2013-003 Amending Great-West 457 Deferred Comp Plan to Permit LoansRESOLUTION NO. 2013 -003
A RESOLUTION OF THE CITY OF OCOEE, FLORIDA
RELATING TO AMENDING THE GREAT -WEST 457
DEFERRED COMPENSATION RETIREMENT PLAN TO
PERMIT LOANS; PROVIDING THAT THE PLAN
CONTINUES TO BE ADMINISTERED BY GREAT -WEST
RETIREMENT SERVICES PURSUANT TO THE SPECIFIC
PROVISIONS OF THE ADOPTION AGREEMENT
ATTACHED HERETO; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, The City of Ocoee has employees rendering valuable services; and
WHEREAS, the City of Ocoee has established a 457 Deferred Compensation
Retirement Plan (the "Plan ") for such employees which serves the interest of the City by
enabling it to provide reasonable retirement security for its employees, by providing increased
flexibility in its personnel management systems, and by assisting in the attraction and retention
of competent personnel; and
WHEREAS, the City of Ocoee has determined that permitting participants in the
retirement plan to take loans from the Plan will serve these objectives;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF OCOEE, FLORIDA: the Great -West 457 Deferred Compensation
Retirement Plan will permit loans.
SECTION ONE: authorizes that the Human Resources Director shall be the
coordinator for the amended Plan; shall receive reports, notices, etc., from the Great -West
Retirement Services; may delegate any administrative duties relating to the Plan to appropriate
departments; and shall execute all necessary agreements with Great -West Retirement Services
incidental to the administration of the Plan.
SECTION TWO: Conflicts All resolutions, parts of resolutions or acts of
the City Commission of the City of Ocoee in conflict herewith are hereby repealed and
rescinded.
SECTION THREE: Severability If any section, subsection, sentence,
clause, phrase or portion of this Resolution is for any reason held invalid or unconstitutional
by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and
independent provision and such holding shall not affect the validity of the remaining portion
hereof.
SECTION FOUR: Effective Date
This Resolution shall become effective
immediately upon passage and adoption.
PASSED AND ADOPTED this 19th day of February, 2013
ATTEST:
Be ikenberry, City Clerk
CITY OF OCOEE, FLORIDA
S. Scott Vandergrift, Mayor
(SEAL)
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA.
APPROVED AS TO FORM AND
LEGALITY THIS ig - "DAY OF
2013
APPROVED BY THE OCOEE CITY
COMMISSION ON THE ABOVE DATE
UNDER AGENDA ITEM NO.
SHUFFIELD, LOWMAN & WILSON PA
By:
Ci ey
98325 -01
ADOPTION AGREEMENT
GREAT -WEST RETIREMENT SERVICES
SECTION 457(b)
ELIGIBLE DEFERRED COMPENSATION PLAN
FOR GOVERNMENTAL EMPLOYERS
Adopted By: CITY OF OCOEE
Employer
CITY OF OCOEE DEFERRED COMP PLAN
Plan Name
GREAT -WEST RETIREMENT SERVICES
SECTION 457(b)
ELIGIBLE DEFERRED COMPENSATION PLAN
FOR GOVERNMENTAL EMPLOYERS
The Employer named below is a governmental "eligible employer" within the meaning of Code
§ 457(e)(1)(A) and hereby establishes (or, as applicable, amends and restates) a deferred
compensation plan for eligible Employees as provided in this Adoption Agreement and the
accompanying 2009 Great -West Retirement Services Section 457(b) Eligible Deferred
Compensation Plan sample Basic Plan Document.
A. EMPLOYER INFORMATION.
EMPLOYER'S NAME AND ADDRESS:
CITY OF OCOEE
150 N. LAKESHORE DR.
OCOEE FL 34761
TELEPHONE NUMBER: 407 - 905 -3100
TAX ID NUMBER: 59- 6019764
4. NAME OF PLAN: CITY OF OCOEE DEFERRED COMP PLAN
5. NAME OF PLAN ADMINISTRATOR (the Employer unless another person(s) is appointed as
set forth in Section 11.02 of the Plan):
CITY OF OCOEE
B. EFFECTIVE DATE. (Check box I OR box 2 and fill in the blank(s))
[ ] This is a new Plan having an effective date of the date the Employer executes this
Adoption Agreement or, if later:
[X] This is an amended and restated Plan.
