The URL can be used to link to this page

Home My WebLink AboutRES CC 2005 2373 2005 0831RESOLUTION NO. 2005 -2373 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, AMENDING RESOLUTION NO. 2004 -2174, TO INCORPORATE ATTACHMENT 1 AMENDING THE CITY OF MOORPARK GOVERNMENTAL MONEY PURCHASE PLAN AND TRUST ADOPTION AGREEMENT [401 (a) Plan] WHEREAS, on March 3, 2004 the City Council adopted Resolution No. 2004 -2174 authorizing the establishment of a 401 (a) Money Purchase Plan and Trust with the ICMA Retirement Corporation for designated employee groups; and WHEREAS, a staff report has been presented to said Council recommending an amendment to the City of Moorpark ICMA Retirement Corporation Governmental Money Purchase Plan & Trust Adoption Agreement; and WHEREAS, "Attachment 1 Amending the City of Moorpark Governmental Money Purchase Plan and Trust Adoption Agreement" describes said amendment. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. That Resolution No. 2004 -2174 is hereby amended to incorporate "Attachment 1 Amending the City of Moorpark Governmental Money Purchase Plan and Trust Adoption Agreement ". SECTION 2. That the City Manager or his /her designee is authorized to execute the attached amendment to the Plan Agreement. Resolution No. 2005 -2373 Page 2 SECTION 3. That the City adoption of this resolution and resolution to be filed in the book o PASSED AND ADOPTED this ATTEST: �D,,& Deborah Traffenste City Clerk Clerk shall certify to the shall cause 14 cevtified Attachment: "Attachment 1 Amending the City of Moorpark Governmental Money Purchase Plan and Trust Adoption Agreement" Resolution No. 2005 -2373 Page 3 ATTACHMENT 1 AMENDING THE CITY OF MOORPARK GOVERNMENTAL MONEY PURCHASE PLAN AND TRUST ADOPTION AGREEMENT PLAN NUMBER 108573 Section V.1. The following group(s) of Employees are eligible to participate in the Plan: • City Council • City Manager • Assistant City Manager • Department Heads • Annuitant (retiree who is rehired as a part -time employee) Section VI.I. Fixed Employer Contributions With Or Without Mandatory Participant Contributions. A. The Employer shall contribute on behalf of each Participant up to a maximum of 12% of Earnings for the Plan Year (subject to the limitations of Article V of the Plan). Mandatory Participant Contributions ❑ are required N are not required to be eligible for this Employer Contribution. B. Notwithstanding Section 4.03 of the Plan, each Employee eligible to participate in the Plan shall be given the opportunity to irrevocably elect to participate in the Mandatory Pre -tax Participant Contribution portion of the Plan by electing to contribute from 1% up to 25% of regular wages to be paid into the 401(a) plan for each Plan Year (subject to the limitations of Article V of the Plan). The Employer shall "pick -up" this contribution in accordance with Code section 414(h)(2). These contributions shall be accounted for in the Participant Contribution Account, and shall be nonforfeitable by the Participant at all times. Newly eligible employees shall be provided an election window of 60 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. If the employee does not make an election in the initial year of eligibility, the election to participate in the Mandatory Participant Contribution portion of the Plan N may ❑ may not Resolution No. 2005 -2373 Page 4 be made in a later year. If a later election is allowed, an annual election window of 60 days shall be provided during which the election may be made. The election window shall run from November 1 to December 30. Participation in the Mandatory Participant Contribution portion of the Plan shall begin the first of the year following the year of the election. Once elected, an Employee's election shall remain in force and may not be revised or revoked with the exceptions being disability leave and termination of employment. In the event of re- employment to an eligible position, the Employee shall be entitled to make a new election under this section. In no event does the Employee have the option of receiving the pick -up contribution amount directly. C. Accrued Leave 1. Notwithstanding Section 4.03 of the Plan, each Employee eligible to participate in the Plan shall be given the opportunity to irrevocably elect to contribute up to 100% on a pre -tax basis, of Final Pay to the Plan (subject to the limitations of Article V of the Plan). Final Pay shall be defined as accrued vacation, accrued annual leave, accrued administrative leave or accrued sick leave that would otherwise be payable to the Employee upon termination. The Employer shall "pick -up" this contribution in accordance with Code section 414(h)(2). These contributions shall be accounted for in the Participant Contribution Account, and shall be non - forfeitable by the Participant at all times. An annual election window of 60 days shall be provided during which the election may be made. The election window shall run from November 1 to December 30. The election may be made no later than the election window in the year prior to the year of the Employee's termination. The contributions shall be made upon the Employee's termination from employment of the Employer. Once elected, an Employee's election shall remain in force and may not be revised or revoked. In the event of re- employment to an eligible position, the Employee shall be entitled to make a new election under this section. In no event does the Employee have the option of receiving the pick -up contribution amount directly. Employer Signature Date Title Attest: Resolution No. 2005 -2373 Page 5 Accepted: ICMA Retirement Corporation an Title: Attest: Resolution No. 2005 -2373 Page 6 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) SS. CITY OF MOORPARK ) I, Deborah S. Traffenstedt, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 2005 -2373 was adopted by the City Council of the City of Moorpark at a special meeting held on the 31st day of August, 2005, and that the same was adopted by the following vote: AYES: Councilmembers Harper, Mikos, Millhouse, Parvin and Mayor Hunter NOES: None ABSENT: None ABSTAIN: None WITNESS my hand and the official seal of said City this 31st day of August, 2005. Deborah S. Traffens dt, City Clerk (seal)