6180-97r ?
ORDINANCE NO. 6180-97
AN ORDINANCE OF THE CITY OF CLEARWATER,
r*) FLORIDA, ESTABLISHING A MONEY PURCHASE
PENSION DEFINED CONTRIBUTION PLAN FOR
CERTAIN EMPLOYEES WHO ARE EMPLOYED BY
THE CITY ON OR AFTER JUNE 23, 1997;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City desires to provide retirement benefits to certain
employees employed by the City on or after June 23, 1997, through the
establishment of a tax qualified money purchase pension plan, a defined
contribution plan; now, therefore,
BE IT ORDAINED BY THE CITY COMMISSION OF
THE CITY OF CLEARWATER, FLORIDA:
Section 1. The City of Clearwater hereby establishes a money purchase pension
defined contribution plan to be known as the City of Clearwater Money Purchase
Pension Plan (the "Plan") effective June 23, 1997, substantially in the form attached
hereto as Exhibit A and made a part hereof.
Section 2. Specific authority is hereby granted to codify and incorporate the Plan
into the existing Code of Ordinances of the City of -Clearwater.
Section 3. 'All ordinances or parts of ordinances in conflict herewith be and the
same are hereby repealed.
Section 4. If any section, subsection, sentence, clause, phrase of this ordinance,
or the particular application thereof shall be held invalid by any court, administrative
agency, or other body with appropriate jurisdiction, the remaining section, subsection,
sentences, clauses or phrases under application shall not be affected thereby.
Section 5. This ordinance shall take effect immediately upon adoption.
PASSED ON FIRST READING
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Approved as to form:
Pamela K. Ain, City Attorney
August 7, 1997
t 21, 1997
ita Garvey, Mayor-Cot*issioner
Attest:
Cynf is E. Goudeau, City Clerk
Ordinance No. 6180-97
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CITY OF CLEARWATER '
' MONEY PURCHASE PENSION PLAN !
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_• ; . KALISH & WARD, P.A.
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TAMPA FLORIDA'
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... EXHIBIT A
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CITY OF CLEARWATER
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MONEYRURCHASE PENSION PLAN
Page
ARTICLE I Definitions ...................................................................................................2
1.1 Account or Accounts .............................................................................................. 2
1.2 Administrator .........................................................................................................2
1.3 Anniversary Date ...................................................................................................2
1.4 Annual Additions: ................................................................................................... 2
1.5 Code .............................:........................................................................................2
1.6 Compensatison.............................. ..........................................................................2
1.7 Directed Investment Fund ......................................................................................3
1.8 Effective Date .......................
1.9 Employee ...............................................................................................................3
1.10 Employer ..............................................................................................................3
1.11 Employer Contribution Account ...........................................................................3
1.12 Highly Compensated Employee: .......................................................................... 3
1.13 Limitation Year .........................:...........................................................................4
1.14 Normal Retirement Date ......................................................................................4
1.15 Participant ............................................................................................................4
1.16 Plan .......................'...............................................................................................4
1.17 Plan Administrator ................................................................................................ 4
1.18 Plan Year .............................................................................................................4
1.19 Pooled Investment Fund ......................................................................................4
1.20 Rollover Contribution Account ...........:.................................................................4
1.21 Section 415 Compensation ..................................................................................4
1.22 Segregated Investment Fund ...............................................................................4
1:23 Trust ..................................................................................................................... 5
1.24 Trust Agreement .................................................................................................. 5
1.25 Trustee .................................................................................................................5
1.26 Trust Fund ...........................................................................................................5
. 1.27 Valuation Date ................................................................:.................................... 5
1.28 Valuation Period ..................................................................................................5
ARTICLE II Establishment and Name of the Plan .....................................................6
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2.1 Name of Plan .........................................................................................................6
2.2 Exclusive Benefit ...................................................................................................6
2.3 Mistake of Fact ......................................................................................................6
2.4 Participants' Rights ...............................................................................................6
2.5 Qualified Plan ........................................................................................................6
ARTICLE III Ulan Administrator .................... ......... ....................................................... 7
3.1 Administration of the Plan ......................................................................................7
3.2 Powers and Duties ... ..........................................................................
3.3 Direction of Trustee ...............................................................................................8
3.4 Conflict in Terms .................................................................................................... 8
3.5 Final Authority ....................................................'....................................................8
3.6 Appointment of Advisors and Delegation of Duties .................:.............................8
ARTICLE IV Eligibility and Participation ..................................................................... 9
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??. 4.1 Eligibility and Participation .....................................................................................9
4.2'Former Employees .................................................................................................9
4.3 Change of Eligibility Status .................................................................................... 9
ARTICLE V Contributions to the Trust .....................................................................10
5.1 Employer Contributions .................................................. ........10 '
5.2 Form and Timing of Contributions .......................................................................10
5.3 Rollover Contributions ....................................................... ......10
5.4 No Duty to Inquire .........................................::.....................................................10
ARTICLE VI Participants' Accounts and Allocation of Contributions ....................11
6.1 Common Fund .....................................................................................................11
6.2 Establishment of Accounts ...................................................................................11
6.3 interests of Participants .......................................................................................11
6.4 Adjustments to Accounts.: ................................................................................:...11
6.5 Limitation on Allocation of Contributions .............................................................12
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ARTICLE VII Benefits Under the Plan ........................................................................15
7.1 Retirement Benefit ...............................................................................................15
7.2 Termination of Employment Benefit .....................................................................15
7.3 Death Benefit .......................................................................................................15
ARTICLE VIII Form and Payment of Benefits ........................................................... 17
8.1 Timing and Form .................................................................................................. 17
8.2 Manner of Payment .............................................................................................. 17
8.3 Lump Sum Payment ............................................................................................. 18
8.4 Periodic Adjustments ........................................................................................... 18
8.5 Location of Participant or Beneficiary Unknown .............................................:.... 19
8.6 Transfer to Other Qualified Plans ........................................................................ 19
8.7 Direct Rollovers ................................................................................................... 19
8.8 Withdrawals from Rollover Contribution Accounts .............................................. 20
8.9 Withdrawals from Employer Contribution Accounts ............................................. 20
ARTICLE IX Trust Fund and Expenses of Administration ......................................21
9.1, Name of Trustee ..................................................................................................21
9.2 Expenses of Administration ................................................................................. 21
ARTICLE X Amendment and Termination .......................................:........................22
10.1 Restrictions on Amendment and Termination of Plan ........................................ 22
10.2 Amendment of Plan ............................................................................................22
10.3 Termination of Plan ............................................................................................22
10.4 Termination Procedure ......................................................................................22
10.5 Initial Qualification of Plan .................................................................................23
ARTICLE XI Participant Direction of Account Investment ......................................24
11.1 Participant Directed Investments .......................................................................24
11.2 Election Procedures ...........................................................................................24
11 .3 Failure to Designate .......................................................................................... 24
11 .4 Charges and Credits ..........................................................................................
