[Ord. 10168, 1-16-2014, full chapter[1]]
[Code § 18 1/2-1]
Article I shall hereafter be known and cited as Article I, Appendix Chapter F of the Kirkwood Code of Ordinances, Ordinance No. 5407, General Ordinances of the City of Kirkwood, Missouri, "City of Kirkwood Employees' Pension Plan."
[Code § 18 1/2-2]
Whenever used herein, unless the context clearly indicates otherwise:
(a)
ACCOUNT
(whether or not the word is capitalized) — All of
the following, but if there are not all shall mean whichever exists:
(b)
BENEFICIARY — Any
person or persons (including, but not limited to, an estate, an executor,
administrator or fiduciary, corporate or otherwise) designated pursuant
to § F-108(i) to receive any undistributed account balance
distributable hereunder on account of the death of such participant
or former participant. To the extent that a participant or former
participant has not named a beneficiary at the time of his or her
death; the original copy of the beneficiary designation of the participant
or former participant cannot be located; or the designated beneficiary
and contingent designated beneficiary or beneficiaries is or are deceased
or cannot be located, the participant's or former participant's
beneficiary shall be his or her surviving spouse at the time of the
participant's or former participant's death. If such participant
or former participant does not have a surviving spouse at his or her
death, the participant's or former participant's children
(natural and adopted) surviving at his or her death shall be the beneficiary
or beneficiaries, and shall be entitled to payment of the participant's
or former participant's undistributed account balance in equal
shares without the application of any antilapse statute. If the participant
or former participant does not have surviving children at his or her
death, the participant's or former participant's estate
shall be his or her beneficiary. When used with respect to maintenance
of an account for a beneficiary and adjustments to be made therein,
the term beneficiary shall mean a beneficiary who is currently entitled
to payment of a benefit under the plan.
(c)
BOARD
or BOARD OF TRUSTEES — The Board of Trustees appointed
pursuant to § F-102 hereof.
(d)
CITY — The
City of Kirkwood or the officer or officers of the City to whom the
City Council may delegate any of its rights, duties or powers hereunder.
(e)
CITY
COUNCIL — The City Council of the City.
(f)
CODE — The
Internal Revenue Code of 1986, as amended.
(g)
COMPENSATION —
(1)
The total of all remuneration paid by the City to an employee during
the period he or she is a participant in the plan, and received by
a participant as workers' compensation, other than a lump sum payment
of workers' compensation. "Compensation" shall include salary, bonuses,
wages overtime payments, or other regular remuneration, educational
incentive pay, all amounts deferred under any plan of deferred compensation
maintained by the City, and all amounts contributed by the City, pursuant
to a salary reduction agreement, to a plan which satisfies the requirements
of Section 125 or Section 132(f) of the code, but excludes expenses
paid or reimbursed, food allowances, clothing allowance, tuition reimbursement
payments, the imputed value of life insurance, automobile usage, and
all contributions made under this plan and any other plan maintained
by the City which satisfies the requirements of Section 401 of the
code or any other statute of similar import.
(2)
In order to be taken into account for purposes of this section, compensation
generally must be paid or treated as paid to the employee before the
severance from employment of the employee. However, compensation paid
by the later of 2 1/2 months after the severance from employment
of an employee or the end of the limitation year that includes the
date of severance from employment of the employee shall be treated
as compensation to the extent such amounts are compensation for services
rendered that would have been paid absent a severance from employment,
payments of accrued vacation or other leave the employee would have
been able to use if employment had continued, or payments of unfunded
nonqualified compensation that would have been paid at the same time
if the employee had continued in employment.
(3)
The compensation of each participant taken into account for determining
all benefits provided under the plan for any plan year shall not exceed
$200,000, as adjusted for increases in the cost-of-living in accordance
with Section 401(a)(17)(B) of the code. The cost-of-living adjustment
in effect for a calendar year applies to any determination period
beginning in such calendar year. If a determination period consists
of fewer than 12 months, the annual compensation limit is an amount
equal to the otherwise applicable annual compensation limit multiplied
by a fraction, the numerator of which is the number of months in the
short determination period, and the denominator of which is 12. If
compensation for any prior determination period is taken into account
in determining a participant's allocations for the current plan
year, the compensation for such prior determination period is subject
to the applicable annual compensation limit in effect for the prior
period. Effective January 1, 2009, compensation shall not include
differential wage payments.
(h)
DIFFERENTIAL
WAGE PAYMENTS — Payments which are made by the City
to a person with respect to any period during which the person is
performing military service, while on active duty for a period of
more than 30 days, which represents all or a portion of the wages
the person would have received from the City if the individual was
performing service for the City.
(i)
EMPLOYEE — Any
person who is employed by the City (or, effective January 1, 2009,
a person who receives differential wage payments), except any elected
or appointed official who is not an employee of the City; commissioned,
salaried police officers and salaried firefighters of the police and
fire departments of the City; seasonal employees whose customary employment
is for less than a consecutive five-month period in a plan year; any
person whose customary employment is for less than 20 hours per week;,
and library associates, ice rink guards, cashiers, and ice rink shift
managers.
(j)
FORMER
PARTICIPANT — A person who shall have been a participant
but whose employment with the City shall have terminated, or is deemed
to have terminated pursuant to the provisions hereof, and to whom
or to whose beneficiary there shall not have been distributed the
aggregate amount of benefits to which such participant or his or her
beneficiary is entitled under the plan.
(k)
FUND — The
res or corpus and all earnings, appreciation or additions thereon
and thereto held by the Board of Trustees, including those funds accumulated
under the prior plans, and shall be designated the "City of Kirkwood
Employees' Retirement Fund."
(l)
FUND
CUSTODIAN or CUSTODIAN — The person or persons appointed
as custodian of the fund pursuant to § F-111 hereof.
(m)
HOUR
OF SERVICE:
(1)
HOUR OF SERVICE — Each hour for which (a) an employee is paid,
or entitled to payment, by the City for the performance of duties
during the applicable computation period, and the hour of service
shall be credited to the period in which the duties are performed,
(b) an employee is paid, or entitled to such payment, by the City
on account of a period of time during which no duties are performed
(irrespective of whether the employment relationship has terminated)
due to vacation, holiday, illness, incapacity (including disability),
layoff, jury duty, military leave or leave of absence and the hour
of service shall be credited to the period in which the period during
which no duties are performed occurs, (c) back pay, irrespective of
mitigation of damages, has been either awarded or agreed to by the
City and the hour of service shall be credited to the period to which
the award or agreement pertains, and (d) an employee would have been
paid or entitled to payment under (a) above assuming that (i) he or
she had not been on an authorized leave of absence (in accordance
with the provisions of § F-104), and (ii) but for the authorized
leave of absence would have been regularly engaged in the performance
of his or her duties and the hour of service shall be credited to
the period he or she would have been regularly engaged in the performance
of his or her duties had he or she not been on authorized leave of
absence; provided, however, that in no event shall an hour of service
be credited to an employee under more than one of the applicable subsections
(a), (b), (c) or (d) above. The number of hour of service to be credited
under (b) above shall be in accordance with the requirements of 29
CFR 2530.200b-2(b) as such regulations may be amended or superseded
from time to time and such regulations are incorporated herein by
reference.
(2)
The definition of "hour of service" as provided in this section shall
be construed so as to resolve any ambiguities in favor of crediting
employees with hours of service.
(n)
INVESTMENT
MANAGER — A person, firm or corporation appointed
by the Board to manage (including the power to acquire or dispose
of) all or one or more portions of the fund, which person, firm or
corporation shall:
(1)
Be registered as an investment adviser under the Investment Advisers
Act of 1940;[1] or a bank as defined in the Investment Advisers Act of
1940; or an insurance company qualified to manage (including the power
to acquire or dispose of) all or one or more portions of the fund
under the laws of more than one state; and
[1]
Editor's Note: See 15 U.S.C. § 80b–20.
(2)
Acknowledge in writing to the City that he, she or it is a fiduciary
with respect to the plan.
(o)
LATE
RETIREMENT DATE — The first day of the calendar month
following a participant's termination of employment after his
or her normal retirement date.
(p)
MILITARY
SERVICE — Effective as of January 1, 2007, any service
in the uniformed services (as defined in Chapter 43 of Title 38 of
the United States Code) by any person if such person is entitled to
reemployment rights under such chapter with respect to such service.
(q)
NORMAL
RETIREMENT DATE — The first day of the calendar month
during which a participant attains 65 years of age.
(r)
PARTICIPANT — A
person who becomes and remains a participant under § F-103
hereof.
(s)
PERIOD
OF ELIGIBILITY SERVICE — A consecutive six-month period
computed with reference to the date on which the employee's employment
commenced with the City, or semiannual anniversaries thereof, during
which the employee completed not less than 500 hours of service. If
the status of an employee within the meaning of § F-201(i)
changes to that of an employee within the meaning of § F-201(i)
before such individual becomes eligible to participate in the City
of Kirkwood Police Officers' and Firefighters' Pension Plan,
such individual's service as an employee within the meaning of
§ F-201(i) shall be treated as service as an employee within
the meaning of § F-201(i) for purposes of this definition.
(t)
PERMANENT
DISABILITY or PERMANENTLY DISABLED — Such physical
and mental disability as determined by the disability insurance carrier
as provided for herein. "Permanent disability" shall exclude any ailment
or condition resulting from an employee's engagement in the commission
of a felony, from an employee's habitual use of drugs, intoxicants
or narcotics, from an employee's deliberately, self-inflicted
injury or self-induced illness, and from any injury received or disease
contracted in military service or in the armed forces of any other
country or of any private paramilitary organization, and any other
exclusions and limitations provided for by such insurance.
(u)
PERSON — Wherever
appropriate, either a natural or artificial person, or both, including,
but not limited to, a corporation and fiduciary (corporate or otherwise)
and a legal representative.
(v)
PLAN — The
pension plan set forth in this document and any and all amendments
thereto, which plan shall be known as the "City of Kirkwood Employees'
Pension Plan."
(w)
PLAN
ADMINISTRATOR — The City employee to whom the Board
delegates its managerial duties and responsibilities under § F-102(i).
(x)
PLAN
YEAR — A consecutive twelve-month period ending on
the last day of March in each year.
(y)
PRIOR
PLANS or PRIOR PLAN — Either or both the Civilian
Employees' Retirement Plan (enacted on September 19, 1968, pursuant
to Ordinance No. 5407), and the Civilian Employees' Pension Plan
(enacted on March 20, 1980, pursuant to Ordinance No. 6576).
(z)
RETIREE — An
employee who has retired from the City and who is receiving or has
received benefits pursuant to prior plans.
(aa)
RETIREMENT DATE — Normal retirement date or late
retirement date.
(bb)
SPOUSE — Effective September 16, 2013, a legally
married, opposite or same-sex spouse as determined under the applicable
law of any state in the United States or domestic or foreign jurisdiction
having the legal authority to sanction marriages at the time and location
that the marriage was entered into.
(cc)
YEAR OF VESTING SERVICE or YEAR OF VESTING SERVICE WITH THE CITY — A
plan year during which the employee has completed at least 1,000 hours
of service with the City. In determining the number of years of vesting
service for a participant, years of vesting service need not be consecutive.
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Words in this instrument used in the singular shall include
the plural and words in the masculine shall include the feminine or
neuter, or both wherever appropriate.
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[Code § 18 1/2-3]
(a)
Establishment. The City shall establish the Board of Trustees which
shall consist of seven persons.
(b)
Membership. Five Board members shall be appointed by the City Council
and shall not be employees of the City. Two Board members shall be
employees of the City who are participants in the plan, who may not
be from the same department or office of the City, and who are elected
by the employees. The five appointed Board members shall serve for
a term of three years and until their successors are duly appointed.
The two elected Board members shall serve for a term of two years
and until their successors are duly elected.
(c)
Appointed members; terms. The appointed Board members shall be divided
into three classes, with the first and second classes each consisting
of two members and the third class consisting of one member. At the
meeting of the City Council held for the appointment of the first
Board, the members of the first class shall be appointed for a term
of three years; the members of the second class for a term of two
years; and the member of the third class for a term of one year; and
annually, the successors to the class of Board members whose terms
shall expire that year shall be appointed by the City Council to hold
office for the term of three years, so that the term of office of
one class of members shall expire in each year.
(d)
Elections; terms. The two elected Board members shall be elected
by a majority of the employees voting by secret ballot at an election
called for such purpose. The elected Board members shall be divided
into two classes, with the first class consisting of the employee
receiving the largest number of votes and the second class consisting
of the employee receiving the second largest number of votes. Following
the election, the first class shall serve for a term of two years
and the second class shall serve for a term of one year. Successors
of these employees shall thereafter hold office for a term of two
years, so that the term of office of one class of members shall expire
in each year. Such election shall be administered by the City Clerk
and shall be held between December 1 and March 1 of such years in
which there is to be an election, the elected member taking his or
her position on the first day of the plan year following the election.
(e)
Removal of member; vacancies. The City Council may remove any Board
member, in which event his or her removal shall become effective upon
adoption of a resolution to that effect by the City Council. Any Board
member may resign by written notice to the City Council of the City.
In the event of the death, removal or resignation of a Board member
appointed by the City Council prior to expiration of his or her term,
the City Council shall fill any vacancy in the membership of the Board
thus created; or in the event of the death, removal or resignation
of an elected Board member prior to the expiration of his or her term,
the employees shall, by special election, fill any vacancy in the
membership of the Board thus created.
(f)
Investment managers. The Board shall appoint and remove, in its discretion,
one or more investment managers to manage (including the power to
acquire and dispose of all, or one or more portions of) the fund.
(g)
Books, records, etc. of prior plans. The Board of Trustees of this
plan shall have no obligation to examine the books, records, accounts
or acts of the Boards of Trustees of the prior plans and, in consideration
of their acceptance of the appointment herein, shall be able to accept
said books, records and accounts in good faith and shall have no liability
whatsoever for the acts of the Boards of Trustees of the prior plans.
(h)
Powers and duties of board. The Board of Trustees shall administer
the plan through its duly authorized officers in a uniform and nondiscriminatory
manner. The Board, in its discretion, is specifically authorized to
determine eligibility for benefits under this plan and to construe
the plan's terms. The Board shall administer the plan in accordance
with its terms and shall have all powers necessary to carry out the
provisions of the plan (except such powers as are reserved by the
plan or by law to the City), whether or not such powers are specifically
enumerated herein, but not inconsistent with any of the express terms
and provisions of this plan, including the power to make and publish
such bylaws and regulations as it may deem necessary to carry out
the provisions of this plan. Notwithstanding the foregoing, the City
shall have the absolute and sole right to determine and make appropriations
for funding contributions to the plan and the Board of Trustees'
powers and rights under the plan shall be limited to custodial and
administrative functions. The Board of Trustees shall not be liable
hereunder for any acts performed by them in good faith and shall be
liable only for criminal acts.
Without limiting the generality of the foregoing, the Board
shall have the general administration of the plan and subject to the
powers specifically reserved herein and inherent to the City, the
sole, final and absolute right to reconcile any inconsistency in the
plan, to interpret and construe the provisions of the plan in all
particulars, in such manner and to such extent as it deems proper,
and to take all action and make all decisions and determinations necessary
under the plan and/or in connection with its administration, interpretation
and application. Any interpretation or construction placed upon any
term or provision of the plan by the Board, any decision of the Board
with regard to the eligibility of an employee to become a participant,
the rights of a participant, a former participant, or the beneficiaries
of either of them, or any other person, any reconciliation of an inconsistency
in the plan made by the Board and any other action, determination
or decision whatsoever taken by the Board, shall be final, conclusive
and binding upon all persons or parties interested in or concerned
with the plan, including, but not by way of limitation, the employees,
participants, former participants and beneficiaries, subject, however,
to review in the Circuit Court of St. Louis County pursuant to administrative
procedures established by state law. No Board member shall act or
vote in any case in which his or her individual right or claim to
any benefit is particularly involved. The Board is hereby empowered
to enter into such agreements with the City or other pension funds
of the City for the coinvestment of funds or the management of funds.
(i)
Officers. The Board shall elect a Chairman and Treasurer from among
its members. The Board may elect other officers from its members as
it deems necessary to fulfill the obligations of the Board. Any and
all documents shall be signed or executed by the Chairman of the Board,
or, if so authorized by the majority of the Board, any other officer
of the Board. The Board may employ a secretary, who may be an employee
of the City. The Director of Finance shall serve as an ex officio
member of the Board and together with the Treasurer of the Board shall
be custodian of all cash, securities and other assets of the fund,
subject to the control and direction of the Board. The City's
Chief Administrative Officer or an employee of the City so designated
by the City's Chief Administrative Officer shall serve as Plan
Administrator under the direction of the Board. No compensation shall
be paid to the Plan Administrator from the fund.
(j)
Quorum; meetings. Four members of the Board at any time in office
shall constitute a quorum for the transaction of business. All resolutions
and other action taken by the Board at any meeting shall be by vote
of the majority of those present at any such meeting unless otherwise
provided herein. The Board shall hold meetings upon such notice, at
such place or places, and at such time or times as it may from time
to time determine, provided that meetings shall be held at least once
in each calendar quarter. The Board shall publish a schedule of such
meetings, which shall be open to the public unless the subject matter
of such meeting permits such meeting to be closed pursuant to state
law. Four members of the Board may call for a special meeting upon
five days' written notice.
(k)
Compensation; expenses. The Board members shall serve without compensation
for their Board services. Unless the same shall have been paid by
the City, all reasonable and necessary expenses of the Board, including,
but not limited to, legal, accounting and other professional fees
and expenses, and any cost or expense incurred by litigation, shall
be paid out of the fund on direction of the Board, provided that such
expenses shall not have been incurred as a result of the willful misconduct
or gross negligence of the Board or any member or members of it. Unless
the same shall have been paid by the City, all costs and expenses
incurred by any Board member in connection with any litigation to
which he or she may be a party or in connection with any claim made
against him or her when such litigation or claim arises out of his
or her action or failure to act as a Board member and when such litigation
or claim is not the result of the Board member's willful misconduct
or gross negligence shall be paid out of the fund at the direction
of the Board. Unless the same shall have been paid by the City, the
fees set forth in the written agreement with an investment manager
shall be paid out of the fund on direction of the Board. The Board
of Trustees shall not be liable hereunder for any actions performed
by them in good faith and shall be liable only for criminal acts,
or as the law so designates.
(l)
Record of proceedings. The Board shall cause to be kept a record
of all of its proceedings and such records and other data as may be
necessary for the administration of the plan.
(m)
Custodian of fund. The Board shall direct the custodian, if any,
with respect to the distribution of and disbursement from, the fund.
(n)
Discrimination. The Board shall not exercise any powers herein conferred
upon it in such a way as to result in discrimination in favor of highly
compensated employees or officers of the City.
[Code § 18 1/2-4]
(a)
Continued participation. Each employee who was a participant on March
31, 2013, shall continue to be a participant on April 1, 2013.
(b)
Commencement of participation. Each employee shall become a participant
on the first day of the month coincident with or next following the
later of the date he or she completes a period of eligibility service
or attains age 21. An employee, who had been employed by the City,
been a participant in the plan, and ceased being an employee, shall
become a participant as of the date he or she is reemployed by the
City as an employee.
(c)
Termination of participation. A participant shall cease being a participant
on the day he or she is no longer an employee and shall cease to be
a former participant on the date his or her benefits are completely
distributed from the plan.
(d)
Participation on reemployment. An employee who is not a participant
in the plan on the date his or her employment with the City terminates
or is deemed to terminate, shall be deemed to be a new employee as
of the date of his or her reemployment with the City as an employee.
[Code § 18 1/2-5]
(a)
Authorized leave of absence. An employee shall be deemed to be on
an authorized leave of absence throughout any period during which
he or she shall be:
(b)
Termination of leave of absence. A participant who is on an authorized
leave of absence shall remain a participant in the plan. If an employee
shall fail to return to active employment with the City on or before
the last day of the period of such leave of absence, he or she shall
be deemed to have terminated his or her employment on such last day.
