TC Res. No. 1985-21RESOLUTION NO. 85=21
SERIES OF 1985
A RESOLUTION TO ESTABLISH A MONEY PURCHASE RETIREMENT PLAN
WHEREAS, the Town of Avon (the Employer) has Police
officers rendering valuable services; and
WHEREAS, the establishment of a Money Purchase Plan
will benefit Police Officers by providing funds for retirement
and funds for their beneficiaries in the event of death; and
WHEREAS, the establishment of a Money Purchase
Plan will assist the Town of Avon to attract and retain qualified
Police Officers; and
WHEREAS, the Town of Avon desires that its Money
Purchase Plan be administrered by the ICMA Retirement Corporation;
and
WHEREAS, the State of Colorado has mandated that
municipalities provide public safety officers with a Money
Purchase Plan,for the cAccumulation of retirement benefits.
NOW, THEREFORE BE IT RESOLVED, by the Town Council
of the Town of Avon,- that;the Town of Avon establishes a Money"
Purchase Plan in the-form of the ICMA Retirement Corporation
Prototype Money Purchase Plan and Trust, pursuant to the
specific provisions of the executed Adoption Agreement. The
Plan and the Trust forming a part hereof are established and
shall be maintained for the exclusive benefit of eligible
Police Officers and their beneficiaries.
ADOPTED this 11th day of June , 1985.
TOWN COUNCIL
TOWN OF AVON,COLORADO
Allan R. ottingh 7~' Mayor
• • - ICMA
RETIRE
CORPORATION
PROTOTYPE MONEY PURCHASE PLAN & TRUST
ADOPTION AGREEMENT
The Employer hereby establishes a Money Purchase Plan & Trust to be known as
Avon Police Department Pension'Plan
ffk,m "Plan"? in the form of the IC MA Retirement
(rrame of f1m)
Corporation Prototype Money Purchase Plan and Trust.
1. The. Employer shall contribute on behalf of each
Participant 8 gib of Earnings for the
Plan Year (subject to the limitations of Section 4.09
of the Plan).
This Plan is an amendment and restatement of an existing defined contribution pension plan. ❑ Yes XX No
If yes, please specify the name of the defined contribution pension plan which this Plan hereby amends and
restates:
A. EMPLOYER: Town of Avon 4. Normal Retirement Age shall be 60
B. 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: 1/1/86
If a different Normal Retirement Age is established
for one or more groups of employees, please
specify:
Age Group
60 Police Officers
C. THE PLAN YEAR shall be the calendar year, unless
an alternate Plan Year is hereby specified:
D. ELIGIBILITY REQUIREMENTS
E. CONTRIBUTION PROVISIONS
1. The following group or groups of Employees are
eligible for participation in the Plan:
All Employees
All Full-time Employees
Salaried Employees
Non-union Employees
Management Employees
XX Public Safety Employees
General Employees
Other (specify below)
2. The Employer hereby waives the requirement of a
six-month period of service for participants.
E Yes ❑ No
If this waiver 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 require-
ment is 21 (not to exceed age 241h).
Write WA if no minimum age is declared.
2.,a) Each Participant is required to contribute 8
9k of Earnings for the Plan Year as a
condition of participation. (Write "O" if no contribu-
tion is required.)
b) The Employer hereby elects to "pick up" the
Mandatory/Required Participant Contribution.
❑ Yes XX No
3. Each Participant may make a Voluntary Participant
Contribution as defined in Section 2.34 of the Plan,
subject to the limitations of Section 4.04 and 4.09
of the Plan. XX Yes ❑ No
4. Each Participant may make a Deductible Employee
Contribution as defined in Section 2.08 of the Plan,
subject to the limitations of Section 4.05 of the Plan.
XX Yes ❑ No
i
•
5. Employer contributions and Employee contribu-
tions, if any, shall be contributed to the Trust in ao-
cordance.with the following payment schedule:
One check per month for all. Eaaployer
and Employee contributions to Trust
F. EARNINGS
Earnings, which form the basis for computing Employ-
er contributions and Employee contributions, if re-
quired, are defined as the Participant's base salary or
wages, before applying any salary reduction agreed
to by the Participant pursuant to a plan described in
Sections 457 or 403(b) of the Code, plus the following
(check whichever is applicable, if any):
❑ Overtime
❑ Bonuses None
❑ Employer contributions (other than salary reduc-
tion amounts) under Section 457 of the Code
❑ Other extraordinary remuneration
G. VESTING PROVISIONS
The Employer hereby specifies the following vesting
schedule, subject to 1) the minimum vesting require-
ments as noted and 2) the concurrence of the Plan
Administrator.
Years of
Specified
Minimum
Service
Percent
Vesting
Completed
Vesting
Requirements""
Zero
%
No minimum
One
%
No minimum
Two
%
No minimum
Three
33 1/3 %
No minimum
Four
66 2/3%
Not less than 40%
Five
100 %
Not less than 45%
Six
100 %
Not less than 50%
Seven
100 %
Not less than 60%
Eight
100 %
Not less than 70%
Nine
100 %
Not less than 80%
Ten
I no %
Not less than 90%
Eleven or more
100 %
Must equal 100%
("These minimum vesting requirements conform to
the IRS's Four-Forty Schedule, which is the most re-
strictive schedule for which an advance determination
ruling for qualification will be issued by the IRS without
a pre-test for nondiscrimination.)
H. INVESTMENT OPTION (check one)
The following applies to Employer Contributions and
Mandatory Employee Contributions. All Voluntary
Employee Contributions and Deductible Employee
Contributions (DECs) are not subject to investment
restrictions.