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5 Procedures
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ARTICLE XII, Miscaiianeous
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1 Alienation
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2 Goveming Law
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12.3 Gender .......................................................`... .....................................................26
12.4 Forfeiture of Benefits for Specified Offenses . ....................................................26 ,
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5 Claims Procedures
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IV
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CITY OF CLEARWATER
MONEY PURCHASE PENSION PLAN
THE CITY.OF CLEARWATER, FLORIDA (the "Employer") hereby establishes
this money purchase pension plan, a tax-qualified defined contribution plan this
day of , .1997, to provide supplementary retirement and other benefits for
certain eligible employees.
WITNESSETH:
WHEREAS, the Employer desires to provide for . the retirement of certain
Employees employed by the Employer by establishing a money purchase pension plan
for those Employees who now or may hereafter qualify for participation therein; and
WHEREAS, the Employer is authorized to adopt the Plan.
NOW, -THEREFORE, in consideration of the premises, it is agreed as follows:
ARTICLE I
Definitions
1.1 "Account' or "Accounts" shall mean a Participant's Employer
Contribution Account, Rollover Account and/or such other accounts as may be
established by the Plan Administrator.
1.2 "Administrator" shall mean the Plan Administrator.
1.3 "Anniversary Date" shall mean December 31 of each Plan Year.
1.4 "Annual Additions" shall mean, for any Limitation Year, the sum of:
(a) the amount of Employer contributions allocated to the Participant
during any Limitation Year under any qualified defined contribution plan
maintained by the Employer;
(b) the amount of the Employee's contributions (other than rollover
contributions, if any) to any qualified defined contribution plan maintained by the
Employer;
PY' (c) any forfeitures allocated to the Participant under any qualified
defined contribution plan maintained by the Employer; or
(d) amounts allocated to an individual medical account, as defined in
Section 415(1)(2) of the Code that is part of a pension or annuity plan maintained
by the Employer, and amounts derived from contributions that are attributable to
post-retirement medical benefits allocated to the separate account of a key
employee (as defined in Section 419A(d)(3) of the Code) under a welfare benefit
plan (as defined in Section 419(e) of the Code) maintained by the Employer;
provided, however, the percentage limitation set forth in Section 415 (c)(1)(B) of
the Code shall not apply to: (A) any contribution for medical benefits (within the
meaning of Section 419A(f)(2) of the Code) after separation from service which
is otherwise treated as an "Annual Addition," or (2) any amount otherwise
treated as an "Annual Addition" under Section 415(1)(1) of the Code.
1.5 "Code" shall mean the Internal Revenue Code of 1986, as amended, or
any successor statute. Reference to a specific section of the Code shall include a
reference to any successor provision.
1.6 "Com ensation" shall mean
(a) For Employees employed in a position other than City Manager,
the regular salaries and wages, bonuses, overtime pay, holiday time, accrued
vacation and sick pay paid by the Employer during the Plan Year reportable as
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&ISOY,_97
W-2 wages for Federal income tax withholding purposes, Employee
contributions designated as Employer contributions under Section 414(h) of the
Code, and elective contributions made during the Plan Year on behalf of a
Participant to a plan described in Section 125 or 457 of the Code, but shall not
include any other type of cash or non-cash remuneration, including, but not
limited to disability payments, amounts paid by the Employer to a plan described
in Section 125 or 457 of the Code, credits or benefits under this Plan, any
amount contributed to any pension, employee welfare, life insurance or health
insurance plan or arrangement, or any other fringe benefits, welfare benefits,
severance pay or deferred compensation.
(b) For an employee employed in the position of City Manager,
"Compensation" shall mean annual base salary, as defined in the employment
agreement between the City and the City Manager.
(c) No Compensation in excess of the limit under Section 401(a)(17) of
the Code (adjusted under such regulations as may be issued by the Secretary of
the Treasury) shall be taken into account for any Employee. If a Plan Year
consists of fewer than 12 months, the Compensation limit will be multiplied by a
fraction, the numerator of which is the number of months in the Plan Year, and
the denominator of which is 12.
1.7 "Directed Investment Fund" shall mean an investment fund established
pursuant to Article XI for purposes of investing Participants' Accounts.
1.8 "Effective bate" of this Plan shall mean June 23, 1997, except as may
otherwise be noted herein.
1.9 "Employee" shall mean any person actively employed by the Employer in
the position of City Manager, City Attorney, Assistant City Attorney and all management
contract employees, who are not participants in the City of Clearwater Employees'
Pension Fund, a defined benefit pension plan, excluding temporary employees.
1.10 "Employer" shall mean the City of Clearwater, Florida.
1.11 "Employer Contribution Account" shall mean an account established
pursuant to Section 6.2 with respect to Employer contributions made pursuant to
Article V.
1.12 "_Highly Compensated Employee" shall mean any Employee who:
(a) (1) during the preceding Plan Year had Section ' 415
Compensation in excess of $80,000 (adjusted under such regulations as
may be issued by the Secretary of the Treasury) and at the election of the
Employer, was a member of the "top paid group"; provided, that as used
herein, "top paid group" shall mean all Employees who are in the top 20%
of the Employer's work force on the basis of Section 415 Compensation
paid during the year; provided, further, that for purposes of determining
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the number of Employees in the top paid group, Employees described in
Section 414(q)(8) of the Internal Revenue Code shall be excluded; or
(2) a five percent (5%) owner of the Employer at any time
during the year or the preceding year.
(b) For purposes of this paragraph, the determination of Section 415
Compensation shall be based only on Section 415 Compensation that is actually
paid and shall be made by including elective or salary reduction contributions to
a plan described in Section 125 of the Code, a plan described in Section 401(k)
of the Code or a plan described in Section 403(b) of the Code.
1.13 "Limitation Year" shall mean the Plan Year.
1.14 "Normal Retirement Date" shall mean the date on which a Participant
has reached the age of 55.
1.15 "Participant" shall mean any eligible Employee of the Employer who has
become a Participant under the Plan. Participant shall include any former employee of
the Employer who became a Participant under the Plan and who still has a balance in
an Account under the Plan.