An employee's period of authorized leave of absence begins with
the first day of his or her authorized leave of absence and ends on
the first to occur of the following applicable dates:
(1)
In case of absence with prior consent of the City, the 15th
day following the termination of such absence.
(2)
In case of a layoff, the 15th day following such employee's
recall to active employment, or the date on which occurs the expiration
of six months from the commencement of such layoff, whichever first
occurs.
(3)
In the case of an absence due to illness or disability, the
15th day following the end of such employee's illness or disability,
or the date which occurs upon the expiration of six months from the
commencement of such employee's absence due to illness or disability,
whichever first occurs.
(4)
In the case of military service, the last day on which he or
she retains reemployment rights under federal law or such extended
date as the Board may allow because of factors causing a delay in
return to active employment.
(c)
Nondiscriminatory treatment. Specifically with regard to the application
of the provisions of this article, employees shall be treated alike
when in similar circumstances.
[Code § 18 1/2-6]
(a)
Amount of contributions. For each plan year within which or coincidental
with which the fiscal year of the City ends, the City shall, subject
to the provisions of § F-106(d), contribute to the fund
to be held and administered by the Board according to the plan, on
behalf of each participant, an amount equal to 6.5% of each participant's
compensation for such year.
(b)
Source and payment of contributions. City contributions required
to be made under § F-105(a) shall be derived from such revenue
sources as the City Council shall determine, from income and capital
appreciation derived therefrom and from any property given or donated
to it from any source. The Board may accept, on behalf of the fund,
gifts, grants, devises or bequests of personal or real property, conditioned
or unconditioned, provided that no conditioned gifts may be accepted
where such a condition is contrary to the plan or applicable state
law. The City shall pay or transfer to the Board of Trustees its contribution
for each plan year at the time prescribed by the City Council or its
designate.
(c)
Board duty with respect to contributions. The Board of Trustees shall
have no right or duty to inquire into the amount of the City's
annual contribution or the methods used in determining the amount
of such contribution, but shall be accountable only for funds actually
received by the fund.
[Code § 18 1/2-7]
(a)
Contributions part of fund. All contributions made by the City to
this plan shall, when paid to the Board of Trustees, become part of
the fund.
(b)
Establishment of accounts.
(1)
The Board shall establish and maintain or shall cause to be
established and maintained a current account in the name of each participant,
former participant and beneficiary. Each participant's pro rata
share of the City contributions shall be credited to his or her current
account. Such records are primarily for accounting purposes and do
not require a segregation of fund assets to each such account.
(2)
The Board shall establish and maintain or shall cause to be
established and maintained a retirement plan account in the name of
each participant in the plan. The retirement plan account shall consist
of the following:
a.
The actuarial equivalent of the participant's earned benefit
(as defined in the applicable prior plan) under the applicable prior
plan, unless the participant elected to have an annuity purchased
with the actuarial equivalent of his or her earned benefit under the
prior plan; plus
b.
The participant's mandatory contributions to the applicable
prior plan and earnings thereon on the participants mandatory contributions
to the plan from July 1, 1973, through December 31, 1985, at the rate
of 2% per annum, compounded annually.
A retirement plan account shall also be established for each
former participant of a prior plan who, at the time of his or her
termination of employment with the City, was entitled to a vested
deferred benefit under the applicable prior plan and whose benefit
has not commenced under the applicable prior plan, which such retirement
plan account shall consist only of an annuity purchased with the actuarial
equivalent of his or her earned benefit under such prior plan. For
purposes of this § F-106, "actuarial equivalent" means a
benefit or benefits which are of equal value at the date of determination
to the benefits for which they are being substituted. Equivalency
of value is determined by an actuary selected by the Board and is
based on the following actuarial assumptions:
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Mortality: The 1984 PBGC Unisex Pension Mortality Table
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Interest rate: 8.2% per annum.
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Each participant shall be 100% vested at all times in the amount
credited to and any annuity held in his or her retirement plan account.
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(c)
Allocation to current account. As of the day the City shall make
a contribution, the Board shall credit the amount of such contribution
made on behalf of each participant pursuant to § F-105(a),
to the current account of each such participant.
(d)
Limitation on annual additions.
(1)
If a participant does not participate in and has never participated
in another qualified plan [within the meaning of Section 401(a) of
the code], a welfare benefit fund [as defined in Section 419(e) of
the code], an individual medical account [as defined in Section 415(1)(2)
of the code], or a simplified employee pension [as defined in Section
408(k) of the code] maintained by the employer, the annual additions,
as defined in § F-106(d)(4), which may be credited to the
participant's current account for any limitation year will not
exceed the lesser of the maximum permissible amount or any other limitation
contained in the plan. If the contributions that would otherwise be
contributed or allocated to the participant's current account
would cause the annual additions for the limitation year to exceed
the maximum permissible amount, the amount contributed or allocated
will be reduced so that the annual additions for the limitation year
will equal the maximum permissible amount.
(2)
This section applies if, in addition to the plan, the participant
is covered under another qualified defined contribution plan, a welfare
benefit fund, an individual medical account, or a simplified employee
pension maintained by the employer. The annual additions which may
be credited to a participant's current account under the plan
for any limitation year will not exceed the maximum permissible amount
reduced by the annual additions credited to a participant's accounts
under the other qualified defined contribution plans, welfare benefit
funds, individual medical accounts, or simplified employee pensions
for the same limitation year. If the annual additions with respect
to the participant under other qualified defined contribution plans,
welfare benefit funds, individual medical accounts, and simplified
employee pensions maintained by the employer are less than the maximum
permissible amount and the contributions that would otherwise be contributed
or allocated to the participant's current account under this
plan would cause the annual additions for the limitation year to exceed
this limitation, the amount contributed or allocated will be reduced
so that the annual additions under all such plans and funds for the
limitation year will equal the maximum permissible amount. If the
annual additions with respect to the participant under such other
qualified defined contribution plans, welfare benefit funds, individual
medical accounts, and simplified employee pensions in the aggregate
are equal to or greater than the maximum permissible amount, no amount
will be contributed or allocated to the participant's current
account under this plan for the limitation year.
(3)
Excess annual additions shall be corrected in accordance with
the principles set forth in the Employee Plans Compliance Resolution
System.
(4)
ANNUAL ADDITIONS
a.
b.
c.
d.
COMPENSATION
a.
(i)
(ii)
(iii)
(iv)
(v)
b.
c.
d.
e.
f.
g.
h.
EMPLOYER
LIMITATION YEAR
MAXIMUM PERMISSIBLE AMOUNT
a.
b.
c.
d.
Definitions.
The sum of the following amounts credited to a participant's
current account for the limitation year:
City contributions;
Forfeitures;
Amounts allocated to an individual medical account, as defined
in Section 415(1)(2) of the code, which is part of a pension or annuity
plan maintained by the employer are treated as annual additions to
a defined contribution plan. Also amounts derived from contributions
paid or accrued which are attributable to postretirement 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 fund, as defined
in Section 419(e) of the code, maintained by the employer are treated
as annual additions to a defined contribution plan; and
Allocations under a simplified employee pension.
Wages, salaries, differential wage payments (effective January
1, 2009) and fees for professional services and other amounts received
(without regard to whether or not an amount is paid in cash) for personal
services actually rendered in the course of employment with the employer
maintaining the plan to the extent that the amounts are includible
in gross income, including, but not limited to, commissions paid salespersons,
compensation for services on the basis of a percentage of profits,
commissions on insurance premiums, tips, bonuses, fringe benefits,
and reimbursements, or other expense allowances under a nonaccountable
plan [as described in Section 1.62-2(c) of Treasury Regulations];
and
Excluding the following:
Employer contributions [other than elective contributions described
in Sections 402(e)(3), 408(k)(6), 408(p)(2)(A)(i), or 457(b) of the
code] to a plan of deferred compensation [including a simplified employee
pension described in Section 408(k) of the code or a simple retirement
account described in Section 408(p) of the code, and whether or not
qualified] to the extent such contributions are not includible in
the participant's gross income for the taxable year in which
contributed, and any distributions (whether or not includible in gross
income when distributed) from a plan of deferred compensation (whether
or not qualified), amounts received during the year by the participant
pursuant to a nonqualified unfunded deferred compensation plan to
the extent includible in gross income;
Amounts realized from the exercise of a nonstatutory stock option
[that is, an option other than a statutory stock option as defined
in Section 1.421-1(b) of Treasury Regulations], or when restricted
stock (or property) held by the participant either becomes freely
transferable or is no longer subject to a substantial risk of forfeiture;
Amounts realized from the sale, exchange or other disposition
of stock acquired under a statutory stock option;
Other amounts that receive special tax benefits, such as premiums
for group term life insurance (but only to the extent that the premiums
are not includible in the gross income of the participant and are
not salary reduction amounts that are described in Section 125 of
the code);
Other items of remuneration that are similar to any of the items
listed in (i) through (iv).
Except as provided herein, compensation for a limitation year
is the compensation actually paid or made available during such limitation
year. Compensation for a limitation year shall include amounts earned
but not paid during the limitation year solely because of the timing
of pay periods and pay dates, provided the amounts are paid during
the first few weeks of the next limitation year, the amounts are included
on a uniform and consistent basis with respect to all similarly situated
employees and no compensation is included in more than one limitation
year.
Compensation for a limitation year shall also include compensation
paid by the later of 2 1/2 months after a participant's
severance from employment with the employer maintaining the plan or
the end of the limitation year that includes the date of the participant's
severance from employment with the employer maintaining the plan,
if the payment is regular compensation for services during the participant's
regular working hours, or compensation for services outside the participant's
regular working hours (such as overtime or shift differential), commissions,
bonuses, or other similar payments, and, absent a severance from employment,
the payments would have been paid to the participant while the participant
continued in employment with the employer, or the payment is for unused
accrued bona fide sick, vacation or other leave that the employee
would have been able to use if employment had continued; or the payment
is received by the participant pursuant to a nonqualified unfunded
deferred compensation plan and would have been paid at the same time
if employment had continued, but only to the extent includible in
gross income.
Any payments not described above shall not be considered compensation
if paid after severance from employment, even if they are paid by
the later of 2 1/2 months after the date of severance from employment
or the end of the limitation year that includes the date of severance
from employment, except compensation paid to a participant who is
permanently and totally disabled, as defined in Section 22(e)(3) of
the code, provided salary continuation applies to all participants
who are permanently and totally disabled for a fixed or determinable
period, or the participant was not a highly compensated employee,
as defined in Section 414(q) of the code, immediately before becoming
disabled.
Back pay, within the meaning of Section 1.415(c)-2(q)(8) of
Treasury Regulations, shall be treated as compensation for the limitation
year to which the back pay relates to the extent the back pay represents
wages and compensation that would otherwise be included under this
definition.
Compensation paid or made available during a limitation year
shall include amounts that would otherwise be included in compensation
but for an election under Sections 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B),
402(k), or 457(b) of the code.
Compensation shall also include deemed Section 125 compensation.
Deemed Section 125 compensation is an amount that is excludable under
Section 106 of the code that is not available to a participant in
cash in lieu of group health coverage under and described in an arrangement
solely because the participant is unable to certify that he or she
has other health coverage. Amounts are deemed Section 125 compensation
only if the employer does not request or otherwise collect information
regarding the participant's other health coverage as part of
the enrollment process for the health plan.
Compensation shall not include amounts paid as compensation
to a nonresident alien, as defined in Section 7701(b)(1)(B) of the
code, who is not a participant in the plan to the extent the compensation
is excludable from gross income and is not effectively connected with
the conduct of a trade or business within the United States.
For purposes of this § F-106(d), "employer" shall
mean the City, and all members of a controlled group of corporations
[as defined in Section 414(b) of the code as modified by Section 415(h)],
all commonly controlled trades or businesses [as defined in Section
414(c) as modified by Section 415(h)] or affiliated service groups
[as defined in Section 414(m)] of which the adopting City is a part,
and any other entity required to be aggregated with the City pursuant
to regulations under Section 414(o).
The plan year. All qualified plans maintained by the employer
must use the same limitation year. If the limitation year is amended
to a different twelve-consecutive-month period, the new limitation
year must begin on a date within the limitation year in which the
amendment is made.
Except for catch-up contributions described in Code Section
414(v), the annual addition that may be contributed or allocated to
a participant's current account under the plan for any limitation
year shall not exceed the lesser of:
The compensation limit referred to herein shall not apply to
any contribution for medical benefits after separation from service
[within the meaning of Section 401(h) or Section 419A(f)(2) of the
code] which is otherwise treated as an annual addition.
If a short limitation year is created because of an amendment
changing the limitation year to a different twelve-consecutive-month
period, the maximum permissible amount will not exceed the defined
contribution dollar limitation multiplied by the following fraction:
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Number of months in the short limitation year
12
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If the plan is terminated as of a date other than the last day
of the limitation year, the plan is deemed to have been amended to
change its limitation year and the maximum permissible amount shall
be determined and shall be prorated for the resulting short limitation
year.
(e)
Adjustment to accounts. With respect to each investment fund established
under § F-111(d), on a daily basis the then net credit balance
in the current accounts of each participant, former participant and
beneficiary, shall be adjusted upward or downward, as the case may
be, in the same proportion that the total amount of the then net credit
balance in each such current accounts invested in the investment fund
bears to the total amount of the then net credit balances in the current
accounts of all participants, former participants and beneficiaries
invested in the investment fund, so that the total of the then net
credit balances in the current accounts of all participants, former
participants and beneficiaries invested in the investment fund, as
so adjusted, will equal the value of the investment fund as of such
date less, however, the City contribution for such plan year and the
amount of any suspense account established in accordance with § F-106(d).
In determining credit balances in current accounts of participants,
former participants and beneficiaries, the determination shall be
made prior to the allocations of the City contribution provided for
in § F-106(c).
[Code § 18 1/2-8]
Valuation. The value of the fund, other than the amount of any
suspense account established in accordance with § F-106(d),
shall be determined on a daily basis. The Board of Trustees shall
report such value to the City Council and participants, in writing,
on a quarterly basis. In making such, determination, the Board of
Trustees shall value the assets of the fund, other than the amount
of any suspense account established in accordance with § F-106(d),
at their current fair market value as of such valuation date, with
all accrued income, and shall deduct all accrued expenses and other
amounts properly chargeable to the fund. Such valuation shall include
any contribution made by the City as of such valuation date, as well
as any losses sustained in the administration of the fund since the
preceding valuation date. The Board's determination of the value
of the fund shall be final and conclusive for all purposes of this
plan and shall be binding upon the City, participants, former participants,
their respective beneficiaries and all other persons interested in
or concerned with the fund.
[Code § 18 1/2-9]
(a)
Retirement date. If a participant continues his or her employment
beyond his or her normal retirement date, he or she shall continue
to be treated in all respects as a participant until his or her actual
retirement ("late retirement date"), except that no benefit on account
of his or her retirement shall be distributable to such participant
until his or her actual retirement. A participant's right to
the amount credited to his or her account shall be 100% vested and
nonforfeitable upon attaining his or her retirement date.
(b)
Retirement. Upon retirement at his or her retirement date, a participant
shall be entitled to receive and there shall be distributed to him
or her as provided in § F-108(f), a benefit in an amount
equal to the total of the net credit balance in his or her account
as of the date of his or her retirement, which balance shall be computed
after all adjustments and allocations required as of such date, if
any, shall have been made.
(c)
Permanent disability.
(1)
Amount. Upon the termination of a participant's active
employment with the City because of permanent disability or upon the
Board's determination that a participant, during his or her authorized
leave of absence (in accordance with the provisions of § F-104)
and while he or she remained a participant, incurred permanent disability
[herein in this § F-108(c) referred to as "the date of permanent
disability"], such participant shall be entitled to receive a benefit
in an amount equal to the total of the vested portion of the net credit
balance in his or her account as of the date of his or her termination
of employment, which balance shall be computed after all adjustments
and allocations, if any are required as of such date, if any, shall
have been made.
(2)
Date of termination of employment. For purposes of this § F-108(c)
only, "date of his or her termination of employment" means the earlier
of the date a participant who is permanently disabled attains age
65, the date a participant ceases to be entitled to benefits under
the City's long-term disability program, the date of the participant's
death, or the date of the written election of the participant to receive
all or a portion of his or her benefit. A disabled participant who
is not entitled to receive benefits under the City's long-term
disability program shall receive his or her vested benefit, if any,
in accordance with § F-108(e).
(3)
Contributions during disability. In the case of a participant
who is receiving benefits under the City's long-term disability
program, the City shall continue to make contributions to the plan,
as required by § F-105(a), on behalf of such participant
based on the compensation the participant would have received for
the plan year if the participant was paid at the rate of compensation
on the date of permanent disability, which contributions shall continue
until the earlier of the date the permanently disabled participant
attains age 65, the date the participant ceases to be entitled to
benefits under the City's long-term disability program, the date
of the participant's death or the date of the written election
of the participant to receive all or a portion of his or her benefit.
(4)
Vesting service. No additional years of vesting service will
be earned by a permanently disabled participant until such time as
he or she returns to active employment with the City, except that
a permanently disabled participant will be 100% vested in his or her
account upon the earlier of the attainment of age 60 or the date of
his or her death, regardless of his or her years of vesting service.
(5)
Form of benefit. The participant's benefit under this § F-108(c)
shall be payable in the form provided in § F-108(f); provided,
however, that a participant may elect in writing to have all or a
portion of his or her benefit payable while still permanently disabled.
If a participant so elects, no further contributions shall be made
by the City pursuant to § F-108(c)(3) for any period after
the date of such written election and such participant shall cease
to be a participant in the plan as of such date.
(d)
Death. Upon the death of a participant while in active employment
with the City or upon the death of a participant during his or her
period of authorized leave of absence (in accordance with the provisions
of § F-104), and upon the Board being furnished with evidence
satisfactory to it of such participant's death, the participant's
designated beneficiary shall be entitled to receive, and there shall
be distributed to him or her, as provided in § F-108(f)
and (g), a benefit in an amount equal to the total of the net credit
balance in his or her account, as of the date of his or her death,
which balance shall be computed after all adjustments and allocations
required as of such date, if any, shall have been made.
Upon the death of a former participant prior to receipt of some
or all of his or her benefits hereunder, an amount equal to the aggregate
amount of such undistributed benefits shall be paid to the beneficiary
of such deceased former participant as provided in § F-108(f)
and (g).
(e)
Termination for other reasons. A participant, whose active employment
terminates prior to retirement (for reasons other than death or permanent
disability) and who shall not be in the employment of the City as
of the last day of the plan year in which such termination occurs,
shall be entitled to receive and there shall be distributed to him
or her, as provided in § F-108(f), a benefit in an amount
equal to the sum of the net credit balance in his or her retirement
plan account, the net credit balance in his or her mandatory contributions
account, if any, transferred to this plan from the City's Police
Officers' and Firefighters' Pension Plan, the net credit
balance in his or her rollover account, and the net credit balance
in his or her current account as of the date of his or her termination
of employment; less, however, in either case, the applicable percentage
of the net credit balance of his or her current account set forth
in the following schedule based upon the number of his or her years
of vesting service with the City as of the date of his or her termination
of active employment with the City:
|
Number of Years of Vesting Service
|
Percentage of Amounts Not Vested
| |
|---|---|---|
|
Less than 5
|
100
| |
|
5 or more
|
0
|
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Notwithstanding the foregoing, a participant shall be 100% vested
when he or she attains 60 years of age. The net credit balance in
the current account of a participant referred to in this § F-108(e)
shall be determined after all adjustments and allocations required
as of the date of the determination of the net credit balance in his
or her current account shall have been made.
| |
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The amount, if any, of the net credit balance in his or her
current account to which a terminated participant referred to in this
§ F-108(e) is not entitled in accordance with the above
schedule shall be forfeited at the time his or her benefit commences.