The effective date of the original Plan was March 18, 1991
The effective date of the amended and restated Plan is the date the Employer executes
this Adoption Agreement.
C. CUSTODY OF ASSETS. (Check each box that applies)
Internal Revenue Code ( "Code ") § 457(g) shall be satisfied by setting aside Plan assets for the
exclusive benefit of Participants and Beneficiaries, as follows:
in a Trust pursuant to the provisions of Article VII of the Plan. The Employer, or certain
employees (or holders of certain positions with Employer) as named in this Adoption
Agreement shall be the Trustee. Note: if the Employer is the Trustee, it is the
responsibility of the Employer to determine that it has the authority under applicable law
to act as Trustee.
2. [ ] in a Trust pursuant to a separate written trust agreement entered into between the
Employer and the bank or trust company named in this Adoption Agreement.
3. [X] in one or more annuity contracts meeting the requirements of Code § 401(1).
4. [ ] in a custodial account meeting the requirements of Code § 401(f), pursuant to a separate
written agreement with the Custodian named in this Adoption Agreement.
D. ELIGIBLE EMPLOYEES. (Check each box that applies)
" Employ " shall mean:
1. [X] any full -time employee
2. [ ] any permanent part -time employee
3. [ ] any seasonal, temporary or similar part-time employee
4. [X] any elected or appointed official
5. [ ] any independent contractor
6. [ ] other employees:
who performs services for and receives any type of compensation from the Employer (or any agency,
department, subdivision or instrumentality of the Employer) for whom services are rendered. If Box D.4.
is not checked, elected or appointed officials will not be treated as Employees and will not be eligible to
participate in the Plan, without regard to whether they are treated as common -law employees or
independent contractors for other purposes.
The following are the additional requirements or limitations, if any, for one or more of the specified
class(es) of employees to be eligible to participate in the Plan:
E. PARTICIPANT LOANS. (Check Box I OR Box 2)
[X] The Administrator MAY direct the Trustee to make Participant loans in accordance with
Article IV of the Plan.
2. [ ] The Administrator MAY NOT direct the Trustee to make Participant loans in accordance
with Article IV of the Plan.
F. DISTRIBUTION OF SMALL ACCOUNT BALANCES. (Check Box 1, 2 OR 3)
1. [ ] The Administrator SHALL direct the Trustee to distribute account balances of $1,000 or
less meeting the requirements of Section 5.03(b) of the Plan without Participant consent.
2. [ ] The Administrator SHALL direct the Trustee to distribute account balances in excess of
$1,000 but not exceeding $5,000 meeting the requirements of Section 5.03(b) of the Plan
without Participant consent.
3. [X] The Administrator SHALL NOT direct the Trustee distribute any account balances
without Participant consent.
G. IN- SERVICE DE MINIMIS DISTRIBUTIONS. (Check Box 1, 2, 3 OR 4)
[ ] The Administrator SHALL direct the Trustee to distribute account balances of $1,000 or
less meeting the requirements of Section 5.04(b) of the Plan without Participant consent.
2. [ ] The Administrator SHALL direct the Trustee to distribute account balances in excess of
$1,000 but not exceeding $5,000 meeting the requirements of Section 5.04(b) of the Plan
without Participant consent.
3. [X] The Administrator SHALL NOT direct the Trustee to distribute any account balances
without Participant consent. Administrator directs the Trustee to distribution any account
balances with Participant consent meeting the requirements of Section 5.04(a)
4. [ ] The Administrator SHALL NOT direct the Trustee to distribute any account balances
meeting the requirements of Section 5.04(a) or 5.04(b).
H. ROLLOVERS. (Check each box that applies)
[X] Rollovers from eligible Code § 457(b) plans SHALL BE allowed pursuant to Section
6.01 of the Plan.
2. [X] Rollovers from plans qualified under Code §§ 401(a), 401(k), 403(a) and 403(b) SHALL
BE allowed pursuant to Section 6.01 of the Plan.