1.16 "Plan" shall mean the City of Clearwater Money Purchase Pension Plan,
a tax-qualified defined contribution plan, as herein set forth, as it may be amended from
time to time.
1.17 "Plan Administrator" shall mean the Employer or the person or persons
appointed by the Employer pursuant to Article III hereof.
1.18 "Plan Year" shall mean the period beginning June 23, 1997 and ending
December 31, 1997; thereafter, the 12-month period beginning on January 1 and
ending on the following December 31 of each year.
1.19 "Pooled Investment Fund" shall mean a Directed Investment Fund
established under Article XI, the combined assets of which shall consist of the common
investments of all Participants selecting the Directed Investment Fund.
1.20 "Rollover Contribution Account" shall mean an account established
pursuant to Section 6.2 with respect to rollover contributions made pursuant to Article
V.
1.21 "'Section 415 Compensation" shall mean all compensation as described
in Section 1.415-2(d)(2) and Section 1.415-2(d)(3) of the Income Tax Regulations.
1.22 ";Seciregated Investment Fund" shall mean a Directed Investment Fund
established under Article XI, in which the assets of each Participant selecting the
Directed Investment Fund shall be separately invested, and for which the earnings
.. attributable to such assets shall be separately accounted.
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1.23 "Trust" shall mean the trust established by the Trust Agreement.
'1.24 "Trust Agreement" shall mean the agreement providing for the Trust
Fund, as it may be amended from time to time.
1.25 "Irustee" shall mean the individual, individuals or corporation designated
as trustee under the Trust Agreement.
1.26 "Trust Fund" shall mean the trust fund established under the Trust
' Agreement from which the benefits provided for by the Plan are to be paid or funded.
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9.27 'Valuation Date" shall mean December 31 of each year and each day
securities are traded on a national stock exchange, except regularly scheduled
holidays of the Employer or the Trustee, or such other date as may be selected by the
Plan Administrator.,
: 1.28 "Valuation Period" shall mean the period beginning with the first day
after a Valuation Date and ending with the next Valuation Date; provided, however, that
the first Valuation Period shall begin on the Effective Date of the Plan.
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ARTICLE 11
Establishment and Name of the Plan
2.1 Name of Plan. A tax-qualified defined contribution plan is hereby
established in accordance with the terms hereof and shall be known as the "CITY OF
CLEARWATER MONEY PURCHASE PENSION PLAN."
2.2 Exclusive Benefit. This Plan is created for the sole purpose of providing
benefits to the Participants. Except as otherwise permitted by law, in no event shall any
part of the principal or income of the Trust be paid to or reinvested in the Employer or
be used for or diverted to any purpose whatsoever other than for the exclusive benefit
of the. Participants and their beneficiaries.
2.3 Mistake of Fact. Notwithstanding the foregoing provisions of Section
2.2, any contribution made by the Employer to this Plan by a mistake of fact may be
returned to the Employer within one year after the payment of the contribution.
2.4 ? Partlcipants' Rights. The establishment of this Plan shall not be
considered as giving any Employee, or any other person, any legal or equitable right
against the Employer, the Trustee or the principal or the income of the Trust, except to
the extent otherwise provided by law. The establishment of this Plan shall not be
considered as giving any Employee, or any other person, the right to be retained in the
employ of the Employer.
2.5 Qualified Plan, This Plan and the Trust are intended to qualify under the
Code as a tax-qualified employees' plan and trust, and the provisions of this Plan and
the Trust are to be interpreted accordingly.
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ARTICLE III
Plan Administrator
3.1 Administration of the Plan,
(a) The Plan Administrator shall control and manage the operation and
administration of the Plan, except with respect to investments, The Plan
Administrator shall have no duty with respect to the investments to be made of
the funds in the Trust except as may be expressly assigned to it by the terms of
the Trust Agreement and except to the extent that the Administrator determines
the investment funds which will be made available under the Plan in accordance
with Article XI hereof.
(b) (1) The Employer may appoint a committee to assist in the
administration of the Plan, which shall serve at the pleasure of the
Employer. All usual and reasonable expenses of the committee may be
paid in whole or part by the Employer, and any expenses not paid by the
Employer shall be paid from the Trust Fund. Any members of the
committee who are employees of the City shall not receive compensation
with respect to their services for the committee.
(2) The committee must act at a publicly noticed meeting. The
committee may elect one of its members as chairman, appoint a
t. secretary, who may or may not be a committee member, and advise the
Trustee of its actions in writing. The secretary shall keep a record of all
meetings and forward necessary communications to the Employer or the
Trustee. The committee may adopt such by-laws and regulations as it
deems desirable for the conduct of its affairs. All decisions of the
committee shall be made by a vote of the majority, including actions taken
in writing without a meeting.
(3) The committee and the individual members thereof shall be
indemnified by the Employer (and not from the Trust Fund) against any
and all liabilities arising by reason of any act or failure to act made in
good faith pursuant to the provisions of the Plan, including expenses
reasonably incurred in the defense of any claim relating thereto.
3.2 Powers and Duties.
(a) The Plan Administrator shall have complete control over the
administration of the Plan herein embodied, with all powers necessary to enable
it to cant' out its duties in that respect. Not in limitation, but in amplification of
the foregoing, the Plan Administrator shall have the power and discretion to
interpret or construe this Plan and to determine all questions that may arise as to
the status and rights of the Participants and others hereunder.
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(b) The Plan Administrator may promulgate such policies and make
such rules and regulations for the proper administration of the Plan as.it deems
necessary.
3.3 Direction of Trustee. It shall be the duty of the Plan Administrator to
direct the Trustee with regard to the distribution of benefits to the Participants and
others hereunder.
3.4 Conflict in Terms. The Administrator shall notify each Employee, in
writing, as to the existence of the Plan and Trust and the basic provisions thereof. In
the event of any conflict between the terms of this Plan and the Trust Agreement and
as set forth in any explanatory booklet, this Plan and the Trust Agreement shall control.
3.5 Final Authority, Except to the extent otherwise required by law, the
decision of the Plan Administrator in matters within its jurisdiction shall be final, binding
and conclusive upon each Employee and beneficiary and every other interested or
concerned person or party.
3.6 Appointment of Advisors and Delegation of Duties.
(a) The Plan Administrator may appoint such accountants, counsel,
specialists and other persons that it deems necessary and desirable in
connection with the administration of this Plan.
(b) The Plan Administrator may designate one or more of its
employees to perform the duties required of the Plan Administrator hereunder.