For purposes of this § F-108(e), a participant who is 0%
vested in his or her benefit is deemed to have received a distribution
of his or her vested benefit and the nonvested portion of his or her
benefit is forfeited. The City contribution for such plan year shall
be reduced by the amount of such forfeiture and said amount shall
be treated as part of the City contribution for such plan year in
which such forfeiture occurs. The preceding sentence notwithstanding,
in the event such participant again becomes an employee of the City,
but before he or she has five consecutive breaks in service, the amount
he or she forfeited shall be restored and credited to his or her current
account. Such restoration shall first be derived from forfeitures
of other participants occurring in the plan year in which such restoration
is made and to the extent such amount is not derived from said forfeitures,
it shall be restored from City contributions. The term "break in service"
means a continuous period of 12 consecutive months during which the
employee is not employed by the City, commencing on the date the employee
terminates under this § F-108(e). In the case of an employee
who is absent from work pursuant to a leave of absence which City
is required to extend to the participant under the provisions of the
Family and Medical Leave Act of 1993,[1] the twelve-consecutive-month period begins on the first
anniversary of the first date of such absence. Absence on account
of military service shall be treated as employment with the City for
purposes of determining whether a break in service occurs.
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[1]
Editor's Note: See 29 U.S.C.§ 2601.
(f)
Forms of benefit. Subject to the
provisions of § F-108(k), (m) and (n) and paragraph 2 of
this § F-108(f),
as promptly as practicable after the date as of which a participant
becomes entitled to a distribution from the fund in accordance with
§ F-108(b), (c) and (o) and in all events no later than
60 days after the close of the plan year during which the participant
becomes entitled to such distribution, the Board shall distribute
or instruct the custodian to distribute the benefit to which such
participant is entitled in one of the following methods of payment,
as selected by the participant, subject to the provisions of (b)
of each of § F-108(b), (c), (e) and (o):
1.
One lump sum; or
2.
An annuity in the form selected by the participant, which annuity
shall be purchased by the Board. The payments under such annuity will
be for the life of such participant or beneficiary or over the lives
of such participant and his or her designated beneficiary (or over
a period not extending beyond the life expectancy of such participant
or the life expectancy of such participant and a designated beneficiary).
3.
A series of substantially equal installments over a period which
does not extend beyond the life expectancy of such participant or
beneficiary or the joint life expectancy of such participant and a
designated beneficiary.
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Anything to the contrary herein contained notwithstanding, a
participant entitled to a distribution from the fund may elect to
defer payment of his or her entire benefit and elect to receive a
portion of his or her benefit as a distribution from any of the separate
investment funds [established pursuant to § F-111(d)] in
which he or she has invested the net credit balance in his or her
accounts or portions thereof as of his or her date of termination
or retirement. For purposes of this paragraph, each participant shall designate,
in writing, at the time he or she becomes entitled to a distribution
hereunder or at any time thereafter, from which separate investment
fund or funds he or she wishes the net credit balance in his or her
accounts or portions thereof to be distributed to him or her and
the form of payment of such distribution as otherwise permitted under
the plan. Under such election, the entire amount of the separate investment
fund or funds of the participant shall be distributed to him or her.
The participant may not defer commencement of his or her benefit under
this paragraph beyond his or her required beginning
date as defined in § F-108.5(g).
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(g)
Time of payment of death benefit. The amount distributable pursuant
to § F-108(d) shall be paid or commence to be paid as soon
as practicable after the date of the participant's or former
participant's death and will be payable to his or her beneficiary
in accordance with § F-108.5(g).
(h)
Benefits paid after fund valuation. Anything to the contrary herein
contained notwithstanding, no benefit shall be payable hereunder until
the Board of Trustees determines the value of the fund as of the appropriate
date, if such value needs to be determined in order to determine the
benefit to which the participant is entitled.
(i)
Designation of beneficiary. Each participant and former participant
shall have the right, from time to time, to designate or change the
designation of a primary and a contingent beneficiary, or either thereof,
to receive on his or her death the benefit provided herein, or, as
the case may be, any undistributed balance of any benefit distributable
to him or her
pursuant to the provisions hereof. A beneficiary designation by a
participant must be in writing in a form or forms as the Board may
require, and be an original document signed by the participant.
Upon the death of a beneficiary entitled to the distribution
of an amount pursuant to the provisions of this § F-108
prior to receipt of all amounts distributable to such beneficiary
hereunder, an amount equal to the unpaid balance shall be paid to
the estate of such deceased beneficiary in a single lump sum.
(j)
Solvency of fund. When any amount becomes payable under the provisions
of this § F-108, the same shall be paid to the extent that
there are assets in the fund available for the payment thereof, after
deduction of accrued expenses and other amounts properly chargeable
to the fund. In the event the assets of the fund available for payment,
after the aforesaid deductions, are not sufficient to pay all such
amounts required to be paid on a payment date, then the assets of
the fund shall be used to pay such amounts on the basis of direct
proportion to the extent such assets are available for payment.
(k)
Address for benefit payments. All benefits and installments thereof
are distributable from the address hereinafter provided for in § F-112(c)
as the address to which notices shall be mailed to the City, or such
other address as the Board may designate.
(l)
Latest date for commencement of benefits. The benefit to which a
participant is entitled shall begin to be distributed to him or her
not later than his or her required beginning date as defined in § F-108.5(g).
(m)
Lump sum distribution. If a participant's, former participant's
or beneficiary's total benefit due under the plan is equal to
or less than $5,000, such benefit will be paid in one lump sum only.
In the event of a distribution greater than $1,000 in accordance with
the provisions of this section, if the participant, former participant
or beneficiary does not elect to have such distribution paid directly
to an eligible retirement plan specified by the participant, former
participant or beneficiary in a direct rollover in accordance with
§ F-112(p), or to receive the distribution directly in accordance
with this section, then the benefit will be paid in a direct rollover
to an individual retirement plan designated by the Board. For purposes
of determining a participant's total benefit under the plan,
the participant's account balances attributable to rollover amounts
to the plan shall be disregarded.
(n)
Lost participant. In the event the Board is unable to locate a former
participant or beneficiary who is entitled to a benefit from the plan,
the benefit to which such former participant or beneficiary is entitled
shall be forfeited as of the last day of the plan year in which the
Board determines the former participant or beneficiary cannot be located,
and such benefit shall be treated as part of the City contribution
for such plan year in which such forfeiture occurs. If the former
participant or beneficiary whose benefit was forfeited is subsequently
located or claims such benefit, such benefit shall be restored and
paid to the former participant or beneficiary in accordance with § F-108(f).
Such restoration shall first be derived from forfeitures to be treated
as part of the City contribution in accordance with § F-108(e)
and, to the extent such amount is not derived from said forfeitures,
it shall be restored from a separate City contribution for such purpose.
This § F-108(n) shall only apply if a former participant
or beneficiary cannot be located.
(o)
In-service distributions. A participant who has attained age 62 and
is 100% vested in the net credit balance of his or her current account
may elect in accordance with procedures established by the Board to
commence distribution under the plan while remaining in the employment
of the City (an "in-service distribution"). Such participant shall
be entitled to elect as an in-service distribution, in a form determined
under § F-108(f), a benefit in an amount equal to the total
of the net credit balance in his or her account, determined as of
the date his or her election to receive an in-service distribution
is received by the Board, which balance shall be computed after all
adjustments and allocations required as of such date, if any, shall
have been made.
A participant who makes an election pursuant to this § F-108(o)
will continue to be eligible for allocation of additional City contributions
under the plan and will be entitled, upon his or her termination of
employment, to receive a distribution under § F-108(b),
(c) or (e) of a benefit in an amount equal to the total of the net
credit balance in his or her account, reduced by the amount of any
payments previously made to him or her
pursuant to an election under this § F-108(o).
[Code § 18 1/2-9.1]
For each person receiving benefits hereunder as of January 1,
1987, the amount of current monthly benefit of such person shall be
increased by 2% times the number of years (or portion thereof) which
such person has been retired, effective April 1, 1988.
[Code § 18 1/2-9.2]
Each monthly benefit payment made after January 1, 1992, to
a retiree who was receiving benefits on or about April 1, 1987, shall
be increased by an amount equal to 7% of the amount of the monthly
benefit being paid to such retiree as of January 1, 1992.
[Code § 18 1/2-9.3]
Each monthly benefit payment made after January 1, 1996, to
a retiree who was receiving benefits on or about April 1, 1987, shall
be increased by an amount equal to 6% of the amount of the monthly
benefit being paid to such retiree as of July 1, 1995 and there shall
be a lump-sum retroactive payment equivalent to such monthly increase
for the period from July 1, 1995 to December 31, 1995.
[Code § 18 1/2-9.4]
Each monthly benefit payment made after October 31, 1997, to
a retiree who was receiving benefits on or about April 1, 1987, shall
be increased by an amount equal to 5.5% of the amount of the monthly
benefit being paid to such retiree as of July 1, 1997 and there shall
be a lump-sum retroactive payment equivalent to such monthly increase
for the period from July 1, 1997 to October 31, 1997.
[Code § 18 1/2-9.5]
(a)
General rule. The following provisions of this section will
apply for purposes of determining required minimum distributions under
Section 401(a)(9) of the code. The requirements of this section will
take precedence over any inconsistent provisions of the plan. All
distributions required under this section will be determined and made
in accordance with the Treasury Regulations under Section 401(a)(9)
of the code.
(b)
Required beginning date. The participant's entire interest
will be distributed, or begin to be distributed, to the participant
no later than the participant's required beginning date.
(c)
Commencement of benefits upon death of participant before distributions
begin. If the participant dies before distributions begin, the participant's
entire interest will be distributed, or begin to be distributed, no
later than as follows:
(i)
If the participant's surviving spouse is the participant's
sole designated beneficiary, then distributions to the surviving spouse
will begin by December 31 of the calendar year immediately following
the calendar year in which the participant died, or by December 31
of the calendar year in which the participant would have attained
age 70 1/2, if later.
(ii)
If the participant's surviving spouse is not the participant's
sole designated beneficiary, then distributions to the designated
beneficiary will begin by December 31 of the calendar year immediately
following the calendar year in which the participant died.
(iii)
If there is no designated beneficiary as of September
30 of the year following the year of the participant's death,
the participant's entire interest will be distributed by December
31 of the calendar year containing the fifth anniversary of the participant's
death.
(iv)
If the participant's surviving spouse is the participant's
sole designated beneficiary and the surviving spouse dies after the
participant but before distributions to the surviving spouse begin,
this § F-108.5(c) other than § F-108.5(c)(i) will
apply as if the surviving spouse were the participant.
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For purposes of § F-108.5(c), (e) and (f), unless
§ F-108.5(c)(iv) applies, distributions are considered to
begin on the participant's required beginning date. If § F-108.5(c)(iv)
applies, distributions are considered to begin on the date distributions
are required to begin to the surviving spouse under § F-108.5(c)(i).
If distributions under an annuity purchased from an insurance company
irrevocably commence to the participant before the participant's
required beginning date or to the participant's surviving spouse
before the date distributions are required to begin to the surviving
spouse under § F-108.5(c)(i), the date distributions are
considered to begin is the date distributions actually commence.
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Unless the participant's interest is distributed in the
form of an annuity purchased from an insurance company or in a single
sum on or before the required beginning date, as of the first distribution
calendar year distributions will be made in accordance with § F-108.5(d),
(e) and (f). If the participant's interest is distributed in
the form of an annuity purchased from an insurance company, distributions
thereunder will be made in accordance with the requirements of Section
401(a)(9) of the code and the Treasury Regulations.
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(d)
Required minimum distributions during participant's lifetime.
During the participant's lifetime, the minimum amount that will
be distributed for each distribution calendar year is the lesser of:
(i)
The quotient obtained by dividing the participant's account
balance by the distribution period in the Uniform Lifetime Table set
forth in Section 1.401(a)(9)-9 of the Treasury Regulations, using
the participant's age as of the participant's birthday in
the distribution calendar year; or
(ii)
If the participant's sole designated beneficiary for the
distribution calendar year is the participant's spouse, the quotient
obtained by dividing the participant's account balance by the
number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9
of the Treasury Regulations, using the participant's and spouse's
attained ages as of the participant's and spouse's birthdays
in the distribution calendar year.
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Required minimum distributions will be determined under this
§ F-108.5(d) beginning with the first distribution calendar
year and up to and including the distribution calendar year that includes
the participant's date of death.
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(e)
Required minimum distributions upon participant's death
on or after date distributions begin.
(i)
Participant survived by designated beneficiary. If the participant
dies on or after the date distributions begin and there is a designated
beneficiary, the minimum amount that will be distributed for each
distribution calendar year after the year of the participant's
death is the quotient obtained by dividing the participant's
account balance by the longer of the remaining life expectancy of
the participant or the remaining life expectancy of the participant's
designated beneficiary, determined as follows:
(1)
The participant's remaining life expectancy
is calculated using the age of the participant in the year of death,
reduced by one for each subsequent year.
(2)
If the participant's surviving spouse is the
participant's sole designated beneficiary, the remaining life
expectancy of the surviving spouse is calculated for each distribution
calendar year after the year of the participant's death using
the surviving spouse's age as of the spouse's birthday in
that year. For distribution calendar years after the year of the surviving
spouse's death, the remaining life expectancy of the surviving
spouse is calculated using the age of the surviving spouse as of the
spouse's birthday in the calendar year of the spouse's death,
reduced by one for each subsequent calendar year.
(3)
If the participant's surviving spouse is not
the participant's sole designated beneficiary, the designated
beneficiary's remaining life expectancy is calculated using the
age of the beneficiary in the year following the year of the participant's
death, reduced by one for each subsequent year.
(ii)
No designated beneficiary. If the participant dies on or after
the date distributions begin and there is no designated beneficiary
as of September 30 of the year after the year of the participant's
death, the minimum amount that will be distributed for each distribution
calendar year after the year of the participant's death is the
quotient obtained by dividing the participant's account balance
by the participant's remaining life expectancy calculated using
the age of the participant in the year of death, reduced by one for
each subsequent year.
(f)
Required minimum distribution upon participant's death
before date distributions begin.
(i)
Participant survived by designated beneficiary. If the participant
dies before the date distributions begin and there is a designated
beneficiary, the minimum amount that will be distributed for each
distribution calendar year after the year of the participant's
death is the quotient obtained by dividing the participant's
account balance by the remaining life expectancy of the participant's
designated beneficiary, determined as provided in § F-108.5(e).
(ii)
No designated beneficiary. If the participant dies before the
date distributions begin and there is no designated beneficiary as
of September 30 of the year following the year of the participant's
death, distribution of the participant's entire interest will
be completed by December 31 of the calendar year containing the fifth
anniversary of the participant's death.
(iii)
Death of surviving spouse before distributions
to surviving spouse are required to begin. If the participant dies
before the date distributions begin, the participant's surviving
spouse is the participant's sole designated beneficiary, and
the surviving spouse dies before distributions are required to begin
to the surviving spouse under § F-108.5(c)(i) , this § F-108.5(f)(iii)
will apply as if the surviving spouse were the participant.
(g)
DESIGNATED BENEFICIARY
DISTRIBUTION CALENDAR YEAR
LIFE EXPECTANCY
PARTICIPANT'S ACCOUNT BALANCE
REQUIRED BEGINNING DATE
Definitions.
The individual who is designated as the beneficiary under
the plan and is the designated beneficiary under Section 401(a)(9)
of the code and Section 1.401(a)(9)-4, Q&A-4, of the Treasury
Regulations.
A calendar year for which a minimum distribution is required.
For distributions beginning before the participant's death, the
first distribution calendar year is the calendar year immediately
preceding the calendar year which contains the participant's
required beginning date. For distributions beginning after the participant's
death, the first distribution calendar year is the calendar year in
which distributions are required to begin under § F-108.5(c).
The required minimum distribution for the participant's first
distribution calendar year will be made on or before the participant's
required beginning date. The required minimum distribution for the
distribution calendar year in which the participant's required
beginning date occurs, will be made on or before December 31 of that
distribution calendar year.
Life expectancy as computed by use of the Single Life Table
in Section 1.401(a)(9)-9 of the Treasury Regulations.
The account balance as of the last valuation date in the
calendar year immediately preceding the distribution calendar year
(valuation calendar year) increased by the amount of any contributions
made and allocated or forfeitures allocated to the account balance
as of dates in the valuation calendar year after the valuation date
and decreased by distributions made in the valuation calendar year
after the valuation date. The account balance for the valuation calendar
year includes any amounts rolled over or transferred to the plan either
in the valuation calendar year or in the distribution calendar year
if distributed or transferred in the valuation calendar year.
April 1 of the calendar year following the later of the calendar
year in which the participant attains 70 1/2 years of age, and
if the participant is not a 5% owner as defined in Section 416(i)
of the code, the calendar year in which the participant terminates
employment.
[Code § 18 1/2-10]
(a)
Filing claims. Claims for benefits under the plan shall be filed
with the Plan Administrator, on forms supplied by the Plan Administrator.
Notice of the Plan Administrator's determination shall be furnished
the claimant within 90 days of the receipt of the claim, unless special
circumstances require an extension of time. In such case, the Plan
Administrator may extend the period for not in excess of an additional
90 days, provided that the claimant is given written notice of the
extension within the original ninety-day period. Such notice shall
indicate the special circumstances requiring the extension of time
and the date by which the Plan Administrator expects to render a final
decision. The claimant shall be given written notice of the Plan Administrator's
determination. If the claim is denied, in whole or in part, the notice
of the denial shall set forth in a manner calculated to be understood
by the claimant, the following:
(1)
The specific reason or reasons for such denial;
(2)
Specific reference to pertinent plan provisions on which such
denial is based;
(3)
A description of any additional material or information necessary
for the claimant to perfect the claim and an explanation of why such
material or information is necessary; and
(4)
Appropriate information as to the steps to be taken if the claimant
desires to request a review by the Board of the determination.
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If the determination of the Plan Administrator is not furnished
to the claimant within the time permitted herein, the claim shall
be deemed denied.
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(b)
Review of denied claims. A claimant whose claim is denied by the
Plan Administrator, in whole or in part, may submit a written request
to the Board for a review of the Plan Administrator's determination
within 60 days after receipt by the claimant of written notification
of the denial of the claim. Such claimant, or his or her duly authorized
representative, shall be given the opportunity to review pertinent
documents and submit issues and comments in writing. A decision on
review shall be made within 60 days after the receipt of the request
for review unless special circumstances require an extension of time.
In such case, the Board may extend the period for not in excess of
an additional 60 days, provided that the claimant is given written
notice of the extension of time within the original sixty-day period.
The claimant shall be given written notice of the decision on review.
The decision on review shall be written in a manner calculated to
be understood by the claimant and shall include:
(1)
Specific reason or reasons for the decision, and
(2)
Specific references to the pertinent plan provisions on which
the decision is based.
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If the decision on review is not furnished to the claimant in
writing within the time permitted herein, the claim shall be deemed
denied on review. The Board shall maintain minutes of any meeting
denying a claim for benefits and of any review thereof and copies
thereof shall be made available to the claimant upon written request.
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(c)
Notices. Any notice, claim for benefit or request as provided hereunder
shall be sent in accordance with the provisions of § F-112(c).
Any notice, claim for benefit or request as provided hereunder shall
be deemed to be given when mailed in accordance with the provisions
of this § F-109(c).
[Code § 18 1/2-11]
(a)
Amendments by City.
(1)
The City, by action of the City Council, shall have the right
at any time, and from time to time, to amend the plan in such manner
and to such extent as it may deem necessary or advisable. Any such
amendment shall be set out in an ordinance approved by the City Council
and shall be deemed to have been amended in the manner and to the
extent set forth in said ordinance and all participants and all persons
claiming any interest under the plan shall be bound thereby.