3. [X] Rollovers from Individual Retirement Accounts and Annuities described in Code §§
408(a) and (b) SHALL BE allowed pursuant to Section 6.01 of the Plan.
L QUALIFIED DOMESTIC RELATIONS ORDERS. (Check Box I OR Box 2)
[X] The Plan SHALL accept qualified domestic relations orders as provided in Section 15.02
of the Plan.
2. [ ] The Plan SHALL NOT accept qualified domestic relations orders as provided in Section
15.02 of the Plan.
J. FICA REPLACEMENT ( "3121 ") PLAN.
Check each box that applies if this Plan is a retirement system providing FICA replacement retirement
benefits pursuant to regulations under Code § 312l(b)(7)(F).
1. Eligible Employees (check each box that applies):
a. [ ] full -time employees and /or
b. [ ] part-time employees, and complete the following.
2. Contributions (check each box that applies and fill in the appropriate blank):
a. [ ] The Employer shall make an annual contribution to each Participant's account
equal to percent of such Participant's Compensation.
b. [ ] Each Participant is required to make an annual contribution of percent
of Compensation.
(Note: The total percentage of a and b must equal at least 7.5%.)
In the event that this Plan is a retirement system providing FICA replacement retirement benefits as
described above, all references in the Plan Document to in- service distributions for De Minimis accounts,
age 70 % and Unforeseeable Emergency distributions shall be null and void. In addition, Permissive
Service Credit Transfers in Section 6.04 may not be made prior to Severance of Employment.
K. NONELECTWE EMPLOYER CONTRIBUTIONS. (Note any Employer contribution will
reduce, dollar for dollar, the amount a Participant can contribute.)
(Check Box I OR Box 2 AND complete Box 3.)
[X] The Employer will not make any nonelective employer contributions to the Plan.
2. [ ] The Employer will make nonelective employer contributions to the Plan. Such
contributions are vested at 100% upon contribution to the plan for the following Eligible
Employees: (Complete Box a, b or c)
a. [ ] all Eligible Employees checked in Section D. above and for the following
amount $
b. [ ] only the following class(es) of Eligible Employees and amounts set forth below:
C. [ ] to Eligible Employees selected by the employer in its sole discretion and in such
amounts as the Employer may determine at its sole discretion.
3. Employees designated as eligible to receive nonelective employer contributions [ ] are [ ] are not
required to complete enrollment forms in order to receive such contributions.
L. AUTOMATIC ENROLLMENT. (Check Box I OR Box 2.)
[ ] Effective for Plan Years beginning on and after , this
Plan will use an automatic enrollment feature.
2. [X] This Plan will NOT use automatic enrollment.
This Adoption Agreement to the sample Basic Plan Document attached hereto is duly executed on behalf
of the Employer by the undersigned authorized signors.
The Employer further understands and acknowledges that:
• The sample Basic Plan Document including this Adoption Agreement is a sample
provided as a courtesy to the Employer and has not been approved by the Internal
Revenue Service. Obtaining such approval, if desired by the Employer, is solely
the responsibility of the Employer.
• Great -West Retirement Services is not a party to the Plan and shall not be
responsible for any tax or legal aspects of the Plan. The Employer assumes
responsibility for these matters.
• Employer has counseled to the extent necessary, with its own legal and tax
advisors.
Great -West Retirement Services will send courtesy amendments for changes in
applicable law to Employer's adopting this sample Basic Plan ,Document until a
restated sample Basic Plan Document is made available. We will cease providing
amendments to prior versions of the sample Basic Plan Document and only those
Employers adopting the restated sample Basic Plan Document will receive sample
amendments.
EMPLOYER'S AUTHORIZED SIGNORS:
Titl
Dat
LOW
Title:
Date:
Please see attached signature page.
CITY OF OCOEE SIGNATURE PAGE
APPROVED:
ATTEST: CITY OF OCOEE, FLORIDA
Beth Eikenberry, City Clerk
(SEAL)
S. Scott Vandergrift, Mayor
DATE:
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
on this day of 1 20 .
SHUFFIELD, LOWMAN & WILSON P.A.
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD
1 20 ,
UNDER AGENDA ITEM NO.
Scott Cookson, City Attorney