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6190-?7e
ARTICLE IV
5
Ellglbiljty and PartlelAation
4.1 Eligibility and Participation. Any Employee employed by the Employer
in the position of City Manager or City Attorney shall become a Participant in the Plan
on the, Effective Date. Each other eligible Employee employed by the Employer before
October 1, 1997 shall become a Participant in the Plan on October 1, 1997. For an .
eligible Employee whose date of employment Is after October 1, 1997, such eligible
Employee shall enter the Plan as a Participant on his date of employment.
4.2 Former Employees. An Employee who ceases to be a Participant,
terminates employment and is reemployed by the Employer shall be eligible again to
become a Participant on the date of his reemployment.
4.3 Change of Eligibility Status. In the event a change of job classification
results in a Participant no longer qualifying as an eligible Employee, such Employee
shall cease to be an active Participant as of the effective date of such change of job
classification but the Employee shall not be deemed to have terminated employment
with the Employer for purposes of this Plan.
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ARTICLE V
Contributions to the Trust
5.1 Em to er Contributions. For each Plan Year, the Employer shall
contribute to the Trust on behalf of each Participant employed by the Employer an
amount equal to: 115% of Compensation on behalf of the City Manager and the City
Attorney; and 6% of Compensation on behalf of Management Contract Employees and
Assistant City Attorneys. The Employer will make bi-weekiy contributions to the Trust
throughout the Plan Year to meet its funding obligations under the Plan.
5.2 Form _ and Timing__ of Contributions. ' Payments on account of the
contributions due from the Employer for any Plan Year shall be made in cash. Such
payments may be made by the Employer at any time.
5.3 Rollover Contributions. With the consent of the Plan Administrator and
in such manner as prescribed by the Plan Administrator, the Trustee may accept a
rollover contribution (as defined in the applicable sections of the Code, except that for
this purpose "rollover contribution" shall be deemed to include both a direct payment
from an Employee and a direct transfer from a trustee of another qualified plan in which
an Employee is or was a participant). Rollover amounts shall be allocated to the
Employee's Rollover Contribution Account and invested in accordance with the
provisions of Article Xi. The Trustee shall not accept a -rollover contribution that is
subject to the requirements of Sections 401(a)(11) and 417 of the Code.
5.4 No Duty to Inguire. The Trustee shall have- no right or duty to inquire
into the amount of any contribution made by the Employer or the method used in
determining the amount of any such contribution, or to collect the same, but the Trustee
shall be accountable only for funds actually received by it.
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ARTICLE V1
Participants' Accounts and Allocation of Contributions
6.1 Common Fund. The assets of the Trust shall constitute a common fund
in which each Participant shall have an undivided interest.
6.2 Establishment of Accounts. The Plan Administrator shall establish and
maintain with respect to each Participant an account, designated as the Employer
Contribution Account, that shall reflect the Participant's interest in the Trust Fund with
respect to contributions made by the Employer, and a Rollover Contribution Account to
reflect the participant's interest in the Trust Fund with respect to Rollover Contributions.
The Plan Administrator may establish such additional accounts as are necessary to
reflect a Participant's interest in the Trust Fund.
6.3 interests of Participants. The interest of a Participant in the Trust Fund
shall be the balance remaining from time to time in his Account after making the
adjustments required in Section 6.4.
6.4 Adiustments to Accounts. Subject to the provisions of Section 6.5, a
Participant's Account shall be adjusted from time to time as follows:
(a) As of each Valuation Date, each of a Participant's Accounts shall
be credited or charged, as the case may be, with a share of the earnings of the
Trust Fund for the Valuation Period ending with such current Valuation Date as
follows:
(1) As of each Valuation Date, any portion of the Participant's
Accounts that is invested in a Pooled Investment Fund established under
Article XI shall be credited or charged, as the case may be, with a share
of the earnings of such Pooled Investment Fund for the Valuation Period
ending with such current Valuation Date. Each Participant's share of the
earnings of a Pooled Investment Fund for any Valuation Period shall be
determined by the Plan Administrator on a weighted average basis, so
that each Participant with a balance in such Pooled Investment Fund shall
receive a pro-rata share of the earnings of such Pooled Investment Fund,
taking into account the period of time that each dollar invested in such
Pooled Investment Fund has been so invested.
(2) As of each Valuation Date, the portion of the Participant's
Accounts that is invested in each Segregated Investment Fund
established under Article XI shall be credited or charged, as the case may
be, with the earnings attributable to the Participant's investment in such
Segregated Investment Fund for the Valuation Period ending with such
current Valuation Date.
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(b) Each Participant's Accounts shall be credited with contributions
made during the Plan Year, as follows:
(1) As of each Valuation Date that is the last day of the Plan
Year, or at such other times as determined by the Employer, the Employer
Contribution Account of a Participant shall be credited with his share of
the contribution made by the Employer with respect to the Plan Year
ending with such Valuation Date. A Participant's share of the amount of
the contribution for the Plan Year shall be determined pursuant to the
provisions of Article V.
(2) As of each Valuation Date, the Rollover Contribution
Account of a Participant shall be credited with the Rollover Contributions,
if any, made by the Participant pursuant Article V.
(c) As of each Valuation Date, each Account of a Participant shall be
charged with the amount of any distribution made to the Participant or his
beneficiary from such Account .during the Valuation Period ending with such
Valuation Date.
(d) For purposes of all computations required by this Article VI, the
cash method of accounting shall be used, and the Trust Fund and the assets
thereof shall be valued at their fair market value as of each Valuation Date.
(e) The Plan Administrator may adopt such additional accounting
'. procedures as are necessary to accurately reflect each Participant's interest in
the Trust Fund, which procedures shall be effective upon approval by the
Employer. All such procedures shall be applied in a consistent,
nondiscriminatory manner.
6.5 Limitation on Allocation of Contributions.
(a) Notwithstanding anything contained in this Plan to the contrary, the
aggregate Annual Additions to a Participant`s Accounts under this Plan and
under any other defined contribution plans maintained by the Employer for any
Limitation Year shall not exceed the lesser of $30,000 or 25% of the Participant's
Section 415 Compensation for such Plan Year.
(b) In the event that the Annual Additions, under the normal
administration of the Plan, would otherwise exceed the limits set forth above for
any Participant, or in the event that any Participant participates in both a defined
benefit plan and a defined contribution plan maintained by the Employer and the
aggregate annual additions to and projected benefits under all of such plans,
under the normal administration of such plans, would otherwise exceed the limits
provided by law, then the Administrator shall take such actions, applied in a
uniform and nondiscriminatory manner, as will keep the annual additions and
projected benefits for such Participant from exceeding the applicable limits
provided by law. Excess Annual Additions shall be disposed of as provided in
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Section 6.5(c). Adjustments shall be made to other plans, if necessary to comply
with such limits, before any adjustments may be made to this Plan.
