a lump sum. 'the Participant can name any persons) as the Beneficiary of the Plan, with no spousal consent required. 02. Beneficiary Spousal Consent Election (Article XII). 'The normal form of payment of benefits under the Plan is a lump sum. Upon death, the surviving spouse is the Beneficiary, unless he or she consents to the Participant's naming another Beneficiary. ( "Beneficiary Spousal Consent Election" is the default provision tinder the Alan if no selection is made.) ❑ 3. QJSA Election (Article XVII). The normal form of payment of benefits under the Plan is a 50% qualified joint and survivor annuity with the spouse (or life annuity, if single). In the event of the Participant's death prior to commencing payments, the spouse will receive an annuity for his or her lifetime. (If C is selected, the spousal consent requirements in Article XII also will apply.) XIII. FINAIL PAY CONTRIBUTIONS The Plan will provide for Final Pay Contributions if either I or 2 below is selected. The following group of Employees shall be eligible for Final Pay Contributions; ❑ All Eligible Employees ❑ Other: Final Pay shall be defined as (select one): ❑ A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave �. ❑ D. Other (insert definition of Final Pay — must be leave that Employee would have been able to use if employment had continued and must be bona fide vacation andlor sick 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 _ % (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 XIV. ACCRUED LEAVE CONTRIBUTIONS The Plan will provide for accrued unpaid leave contributions annually if either 1 or 2 is selected below. The following group of Employees shall be eligible for Accrued Leave Contributions: ❑ All Eligible Employees ❑ Other: Accrued Leave shall be defused as (select one): ❑ A. Accrued unpaid vacation ❑ B. Accrued unpaid sick leave ❑ C. Accrued unpaid vacation and sick leave ❑ D. Other (insert definition of accrued leave that is bona fide vacation and /or sick leave): ❑ 1. Employer Accrued leave Contribution. The Employer shall contribute as follows (choose one of the following options): ❑ For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant the unused Accrued Leave in excess of (insert number of hours/days /weeks (circle one)) to the Plan (subject to the limitations of Article V of the Plan). ❑ For each Plan Year, the Employer shall contribute on behalf of each Eligible Participant % of unused Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). ❑ 2. Employee Designated Accrued Leave Contribution.. Each eligible Participant shall be given the opportunity at enrollment to irrevocably elect to contribute °/6 (insert fixed percentage of accrued unpaid leave to be contributed) or up to % (insert maximum percentage of accrued unpaid leave to be contributed) of Accrued Leave to the Plan (subject to the limitations of Article V of the Plan). Once elected, an Employee's election shall remain in force and may not be revised or revoked. XV. The Employer hereby attests that it is a unit of state or local government or an agency or instrumentality of one or more units of state or local government. XVI. The Employer understands that this Adoption Agreement is to be used with only the [CMA Retirement Corporation Governmental Money Purchase Plan and Trust. This ICMA Retirement Corporation Governmental Money Purchase Plan and Trust is a restatement of a previous plan, which was submitted to the Internal Revenue Service for approval on April 2, 2012, and received approval on March 31, 2014. The Plan Administrator hereby agrees to inform the Employer of any amendments to the Plan made pursuant to Section 14.05 of the Plan or of the discontinuance or abandonment of the Plan. The Employer understands that an amendment(s) made pursuant to Section 14.05 of the Plan will become effective within 30 days of notice of the amendment(s) unless the Employer notifies the Plan Administrator, in writing, that it disapproves of the amendment(s). If the Employer so disapproves, the plan Administrator will be under no obligation to act as Administrator under the Plan. XVIL 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 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 lerter 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 day of . 6 , 2011k. EMPLOYER By: Pfint i . � 1111 i Money Purchase Plan Adoption Agreement ICMA RETIREMENT CORPORATION 777 North Capitol St., NE Suite 600 Washington, DC 200 800.326.7272 4j By: Print J'"`- Title: Attest, _ _. Erica McFarquhar I CMARC BUILDING PUBLIC SECTOR RETIREMENT SECURITY ICMA RETIREMENT CORPORATION 777 NORTH CAPITOL STREET, NE j WASHINGTON, DC 20002.4240 800.669.7400 WWW.ICMARC,ORG BRC000.214.21268.201405•W1303