(2)
No amendment to the plan:
a.
Shall cause or permit the fund or any part thereof to be used
for or diverted to purposes other than for the exclusive benefit of
the present or future participants, former participants and their
respective beneficiaries or other persons entitled to benefits under
this plan;
b.
Shall increase the duties or obligations of the Board of Trustees
without its written consent; or
c.
Shall decrease the accrued benefit of a participant.
(3)
No amendment to the plan required as a condition of qualification
of the plan under the provisions of Section 401(a) of the code, or
the exemption of the fund under Section 501(a) of the code, or any
statute of similar import, shall be deemed contrary to the limitations
upon amendments provided in Subsection (a)(2) above.
(b)
Discontinuation of City contributions. To the extent permitted by
federal and/or state law, the City shall have the right at any time
to discontinue its contributions hereunder or to terminate the plan
by delivering to the Board of Trustees written notice of such discontinuance
or termination accompanied by a certified resolution of the City Council
authorizing such discontinuance or termination.
(c)
Termination of plan; dates. To the extent permitted by federal and/or
state law, the plan shall terminate on whichever of the following
dates shall first occur:
(1)
The date specified for the termination of the plan in a notice
of termination as provided for in § F-110(b) above;
(2)
Upon the happening of any event, the enactment of any law, the
issuance of any rule, regulation, direction, command, demand or order
of any court, administrative, regulative or other agency, or of any
group or organization, or of any individual on behalf of the same,
which in any way or manner or to any extent whatsoever, impairs or
prevents the free exercise of the uncontrolled discretion of the City
Council in connection with terminating the plan hereby created, in
any of which such events, the plan shall thereupon, ipso facto, be
terminated;
(3)
The date on which the City shall be adjudicated bankrupt, or
the date on which the City shall make a general assignment to or for
the benefit of creditors, or the date on which the dissolution of
the City shall occur.
(d)
Distribution of benefits to former participants or their beneficiaries.
Upon complete discontinuance of the City's contributions hereunder
or the termination of the plan, the amount of undistributed installments
of the benefits to which each former participant, or the beneficiary
of a former participant, as the case may be, is entitled on the date
of such discontinuance or termination of the plan shall be distributed
to such former participant or such beneficiary, as the case may be,
in one lump sum as soon as reasonably practicable after such discontinuance
or termination of the plan. Pending such distribution, no installments
or benefit shall be distributed to any such former participant or
beneficiary. In the event a former participant shall die prior to
distribution to him or her
of the lump sum amount herein provided for after such discontinuance
or termination of the plan, the said amount shall be distributed to
the beneficiary of such former participant.
(e)
Distribution of benefits to participants.
(1)
Upon complete discontinuance of the City's contributions
or the termination of the plan, the rights of each participant to
the benefits accrued to the date of such discontinuance or termination
are nonforfeitable. After payment of all expenses of the plan and
after making the distributions provided for in § F-110(d)
above, each then participant shall be entitled to receive, and there
shall be distributed to him or her
as hereinafter provided in this § F-110(e), an amount equal
to the proportion of the remaining assets of the fund that the total
amount credited to the accounts of such participant, as the case may
be, bears to the total amount credited to such accounts of all participants
as of the date of such discontinuance or termination.
(2)
Upon the partial termination of the plan, the rights of each
participant with respect to whom the plan is partially terminated
to the benefits accrued to the date of such partial termination shall
be nonforfeitable. The Board of Trustees, at the direction of the
City Council, shall thereupon proceed, as promptly as shall then be
reasonable under the circumstances, to distribute to the participants
with respect to whom the plan is partially terminated the net credit
balance in the account of each such participant as of the date the
plan is partially terminated, which distribution may be made in any
manner or method of payment permitted by § F-108(f) hereof.
(3)
Upon the termination of the plan, assets remaining in Trust
II shall be used to purchase paid-up disability and life insurance
benefits for employees who are participants at the time of such termination.
To the extent funds remain in Trust II immediately following such
purchase, these assets shall be used to purchase paid-up disability
and life insurance benefits and/or benefits under § F-117(c)
for any other employees. Any remaining funds in Trust II shall be
distributed in accordance with applicable state law.
(f)
Board to complete distribution of assets. The Board in office at
the time of any termination of the plan shall continue to act with
its full powers hereunder until the completion of the distribution
of the assets of the fund. A majority of the members of the Board
then in office shall have the power to fill any vacancy occurring
in the Board after such termination by resignation, death or otherwise.
In the event that the City, within a reasonable time after such termination,
shall not have given the Board of Trustees the directions provided
for in § F-110(d) and (e) above, whichever may be applicable,
the assets then remaining in the fund shall be distributed in such
manner as may be directed by a judgment or decree of a court of competent
jurisdiction.
(g)
Conditions for merger consolidation of plan and fund. The plan and
fund shall not be merged or consolidated with, nor shall any assets
or liabilities be transferred to, any other plan unless the benefits
payable to each participant, if the plan were terminated immediately
after such action, would be equal to or greater than the benefits
to which such participant would have been entitled if this plan had
been terminated immediately before such action.
[Code § 18 1/2-12]
(a)
Fund part of plan; assets of Trusts I and II. The City of Kirkwood
Employees' Retirement Fund shall consist of all assets of the
prior plans which have been transferred to the fund and such contributions
with respect to the plan as shall from time to time be made by the
City to the Board, and all income and profits thereon and accruals
thereto, which assets, payments and accruals are herein referred to
as the "fund." The fund shall be deemed to form part of the plan and
any and all rights or benefits which may accrue to any person under
this plan shall be subject to all the terms and provisions of the
fund as hereafter provided or as may be amended from time to time.
The fund shall be divided into two sections which shall be denominated
Trust I and Trust II. The assets of Trust I shall consist of accounts
of participants, the retirement plan accounts established in this
plan for certain participants in the prior plans, and all contributions
made by the City pursuant to § F-105(a), and all income
and profits thereon and accruals thereto. The assets of Trust II shall
consist of the assets of the prior plans not allocated to Trust I,
plus all contributions made by the City to Trust II, and all income
and profits thereon and accruals thereto, all of which are hereby
dedicated for the purpose of providing the benefits described in §§ F-114,
F-115, F-116 and F-117.
(b)
Power and authority of board relative to fund. Except as otherwise
herein specifically provided or under the law of the State of Missouri,
the Board shall, in general, have the power and authority to do and
perform, in the same manner and to the same extent as an individual
might or could do with his or her own property, any and all acts and
things in relation to the fund which in its judgment are necessary
or appropriate for the management, investment and distribution of
the fund and shall have all those powers to which it is authorized,
from time to time, under the laws of the State of Missouri.
(c)
Duties of custodian. The Board may appoint a custodian to hold any
cash, securities and other assets of the fund, subject to the control
and direction of the Board, and to apply the income and principal
thereof in accordance with the directions of the Board for the purpose
of paying, in accordance with the plan, retirement and other benefits
to participants in the plan and their beneficiaries entitled thereto,
and the administrative expenses of the plan, as hereinafter provided.
Any custodian shall have custody of the fund to the extent of the
cash securities and assets of the fund transferred to it and collect
all interest due and other income thereon. As prescribed by said Board,
any custodian shall keep separate books and complete accounts of the
fund, and its books and accounts shall always be subject to public
inspection. Such person shall be bonded, as required by the Board.
Upon its resignation or removal by the Board, the custodian shall
deliver to its successor all unexpended cash, securities, books, records
and other assets which may have come into its possession as custodian
of the fund. Any custodian shall make disbursements from the fund
to such person or persons, at such times and in such amounts as the
Board shall direct in writing. Any custodian shall be fully protected
in making such disbursements from the fund from time to time upon
such written directions of the Board and shall be charged with no
responsibility whatever respecting the application of such disbursements.
(d)
Separate investment funds.
(1)
The Board may from time to time establish separate investment
funds within the fund; provided, however, at no time shall there be
less than four such funds in existence.
(2)
If separate investment funds are established, the following
shall apply:
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Each participant, former participant and beneficiary may, in
accordance with procedures established by the Plan Administrator,
designate into which of the investment funds he or she wishes the
net credit balance in his or her account, or portions thereof, to
be invested as of said date. Should any participant, former participant
or beneficiary fail to make a designation, he or she shall be deemed
to have designated that the net credit balance in his or her account
be invested entirely in the separate investment fund designated by
the Board for such purpose. Each participant, former participant or
beneficiary may, in accordance with procedures established by the
Plan Administrator, change his or her investment option as to future
contributions and/or his or her existing account balance.
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(3)
If separate investment funds are established, the Board shall
cause a segregation of assets into separate investment funds within
the fund in such proportion as indicated in designations received
from participants, former participants and beneficiaries, and in accordance
with the terms hereof. The segregated separate investment funds shall
be denominated and shall be managed in accordance with the provisions
hereof. After the establishment of the separate investment funds,
the net credit balance in all accounts shall be invested in such investment
funds. The Board shall determine the portion of each contribution
to be invested in each investment fund and the Board shall cause transfers
to be made from one investment fund to others based upon the designations
of participants, former participants and beneficiaries as provided
herein.
(e)
Investment manager.
(1)
In the event the Board, in its discretion, appoints one or more
investment managers to manage (including the power to acquire or dispose
of) all, or one or more portions, of the fund, all or, as the case
may be, any portion of the fund under the management of an investment
manager shall be hereafter referred to as "directed fund."
(2)
A custodian shall have no responsibility with respect to the
terms and conditions of appointment, authority and retention of an
investment manager. Upon appointment of an investment manager, the
Board shall give notice to the custodian, if any, certifying the name
and address of the investment manager; that said investment manager
is an "investment manager" as such term is defined in Section 3(38)
of the Employee Retirement Income Security Act of 1974,[1] as now or hereafter amended from time to time, and has
acknowledged in writing that he or she is a fiduciary with respect
to the plan; and the assets of the fund to be allocated to the directed
fund over which such investment manager shall have responsibility.
Upon the termination of the appointment of an investment manager (whether
by expiration of the term of his or her appointment, removal or resignation
or otherwise), the Board shall give notice to any custodian of such
termination. Unless a custodian shall receive notice that another
investment manager has been appointed to replace the investment manager
whose appointment was terminated, the directed fund over which the
investment manager whose appointment was terminated had responsibility
shall cease being a directed fund. A custodian shall not be liable
for any losses to the fund from assets acquired, held or transferred
by an investment manager.
[1]
Editor's Note: See 29 U.S.C. § 1001.
(3)
Each investment manager shall have exclusive authority to manage
(including the power to acquire or dispose of) assets of the directed
fund which is his or her responsibility except that the Board or a
custodian may invest and reinvest cash of a directed fund for the
short term. For this purpose, the Board or a custodian may, in its
sole discretion, invest such cash in savings accounts and certificates
of deposit with any financial institution and purchase, hold and sell
United States Treasury bills, commercial paper, bankers' acceptances
and similar investments, including individual interest or participations
therein and in commingled or collective funds composed of such investments.
(4)
Each investment manager shall furnish the Board or any custodian
from time to time with the names and signatures of those persons authorized
to direct the Board or custodian on its behalf. The Board and any
custodian may request that all directions of an investment manager
be in writing and, if the Board or custodian shall so request, the
Board or custodian shall assume no liability hereunder for failure
to act pursuant to directions from the investment manager unless and
until the Board or custodian shall receive directions in writing.
(5)
The Board or a custodian shall settle purchases and sales of
assets of a directed fund upon the direction of the investment manager
responsible for such directed fund. An investment manager may issue
orders for the purchases or sales of securities directly to a broker
or dealer. Written notification of the execution of each such order
shall be given promptly to the Board or custodian by the investment
manager and the execution of each such order shall be confirmed by
the broker to the investment manager and to the Board or custodian.
Such notification shall be authority to the Board or custodian to
receive securities purchased against payment therefor and to deliver
securities sold against receipt of the proceeds therefrom, as the
case may be.
(6)
The Board or a custodian shall have no responsibility for supervision
of an investment manager. The Board or custodian shall be under no
duty or obligation to review or to question any direction of an investment
manager or to review the securities or other property held in any
directed fund with respect to prudence, proper diversification of
trust funds, or compliance with any limitation on an investment manager's
authority whatsoever.
(7)
Neither the Board nor a custodian shall be liable for the acts
or omissions of any investment manager unless the Board or custodian
knowingly participates in or knowingly undertakes to conceal an act
or omission of such investment manager knowing such act or omission
constitutes a breach of fiduciary responsibility of the investment
manager. The performance by the Board or custodian of trades, custody,
reporting, recording and bookkeeping with respect to a directed fund
shall not be deemed to give rise to any participation or knowledge
on the part of the Board or custodian. If the Board or custodian has
other knowledge of a breach committed by the investment manager, it
shall notify the Board and City Council which shall assume responsibility
to remedy such breach.
(f)
Charges upon fund. The expenses incurred by the plan administrator,
Board or a custodian in the performance of its duties hereunder, including,
but not limited to, reasonable fees for legal, accounting or actuarial
services rendered to the Board or custodian and expenses incident
thereto, the compensation of investment managers, and all other proper
charges, including all real and personal property taxes, income taxes,
transfer taxes and other taxes of any and all kinds whatsoever that
may be levied or assessed under existing or future laws of any jurisdiction
upon or in respect of the fund hereby created, or any money, property
or securities forming a part thereof, not paid by the City, shall
be paid by the Board or custodian out of the fund and the same shall
constitute a charge upon the fund.
(g)
Indemnification, defense, etc. of Board members. Except as otherwise
provided below, the City shall indemnify, defend and otherwise hold
harmless the members of the Board, and the Plan Administrator, to
the extent allowed by law, for any loss, claim, liability, penalty,
surcharge or related expense arising out of or in connection with
any act or omission of the City or other fiduciary with respect to
the fund and plan, including without limitation any direction to the
Board members by any other fiduciary with respect to the plan which
the Board is required to follow under the terms of the plan. A Board
member shall not be entitled to indemnity, however, in any case in
which the Board member is guilty of willful or criminal misconduct;
provided, however, that such member shall not be deemed to be guilty
of willful or criminal misconduct for which, with respect to any matter,
it has no responsibility, duty or obligation under § F-111(e).
A custodian shall not be entitled to any indemnification for any loss
or damage it incurs which is attributable to the actions of its employees
and agents. The Plan Administrator shall not be indemnified for criminal
misconduct. The City shall have no obligation to indemnify under this
§ F-111(g) to the extent such loss, claim, liability, penalty,
surcharge or related expense is covered by insurance and/or an indemnity
provision of a third party.
This provision shall not be construed to relieve any Board member
or a custodian from the performance of any duty he or she may have
under the plan and to the participants and their beneficiaries entitled
to benefits hereunder.
[Code § 18 1/2-13]
(a)
Participation in plan not a contract. Neither the adoption and continuance
of the plan, nor any modification of it, nor the creation of any fund
or account, nor the payment of any benefits shall be construed as
giving to any participant, former participant, or other person a legal
or equitable right against the City or any officer or employee thereof
or the Board, except as herein provided. Under no circumstances shall
participation in the plan and fund by an employee constitute a contract
of continuing employment or in any manner obligate the City to continue
or discontinue the services of an employee.
(b)
Benefits provided from fund. All benefits distributable under the
plan shall be distributed or provided for solely from the fund and
the City assumes no liability or responsibility therefor. The obligation
of the City is limited solely to making contributions as provided
in the plan.
(c)
Requirements of due notice. Any notice, request, direction or approval
required or permitted to be given hereunder shall be deemed to have
been duly given or made only:
(1)
If to a person, upon personal delivery thereof to such person
or upon the mailing of the same by United States first-class mail,
postage fully prepaid, and duly addressed to such person at the last
address of such person appearing upon the records of the City.
(2)
If to the City, upon personal delivery thereof to the City Administrator
of the City, or upon mailing the same by United States first-class
mail, postage fully prepaid, and duly addressed to the City at its
principal place of business (or such other address as the City Council
may hereafter designate by notice to the Board).
(3)
If to the custodian, upon personal delivery thereof to the custodian,
or upon mailing a copy of the same by United States first-class mail,
postage fully prepaid, and duty addressed to the custodian of the
address of the City (or such other address as the City Council may
hereafter designate by notice to the Board).
(4)
If to the Board, upon personal delivery thereof to the Chairman
of the Board, or upon mailing the same by United States first-class
mail, postage fully prepaid, and duly addressed to such person at
the address shown on the records of the City (or at such other address
as the City may from time to time designate in accordance with the
terms hereof).
(d)
Identification of distributee. If at any time any doubt exists as
to the identity of any person entitled to distribution hereunder of
any benefit or installment thereof, or as to the amount or time of
any such distribution, upon certification of such fact to the Board,
the Board shall be entitled to, or to direct any custodian, to hold
such sum in a savings account or other savings instrument until further
orders of the Board or until final order of a court of competent jurisdiction,
or to pay such sum into a court of competent jurisdiction in accordance
with any lawful procedure in such case made and provided.
(e)
Legal action by Board or City Council. The Board or the City Council
may, at any time, and from time to time, take such legal action as
it may deem advisable to have determined judicially any matter arising
hereunder, including any matter as to which the Board is empowered
to act hereunder and as to which the Board fails, refuses or does
not desire to act.
(f)
City Council and Board reliance. The City Council and the Board may
(but shall not be required to) rely upon any certificate, statement
or other representation made to it or them by an employee, a participant,
former participant or beneficiary in respect of any fact required
to be determined under any of the provisions of the plan, and shall
not be liable on account of the payment or distribution of any moneys
or the doing of any act or any failure to act in reliance upon any
such certificate, statement or other representation made by such employee,
participant, former participant or beneficiary. Any such certificate,
statement or other representation made by such employee, participant,
former participant or beneficiary shall be conclusively binding upon
such party, his or her personal representative and heirs (but not
upon the City or the Board) and any such employee, participant, former
participant or beneficiary, his or her personal representative and
heirs (but not the City or the Board) shall thereafter be estopped
from disputing the truth and correctness of any such certificate,
statement or other representation.
(g)
Nonalienation of benefits; qualified
domestic relations order; judgement against participant.
1.
Nonalienation of benefits. Except for § F-112(g)2 and 3
below, no benefit which shall be payable under this plan to any person
shall be subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance, or charge, and any attempt
to anticipate, alienate, sell, transfer, assign, pledge, encumber
or charge the same shall be void and no such benefit shall in any
manner be liable for, or subject to, attachment or legal process for
or against such person, and the same shall not be recognized by the
Board except to such extent as may be required by law.
2.
Qualified domestic relations order. The provisions of § F-112(g)(1)
shall not apply to the creation, assignment, or recognition of a
right to any benefit payable with respect to a participant pursuant
to a qualified domestic relations order as defined in Section 414(p)
of the code, to the extent such Section 414(p) of the code is applicable
to governmental plans. In the event that a domestic relations order
which is determined to be a qualified domestic relations order is
received by the plan, benefits shall be paid to the alternate payee
as soon as practicable after the determination that such domestic
relations order is a qualified domestic relations order.
3.
Judgement against participant. Notwithstanding any provision of the
plan to the contrary, the Plan Administrator may offset against the
amount in a participant's account under the plan any amount which
the participant is ordered or required to pay as a result of a judgement
or settlement described in Code Section 401(a)(13)(C) of the code
provided that the requirements set forth in Sections 401(a)(13)(C)
and 401(a)(13)(D) of the code are satisfied.
(h)
Fund for exclusive benefit of participants. It shall be impossible
by operation of the plan or of the fund, by termination of either,
by power or revocation or amendment, by the happening of any contingency,
by collateral arrangement or by any other means, for any part of the
corpus or income of any fund maintained pursuant to this plan or any
funds contributed thereto, to be used for, or diverted to, purposes
other than the exclusive benefit of participants, former participants,
or their respective beneficiaries.