91 A ParticipantAildiredQ/4 investment only in
an investment option which provides a guarantee
of principals and Interest,
KKA Participant may direct his/her investment of not
more than Sn % in an investment option
which does not provide any guarantee of principal.
❑ A Participant may direct his/her investment, with-
out restriction, among various investment options
available under the Trust.
❑ Specify any other investment restrictions:
1. WITHDRAWAL UPON SEPARATION
1. Upon separation from service for reason other than
death, Disability or attainment of Normal Retirement
Age, the Participant may elect to commence receiv-
ing benefits from the following accounts, without
regard to age:
a) Employer Contribution Account (Nonforfeitable In-
terest) M Yes ❑ No
b) Participant Contribution Account (if applicable)
N Yes ❑ No
c) Portable Benefits Account 12 Yes ❑ No
2. If "no" to any of the above, the earliest age is
N/A , at which the Employer will allow a dis-
tribution from the Employer Contribution Account,
the Portable Benefits Account, and/or the Partici-
pant Contribution Account, if applicable.
3. Notwithstanding Section 1(2) above, a distribution
shall be made pursuant to Section 8.05 of the Plan,
De Minimis Accounts. Further, the Participant shall
be entitled to make a rollover contribution pursuant
to Section 8.03 of the Plan.
J. Loans are permitted under the Plan as provided in
Article XI. ❑ Yes E No
2
,~..,~.?;krcy ^-~r•~:v,~- : n5'~C„i.,• eti• - a ,~'.'i; "Pc;::.:,z ~ , ~ . r" ;,.si+~ .cry
°✓4 ~~:'Z. ~w _~',%„fi .y,.. '.S. _ •I, ~~5:..4 ti.Yr_•~ „ .''3''W; ~f`tR=.__A r~~':YiRi' ~'L~~'.' '.w~'.•.Ar :-l. •y~i~~:
~ c*~~L., ~ •C~ ~5Y': -..:y..4+~: ~~i ~ ~~Y'« - i4~ •a4ym";'k'" ' s lar "'2 ,~t''q"S' w:-:.. ; .•1
:~;..gii3°.m.k..=3"~:tt:~U'..ae.~..~.C~.w.c..~± r.a:.. ..xs:; ..y;~ ''k~'::...s-}e'»~~, :'e`i.:. #.4'.?~G •=,sue..;:, X,L~~...
, tC~•,:.t:."~E~t'.4~W,ho.~+'.y'rp'~,.•_}s.r ~.~_,lvs. w - .r ~ - :M[•.... . - n. y.. -.._..w _ :.+....~ni:~~r ~'~K:,',--`t,'~ _ e.3•:s,.-~z`7C'i:.k~:»"_`r_:.:
-r. :X4 :;s.~a-i~: +:'•r C'•"+.,; .C." .r,~::.`g, _ - - ~s^,`~,~,:.. K, ; ,`..!;i•y.T "l; ; : : ;et-~ .5;,' c t
.K The Employer f~reby attest tt~t' it is a unit of state's = _ L; TAe Employer_ by appo '
'here ints.ttie ICMARetirement;~
or local govemment or an agency or irutruirienfality Corporation as the Plan Administrator pursuant to the'
►}>.,F ' of one or. more units of state or local government and , terms and conditions .of the ICMA PROTOTYPE . , .
~:~=-•~k~~,that•if las~the authority understate and bca! laws to'~''r=' _ 'MONEY PURCHASE PLAN & TRUST. _ r-~. ,
J~ . adopt a Money Purchase Plan.
ft_ The Employer hereby agrees to the provisions of the
Plan and Trust.
In Witness Whereof, the Employer hereby causes this Agreement to be executed on this
11TH day of JUNE 19 85-
EMPLOYER Accepted: ICMA RETIREMENT CORPORATION
By:
Title: Manager
Attest-
Town Clerk :r
4/84
By:
Title:
Attest:
CORPORATION
SUGGESTED RESOLUTION FOR A LEGISLATIVE BODY
TO ESTABLISH A MONEY PURCHASE RETIREMENT PLAN
RESOLUTION OF
TOWN OF AVON
("Employer").
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS, the establishment of a Money Purchase Plan will benefit employees by providing funds for retirement
and funds for their beneficiaries in the event of death; and
WHEREAS, the establishment of a Money Purchase Plan will assist the Employer to attract and retain qualified
personnel; and
WHEREAS, the Employer desires that its Money Purchase Plan be administered by the ICMA Retirement Corporation;
NOW THEREFORE BE IT RESOLVED that the Employer establishes a Money Purchase Plan in the form of the
ICMA Retirement Corporation Prototype Money Purchase Plan and Trust, pursuant to the specific provisions of
the executed Adoption Agreement. The Plan and the Trust forming a part hereof are established and shall be main-
tained for the exclusive benefit -of eligible employees and their beneficiaries.
I, Patricia J. Doyle Town , Clerk of the (City, County,
etc.) of ro= of Avnn , do hereby certify that the foregoing resolution, proposed by
(Council Member, Trustee, etc.) of Steve Miller, Resalutioa 485-21 was duly passed and
adopted in the (Council, Board, etc.) of the (City, County, etc.) of 'rnwn of Avnn r'nl nraAn
at a regular meeting thereof assembled this 11 tr day of J„nP , 19-K5, by the following vote:
AYES: 5
NAYS: 0
ABSENT:A.J. Wells, Councilmember
a
(SEAL) _
Clerk of the , Cowq, etc.)
4/84