(c) If as a result of a reasonable error in estimating a Participant's
Section 415 Compensation or other circumstances permitted under Section 415
of the Code, the Annual Additions attributable to Employer contributions for a
particular Participant would cause the limitations set forth in this subsection (c)
to be exceeded, the excess shall be allocated and reallocated to other
Participants in the Plan. However, if the allocation or reallocation of the excess
amounts causes the limitations of this subsection (c) to be exceeded with
respect to each Participant for the Limitation Year, then these amounts must be
held unallocated in a suspense account. If a suspense account is in existence
at any time during a particular Limitation Year, other than the Limitation Year
described in the preceding sentence, all amounts must be allocated and
reallocated to the Participants (subject to the limitations of this subsection (c))
before any contributions that constitute Annual Additions may be made to the
Plan for that Limitation Year. The suspense account shall be credited or
charged, as the case may be, with a share of the income, losses, appreciation
and depreciation attributable thereto as if it were an Account of a Participant.
(d) Effective for Plan Years beginning prior to January 1, 2000, in the
event that any Participant participates in both a defined benefit plan and a
defined contribution plan maintained by his Employer thereof, then the sum of
the Defined Benefit Plan Fraction and the Defined Contribution Plan Fraction for
any Limitation Year shall not exceed 1.0.
(1) The Defined Benefit Plan Fraction is a fraction, the
numerator of which is the projected annual benefit of the Participant under
the defined benefit plan determined as of the close of the Limitation Year
and the denominator of which is the lesser of (A) the product of 1.25 times
the dollar limitation in effect under Section 415(b)(1)(A) of the Code for
such Limitation Year or (B) the product of 1.4 times the amount that may
be taken into account under Section 415(b)(1)(B) of the Code with respect
to such Participant for such Limitation Year.
(2) The Defined Contribution Plan Fraction is a fraction, the
numerator of which is the sum of the Annual Additions to the Participant's
Accounts as of the close of the Limitation Year (less any amount that may
be subtracted from the numerator in accordance with any applicable
statutes, notices or rulings) and the denominator of which is the' sum of
the lesser of the following amounts determined for such year and for each
prior year of service with the Employer: (A) the product of 1.25 times the
dollar limitation in effect under Section 415(c)(1)(A) of the Code for such
Limitation Year (determined without regard to Section 415(c)(6) of the
Code) or (B) the product of 1.4 times the amount that may be taken into
account under Section 415(c)(1)(13) of the Code with respect to such
.,j Participant for such Limitation Year.
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EMILl-
(A) If an Employee was a Participant as of the end'of the
first day of the first Limitation Year beginning after, December 31,
1986, in one or more defined contribution plans maintained by the
Employer that was in existence on May 6, 1986, the numerator of
the Defined Contribution Plan Fraction will be adjusted if the sum
of the Defined Contribution Plan Fraction and the Defined Benefit
Plan Fraction would otherwise exceed 1.0 under the terms of this
Plan. Under the adjustment, an amount equal to the product of (1)
the excess of the sum of the fractions over 1.0 times (2) the
denominator of the Defined Contribution Plan Fraction, will be
permanently subtracted from the numerator of the 'Defined
Contribution Plan Fraction.
(B) The adjustment under subparagraph (A) is calculated
using the fractions as they would be computed as of the end of the
last Limitation Year beginning before January 1, 1987, and
disregarding any, changes in the terms and conditions of the Plan
made after May 5, 1986, but using the limitation under Section 415
of the Code that is applicable to the first Limitation Year beginning
on or after January 1, 1987.
14
ARTICLE Vl!
Benefits Under the Plan
7.1 Retirement Benefit,
(a) A Participant shall be entitled to a normal retirement benefit upon
such Participant's Normal Retirement Date.
(b) Except as provided in Sections 8.8 and 8.9 of this Plan, until a
Participant actually terminates from the employ of the Employer, he shall not
receive a.distribution and he shall continue to be treated in all respects as a
Participant.
(c) Upon the retirement of a Participant as provided in subsection (a)
and subject to adjustment as provided in Section 8.4, such Participant shall be
entitled to receive, at the time and in the manner described in Article VIII, a
retirement benefit in an amount equal to 100% of the balance in his Accounts as
of the Valuation Date concurring with or preceding the date of his retirement,
plus the amount of any contributions allocated subsequent to such Valuation
Date.
7.2 Termination_ of Employment Benefit: In the event a Participant's
employment with his Employer is terminated for reasons other than retirement, and
x subject to adjustment as provided in Section 8.4, such Participant shall be entitled to
receive, at the time and in the manner described in Article Vill, a termination of
employment benefit in an amount equal to the balance in his Account as of the
Valuation (Date concurring with or preceding the date of the distribution, plus the
amount of any contributions allocated subsequent to such Valuation Date.
7.3 Death Benefit
(b) In the event of the death of a Participant and subject to adjustment
as provided in Section 8.4, his beneficiary shall be entitled to receive, at the time
and in the manner described in Article Vill, a death Benefit in an amount equal
to 100% of the balance in his Account as of the Valuation Date concurring with
or preceding the date of his death, plus the amount of any contributions
allocated subsequent to such Valuation Date.
(b) At any time and from time to time, each Participant shall have the
unrestricted right to designate a beneficiary to receive his death benefit and to
revoke any such designation. Each designation or revocation shall be
evidenced by written instrument filed with the Plan Administrator, signed by the
Participant and bearing the signature of a witness to his signature. In the event
that a Participant has not designated a beneficiary or beneficiaries, or if for any
reason such designation shall be legally ineffective, or if such beneficiary or
j beneficiaries shall predecease the Participant, then the personal representative
15
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rtv .. ..
ARTICLE V111
Form and Payment of Benefits
8.1 Timing-andForm,
(a) (1) Except as otherwise provided in this Article Vill, the amount
of the retirement or death benefit to which a Participant is entitled under
Sections 7.1 and 7.3 shall be paid to him or, in the case of a death
benefit, shall be paid to said Participant's beneficiary or beneficiaries as
soon as practicable following the Participant's actual retirement following
his Normal Retirement Date or death, as the case may be.