(i)
Performance of parties. All parties to, or claiming any interest
under, this plan agree to perform any and all acts and to execute
any and all documents and papers which are necessary or desirable
for carrying out this plan and fund.
(j)
Validity of plan. This plan has been executed in the State of Missouri
and all questions pertaining to its validity, construction and administration
shall be determined in accordance with the laws of that state, to
the extent such laws are not inconsistent with applicable federal
law. Any dispute under the plan shall be subject to the exclusive
jurisdiction of the Circuit Court in St. Louis County, and/or the
United States Federal District Court in St. Louis, Missouri.
(k)
Invalid provisions. In case any provisions of this plan shall be
held illegal or invalid for any reason, said illegality or invalidity
shall not affect the remaining parts, but this plan shall be construed
and enforced as if the illegal or invalid provisions had never been
inserted.
(l)
Discharge of liability and receipt. The payment and acceptance of
any money or property in settlement of any participation under this
plan shall constitute a complete acquittance and discharge of all
liability of the City, Board and a custodian with respect to such
participation. On final payment or distribution to any participant,
former participant, or his or her legal representative or beneficiary
in accordance with the provisions hereof the Board shall be entitled
to demand a receipt or acquittance in full satisfaction of all claim
against the fund, the City, the Board and any custodian.
(m)
Incapacity of distributee. In the event any person entitled to receive
any distribution hereunder of a benefit or an installment thereof,
who in the opinion of the Board shall be legally incapable of giving
a valid receipt and discharge for distribution of such benefit and
another person or institution is then maintaining or has custody of
such person and no guardian or representative of the estate of such
person shall have been duly appointed, then such benefit or installment
thereof, at the option of the Board, may be distributed to such person
or institution. Distribution to such other person or institution shall
be in complete discharge of liability under the plan for the distribution
of such benefit or installment thereof and there shall be no responsibility
whatsoever on the City, the Board or anyone else to see to the application
of such benefit or installment thereof so distributed.
(n)
Return of City contributions. Contributions made to the plan by the
City shall be returned to the City only under the following circumstances:
(1)
All contributions made to the plan are conditioned upon legality
of the contributions in full under the law of the State of Missouri
or any statute of similar import. If all or any portion of the contributions
is not legal, the amount so determined to be illegal shall be returned
to the City, if the City so directs the Board, within one year of
the determination of the illegality of the contribution.
(2)
A contribution made by mistake of fact shall be returned to
the City within one year after the payment of the contribution if
the City so directs the Board.
(o)
Rollovers to the plan.
(1)
Any employee may file a written request on such form or forms
required by the Board to transfer to the plan all or any portion of
a rollover amount received by him or her;
provided, however, that either all or any portion of the rollover
amount is transferred to the plan on or before 60 days after the day
on which the employee receives such rollover amount, or all or any
portion of the rollover amount is transferred directly to Trust I
by the trustee or custodian of the plan from which the rollover amount
is distributed. Such written request shall set forth the amount of
the rollover amount, the nature of the property contained in the rollover
amount, and a statement satisfactory to the Board that such amount
constitutes a rollover amount. The Board, in its sole discretion,
shall determine whether or not an employee shall be permitted to transfer
a rollover amount to the plan.
(2)
Rollover amounts transferred to the plan shall be credited to
a rollover account established and maintained for each employee who
elects to transfer to the plan any funds received pursuant to the
rollover provisions of the code and as specified in this § F-112.
Each employee's rollover account shall be increased or decreased
based upon the value of the rollover account.
(3)
The net credit balance in an employee's rollover account
shall be 100% vested at all times.
(4)
In the event of retirement, death, permanent disability or other
termination of employment of the employee, the amount credited to
the employee's rollover account shall be added to the benefit
to which he or she is entitled under the plan and shall be distributed
to him or her
in accordance with the provisions of § F-108(f).
(5)
"Rollover amount" as used in this § F-112 means an
eligible rollover distribution within the meaning of Section 402(c),
403(b)(8), 408(d)(3) or 457(d) of the code; provided, however, that
no part of such rollover amount shall be attributable to a trust forming
part of a plan under which the person was an employee within the meaning
of Section 401(c)(1) of the code at the time contributions were made
to his or her benefit under the plan, and provided further, that such
rollover amount shall not include amounts considered to be contributed
by the person [determined by applying Section 72(t) of the code],
which contributions shall be reduced by any amounts theretofore distributed
to him or her
which were not includable in his or her gross income.
(p)
Direct rollovers from the plan.
(1)
Effective for distributions on or after January 1, 1993, notwithstanding
any provision of the plan to the contrary that would otherwise limit
a distributee's election under this § F-112(p), 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 paid directly
to an eligible retirement plan specified by the distributee in a direct
rollover.
(2)
An eligible rollover distribution is any distribution of all
or any portion of the balance to the credit of the distributee from
an eligible retirement plan, 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 10 years or more;
any distribution to the extent such distribution is required under
Section 401(a)(9) of the code; and any hardship distribution. A portion
of a distribution shall not fail to be an eligible rollover distribution
merely because the portion consists of after-tax employee contributions
which are not includible in gross income. However, such portion may
be transferred only to an individual retirement account or annuity
described in Section 408(a) or (b) of the code, or effective January
1, 2007, such amount may be transferred in a direct trustee-to-trustee
transfer to a qualified trust described in Section 401(a) of the code
or an annuity contract described in Section 403(b) of the code that
agrees to separately account for amounts so transferred, including
separately accounting for the portion of such distribution which is
includible in gross income and the portion of such distribution which
is not so includible.
(3)
An eligible retirement plan is 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 IRA described
in Section 408A(b) of the code (effective for distributions after
December 31, 2007), an annuity plan described in Section 403(a) of
the code, or a qualified plan described in Section 401(a) of the code,
that accepts the distributee's eligible rollover distribution.
An eligible retirement plan shall also mean an annuity contract described
in Section 403(b) of the code and an eligible plan under Section 457(b)
of the code which is maintained by a state, political subdivision
of a state, or any agency or instrumentality of a state or political
subdivision of a state and which agrees to separately account for
amounts transferred into such plan from this plan.
(4)
A distributee 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 or former spouse
who is the alternate payee under a qualified domestic relations order,
as defined in Section 414(p) of the code, are distributees with regard
to the interest of the spouse or former spouse. Effective for distributions
on or after November 1, 2008, a distributee also includes an employee's
beneficiary who is not the employee's surviving spouse; provided
that in the case of such a distributee, an eligible retirement plan
includes only those arrangements described in Section 402(c)(11)(A)
of the code.
(5)
A direct rollover is a payment by the plan to the eligible retirement
plan specified by the distributee.
(q)
Veterans' rights. Effective December 12, 1994, notwithstanding
any provision of this plan to the contrary, contributions, benefits
and service credit with respect to military service will be provided
in accordance with Section 414(u) of the code.
(r)
Service as a police officer or firefighter. A participant in the
City's Police Officers' and Firefighters' Pension Plan,
who either terminates employment with the City and returns to the
active employment of the City in the capacity as an employee or remains
an active employee of the City but whose status as an active employee
changes to an employee, shall become a participant in the plan upon
becoming an employee and shall receive credit under the plan for all
years of vesting credit he or she earned under the City's Police
Officers' and Firefighters' Pension Plan. In the event such
a participant remains an employee for one full year following his
or her becoming an employee, his or her accounts under the City's
Police Officers' and Firefighters' Pension Plan shall be
transferred to this plan, the assets funding such accounts shall be
directly transferred to the fund from the fund under the City's
Police Officers' and Firefighters' Pension Plan, and such
accounts shall be paid in accordance with the terms of this plan.
(s)
Transfers to City Police Officers' and Firefighters' Pension
Plan and Fund. When accounts and assets funding accounts under this
plan becomes transferable to the City's Police Officers'
and Firefighters' Pension Plan and Fund pursuant to § F-213(r),
the Board shall cause such accounts and assets to be transferred as
soon as practicable as provided in § F-213(r) to the City
Police Officers' and Firefighters' Pension Plan and Fund.
[Code § 18 1/2-14[1]]
[1]
Editor's Note: Ord. No. 10272, adopted 6-4-2015, renumbered
former § 18 1/2-14 to become § 18 1/2-14.1,
at the same time it added § 18 1/2-14.2.
[Code § 18 1/2-14[1]]
(a)
The Housing Authority and/or the library of the City ("Authority")
may adopt this plan effective April 1, 1987, by resolution of its
applicable board. Such resolutions to adopt the plan shall specify
the effective date of the adoption of the plan and that the Authority
agrees to be bound by all provisions of this plan. Upon acceptance
by the City of such adoption, all then employees of the Authority
shall become participants in this plan. Upon the effective date of
the adoption of this plan by the Authority, the definition in this
plan of "City" shall include the Authority only in determining eligibility
to participate in the plan, counting service under and making contributions
to the plan, binding effect of the plan and return of contributions.
Further, in making contributions to the plan, § F-105 shall
be interpreted so that the City makes contributions only with respect
to the participants employed by it and the Authority makes contributions
only with respect to the participants employed by it.
(b)
In order that employees of the Authority may be transferred
to employment with the City and vice-versa, without prejudice to such
employees, all service of each transferring employee shall be calculated
as if no transfer has taken place and all accounts maintained and
operated pursuant to the plan on behalf of any transferring employee
shall be operated and maintained as if no transfer has taken place.
[1]
Editor's Note: Ord. No. 10272, adopted 6-4-2015, renumbered
former § 18 1/2-14 to become § 18 1/2-14.1,
at the same time it added § 18 1/2-14.2.
[Ord. No. 10272, 6-4-2015]
(a)
The Downtown Kirkwood Special Business District ("District")
may adopt this plan by resolution of its applicable board. Such resolutions
to adopt the plan shall specify the effective date of the adoption
of the plan and that the district agrees to be bound by all provisions
of this plan. Upon acceptance by the City of such adoption, all then-employees
of the District shall become participants in this plan. Upon the effective
date of the adoption of this plan by the district, the definition
in this plan of "City" shall include the District only in determining
eligibility to participate in the plan, counting service under and
making contributions to the plan, binding effect of the plan and return
of contributions. Further, in making contributions to the plan, § F-105
shall be interpreted so that the City makes contributions only with
respect to the participants employed by it and the District makes
contributions only with respect to the participants employed by it.
(b)
In order that employees of the District may be transferred to
employment with the City and vice-versa, without prejudice to such
employees, all service of each transferring employee shall be calculated
as if no transfer has taken place and all accounts maintained and
operated pursuant to the plan on behalf of any transferring employee
shall be operated and maintained as if no transfer has taken place.
[Code § 18 1/2-15]
A retiree under a prior plan who retired from employment with
the City on or after January 1, 1987, and prior to April 1, 1987,
shall in addition to his or her earned benefit payable under the prior
plan, be entitled to receive from this plan an amount equal to all
of such retiree's mandatory contributions to the prior plan with
interest on the retiree's mandatory contributions to the plan
from July 1, 1973, through December 31, 1985, at the rate of 2% per
annum, compounded annually, which amount shall be payable to such
retiree in one lump sum as soon as practicable after April 1, 1987.
[Code § 18 1/2-16]
(a)
Participation in long-term disability program. Each participant who
is a full-time employee shall participate in the City's long-term
disability program subject to the provisions thereunder, and shall
be eligible to receive benefits in accordance with the provisions
of the program. Benefits payable under this program shall commence
after 180 days after the participant is determined to be disabled
under the program and will continue until the participant attains
age 65, as otherwise prescribed therein. For purposes of this § F-115,
the term "full-time employee" shall mean an individual whose customary
employment is for 39 hours or more per week.
(b)
Purchase of disability insurance policy. The City shall approve the
purchase of a policy of insurance to provide disability benefits under
the program. The cost of the insurance policy shall be charged to
Trust II and shall be purchased on the basis of competitive bidding.
The Board shall administer the program in accordance with the provisions
of the insurance policy. All provisions of this § F-115
shall be subject to the insurance carrier's exclusions and limitations
and any coverage and benefit determinations shall be as set forth
in the insurance policy. The City shall have the right to amend or
terminate the insurance policy and to purchase other insurance to
provide disability benefits. Notice of any amendment or termination
of the program shall be given in writing to each participant who is
eligible for coverage.
[Code § 18 1/2-17]
(a)
Participant in group life insurance program. Each participant who
is a full-time employee shall participate in the City's group
life insurance program and death benefits shall be paid to the participant's
beneficiary under the group life insurance program as designated by
the participant. For purposes of this § F-116, the term
"full-time employee" shall mean an individual whose customary employment
is for 39 hours or more per week.
(b)
Purchase of group life insurance policy. The City shall approve the
purchase of a group life insurance policy to provide death benefits
under the group life insurance program. The cost of said insurance
shall be charged to the fund under Trust II and shall be purchased
on the basis of competitive bidding. All provisions of the program
shall be subject to the insurance carrier's exclusions and limitations.
Any coverage and benefit determinations shall be as set forth in the
group life insurance policy. The City shall have the right to amend
or terminate the insurance policy and to purchase other insurance
to provide death benefits. Notice of any amendment or termination
of the program shall be given to each participant who is eligible
for coverage.
[Code § 18 1/2-18; Ord. No.
10207, § 1, 8-7-2014]
(a)
Continuation and increase of benefits under prior plans. Benefits
under the prior plans for retirees terminated vested participants,
participants receiving disability benefits who were determined to
be disabled and spouses of such participants shall be as follows:
(1)
After April 1, 1987, retirees except as provided in § F-114,
under the prior plans shall continue to receive no less than the monthly
benefit they are receiving under the applicable prior plan.
(2)
After April 1, 1987, terminated vested participants and spouses,
if applicable, under the applicable prior plan shall be paid retirement
benefits in accordance with the provisions of the applicable prior
plan.
(3)
After April 1, 1987, participants receiving disability benefits
under the applicable prior plans and spouses, if applicable, shall
be paid benefits in accordance with the applicable prior plan.
(b)
Approval of benefit increases. The Board may from time to time recommend
to the City Council to increase proportionately the benefits under
the foregoing § F-117(a). Any such recommendation of the
Board shall require at least four affirmative votes of the members
of the Board.
(c)
Allocation/distribution of excess funds. At the request of at least
five members of the Board of Trustees, the City Council, in its discretion,
may from time to time approve an allocation of a specific dollar amount
from Trust II of the fund, and the City Council shall have final authority
regarding such allocation; provided, however, that the approval of
a request for allocation shall not be unreasonably withheld by the
City Council, and provided further that the following conditions shall
be met with respect to the requested allocation:
(1)
The Board shall recommend to the City Council allocation of
a specific dollar amount, which recommendation shall be supported
by an evaluation which reflects the solvency of Trust II of the fund
to accommodate such recommendation. Such evaluation shall be prepared
and attested to by an actuary who has been approved by the Joint Board
of Actuaries to perform actuarial services required under the Employee
Retirement Income Security Act of 1974,[1] as amended, or a certified public accountant.
[1]
Editor's Note: See 29 U.S.C. § 1001.
(2)
Except as provided herein, allocation of the amount approved
by the City Council under this § F-117(c) shall be made
to (i) current participants who are active participants at the time
the City Council approves such amount, (ii) former participants who
were participants in the plan on April 1, 1987, and (iii) those individuals
who were participants in the plan on April 1, 1987 and who have received
distribution of their entire vested interest in the plan in the form
of a lump sum or an annuity [all persons listed in (i), (ii) and (iii)
of this Subsection (c)(2) are hereafter referred to in this § F-117(c)
jointly as "individuals" and singly as "individual"].
(3)
Allocation of the approved dollar amount shall be made in accordance
with the following formula:
|
A + B
C + D
|
x E = pro rata share of allocation
|
|
For purposes of the formula, A equals the value of the individual's
account as of April 1, 1987; B equals the value of all contributions
made to the individual's account on and after April 1, 1987;
C equals the value of all individuals' accounts as of April 1,
1987; D equals the value of all contributions made to the individuals'
accounts on and after April 1, 1987; and E equals the specific dollar
amount approved by the City Council to be distributed. Only accounts
and post March 31, 1987 contributions for those individuals who are
entitled to allocations under this § F-117(c) shall be considered
for purposes of this calculation.
|
(4)
Each individual's pro rata share of the allocation shall
be credited to his or her current account and shall be held in such
current account until such individual becomes entitled to a distribution
of his or her vested interest in the plan. Where no current account
is maintained for an individual, the Board shall forward, by certified
mail, return receipt requested, to such individual's last known
address notice of his or her entitlement to an additional benefit
from the plan. The Board shall distribute to such individual his or
her pro rata share of the allocation in one lump sum upon verification
of such individual's identity and address.
(5)
If an individual is deceased at such time as an allocated amount
is to be distributed, such distribution shall be made to the individual's
beneficiary, upon verification of such individual's death, and
the identity and address of his or her beneficiary. A distribution
shall only be made to a beneficiary of an individual if such individual
is an active participant and living at the time the City Council approves
the allocation under this § F-117(c).
(6)
In the event the City Council
approves the distribution of funds under this § F-117(c),
a person shall treated a current participant who is an active participant
under § F-117(c)(2)(i) and an allocation of such distribution
shall be made under this § F-117(c) with respect to such
person if:
(i)
He or she was formerly a participant in this plan;
(ii)
He or she is a participant, within the meaning
of § F-201(r), in the City of Kirkwood Police Officers'
and Firefighters' Pension Plan at the time the City Council approves
the amount to be allocated under this § F-117(c);
(iii)
He or she became a participant in the City of
Kirkwood Police Officers' and Firefighters' Pension Plan
under § F-213(q) when he or she ceased being an employee
under this plan; and
|
Only the contributions made on behalf of such person under § F-105
shall be considered for purposes of determining the person's
pro rata share of a distribution under § F-117(c)(3). The
pro rata share of such person's allocable share of a distribution
under this § F-117(c) shall be allocated to his or her current
account under the City of Kirkwood Police Officers' and Firefighters'
Pension Plan described in § F-201(a)(1).
|
(7)
No distribution authorized herein may be used for any purpose
other than the provision of benefits for individuals and their beneficiaries
as provided herein.
(8)
Rollover amounts under § F-112(o) shall not be treated
as contributions for purposes of § F-117(c)(3).
|
All allocations of participants approved pursuant to this § F-117(c)
shall be allocated to current accounts or distributed as a single
sum payment to former participants or beneficiaries who do not have
current accounts under the plan.
|
[Code § 18 1/2-19]
Any person who shall knowingly or willfully make any false statement
in applying for or securing a benefit under this plan for such person
or any other person, or shall knowingly falsify any record or knowingly
permit any record to be falsified, for the purpose of applying for
or securing a benefit for such person or any other person under this
plan, shall be guilty of a misdemeanor, and upon conviction thereof
be assessed a fine not less than $100 nor more than $500.
[Code § 18 1/2-20]
Article II shall hereafter be known and cited as Article II, Appendix Chapter F of the Kirkwood Code of Ordinances, "City of Kirkwood Police Officers' and Firefighters' Pension Plan."
[Code § 18 1/2-21]
Whenever used herein, unless the context clearly indicates otherwise:
All of the following, but if there are not all shall mean
whichever exists:
The current account required to be established and maintained
in accordance with the provisions of § F-207(b)(1);
The mandatory contributions account required to be established
and maintained in accordance with the provisions of § F-207(b)(1);
and
The retirement plan account required to be established and maintained
in accordance with § F-207(b)(2).
Any person or persons (including, but not limited to, an
estate, an executor, administrator or fiduciary, corporate or otherwise)
designated pursuant to § F-209(j) by a participant or former
participant to receive any undistributed account balance distributable
hereunder on account of the death of such participant or former participant.
