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4D, Resolution 2010-042 - City Administrator's ICMA-RC Money Purchase Plan & Trust
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4D, Resolution 2010-042 - City Administrator's ICMA-RC Money Purchase Plan & Trust
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10/24/2024 10:13:42 AM
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8/30/2010 10:02:30 AM
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ICMA-RC Money Purchase Plan & Trust
General - Type
ICMA-RC Money Purchase Plan & Trust
Date
9/30/2010
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X. VES�'Il�G PRO�iIS�OI�iS <br />�e Err�p�ayer her�by specifies t�e fQllowing vest�ng schedule, subject to {1) �#�e mininr-�urr; vesting re4uTrement-s and <br />(2) t�e concurrence o�the P�an Adr��inistratQr_ (�or th� b�an�s be�ow, enter the applicabt� pe�-cent — fror-i-� fl�o �00 <br />�with r�o entry after the year ir� wh�ch 100% is enrered), in asce�ding o�-de�-.} <br />Period of Service <br />�omvleted <br />�ero <br />iJ ne <br />Ti�v� <br />�ree <br />�our <br />�ive <br />Six <br />Seven <br />Eighr <br />Ni n� <br />Ten <br />Pe�-cent <br />Vested <br />_� C� % <br />% <br />�'lo <br />�/� <br />% <br />% <br />t% <br />% <br />�/a <br />o�� <br />ol� <br />XI. Laans are permitted ��der rhe Plan, as provided in Article XIII �f �he P�an: <br />� Yes l�o �j'� � � <br />XI�. <br />I. �n-serv�ce drs�riburions are perm�rred un�er the I'lan after a participant atrair�s (se�ect one oF the below <br />opr�o�s): [b4b:8� <br />Normal �etircm�nt A�e <br />� Age 7�1/2 <br />� Not Qermitted at anv �ge <br />2_ Tax-free dis�ri�ut�ons of up ro $3,OOC� �or the payment of qualifying �nsurance premiurns for e�igible <br />retired p���i� saFety -o#�icers are available under the PIa�. <br />� �es No (De�aulc} �b�6:�� <br />XIIi. Ir�-service disrriburiofls of. rhe Rollover Account are permirted i�nder t�e �'Ia� as prov�ded in Section 9_07. <br />� Yes Nc� tf�e�au�t} <br />XIV. SPQi1SAL PROTECTION <br />�e Pla� zv��� provi�e t�e fol�owing leve� of spausal �rotection (se�ect one�: <br />A. � Participant I�irected Eleetion. lI�he nc�rmal f�rm t�f payi-nent c�f �enefits under t�e Pla� is a Iu�p s�m_ <br />�e Parricipant can name �nv pe�son(s) as the Bene�iciary of th� i'�an, with nc� s�ousa� consen� required_ <br />�. <br />�. �eneficiary S�ousal Consent Eiection (tlr�icie XII). T�e no�mal form of �ayment c�#�henef�ts under <br />�he Pdan is a�ump su�. Upon deat�, the survivtng spo�se is r�e Beneficiary, un�ess I�e or she conser�ts to <br />r�e I'a�-tic�}�ant's nami�� a�vrher �eneficiary. {��is is the c�e�aulr prc�visi�n unc��r the I'!an if nv sClecti�n <br />is �ade_} <br />�b�b:l � <br />[b4b:b] <br />�b4b:6� <br />C. � Q�SA E�ecrion tArticle XVII). �e nor�al forrn of paytrier�� of benefits �nder �l�e i'lan is a 5��/o ualified <br />q �b�2:8� <br />jc�int and survivc�r annuity with the spc�use ��r life anr�u�ty, �f s�ng�e)_ In t�e even�- of the Part�cipan�'s <br />death prior �o. commer�cing pa�Tmer�ts, the spouse wil� �-eceive an annuit3� for his o�- her li�et�me_ ��j�(�.b� <br />� Money Pu�chase �'lan Adoption Agreement <br />
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