(2) The amount of the termination of employment benefit to
which a Participant is entitled under Section 7.2 shall be paid to him as
soon as practicable following his termination of employment.
(3) Notwithstanding paragraphs (a)(1) and (a)(2), above, a
Participant may elect to defer the distribution of his benefit until any
subsequent date elected by the Participant in writing pursuant to such
procedures as the Administrator may adopt, but in no event later than the
date described in subsection 8.1(b).
.'.1 (b) Notwithstanding anything contained herein to the contrary, any
r, distribution paid to a Participant (or, in the case of a death benefit, to his
beneficiary or beneficiaries) pursuant to paragraph (a) (1) shall commence not
later than the last to occur of.
(1) April 1 of the year following the calendar year in which the
Participant retires on or after his Normal Retirement Date; or
(2) April 1 of the year immediately following the calendar year in
which the Participant reaches age 70-1/2.
8.2 Manner of Payment.
(a) A ParticipanCs retirement, death or termination of employment
benefit may be paid in one of the following optional forms as elected by the
Participant, or in the case of a death benefit, by the Participant's beneficiary or
beneficiaries. The optional forms are as follows:
(1) A lump sum payment.
(2) Monthly, quarterly or annual installments over a fixed period
of time, not exceeding the life of the Participant or the joint life and last
survivor expectancy of the Participant and his designated beneficiary.
17
kg?019?
M A Participant or his beneficiary may elect to receive the payment of
any part or all of the unpaid installments under paragraph 8.2(a)(2) above in a
lump sum, in accordance with rules and regulations promulgated by the Plan
Administrator (and in accordance with the Code),
(c) Each Participant shall have the right to designate a beneficiary for
purposes of the optional form of benefit payment described in paragraph
8.2(a)(2) above and to revoke any such designation. Each designation or
revocation shall be evidenced by written instrument filed with the Employer and
shall be effective upon filing with the Employer.
(d) In the case of a retirement or termination of employment benefit, in
no event shall payment extend beyond the life or life expectancy of the
Participant or the joint lives or life expectancies of the Participant and his
designated beneficiary. If the Participant dies before receiving the entire amount
payable to him, the balance shall be distributed to his designated beneficiary at
least as rapidly as under the method being used prior to the Participant's death.
(e) In the case of a death benefit, payment
(1) to the designated beneficiary shall begin within one year
following the Participant's death (unless the designated beneficiary is the
Participant's spouse, in which case such benefit shall begin no later than
the date the Participant would have reached 70-1/2) and shall not, in any
event, extend beyond the life or life expectancy of the designated
beneficiary; or
(2) to any other beneficiary shall be totally distributed within five
years from the date of the Participant's death.
(f) The Participant (or his spouse) shall be permitted to elect whether
life expectancies will be recalculated for purposes of distributions hereunder.
(g) Notwithstanding the foregoing, payments under the Plan shall
satisfy the incidental death benefit requirements and all other appficable
provisions of Section 401(a)(9) of the Internal Revenue Code, the regulations
issued thereunder (including Prop. Reg. Section 1.401(a)(9)-2, and such other
rules thereunder as may be prescribed by the Secretary of the Treasury).
8.3 Lump Sum Payment. Notwithstanding anything contained in this Plan to
the contrary, any benefit payable under the Plan, which is not more than $3,500, shall
be paid in a lump sum as soon as practicable following the Participant's termination of
employment.
8.4 Periodic Adlustments. To the extent the balance of a Participant's
Accounts has not been distributed and remains in the Plan, and notwithstanding
anything contained in the Plan to the contrary, the value of such remaining balance
18
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shall share in allocations of the income (or loss) of the Trust Fund pursuant to the
provisions of Article VI.
8.5 Location of Participant or Beneficiary Unknown. In the event that all,
or any portion of the distribution payable to a Participant or his beneficiary, hereunder
shall remain unpaid after five (5) Plan Years solely by reason of the inability of the
Administrator, after ending a registered letter, return receipt requested, to the last
known address, and after further diligent effort, to ascertain the whereabouts of such
Participant or his beneficiary, the amount so distributable shall be treated as a
forfeiture. In the event a Participant or beneficiary of such Participant is located
subsequent to his benefit being reallocated, such benefit shall be restored by an
additional contribution by the Employer.
8.6 Transfer to Other uaiified Plans. The Trustee, upon written direction
by the Plan Administrator, shall transfer some or all of the assets held under the Trust
to another plan or trust meeting the requirements of the Code relating to qualified plans
and trust, whether such transfer is made pursuant to a merger or consolidation of this
Plan with such other plan or trust or for any other allowable purpose.
8.7 Direct Rollovers.
(a) Notwithstanding any provisions of the Plan to the contrary that
would otherwise limit a distributee's (as defined below) election under this
_ paragraph, a distributee may elect, at the time and in the manner prescribed by
the Plan Administrator, to have any portion of an eligible rollover distribution (as
defined below) paid directly to an eligible retirement plan (as defined below)
specified by the distributee in a direct rollover (as defined below).
(b) For purposes of this paragraph, the following terms shall have the
following meanings:
(1) An "eligible rollover distribution" is any distribution of all or
any portion of the balance to the credit of the distributee, except that an
eligible rollover distribution does not include: any distribution that is one
of a series of substantially equal periodic payments (not less frequently
than annually) made for the life (or life expectancy) of the distributee or
the joint lives (or joint life expectancies) of the distributee and the
distributee's designated beneficiary, or for a specified period of ten years
or more; any distribution to the extent such distribution is required under
Code Section 401(a)(9), and the portion of any distribution that is not
included in gross income (determined without regard to the exclusion for
net unrealized appreciation with respect to employer securities).
(2) An "eligible retirement plan" is an individual retirement
account described in Code Section 408(a), an individual retirement
annuity described in Code Section 408(b), an annuity plan described in
Code Section 403(a), or a qualified trust described in Code Section
yam' 401(a), that accepts the distributee's eligible rollover distribution.
19
However, in the case of an eligible rollover distribution to the surviving
spouse,'an eligible retirement plan is an Individual retirement account or
individual retirement annuity.
(3) A "distributes" includes an Employee or former Employee.
In addition, the Employee's or former Employee's surviving spouse and
the Employee's or former Employee's spouse, as defined in Code Section
414(p), are distributees with regard to the Interest of the spouse or former
spouse.
(4) A "direct rollover" Is a payment by the Plan to the eligible
retirement plan specified by the distributee.
8.8 Withdrawals from Rollover Contribution Accounts. A Participant,
while still employed, may request a withdrawal of all or a portion of his Rollover
Contribution Account at any time.