To the extent a participant or former participant has not named a
beneficiary at the time of his or her death; the beneficiary designation
of the participant or former participant cannot be located; the designated
beneficiary and contingent beneficiaries are deceased or cannot be
located or the beneficiary designation is legally ineffective, the
participant's or former participant's beneficiary shall
be his or her surviving spouse at the time of the participant's
or former participant's death. If the participant or former participant
does not have a surviving spouse at his or her death, the participant's
or former participant's children (natural and adopted) surviving
at his or her death shall be the beneficiary or beneficiaries and
shall be entitled to payment of the participant's or former participant's
undistributed account balance in equal shares without application
of any antilapse statute. If the participant or former participant
does not have surviving children at his or her death, the participant
or former participant's estate shall be his or her beneficiary.
When used with respect to maintenance of an account for a beneficiary
and the adjustments to be made therein, the term beneficiary shall
mean a beneficiary who is currently entitled to payment of a benefit
under the plan.
The Board of Trustees appointed pursuant to § F-202
hereof.
The City of Kirkwood or the officer or officers of the City
to whom the City Council may delegate any of its rights, duties or
powers hereunder.
The City Council of the City.
The Internal Revenue Code of 1986, as amended.
The total of all remuneration paid by the City to an employee
during the period he or she is a participant in the plan, and received
by a participant as workers' compensation, other than a lump sum payment
of workers' compensation. "Compensation" shall include salary, bonuses,
wages, overtime payments, or other regular remuneration, educational
incentive pay, all amounts deferred under any plan of deferred compensation
maintained by the City (including mandatory contributions under this
plan), and all amounts contributed by the City, pursuant to a salary
reduction agreement, to plan which satisfies the requirements of Section
125, 132(f) or 457(b), of the code but excludes expenses paid or reimbursed,
food allowances, clothing allowance, tuition reimbursement payments,
the imputed value of life insurance, automobile usage, and all contributions
made under this plan (other than mandatory contributions) and any
other plan maintained by the City which satisfies the requirements
of Section 401(a) of the code, or any other statute of similar import.
In order to be taken into account for purposes of this section, compensation
generally must be paid or treated as paid to the employee before the
severance from employment of the employee. However, compensation paid
by the later of 2 1/2 months after the severance from employment
from the City by an employee or the end of the plan year that includes
the date of severance from employment of the employee shall be treated
as compensation to the extent such amounts are compensation for services
rendered that would have been paid absent a severance from employment,
payments of accrued vacation or other leave the employee would have
been able to use if employment had continued, or all amounts deferred
under any plan of unfunded nonqualified compensation that would have
been paid at the same time if the employee had continued in employment.
The compensation of each participant taken into account for determining
all benefits provided under the plan for any plan year shall not exceed
$200,000, as adjusted for increases in the cost-of-living in accordance
with Section 401(a)(17)(B) of the code. The cost-of-living adjustment
in effect for a calendar year applies to any determination period
beginning in such calendar year. If a determination period consists
of fewer than 12 months, the annual compensation limit is an amount
equal to the otherwise applicable annual compensation limit multiplied
by a fraction, the numerator of which is the number of months in the
short determination period, and the denominator of which is 12. If
compensation for any prior determination period is taken into account
in determining a participant's allocations for the current plan
year, the compensation for such prior determination period is subject
to the applicable annual compensation limit in effect for the prior
period. Effective January 1, 2009, compensation shall not include
differential wage payments.
Payments which are made by the City to a person with respect
to any period which the person is performing military services, while
on active duty for a period of more than 30 days, which represents
all or a portion of the wages the person would have received from
the City if the individual was performing services for the City.
Any person (excluding any elected or appointed official who
is not an employee of the City) who is employed by the City as a commissioned,
salaried police officer or firefighter. Effective January 1, 2009,
the term "employee" shall also mean any such person who receives differential
wage payments.
A person who shall have been a participant, but whose employment
with the City shall have terminated, or is deemed to have terminated
pursuant to the provisions hereof; and to whom or to whose beneficiary
there shall not have been distributed the aggregate amount of benefits
to which such participant or his or her beneficiary is entitled under
the plan.
The res or corpus and all earnings, appreciation or additions
thereon and thereto held by the Board of Trustees, including those
funds accumulated under the prior plans, and shall be designated the
"City of Kirkwood Police Officers' and Firefighters' Retirement
Fund" as provided in § F-212(a) hereof.
The person or persons appointed as custodian of the fund
pursuant to § F-212(c) hereof.
Each hour for which (a) an employee is paid, or entitled to
payment, by the City for the performance of duties during the applicable
computation period, and the hour of service shall be credited to the
period in which the duties are performed, (b) an employee is paid,
or is entitled to such payment, by the City on account of a period
of time during which no duties are performed (irrespective of whether
the employment relationship has terminated) due to vacation, holiday,
illness, incapacity (including disability), layoff, jury duty, military
leave or leave of absence and the hour of service shall be credited
to the period in which the period during which no duties are performed
occurs, (c) back pay, irrespective of mitigation of damages, has been
either awarded or agreed to by the City and the hour of service shall
be credited to the period to which the award or agreement pertains,
and (d) an employee would have been paid or entitled to payment under
(a) above assuming that he or she had not been on an authorized leave
of absence (in accordance with the provisions of § F-204),
and but for the authorized leave of absence would have been regularly
engaged in the performance of his or her duties and the hour of service
shall be credited to the period he or she would have been regularly
engaged in the performance of his or her duties had he or she not
been on authorized leave of absence; provided, however, that in no
event shall an hour of service be credited to an employee under more
than one of the applicable (a), (b), (c) or (d) above. The number
of hours of service to be credited under (b) above shall be in accordance
with the requirements of 29 CFR 2530.200b-2(b) as such regulations
may be amended or superseded from time to time and such regulations
are incorporated herein by reference.
The definition of "hour of service" as provided in this section
shall be construed so as to resolve any ambiguities in favor of crediting
employees with hours of service.
A person, firm or corporation appointed by the Board to manage
(including the power to acquire or dispose of all or one or more portions
of the fund), which person, firm or corporation shall:
Be registered as an investment adviser under the Investment
Advisers Act of 1940;[1] or a bank as defined in the Investment Advisers Act of
1940; or an insurance company qualified to manage (including the power
to acquire or dispose of) all or one or more portions of the fund
under the laws of more than one state; and
Acknowledge in writing to the City that he, she or it is a fiduciary
with respect to the plan.
The date a participant retires from the employment of the
City after his or her normal retirement date.
Effective as of January 1, 2007, any service in the uniformed
services, (as defined in Chapter 43 of Title 38 of the United States
Code), by any person if such person is entitled to reemployment rights
under such Chapter with respect to such service.
The first day of the calendar month during which a participant
attains 65 years of age.
A person who becomes and remains a participant under § F-203
hereof.
A consecutive six-month period, computed with reference to
the date on which the employee's employment commenced with the
City or semiannual anniversaries thereof during which the employee
completes not less than 500 hours of service. If the status of an
employee within the meaning of § F-101(i) changes to that
of an employee within the meaning of § F-201(i) before such
individual becomes eligible to participate in the City of Kirkwood
Employees' Pension Plan, such employee's service as an employee
within the meaning of § F-101(i) shall be treated as service
as an employee within the meaning of § F-201(i) for purposes
of this § F-201(s).
Such physical or mental disability as determined by the disability
insurance carrier as provided for herein. "Permanent disability" shall
exclude any ailment or condition resulting from an employee's
engagement in the commission of a felony, from an employee's
habitual use of drugs, intoxicants or narcotics, from an employee's
deliberately self-inflicted injury or self-induced illness, and from
any injury received or disease contracted in military service or in
the armed forces of any other country or of any private paramilitary
organization, and any other exclusions and limitations provided for
by such insurance.
Wherever appropriate, either a natural or artificial person,
or both, including, but not limited to, a corporation and fiduciary
(corporate or otherwise) and a legal representative.
The pension plan set forth in this document and any and all
amendments thereto, which plan shall be known as the "City of Kirkwood
Police Officers' and Firefighters' Pension Plan."
The City employee to whom the Board delegates its managerial
duties as responsibilities under § F-202(h).
A consecutive twelve-month period ending on the last day
of March in each year.
Either or both the City of Kirkwood Policemen's and
Firemen's Retirement Plan (enacted on September 21, 1946, pursuant
to Ordinance No. 3418, as amended and restated on November 3, 1977,
pursuant to Ordinance No. 6199) in effect prior to April 1, 1987,
and the City of Kirkwood Employees' Pension Plan (enacted on
March 19, 1987, pursuant to Ordinance No. 7627) as in effect from
April 1, 1987 through June 28, 1987.
An employee who has retired from the City and who is receiving
or has received benefits pursuant to prior plans or the plan.
A participant's normal retirement date or late retirement
date.
Effective September 16, 2013, a legally married opposite
or same-sex spouse as determined under the applicable law of any state
in the United States or domestic or foreign jurisdiction having the
legal authority to sanction marriages at the time and location that
the marriage was entered into.
A plan year during which the employee has completed at least
1,000 hours of service with the City. In determining the number of
years of vesting service for a participant, years of vesting service
need not be consecutive.
|
Words in this instrument used in the singular shall include
the plural and words in the masculine shall include the feminine or
neuter or both wherever appropriate.
|
[1]
Editor's Note: See 15 U.S.C. § 80b–20.
[Code § 18 1/2-22]
(a)
Establishment. The City shall establish the Board of Trustees
which shall consist of seven persons.
(b)
Membership. The administrative and custodial functions of the
plan shall be in the control of a Board of Trustees consisting of
seven members. The membership of the Board of the City shall be the
Mayor of the City, or the Mayor's designee as approved by the
City Council, the Police Chief of the City; the Fire Chief of the
City, two firefighters, and two police officers. The Police Chief
and Fire Chief shall serve as Trustees for the period of time they
hold the positions of Fire Chief and Police Chief for the City. The
Mayor, or if the Mayor shall choose not to sit on the Board of Trustees
and designate a replacement (who shall be approved by the City Council),
shall serve for as long as he or she shall be Mayor of the City and
the designee, if so designated, shall likewise serve a term simultaneous
to that of the Mayor who appointed said designee.
(c)
Election. The two members who are police officers shall be elected
by a majority of police officers and the two members who are firefighters
shall be elected by a majority of the firefighters voting by secret
ballot at elections called for such purposes. Such elections shall
be administered by the City Clerk of the City and shall be held between
December 1 and March 1 of each year. Each police officer and firefighter
so elected shall serve a term of two years commencing on the first
day of the plan year following said elections. Special elections shall
be held to fill any vacancies created prior to the normal expiration
of a term. Such persons so elected shall fulfill the remaining unexpired
term. Alternate members shall also be elected from each of the police
officers and firefighter groups each time an election is held, being
the persons receiving the second highest vote in each such election.
Such alternates shall serve a term simultaneously with the member
then elected. Such alternates shall have the power to participate
and vote as a member of the Board at any time Board action is being
taken and the regular member is not in attendance. The alternate shall
have no power to participate as a member of the Board if the regular
member is present at the times such action is being taken, even if
the regular member was not present during the entire meeting in which
such action is being taken.
(d)
Advisory Trustee. An Advisory Trustee shall also be selected
by the Board of Trustees from the retirees. Prior to selection of
the Advisory Trustee, the Board shall cause the retirees to be notified
by regular mail and given 30 days from the date the last notice is
mailed to make suggestions as to the appointment. However, the Board
shall select a retiree as Advisory Trustee who shall fairly represent
the retirees. The Advisory Trustee shall attend all meetings and participate
in all discussions as if a member of the Board, but shall not vote.
(e)
Chairman of Board. The Board of Trustees shall elect one of
its members to serve as Chairman and such person shall preside at
its meetings. In addition, the Board may elect such other officers
from among its members as it deems necessary to fulfill the obligations
of the Board. The Chairman of the Board of Trustees shall also select
the election date between December 1 and March 1 of each year subject
to the approval of the Board of Trustees. If the date for an election
cannot be so established by the Chairman or the Board, then the election
date shall be March 1 of each year.
(f)
Advisors and staff. The Board shall be empowered to employ whatever
advisors, employees or consultants as may be reasonable and necessary
to fulfill the obligations of the Board. However, the Board shall
select a legal advisor, which legal advisor may not be employed by
or have any attorney-client relationship with the City of Kirkwood,
Missouri. Likewise, the Board, in its discretion at any time, may
appoint a professional actuary to prepare a report regarding the actuarial
soundness of the plan and fund. Such actuary may make such other reports
as may be requested from time to time by the Board, and shall likewise
have no client relationship with the City of Kirkwood, Missouri.
(g)
Investment manager or managers. The Board shall appoint and
remove, in is discretion, one or more investment managers to manage
(including the power to acquire and dispose of all, or one or more
portions of the fund).
(h)
Powers and duties of Board. The Board of Trustees shall administer
the plan through its authorized officers in a uniform and nondiscriminatory
manner.
The Board, in its discretion, is authorized to determine eligibility
for benefits under this plan and construe the plan's terms. The
Board shall administer the plan in accordance with its terms and it
shall have all powers necessary to carry out the provisions of the
plan (except such powers as are reserved by the plan or by law to
the City), whether or not such powers are specifically enumerated
herein, but not inconsistent with any of the express terms and conditions
of the plan, including the power to make and publish such bylaws and
regulations as it may deem necessary to carry out the provisions of
the plan. Notwithstanding the foregoing, the City shall have the absolute
and sole right to determine and make appropriations for funding contributions
to the plan and the Board of Trustees' powers and rights under
the plan shall be limited to investment, custodial and administrative
functions.
Without limiting the generality of the foregoing, the Board
shall have the general management of the plan and, subject to the
powers specifically reserved herein and inherent to the City, the
sole, final and absolute right to reconcile any inconsistency in the
plan, to interpret and construe the provisions of the plan in all
particulars, in such manner and to such extent as it deems proper,
and to take all action and make all decisions and determinations under
the plan and/or in connection with its administration, interpretation,
and application. Any interpretation or construction placed upon any
term or provision of the plan by the Board, any decision of the Board
with regard to the eligibility of an employee to become a participant,
the right of a participant, a former participant, or the beneficiaries,
or any other person, any reconciliation or inconsistency in the plan
made by the Board or any other action, determination or decision whatsoever
taken by the Board shall be final, conclusive and binding upon all
persons and parties interested in or concerned with the plan, including,
but not by way of limitation, the employees, participants, former
participants and beneficiaries, subject, however, to review in the
Circuit Court of the County pursuant to administrative procedures
established by state law. No Board member shall act or vote in any
case in which his or her individual right or claim to any benefit
is particularly involved.
The Board of Trustees is hereby empowered to enter into such
agreements with the City or other pension funds of the City for the
coinvestment of funds or the management of funds.
The Board may, in its discretion, delegate some or all of its
managerial responsibilities and duties under this § F-202(h)
to an employee of the City who is specifically designated to serve
as Plan Administrator.
(i)
Quorum and meeting of Board. Four members of the Board at any
time in office shall constitute a quorum for the transaction of business.
All resolutions and other actions taken by the Board at any meeting
shall be by a vote of the majority of those present at any such meeting.
The Board shall hold meetings upon such notice, at such place(s),
and such time(s) as it from time to time determines, provided such
meetings shall be held at least once in each calendar quarter. The
Board shall publish a schedule of such meetings which shall be open
to the public unless the subject matter of such meetings permits such
meetings to be closed pursuant to state law. Three members of the
Board may call for a special meeting upon five days' written
notice.
(j)
No compensation, no obligation for prior boards. The Board members
shall serve without compensation for their Board services. Unless
the same shall have been paid by the City, all reasonable and necessary
expenses of the Board, including, but not limited to, legal, accounting
and other professional fees and expenses, and any cost or expense
incurred by litigation, shall be paid out of the fund on direction
of the Board, provided that such expenses shall not have been incurred
as a result of the willful misconduct or gross negligence of the Board
or any member or members of it. Unless the same shall have been paid
by the City, the fees set forth in the written agreement with an investment
manager shall be paid out of the fund on direction of the Board. The
Trustees who shall take office as a result of the charter amendment
establishing the plan shall have no obligation to examine the books,
records, accounts or acts of the prior Boards of Trustees, and shall
accept such books, records and accounts in good faith, and shall have
no liability whatsoever for the acts of any prior Board of Trustees.
The Board of Trustees shall not be liable hereunder for any actions
performed by them in good faith and shall be liable only for criminal
acts, or as the law so designates.
(k)
Record of proceedings. The Board shall cause to be kept a record
of all of its proceedings and such records and other data as may be
necessary for the administration of the plan.
(l)
Custodian of fund. The Board shall direct the custodian, if
any, with respect to the distribution and disbursement from the fund.
(m)
Discrimination. The Board shall not exercise any powers herein
conferred upon it in any way as to result in discrimination in favor
of highly compensated employees or officers of the City.
[Code § 18 1/2-23]
(a)
Continued participation. Each employee who was a participant
on March 31, 2013, shall continue to be a participant on April 1,
2013.
(b)
Commencement of participation. Each employee shall become a
participant on the first day of the month coincident with or next
following the later of his or her date of hire by the City and the
date he or she attains age 21; provided, however, that an employee
shall not be eligible to have City contributions under § F-205(a)(i)
made on his or her behalf until the first day of the month coincident
with or next following the date he or she completes a period of eligibility
service and attains age 21. An employee who had been employed by the
City, been a participant in the plan, and ceased being an employee,
shall become a participant as of the date he or she is reemployed
by the City as an employee.
(c)
Termination of participation. A participant shall cease being
a participant on the day he or she terminates employment with the
City and shall cease being a former participant at the date all of
his or her benefits have been paid pursuant to the plan.
(d)
Participation upon reemployment. An employee who is not a participant
in the plan on the date his or her employment with the City terminated
or is deemed to have been terminated, shall be deemed to be a new
employee as of the date of his or her reemployment as an employee,
if he or she is reemployed.
[Code § 18 1/2-24]
(a)
Authorized leave of absence. An employee shall be deemed to
be on an authorized leave of absence throughout any period during
which he or she shall be:
(b)
Termination of leave of absence. A participant who is on an
authorized leave of absence shall remain a participant in the plan.
If an employee shall fail to return to active employment with the
City on or before the last day of the period of such leave of absence,
he or she shall be deemed to have terminated his or her employment
on such last day. An employee's period of authorized leave of
absence begins with the first day of his or her authorized leave of
absence and ends on the first to occur of the following applicable
dates:
(1)
In case of absence with prior consent of the City, the 15th
day following the termination of such absence.
(2)
In case of a layoff, the 15th day following such employee's
recall to active employment, or the date which occurs upon the expiration
of six months from the commencement of such layoff, whichever first
occurs.
(3)
In the case of an absence due to illness or disability, the
15th day following the end of such employee's illness or disability,
or the date which occurs upon the expiration of six months from the
commencement of such employee's absence due to illness or disability,
whichever first occurs.
(4)
In the case of military service, the last day on which he or
she retains reemployment rights under federal law or such extended
date as the Board may allow because of factors causing a delay in
return to active employment.
(c)
Nondiscriminatory treatment. Specifically with regard to the
application of the provisions of this article, employees shall be
treated alike when in similar circumstances.
[Code § 18 1/2-25]
(a)
Amount of contributions. For each plan year within which or
coincidental with which the fiscal year of the City ends, the City
shall, subject to the provisions of § F-207(d), contribute
to the fund to be held and administered by the Board according to
the plan, on behalf of each participant, (i) an amount equal to 6 1/2%
of each participant's compensation for such year plus (ii) an
equivalent percentage of each participant's compensation as that
which is being contributed as Federal Insurance Contributions Act[1] and Medicare contributions for civilian employees of the
City reduced by any amounts contributed by the City as Federal Insurance
Contributions Act and Medicare contributions for a police officer
or a firefighter. Such contributions are herein called "City contributions."
The City shall not discriminate between police officer and firefighter
employees and civilian employees of the City with respect to the City
contributions to the plan, which contribution shall include contributions
made by the City under the Federal Insurance Contributions and Medicare
Acts.
[1]
Editor's Note: See 26 U.S.C. § 3128.
