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Home My WebLink About086-2012RESOLUTION NO. 86-2012 AMENDING AND RESTATING PROVISIONS OF THE TOWN OF DANVILLE MONEY PURCHASE PENSION PLAN AND TRUST AGREEMENT WHEREAS, the Town of Danville adopted its Money Purchase Pension Plan and Trust (the "Plan') in July 1996, which Plan was amended and restated effective July 1, 2010; and WHEREAS, the Town wishes to amend and restate Sections 1.06, 3.05, 5.08(3), 8.12(b) and 8.12(c) of the Plan in order to amend those sections to comply with applicable IRS regulations and clarify definitions in the Plan; now, therefore, be it RESOLVED, that the Danville Town Council approves the amendment and restatement of Sections 1.06, 3.05, 5.08(3), 8.12(b) and 8.12(c) of the Town of Danville Money Purchase Pension Plan and Trust as set forth in attached Exhibit 1, which is hereby incorporated into this resolution, to be effective on the dates specified in Exhibit 1. APPROVED by the Danville Town Council at a regular meeting on June 19, 2012 by the following vote: AYES:. Andersen, Arnerich, Doyle, Stepper, Storer NOES: None ABSTAINED: None ABSENT: None MAYOR APPROVED AS TO FORM: �U". e�4 CITY ATTORNEY ATTEST: w CI CLER Town of Danville Money Purchase Plan and Trust Agreement (As Amended and Restated effective July 1, 2010) THIS AGREEMENT, made and entered into this day of , 2012, by and between Town of Danville organized under the laws of the State of California with principal offices at Danville, California (hereinafter called the "Employer ") and the Town Manager and the finance director (hereinafter referred to as the Trustees): WITNESSETH: That at a meeting of the Town Council held on the 19th day of June, 2012, certain amendments to the Money Purchase Plan and Trust were ratified authorized and directed: Now, therefore, it is agreed by and between the parties hereto that the aforementioned Money Purchase Plan and Trust Agreement be and it is hereby amended effective on the dates set forth below as follows: 1. Section 1.06 is restated effective as of the date provided above to read as follows: SECTION 1.06 " Compensation " shall mean all of each Participant's wages (as defined in Code Section 3401(a) for purposes of income tax withholding but determined without regard to any rules that limit remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Code Section 3401(a)(2)) received from the Employer, excluding amounts received from the Employer as an auto allowance. Compensation shall include only that compensation which is actually paid to the Participant during the Plan Year. 2. Section 3.05 is restated effective January 1, 2007 to read as follows: SECTION 3.05 Qualified Military Service. Notwithstanding any provision in this Plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Section 414(u) of the Code. Effective January 1, 2007, if a Participant dies on or after January 1, 2007, while performing qualified military service, the Beneficiary of that Participant is entitled, to the extent required by Section 401(a)(37) of the Code or any treasury regulations or other guidance promulgated thereunder, to any additional benefits (other than benefit accruals relating to the period of qualified military service) provided under the Plan as if the Participant had resumed employment on the day immediately before the. Participant's death and then terminated employment on account of death. 3. Section 5.08(e) is amended effective July 1, 2009 by adding a new subsection (iv) to read as follows: 2105.002 #122388 (iv) Effective July 1, 2009, and in accordance with Section 414(u)(12)(A)(ii) of the Code, and any treasury regulations and other guidance promulgated thereunder, Section 415 Compensation also includes differential pay that 1) is made by the Employer to a Participant with respect to any period during which the Participant is performing service in the uniformed services while on active duty for a period of more than 30 days and 2) represents all or a portion of the wages the Participant would have received from the Employer if the Participant had remained actively employed. 4. Section 8.12(b) is restated effective July 1, 2010 to read as follows: (b) " Eligible Retirement Plan shall mean an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, a Roth individual retirement account described in Section 408A of the Code (effective January 1, 2008), an annuity plan described in Section 403(a) of the Code, an annuity contract described in Section 403(b) of the Code (effective January 1, 2002), a government plan described in Section 457 of the Plan (effective January 1, 2002), or a qualified trust described in Section 40'1(a) of the Code, that accepts the Distributee's Eligible Rollover Distribution. Provided, in the case of an Eligible Rollover Distribution to the surviving Spouse made prior to January 1, 2002, an Eligible Retirement Plan shall mean an individual retirement account or individual retirement annuity. Further provided, effective January 1, 2009, in the case of an eligible rollover distribution to a nonspouse Beneficiary, an eligible retirement plan shall mean an individual retirement account described in Section 408(a) of the Code or an individual retirement annuity described in Section 408(b) of the Code established for the purpose of receiving a distribution on behalf of the nonspouse Beneficiary of the Participant in accordance with Section 401(c)(11) of the Code. 5. Section 8.12(c) is restated effective July 1, 2010 to read as follows: (c) " Distributee " shall mean a Participant, a Participant's surviving Spouse, or the Participant's Spouse or former Spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, as applicable and, effective January 1, 2009, the Participant's nonspouse Beneficiary. A Spouse or former Spouse is a Distributee with respect to the interest of such Spouse or former Spouse. 2 2105.002 # 122388 IN WITNESS WHEREOF, The Employer has caused this Agreement to be signed by its duly authorized officer and the Trustees have also signed this Agreement. � /( Z DATE !2 DA 'YE /-z zo�z IDA TE 2105.002 # 1223 88 TOWN OF DANVILLE By EMPLOYE TRUSTEES: 3 , f"l, (,& Z �' � F ANCE DIRECTOR