8.9 Withdrawals from Employer Contribution Accounts, A Participant who
has reached age 59% may request a withdrawal of all or a portion of his Employer
Contribution Account at any time.
i
4
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i
E
ARTICLE IX
Trust Fund and Expenses of Administration
9.1 Name of Trustee. The Trust Fund shall be held by the Trustee, or by a
successor trustee or trustees, for use in accordance with the Plan under the Trust
Agreement. The Trust Agreement may from time to time be amended In the manner
therein provided. Similarly, the Trustee may be changed from time to time in the
manner provided in the Trust Agreement.
9.2 Expenses of Administration.
(a) (1) The assets of the Trust Fund may be used to pay all
expenses of the administration of the Plan and the Trust Fund, including
the Trustee's compensation, the compensation of any investment
manager, the expense incurred by the Plan Administrator in discharging
its duties, all income or other taxes of any [rind whatsoever that may be
levied or assessed under existing or future laws upon or in respect of the
Trust Fund, and any interest that may be payable on money borrowed by
the Trustee for the purpose of the Trust.
(2) The Employer may pay the expenses of the Plan and the
Trust Fund. Any such payment by the Employer shall not be deemed a
,A%r contribution to this Plan.
(b) Notwithstanding anything contained herein to the contrary, no
excise tax or other liability imposed upon the Trustee, the Plan Administrator or
any other person for failure to comply with the provisions of any federal law shall
be subject to payment or reimbursement from the assets of the Trust.
(c) For its services, any corporate trustee shall be entitled to receive
reasonable compensation in accordance with its rate schedule in effect from
time to time for the handling of a retirement trust. Any individual trustee shall be
entitled to such compensation as shall be arranged between the Employer and
the Trustee by separate instrument; provided, however, that no person who is
already receiving full-time pay from the Employer shall receive compensation
from the Trust Fund (except for the reimbursement of expenses properly and
actually incurred).
21
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ARTICLE X
Amendment and Termination
10.1 Restrictions on Amendment and Termination of Plan. It Is the present
intention of the Employer to maintain the Plan set forth herein indefinitely.
Nevertheless, the Employer specifically reserves to itself the right at any time, and from
time to time, to amend or terminate this Plan in whole or in part; provided, however, that
no such amendment:
(a) shall have the effect of vesting in the Employer, directly or
indirectly, any interest, ownership or control in any of the present or subsequent
funds held subject to the terms of the Trust Agreement;
(b) shall cause or permit any property held subject to the terms of the
Trust Agreement to be diverted to purposes other than the exclusive benefit of
the Participants and their beneficiaries or for the administrative expenses of the
Plan Administrator and the Trust;
(c) shall reduce the then vested interest of a Participant;
(d) shall reduce the Account of any Participant; or
:. (e) shall increase the duties or liabilities of the Trustee without its
written consent.
10.2 Amendment of Plan. Subject to the limitations stated in Section 10.1,
the Employer shall have the power to amend this Plan in any manner that it deems
desirable, and, not in limitation but in amplification of the foregoing, it shall have the
right to change or modify the method of allocation of contributions hereunder, to
change any provision relating to the administration of this Plan and to change any
provision relating to the distribution or payment, or both, of any of the assets of the
Trust.
10.3 Termination of Plan. The Employer, in its sole and absolute discretion,
may terminate this Plan and the Trust, completely or partially, at any time without any
liability whatsoever for such complete or partial termination. In any of such events, the
affected Participants, notwithstanding any other provisions of this Plan, shall have fully
vested interests in the amounts credited to their respective Accounts at the time of such
complete or partial termination of this Plan and the Trust. All such vested interests
shall be nonforfeitable.
10.4 Termination Procedure. In the event the Employer decides to terminate
this Plan and the Trust, after payment of all expenses and proportional adjustments of
individual Accounts to reflect such expenses and other changes in the value of the
Trust Fund as of the date of termination, each affected Participant (or the beneficiary of
any such Participant) shall then be entitled to receive any amount then credited to his
Account in accordance with the form of payment prescribed by Article VIII.
22
?lpq'q 7
10.5 Initial Qualification of Plan. Notwithstanding the provisions of Section
10.1, if,it Is finally determined that the Plan does not qualify under the Code; then, in
that event, the Plan shall terminate as of the' date of such final determination and the
Plan Administrator shall direct the Trustee to pay the then aggregate of the balances in
the Employer Contribution Accounts to the Employer and the Rollover Contribution
Accounts to the appropriate Participants (provided such payment is made within one
year after the date. of the final determination). The Participants and their beneficiaries
shall have no further rights under the Plan, the Trust or the Trust Fund, and the Trustee
shall be discharged of all obligations and duties under the Trust,
Acahl
23
k
Y. t 4
ARTICLE SCI
Partici ant Direction of Account Investment
11.1 Particiaant Directed Investments. On the commencement of his
participation in the Plan, each Participant shall direct the Trustee to invest his Accounts
in one or more Directed Investment Funds made available by the Plan Administrator
from time to time. The Plan Administrator may provide each of the Directed Investment
Funds made available to Participants through shares of one or more investment
companies or mutual funds, segregated accounts invested in one or more of savings or
notice accounts, deposits in or certificates issued by a bank, insurance, annuity or
other investment contracts, or other appropriate investment vehicles.
11.2 Election Procedures. Except as may be otherwise provided by the Trust
Agreement or by any contract entered into by the Trustee or the Plan Administrator with
an investment manager appointed to manage all or any portion of the assets of the
Plan, each Participant's directed investment elections shall be made in writing upon his
commencement of participation in the Plan.
(a) A Participant shall designate the percentage of the balances of his
Accounts and future contributions to his Accounts to be allocated to any Directed
Investment Fund.
r.._. (b) Subject to section 11.2(c), a Participant may revise his election
effective as of the first day of each Valuation Period. The Participant's revised
election shall be effective for contributions made to the Plan after the effective
date of such revision, and may be effective for the investment of balances
previously allocated and remaining credited to a Participant's Accounts. Any
revised election with respect to future contributions shall be subject to the
percentage limitations established by the Plan Administrator pursuant to section
11.2(a). If required by the Plan Administrator, any revised election with respect
to existing Account balances shall specify the specific percentage, or dollar
amount, of each Account to be transferred between Directed Investment Funds.
(c) The Trustee shall make requested investments on behalf of each
Participant within a reasonable period after the receipt of directions from the
Plan Administrator or the Participant.