(b)
Source and payment of contributions. City contributions required
to be made under § F-205(a) shall be made with revenues
derived from the tax imposed under Ordinance No. 6199, Section 7,
dated November 3, 1977 (§ F-219 of this article) The Board
may accept, on behalf of the fund, gifts, grants, devises or bequests
of personal or real property, conditioned or unconditioned, provided
that no conditioned gifts may be accepted where such a condition is
contrary to the plan or applicable state law. The City shall pay or
transfer to the fund its contribution under § F-205(a) at
the time prescribed by the City Council; provided, however, that the
City shall not discriminate between participants of the plan and participants
of the City of Kirkwood Employees' Pension Plan as to timing
of contributions, including Federal Insurance Contribution Act Tax
contributions made by the City with respect to participants of the
City of Kirkwood Employees' Pension Plan.
(c)
Make-up contributions. The City shall contribute "make-up City
contributions" as provided in § F-206(e).
(d)
Accountability. The Board of Trustees shall have no right or
duty to inquire into the amount of the City's contributions or
the methods used in determining the amount of such contributions,
but shall be accountable only for funds actually received by the Board
of Trustees.
[Code § 18 1/2-26]
(a)
Participant contributions. Each participant shall contribute
to the fund in each plan year during which he or she is a participant
an amount, called "mandatory contributions," which is the equivalent
percentage of his or her compensation as that which is being contributed
as Federal Insurance Contribution Act[1] and Medicare contributions by a civilian employee of the
City, reduced by any amount contributed as Federal Insurance Contribution
Act and Medicare contributions by such participant for such plan year.
The City shall deduct such contributions provided for in this § F-206
from the compensation of each participant for each pay period. During
the calendar month following each pay period, the City shall pay the
amount so deducted to the fund to be held in the participant's
mandatory contributions account and administered according to the
terms of the plan and shall credit such contributions to the participant's
mandatory contributions account at such time.
[1]
Editor's Note: See 26 U.S.C. § 3128.
(b)
Vesting in participant contribution. A participant's right
to the amount in his or her mandatory contributions account shall
at all times be 100% vested and nonforfeitable.
(c)
Mandatory contribution subject to plan terms. The mandatory
contributions accounts shall be subject to all other provisions of
this plan, except as specifically set forth in this § F-206
or otherwise in the plan.
(d)
Pickup contributions. All amounts designated as mandatory contributions
under this § F-206 of the plan shall be picked up by the
City, within the meaning of Section 414(h)(2) of the code. Such mandatory
contributions shall be assumed by the City and paid to the fund through
a reduction in each participant's salary. The participant shall
be given no option or election to receive such amounts directly. This
subsection shall not modify or change the amount of gross compensation
of any participant in the plan for any purpose, including but not
limited to the purpose of determining participant rights and amounts
of salaries and contributions under the plan, and the amounts so paid
and assumed by the City shall continue to be a part of such participants'
gross compensation.
(e)
Make-up mandatory and matching contributions. The City will
contribute make-up City contributions on behalf of an employee who
returns to the employment of the City following military service within
60 days of such return to employment. "Make-up City contributions"
means the 6 1/2% City contributions which would have been made
on behalf of the employee during the period of military service pursuant
to § F-205(a) had he or she been a participant during the
term of such military service. An employee may contribute make-up
mandatory contributions upon return to employment of the City following
a period of military service. Such make-up mandatory contributions
must be made no later than the last day of a period equal to three
times the period of the employee's military service or the last
day of a five-year period, whichever first occurs, following the employee's
reemployment with the City after his of her return from such military
service. "Make-up mandatory contributions" means the mandatory contributions
which the employee would have made pursuant to § F-206(a)
had he or she been an employee during the period of such military
service. The City will contribute make-up matching contributions on
behalf of an employee who makes make-up mandatory contributions. Make-up
matching contributions must be made by the City within 60 days of
the date the employee makes make-up mandatory contributions. "Make-up
matching contribution" mean the City contributions, in addition to
the 6 1/2% City contributions, which would have been contributed
on behalf of the employee during the period of military service had
he or she been a participant during such military service. All make-up
contributions shall be based upon the employee's average compensation
for the twelve-month period immediately preceding the commencement
of his or her military service. Make-up City, mandatory and matching
contributions shall be made without regard to the limitations of §§ F-205,
F-206 and F-207 for the plan year in which they are paid. Make-up
City and matching contributions shall be credited to the participant's
current account and make-up mandatory contributions shall be credited
to the participants mandatory contributions account. No earnings shall
be credited with respect to such make-up contributions before they
are paid to the fund.
[Code § 18 1/2-27]
(a)
Contributions part of fund. All contributions made by the City
to the fund shall, when paid to the Board of Trustees, become part
of the fund.
(b)
Establishment of accounts.
(1)
The Board shall establish and maintain or shall cause to be
established and maintained a current account in the name of each participant,
former participant and beneficiary. Each participant's pro rata
share of the City contributions shall be credited to his or her current
account. The Board shall also establish and maintain or shall cause
in the name of each participant, former participant and beneficiary
to be established and maintained the mandatory contributions account.
Each current account and mandatory contributions account is established
primarily for accounting purposes and does not require a segregation
of fund assets to each such account.
(2)
The Board shall establish and maintain or shall cause to be
established and maintained a retirement plan account in the name of
each participant in the plan. The retirement plan account shall consist
of the following:
a.
The actuarial equivalent of the participant's earned benefit
(as defined in the applicable prior plan) under the applicable prior
plan, unless the participant elected to have an annuity purchased
with the actuarial equivalent of his or her earned benefit under the
prior plan, in which such case nothing shall be credited to the participant's
retirement account with respect to his or her earned benefit; plus
b.
The participant's mandatory contributions to the applicable
prior plan with interest on the participant's mandatory contributions
to the plan from July 1, 1973, through December 31, 1985, at the rate
of 2% per annum, compounded annually.
|
For purposes of this § F-207, "actuarial equivalent"
means a benefit or benefits which are of equal value at the date of
determination to the benefits for which they are being substituted.
Equivalence of value is determined by an actuary selected by the Board
and is based on the following actuarial assumptions:
| |
|
Mortality: The 1984 PBGC Unisex Pension Mortality Table.
| |
|
Interest rate: 8.2% per annum.
| |
|
Each participant shall be 100% vested at all times in the amount
credited to and held in his or her retirement plan account. Each retirement
plan account is established primarily for accounting purposes and
does not require segregation of fund assets for each such account.
|
(c)
Allocation to current and mandatory accounts. As of the day
the City shall make a contribution, the Board shall credit the amount
of such contribution made on behalf of each participant pursuant to
§§ F-205(a) and F-206(a), to the current and mandatory
contributions accounts of each such participant.
(d)
Limitations on annual additions.
(1)
If a participant does not participate in and has never participated
in another qualified plan [within the meaning of Section 401(a) of
the code], a welfare benefit fund [as defined in Section 419(e) of
the code], an individual medical account [as defined in Section 415(1)(2)
of the code], or a simplified employee pension [as defined in Section
408(k) of the code] maintained by the employer, the annual additions,
as defined in § F-207(d)(4), which may be credited to the
participant's current and mandatory contributions accounts for
any limitation year will not exceed the lesser of the maximum permissible
amount or any other limitation contained in the plan. If the contributions
that would otherwise be contributed or allocated to the participant's
current and mandatory contributions accounts would cause the annual
additions for the limitation year to exceed the maximum permissible
amount, the amount contributed or allocated will be reduced so that
the annual additions for the limitation year will equal the maximum
permissible amount.
(2)
This section applies if, in addition to the plan, the participant
is covered under another qualified defined contribution plan, a welfare
benefit fund, an individual medical account, or a simplified employee
pension maintained by the employer. The annual additions which may
be credited to a participant's current and mandatory contributions
accounts under the plan for any limitation year will not exceed the
maximum permissible amount reduced by the annual additions credited
to a participant's accounts under the other qualified defined
contribution plans, welfare benefit funds, individual medical accounts,
or simplified employee pensions for the same limitation year. If the
annual additions with respect to the participant under other qualified
defined contribution plans, welfare benefit funds, individual medical
accounts, and simplified employee pensions maintained by the employer
are less than the maximum permissible amount and the contributions
that would otherwise be contributed or allocated to the participant's
current and mandatory contributions accounts under this plan would
cause the annual additions for the limitation year to exceed this
limitation, the amount contributed or allocated will be reduced so
that the annual additions under all such plans and funds for the limitation
year will equal the maximum permissible amount. If the annual additions
with respect to the participant under such other qualified defined
contribution plans, welfare benefit funds, individual medical accounts,
and simplified employee pensions in the aggregate are equal to or
greater than the maximum permissible amount, no amount will be contributed
or allocated to the participant's current and mandatory contributions
accounts under this plan for the limitation year.
(3)
Excess annual additions shall be corrected in accordance with
the principles set forth in the Employee Plans Compliance Resolution
System.
(4)
ANNUAL ADDITIONS
a.
b.
c.
d.
e.
COMPENSATION
a.
(i)
(ii)
(iii)
(iv)
(v)
b.
c.
d.
e.
f.
g.
h.
EMPLOYER
LIMITATION YEAR
MAXIMUM PERMISSIBLE AMOUNT
a.
b.
c.
d.
Definitions.
The sum of the following amounts credited to a participant's
current account for the limitation year:
City contributions;
Participant mandatory contributions;
Forfeitures;
Amounts allocated to an individual medical account, as defined
in Section 415(1)(2) of the code, which is part of a pension or annuity
plan maintained by the employer are treated as annual additions to
a defined contribution plan. Also amounts derived from contributions
paid or accrued which 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
fund, as defined in Section 419(e) of the code, maintained by the
employer are treated as annual additions to a defined contribution
plan; and
Allocations under a simplified employee pension.
Wages, salaries, differential wage payments (effective January
1, 2009) and fees for professional services and other amounts received
(without regard to whether or not an amount is paid in cash) for personal
services actually rendered in the course of employment with the employer
maintaining the plan to the extent that the amounts are includible
in gross income including, but not limited to, commissions paid salespersons,
compensation for services on the basis of a percentage of profits,
commissions on insurance premiums, tips, bonuses, fringe benefits,
and reimbursements, or other expense allowances under a nonaccountable
plan [as described in Section 1.62-2(c) of Treasury Regulations];
and
Excluding the following:
Employer contributions [other than elective contributions described
in Sections 402(e)(3), 408(k)(6), 408(p)(2)(A)(i), or 457(b) of the
code] to a plan of deferred compensation [including a simplified employee
pension described in Section 408(k) of the code or a simple retirement
account described in Section 408(p) of the code, and whether or not
qualified] to the extent such contributions are not includible in
the participant's gross income for the taxable year in which
contributed, and any distributions (whether or not includible in gross
income when distributed) from a plan of deferred compensation (whether
or not qualified), amounts received during the year by the participant
pursuant to a nonqualified unfunded deferred compensation plan to
the extent includible in gross income;
Amounts realized from the exercise of a nonstatutory stock option
[that is, an option other than a statutory stock option as defined
in Section 1.421-1(b) of Treasury Regulations], or when restricted
stock (or property) held by the participant either becomes freely
transferable or is no longer subject to a substantial risk of forfeiture;
Amounts realized from the sale, exchange or other disposition
of stock acquired under a statutory stock option;
Other amounts that receive special tax benefits, such as premiums
for group term life insurance (but only to the extent that the premiums
are not includible in the gross income of the participant and are
not salary reduction amounts that are described in Section 125 of
the code);
Other items of remuneration that are similar to any of the items
listed in Subsection(a)(i) through (iv) above.
Except as provided herein, compensation for a limitation year
is the compensation actually paid or made available during such limitation
year. Compensation for a limitation year shall include amounts earned
but not paid during the limitation year solely because of the timing
of pay periods and pay dates, provided the amounts are paid during
the first few weeks of the next limitation year, the amounts are included
on a uniform and consistent basis with respect to all similarly situated
employees and no compensation is included in more than one limitation
year.
Compensation for a limitation year shall also include compensation
paid by the later of 2 1/2 months after an participant's
severance from employment with the employer maintaining the plan or
the end of the limitation year that includes the date of the participant's
severance from employment with the employer maintaining the plan,
if the payment is regular compensation for services during the participant's
regular working hours, or compensation for services outside the participant's
regular working hours (such as overtime or shift differential), commissions,
bonuses, or other similar payments, and, absent a severance from employment,
the payments would have been paid to the participant while the participant
continued in employment with the employer, or the payment is for unused
accrued bona fide sick, vacation or other leave that the employee
would have been able to use if employment had continued; or the payment
is received by the participant pursuant to a nonqualified unfunded
deferred compensation plan and would have been paid at the same time
if employment had continued, but only to the extent includible in
gross income.
Any payments not described above shall not be considered compensation
if paid after severance from employment, even if they are paid by
the later of 2 1/2 months after the date of severance from employment
or the end of the limitation year that includes the date of severance
from employment, except compensation paid to a participant who is
permanently and totally disabled, as defined in Section 22(e)(3) of
the code, provided salary continuation applies to all participants
who are permanently and totally disabled for a fixed or determinable
period, or the participant was not a highly compensated employee,
as defined in Section 414(q) of the code, immediately before becoming
disabled.
Back pay, within the meaning of Section 1.415(c)-2(q)(8) of
Treasury Regulations, shall be treated as compensation for the limitation
year to which the back pay relates to the extent the back pay represents
wages and compensation that would otherwise be included under this
definition.
Compensation paid or made available during a limitation year
shall include amounts that would otherwise be included in compensation
but for an election under Sections 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B),
402(k), or 457(b) of the code.
"Compensation" shall also include deemed Section 125 compensation.
Deemed Section 125 compensation is an amount that is excludable under
Section 106 of the code that is not available to a participant in
cash in lieu of group health coverage under and described in an arrangement
solely because the participant is unable to certify that he or she
has other health coverage. Amounts are deemed Section 125 compensation
only if the employer does not request or otherwise collect information
regarding the participant's other health coverage as part of
the enrollment process for the health plan.
"Compensation" shall not include amounts paid as compensation
to a nonresident alien, as defined in Section 7701(b)(1)(B) of the
code, who is not a participant in the plan to the extent the compensation
is excludable from gross income and is not effectively connected with
the conduct of a trade or business within the United States.
For purposes of this § F-207(d), employer shall
mean the City, and all members of a controlled group of corporations
[as defined in Section 414(b) of the code as modified by Section 415(h)],
all commonly controlled trades or businesses [as defined in Section
414(c) as modified by Section 415(h)] or affiliated service groups
[as defined in Section 414(m)] of which the adopting City is a part,
and any other entity required to be aggregated with the City pursuant
to regulations under Section 414(o).
The plan year. All qualified plans maintained by the employer
must use the same limitation year. If the limitation year is amended
to a different twelve-consecutive-month period, the new limitation
year must begin on a date within the limitation year in which the
amendment is made.
Except for catch-up contributions described in Code Section
414(v), the annual addition that may be contributed or allocated to
a participant's current account under the plan for any limitation
year shall not exceed the lesser of:
The compensation limit referred to herein shall not apply to
any contribution for medical benefits after separation from service
[within the meaning of Section 401(h) or Section 419A(f)(2) of the
code] which is otherwise treated as an annual addition.
If a short limitation year is created because of an amendment
changing the limitation year to a different twelve-consecutive-month
period, the maximum permissible amount will not exceed the defined
contribution dollar limitation multiplied by the following fraction:
|
Number of months in the short limitation year
12
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If the plan is terminated as of a date other than the last day
of the limitation year, the plan is deemed to have been amended to
change its limitation year and the maximum permissible amount shall
be determined and shall be prorated for the resulting short limitation
year.
(e)
Adjustments to accounts. With respect to each investment fund
established under § F-212(d), the then net credit balance
in the current account, mandatory contribution account, retirement
plan account and rollover account [within the meaning of Code § F-213(o)]
of each participant, former participant and beneficiary, shall be
adjusted upward or downward on a daily basis, as the case may be,
in the same proportion that the total amount of the then net credit
balance in each such account invested in the investment fund bears
to the total amount of the then net credit balances in such accounts
of all participants, former participants and beneficiaries invested
in the investment fund, so that the total of the then net credit balances
in such accounts of all participants, former participants and beneficiaries
invested in the investment fund will equal the value of the investment
fund as of such date.
[Code § 18 1/2-28]
(a)
Valuation. The value of the fund shall be determined on a daily
basis. The Board of Trustees shall report such value to the City Council
and participants, in writing, on a quarterly basis. In making such
determination, the Board of Trustees shall value the assets of the
fund at their current fair market value as of such valuation date,
with all accrued income, and shall deduct all accrued expenses and
other amounts properly chargeable to the fund. Such valuation shall
include any contributions made by the City and participants as of
such valuation date, as well as any losses sustained in the administration
of the fund since the preceding valuation date. The Board's determination
of the value of the fund shall be final and conclusive for all purposes
of this plan and shall be binding upon the City, participants, former
participants, their respective beneficiaries and all other persons
interested in or concerned with the fund.
[Code § 18 1/2-29]
(a)
Retirement date. If a participant continues his or her employment
beyond his or her normal retirement date, he or she shall continue
to be treated in all respects as a participant until his or her late
retirement date, except that no benefit on account of his or her retirement
shall be distributable to such participant until his or her actual
retirement. A participant's right to the amounts credited to
his or her accounts shall be 100% vested and nonforfeitable upon attaining
his or her retirement date.
(b)
Retirement. Upon retirement at his or her retirement date, a
participant shall be entitled to receive and there shall be distributed
to him or her, as provided in § F-209(f), a benefit in an
amount equal to the total of the net credit balance in his or her
accounts as of the date of his or her retirement, which balance shall
be computed after all adjustments and allocations, if any, required
as of such date have been made.
(c)
Permanent disability.
(1)
Amount. Upon the termination of a participant's active
employment with the City because of permanent disability or upon the
Board's determination that a participant, during his or her authorized
leave of absence (in accordance with the provisions of § F-204)
and while he or she remained a participant, incurred permanent disability
[referred in this § F-209(c) to as "the date of permanent
disability"], such participant shall be entitled to receive a benefit
in an amount equal to the total of the vested portion of the net credit
balance in his or her accounts as of the date of his or her termination
of employment which balance shall be computed after all adjustments
and allocations required as of such date, if any, have been made.
(2)
Date of termination of employment. For purposes of this § F-209(c)
only, "date of his or her termination of employment" means the earlier
of the date a participant who is permanently disabled attains age
65, the date a participant ceases to be entitled to benefits under
the City's long-term disability program, the date of the participant's
death, or the date of the written election of the participant to receive
all or a portion of his benefits. A disabled participant who terminates
employment and who is not entitled to receive benefits under the City's
long-term disability program shall receive his vested benefit, if
any, in accordance with § F-209(e).
(3)
Contributions during disability. In the case of a participant
who is receiving benefits under the City's long-term disability
program, the City shall continue to make contributions to the plan,
as required by § F-205(a)(i), on behalf of such participant
based on the compensation the participant would have received for
the plan year if the participant was paid at the rate of the participant's
compensation on the date of permanent disability, which contributions
shall continue until the earlier of the date the permanently disabled
participant attains age 65, the date the participant ceases to be
entitled to benefits under the City's long-term disability program,
the date of the participant's death or the date of the written
election of the participant to receive all or a portion of his or
her benefit. The contribution, if any, required by § F-205(a)(ii)
and § F-206 of the plan shall not be made by the City and
the participant during the entire period of his or her permanent disability.
(4)
Vesting service. No additional years of vesting service will
be earned by a permanently disabled participant until such time as
he or she returns to active employment with the City except that a
permanently disabled participant will be 100% vested in his or her
accounts upon the earlier of the attainment of age 60 or the date
of his or her death, regardless of his or her years of vesting service.