11.3 Failure to Designate. If a Participant does not specifically designate the
initial investments for all of his Accounts at the time he becomes a Participant in the
Plan, his Accounts shall be invested in a stable value fund offered as one of the
Directed Investment Funds available to Participants until such time as he makes his
initial designation regarding his investments.
11.4 Charges and Credits. A Participant's Accounts shall be divided into
sub-accounts to properly account for the Directed Investment Funds in which such
Accounts are invested. Each sub-account shall be adjusted as of each Valuation Date
24
?Iro -??
In accordance with Article VI for purposes of (a) crediting dividends; interest, and other
r income on the investments in a particular Directed Investment Fund, as well as all
realized and . unrealized ' gains credited to that 'Fund, and (b) charging individually
allocable expenses in connection with the investments in a particular Directed
Investment Fund, as well as all realized and unrealized losses charged to that fund.
Other charges or fees separately Incurred and not charged to a Directed Investment
Fund, *and incurred as a result of an election made by a Participant associated with the
investment of his Accounts, shall be charged against his Accounts In accordance with
Article Vi.
11.5 Procedures. The Plan Administrator shall establish procedures
regarding Participant investment direction as are necessary, which procedures shall be
communicated to all Participants and applied in a uniform, nondiscriminatory manner.
25
6/so-97
ARTICLE XII
Miscellaneous
12.1 Alienation. No Participant or beneficiary of a Participant shall have any
right to assign, transfer, appropriate, encumber, commute, anticipate or otherwise
alienate his interest in this Plan or the Trust or any payments to be made thereunder;
no benefits, payments, rights or interests of a Participant or beneficiary of a Participant
of any kind or nature shall be in any way subject to legal process to levy upon, garnish
or attach the same for payment of any claim against the Participant or beneficiary of a
Participant; and no Participant or beneficiary of a Participant shall have any right of any
kind whatsoever with respect to the Trust, or any estate or interest therein, or with
respect to any other property or right, other than the right to receive such distributions
as are lawfully made out of the Trust, as and when the same respectively are due and
payable under the terms of this Plan and the Trust.
12.2 Govemin Law. This Plan shall be administered, construed and
enforced according to the laws of the State of Florida, except to the extent such laws
have been expressly preempted by federal law.
12.3 Gender. Throughout this Plan, and whenever appropriate, the masculine
gender shall be deemed to include the feminine and neuter; the singular, the plural;
and vice versa.
12.4 Forfeiture of Benefits _forSpecified Offenses.
(a) Notwithstanding anything to the contrary, any Participant who is
convicted of the following offenses committed prior to retirement, or whose
employment is terminated by reason of his admitted commission, aid or
abetment of the following specified offenses, shall forreit all rights and benefits
under this Plan, except for the return of his Employee Rollover Contribution
Account as of the date of termination. Specified offenses are as follows:
(1) The committing, aiding or abetting of an embezzlement of
public funds;
(2) The committing, aiding or abetting of any theft from the
Employer;
(3) Bribery in connection with the employment of a public officer
or employee;
(4) Any felony specified in Chapter 838, Florida Statutes
(except §838.15 and §838.16);
(5) The committing of an impeachable offense;
1)
26
61SP19--97
(6) The committing of any felony by a public officer or employee
who willfully and with intent to defraud the public or the public agency, for
which he acts or in which he is employed, of the right to receive the
faithful performance of his duty as a public officer or employee, realizes or
obtains or attempts to obtain a profit, gain, or advantage for himself or for
some other person through the use or attempted use of the power, rights,
privileges, duties or position of his public office or employment position.
(b) Conviction shall be defined as an adjudication of guilt by a court of
competent jurisdiction; a plea of guilty or a nolo contenders; a jury verdict of
guilty when adjudication of guilt Is withheld and the accused is placed on
probation; or a conviction by the Senate of an impeachable offense. Court shall
be defined as any state or federal court of competent jurisdiction which is
exercising its jurisdiction to consider a proceeding involving the alleged
commission of a specified offense.
(c) Prior to forfeiture, the Administrator shall hold a hearing on which
notice shall be given to the Participant whose benefits are being considered for
forfeiture. Said Participant shall be afforded the right to have an attorney
present. No formal rules of evidence shall apply, but the Participant shall be
afforded a full opportunity to present his case against forfeiture.
(d) Amounts forfeited from a Participant's Account under this Section
12.4 shall be used to reduce future Employer contributions.
12.5 Claims Procedures.
(a) Claims for benefits under the Plan may be made by a Participant or
a beneficiary of a Participant on forms supplied by the Plan Administrator.
Written notice of the disposition of a claim shall be furnished to the claimant by
the Administrator within ninety (90) days after the application is filed with the
Administrator, unless special circumstances require an extension of time for
processing, in which event action shall be taken as soon as possible, but not
later than one hundred eighty (180) days after the application is filed with the
Administrator; and, in the event that no action has been taken within such ninety
(90) or one hundred eighty (180) day period, the claim shall be deemed to be
denied for the purposes of SL ectlon 12.5(b). In the event that the claim is
denied, the denial shall be written in a manner calculated to be understood by
the claimant and shall include the specific reasons for the denial, specific
references to pertinent Plan provisions on which the denial is based, a
description of the material information, if any, necessary for the claimant to
perfect the claim, an explanation of why such material information is necessary
and an explanation of the claim review procedure.
(b) If a claim is denied (either in the form of a written denial or by the
failure of the Plan Administrator, within the required time period, to notify the
claimant of the action taken), a claimant or his duly authorized representative
shall have sixty (60) days after the receipt of such denial to petition the Plan
27
4
i,
Administrator in writing for a full and fair review of the denial, during which time
the claimant or his duly authorized representative shall have the right to review
pertinent documents and to submit issues and comments in writing. The Plan
Administrator shall promptly review the claim and shall make a decision not later
than sixty (60) days after receipt of the request for review, unless special
circumstances require an extension of time for processing, in which event a
decision shall be rendered as soon as possible, but not later than one hundred
twenty (920) days after the receipt of the request for review. If such an
extension is required because of special circumstances, written notice of the
extension shall be fumished to the claimant prior to the commencement of the
extension. The decision of the review shall be in writing and shall include
specific reasons for the decision, written in a manner calculated to be
understood by the claimant, with specific references to the Plan provisions on
which the decision is based.
IN WITNESS WHEREOF, this Plan has been executed this day of
.1997.
CITY OF CLEARWATER
S
By
"EMPLOYER"
#74442v4
05038,979694
28
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f