(5)
Form of benefit. The participant's benefit under this § F-209(c)
shall be payable in the form provided in § F-209(f); provided,
however, that a participant may elect, in writing, to have all or
a portion of his or her benefit paid while still permanently disabled.
If a participant so elects, no further contributions shall be made
by the City pursuant to § F-209(c)(3) for any period after
the date of such written election and such participant shall cease
to be a participant in the plan as of such date.
(d)
Death. Upon the death of a participant while in active employment
with the City or upon the death of a participant during his or her
period of authorized leave of absence (in accordance with the provisions
of § F-204), and upon the Board being furnished with evidence
satisfactory to it of such participant's death, the participant's
designated beneficiary is entitled to receive and there shall be distributed
to him or her, as provided in § F-209(f) and (g), a benefit
in an amount equal to the total of the net credit balance in his or
her accounts, as of the date of his or her death, which balance shall
be computed after all adjustments and allocations, if any, required
as of such date, shall have been made.
Upon the death of a former participant prior to the receipt
of some or all of his or her benefits hereunder, an amount equal to
the aggregate amount of such undistributed benefit shall be paid to
the beneficiaries of such deceased former participant as provided
in § F-209(f) and (g).
(e)
Termination for other reasons. A participant, whose active employment
terminates prior to retirement (for reasons other than death or permanent
disability), shall be entitled to receive and there shall be distributed
to him or her, as provided in § F-209(f), a benefit in an
amount equal to the sum of the net credit balance in his or her retirement
plan account, the net credit balance in his or her mandatory contributions
account, the net credit balance in his or her rollover account, and
the net credit balance in his or her current account as of the date
of his or her termination of employment; less, however, in either
case, the applicable percentage of the net credit balance of his or
her current account set forth in the following schedule based upon
the number of his or her years of vesting service with the City as
of the date of his or her termination of active employment with the
City:
|
Number of Years of Vesting Service
|
Percentage of Amounts Not Vested
| |
|---|---|---|
|
Less than 5
|
100
| |
|
5 or more
|
0
|
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Notwithstanding the foregoing, a participant shall be 100% vested
when he or she attains 60 years of age. The net credit balance in
the current account of a participant referred to in this § F-209(e)
shall be determined after all adjustments and allocations required
as of the date of the determination of the net credit balance in his
or her current account shall have been made.
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The amount, if any, of the net credit balance in his or her
current account to which a terminated participant referred to in this
§ F-209(e) is not entitled in accordance with the above
schedule shall be forfeited at the time payment of his or her benefits
commences. For purposes of this § F-209(e), a participant
who is 0% vested in his or her benefit is deemed to have received
a distribution of his or her vested benefit and the non nonvested
vested portion of his or her benefit is forfeited. The City contribution
for such plan year shall be reduced by the amount of such forfeiture
and said amount shall be treated as part of the City contribution
for such plan year in which such forfeiture occurs. The preceding
sentence notwithstanding, in the event such participant again becomes
an employee of the City but before he or she has five consecutive
breaks in service, the amount he or she forfeited shall be restored
and credited to his or her current account. Such restoration shall
first be derived from forfeitures of other participants occurring
in the plan year in which such restoration is made and, to the extent
such amount is not derived from said forfeitures, it shall be restored
from a separate City Contribution. The term "break in service" means
a continuous period of 12 consecutive months during which the employee
is not employed by the City commencing on the date the participant
terminates under this § F-209(e). In the case of an employee
who is absent from work pursuant to a leave or absence which City
is required to extend to the participant under the provisions of the
Family and Medical Leave Act of 1993,[1] the twelve-consecutive-month period begins on the first
anniversary of the first date of such absence. Absence on account
of military service shall be treated as employment with the City for
purposes of determining whether a break in service occurs.
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[1]
Editor's Note: See 29 U.S.C.§ 2601.
(f)
Forms of benefit. Subject to the
provisions of §§ F-209(k), (n) and (o), F-209(f)b,
and § F-209.1, as promptly as practicable after the date
as of which a participant or beneficiary becomes entitled to a distribution
from the fund in accordance with § F-209(b), (c), (d) or
(e) and in all events no later than 60 days after the close of the
plan year during which the participant or beneficiary becomes entitled
to such distribution, the Board shall distribute or instruct the custodian
to distribute the benefit to which such participant or beneficiary
is entitled in one of the following methods of payment, as selected
by the participant, subject to the provisions of each of § F-209(b),
(c), (d) and (e):
a.
One lump sum; or
b.
An annuity in the form selected by the participant, which annuity
shall be purchased by the Board. The payments under such annuity will
be for the life of such participant or beneficiary or over the lives
of such participant and his or her designated beneficiary (or over
a period not extending beyond the life expectancy of such participant
or the life expectancy of such participant and his or her designated
beneficiary).
c.
A series of substantially equal installments over a period which
does not extend beyond the life expectancy of such participant or
beneficiary or the joint life expectancy of such participant and a
designated beneficiary.
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Anything to the contrary herein contained notwithstanding, a
participant entitled to a distribution from the fund may elect to
defer payment of his or her entire benefit and elect to receive a
portion of his or her benefit as a distribution from any of the separate
investment funds [established pursuant to § F-212(d)] in
which he or she has invested the net credit balance in his or her
accounts or portions thereof as of his or her date of termination
or retirement. For purposes of this paragraph, each participant shall designate, in writing,
at the time he or she becomes entitled to a distribution hereunder
or at any time thereafter, from which separate investment fund or
funds he or she wishes the net credit balance in his or her accounts
or portions thereof to be distributed to him or her and the form of
payment of such distribution as otherwise permitted under the plan.
Under such election, the entire amount of the separate investment
fund or funds of the participant shall be distributed to him or her.
The participant may not defer commencement of payment of his or her
benefit under this paragraph beyond his or her required beginning date
as defined in § F-209.1(g)(5).
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(g)
Time of payment of death benefit. The amount distributable pursuant
to § F-209(d) shall be paid or commence to be paid as soon
as practicable after the date of the participant's death and
will be payable to his or her beneficiary.
(h)
Benefits paid after final valuation. Anything to the contrary
herein contained notwithstanding, no benefit shall be payable hereunder
until the Board of Trustees determines the value of the fund as of
the appropriate date, if such value needs to be determined in order
to determine the benefit to which the participant is entitled.
(i)
Death of former participant. Upon the death of a former participant
prior to receipt of any of his or her benefits hereunder, an amount
equal to the aggregate amount of such undistributed benefits shall
be paid to the beneficiary of such deceased former participant within
60 days after receipt by the Board of evidence satisfactory to it
concerning such death.
(j)
Designation of beneficiary. Each participant and former participant
shall have the right, from time to time, to designate or change the
designation of a primary and a contingent beneficiary, or either thereof,
to receive on his or her death the benefit provided herein, or, as
the case may be, any undistributed balance of any benefit distributable
to him or her pursuant to the provisions hereof. A beneficiary designation
by a participant must be in writing in a form or forms as the Board
may require and be an original document signed by the participant.
Any such participant or former participant may make such designation
only in writing and by filling out and furnishing to the Board such
form or forms as the Board may require. If there is no designated
beneficiary upon the death of a participant or former participant,
then, and in any of said events, the amount which would have been
paid to a designated living beneficiary shall be paid as provided
in § F-201(b).
Upon the death of a beneficiary entitled to the distribution
of an amount pursuant to the provisions of this § F-209
prior to receipt of all amounts distributable to such beneficiary
hereunder, an amount equal to the unpaid balance shall be paid to
the estate of such deceased beneficiary in a single sum.
(k)
Solvency of fund. When any amount becomes payable under the
provisions of this § F-209, the same shall be paid to the
extent that there are assets in the fund available for the payment
thereof, after deduction of accrued expenses and other amounts properly
chargeable to the fund. In the event the assets of the fund available
for payment, after the aforesaid deductions, are not sufficient to
pay all such amounts required to be paid on a payment date, then the
assets of the fund shall be used to pay such amounts on the basis
of direct proportion to the extent such assets are available for payment.
(l)
Address for benefit payments. All benefits and installments
thereof are distributable from the address hereinafter provided for
in § F-213(c) as the address to which notices shall be mailed
to the City, or such other address as the Board may designate.
(m)
Latest date for commencement payments. The benefit to which
a participant is entitled shall begin to be distributed to him or
her
not later than his or her required beginning date as defined in § F-209.1(g)(5).
(n)
Lump sum distribution. If a participant's, former participant's
or beneficiary's total benefit due under the plan is equal to
or less than $5,000, such benefit will be paid in one lump sum only.
In the event of a distribution greater than $1,000 in accordance with
the provisions of this section, if the participant, former participant
or beneficiary does not elect to have such distribution paid directly
to an eligible retirement plan specified by the participant, former
participant or beneficiary in a direct rollover in accordance with
§ F-213(p), or to receive the distribution directly in accordance
with this section, then the benefit will be paid in a direct rollover
to an individual retirement account designated by the Board. For purposes
of determining a participant's total benefit under the plan,
the participant's account balance attributable to rollover amount,
within the meaning of § F-213(o)(5) shall be disregarded.
(o)
Lost participation. In the event the Board is unable to locate
a former participant or beneficiary who is entitled to a benefit from
the plan, the benefit to which such former participant or beneficiary
is entitled shall be forfeited as of the last day of the plan year
in which the Board determines the former participant or beneficiary
cannot be located, and such benefits shall be treated as part of the
City contribution for such plan year. If the former participant or
beneficiary whose benefit was forfeited is subsequently located or
claims such benefit, such benefit shall be restored and paid to the
former participant or beneficiary in accordance with § F-209(f).
Such restoration shall first be derived from forfeitures to be treated
as part of the City contribution in accordance with § F-209(e)
and, to the extent such amount is not derived from said forfeitures,
it shall be restored from a separate City contribution for such purpose.
This § F-209(o) shall only apply if a former participant
or beneficiary cannot be located. In the event of the death of a participant,
former participant or beneficiary, the provisions of § F-209(j)
shall control.
[Code § 18 1/2-29.1]
(a)
General rule. The following provisions of this section will
apply for purposes of determining required minimum distributions under
Section 401(a)(9) of the code. The requirements of this section will
take precedence over any inconsistent provisions of the plan. All
distributions required under this section will be determined and made
in accordance with the Treasury Regulations under Section 401(a)(9)
of the code.
(b)
Required beginning date. The participant's entire interest
will be distributed, or begin to be distributed, to the participant
no later than the participant's required beginning date.
(c)
Commencement of benefits upon death of participant before distributions
begin. If the participant dies before distributions begin, the participant's
entire interest will be distributed no later than as follows:
(1)
If the participant's surviving spouse is the participant's
sole designated beneficiary, then distributions to the surviving spouse
will begin by December 31 of the calendar year immediately following
the calendar year in which the participant died, or by December 31
of the calendar year in which the participant would have attained
age 70 1/2, if later.
(2)
If the participant's surviving spouse is not the participant's
sole designated beneficiary, then distributions to the designated
beneficiary will begin by December 31 of the calendar year immediately
following the calendar year in which the participant died.
(3)
If there is no designated beneficiary as of September 30 of
the year following the year of the participant's death, the participant's
entire interest will be distributed by December 31 of the calendar
year containing the fifth anniversary of the participant's death.
(4)
If the participant's surviving spouse is the participant's
sole designated beneficiary and the surviving spouse dies after the
participant but before distributions to the surviving spouse begin,
this § F-209.1(c), other than § F-209.1(c)(1),
will apply as if the surviving spouse were the participant.
|
For purposes of § F-209.1(c), (e) and (f), unless
§ F-209.1(c)(4), applies, distributions are considered to
begin on the participant's required beginning date. If § F-209.1(c)(4)
applies, distributions are considered to begin on the date distributions
are required to begin to the surviving spouse under § F-209.1(c)(1).
If distributions under an annuity purchased from an insurance company
irrevocably commence to the participant before the participant's
required beginning date [or to the participant's surviving spouse
before the date distributions are required to begin to the surviving
spouse under § F-209.1(c)(1)], the date distributions are
considered to begin is the date distributions actually commence.
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|
Unless the participant's interest is distributed in the
form of an annuity purchased from an insurance company or in a single
sum on or before the required beginning date, as of the first distribution
calendar year distributions will be made in accordance with § F-209.1(d),
(e) and (f). If the participant's interest is distributed in
the form of an annuity purchased from an insurance company, distributions
thereunder will be made in accordance with the requirements of Section
401(a)(9) of the code and the Treasury Regulations.
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(d)
Required minimum distributions during participant's lifetime.
During the participant's lifetime, the minimum amount that will
be distributed for each distribution calendar year is the lesser of:
(1)
The quotient obtained by dividing the participant's account
balance by the distribution period in the Uniform Lifetime Table set
forth in Section 1.401(a)(9)-9 of the Treasury Regulations, using
the participant's age as of the participant's birthday in
the distribution calendar year; or
(2)
If the participant's sole designated beneficiary for the
distribution calendar year is the participant's spouse, the quotient
obtained by dividing the participant's account balance by the
number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9
of the Treasury Regulations, using the participant's and spouse's
attained ages as of the participant's and spouse's birthdays
in the distribution calendar year.
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Required minimum distributions will be determined under this
§ F-209.1(d) beginning with the first distribution calendar
year and up to and including the distribution calendar year that includes
the participant's date of death.
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(e)
Required minimum distributions upon participant's death
on or after date distributions begin.
(1)
Participant survived by designated
beneficiary. If the participant dies on or after the date distributions
begin and there is a designated beneficiary, the minimum amount that
will be distributed for each distribution calendar year after the
year of the participant's death is the quotient obtained by dividing
the participant's account balance by the longer of the remaining
life expectancy of the participant or the remaining life expectancy
of the participant's designated beneficiary, determined as follows:
(i)
The participant's remaining life expectancy is calculated
using the age of the participant in the year of death, reduced by
one for each subsequent year.
(ii)
If the participant's surviving spouse is
the participant's sole designated beneficiary, the remaining
life expectancy of the surviving spouse is calculated for each distribution
calendar year after the year of the participant's death using
the surviving spouse's age as of the spouse's birthday in
that year. For distribution calendar years after the year of the surviving
spouse's death, the remaining life expectancy of the surviving
spouse is calculated using the age of the surviving spouse as of the
spouse's birthday in the calendar year of the spouse's death,
reduced by one for each subsequent calendar year.
(iii)
If the participant's surviving spouse is
not the participant's sole designated beneficiary, the designated
beneficiary's remaining life expectancy is calculated using the
age of the beneficiary in the year following the year of the participant's
death, reduced by one for each subsequent year.
(2)
No designated beneficiary. If the participant dies on or after
the date distributions begin and there is no designated beneficiary
as of September 30 of the year after the year of the participant's
death, the minimum amount that will be distributed for each distribution
calendar year after the year of the participant's death is the
quotient obtained by dividing the participant's account balance
by the participant's remaining life expectancy calculated using
the age of the participant in the year of death, reduced by one for
each subsequent year.
(f)
Required minimum distribution upon participant's death
before date distributions begin.
(1)
Participant survived by designated beneficiary. If the participant
dies before the date distributions begin and there is a designated
beneficiary, the minimum amount that will be distributed for each
distribution calendar year after the year of the participant's
death is the quotient obtained by dividing the participant's
account balance by the remaining life expectancy of the participant's
designated beneficiary, determined as provided in § F-209.1(e)
hereof.
(2)
No designated beneficiary. If the participant dies before the
date distributions begin and there is no designated beneficiary as
of September 30 of the year following the year of the participant's
death, distribution of the participant's entire interest will
be completed by December 31 of the calendar year containing the fifth
anniversary of the participant's death.
(3)
Death of surviving spouse before distributions to surviving
spouse are required to begin. If the participant dies before the date
distributions begin, the participant's surviving spouse is the
participant's sole designated beneficiary, and the surviving
spouse dies before distributions are required to begin to the surviving
spouse under § F-209.1(c)(1), this § F-209.1(f)(3)
will apply as if the surviving spouse were the participant.
(g)
Definitions.
(1)
DESIGNATED BENEFICIARY — The individual who is designated
as the beneficiary under the plan and is the designated beneficiary
under Section 401(a)(9) of the code and Section 1.401(a)(9)-4, Q&:A-4,
of the Treasury Regulations.
(2)
DISTRIBUTION CALENDAR YEAR — A calendar year for
which a minimum distribution is required. For distributions beginning
before the participant's death, the first distribution calendar
year is the calendar year immediately preceding the calendar year
which contains the participant's required beginning date. For
distributions beginning after the participant's death, the first
distribution calendar year is the calendar year in which distributions
are required to begin under § F-209.1(c). The required minimum
distribution for the participant's first distribution calendar
year will be made on or before the participant's required beginning
date. The required minimum distribution for the distribution calendar
year in which the participant's required beginning date occurs,
will be made on or before December 31 of that distribution calendar
year.
(3)
LIFE EXPECTANCY — Life expectancy as computed by
use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury
Regulations.
(4)
PARTICIPANT'S ACCOUNT BALANCE — The account
balance as of the last valuation date in the calendar year immediately
preceding the distribution calendar year (valuation calendar year)
increased by the amount of any contributions made and allocated or
forfeitures allocated to the account balance as of dates in the valuation
calendar year after the valuation date and decreased by distributions
made in the valuation calendar year after the valuation date. The
account balance for the valuation calendar year includes any amounts
rolled over or transferred to the plan either in the valuation calendar
year or in the distribution calendar year if distributed or transferred
in the valuation calendar year.
(5)
REQUIRED BEGINNING DATE — April 1 of the calendar
year following the later of the calendar year in which the participant
attains 70 1/2 years of age and the calendar year in which the
participant terminates employment.
[Code § 18 1/2-30]
(a)
Filing claims. Claims for benefits under the plan shall be filed
with the Plan Administrator, on forms supplied by the Plan Administrator.
Notice of the Plan Administrator's determination shall be furnished
the claimant within 90 days of the receipt of the claim, unless special
circumstances require an extension of time. In such case, the Plan
Administrator may extend the period for not in excess of an additional
90 days, provided that the claimant is given written notice of the
extension within the original ninety-day period. Such notice shall
indicate the special circumstances requiring the extension of time
and the date by which the Plan Administrator expects to render a final
decision. The claimant shall be given written notice of the Plan Administrator's
determination. If the claim is denied, in whole or in part, the notice
of the denial shall set forth in a manner calculated to be understood
by the claimant, the following:
(1)
The specific reason or reasons for such denial;
(2)
Specific reference to pertinent plan provisions on which such
denial is based;
(3)
A description of any additional material or information necessary
for the claimant to perfect the claim and an explanation of why such
material or information is necessary; and
(4)
Appropriate information as to the steps to be taken if the claimant
desires to request a review of the determination by the Board.
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If the determination of the Plan Administrator is not furnished
to the claimant within the time permitted herein, the claim shall
be deemed denied.
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(b)
Review of denied claims. A claimant whose claim is denied by
the Plan Administrator, in whole or in part, may submit a written
request to the Board for a review of the Plan Administrator's
determination within 60 days after receipt by the claimant of written
notification of the denial of the claim. Such claimant, or his or
her duly authorized representative, shall be given the opportunity
to review pertinent documents and submit issues and comments in writing.
A decision on review shall be made within 60 days after the receipt
of the request for review unless special circumstances require an
extension of time. In such case, the Board may extend the period for
not in excess of an additional 60 days, provided that the claimant
is given written notice of the extension of time within the original
sixty-day period. The claimant shall be given written notice of the
decision on review. The decision on review shall be written in a manner
calculated to be understood by the claimant and shall include:
(1)
Specific reason or reasons for the decision; and
(2)
Specific references to the pertinent plan provisions on which
the decision is based.
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If the decision on review is not furnished to the claimant in
writing within the time permitted herein, the claim shall be deemed
denied on review. The Board shall maintain minutes of any meeting
denying a claim for benefits and of any review thereof and copies
thereof shall be made available to the claimant upon written request.
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(c)
Notices. Any notice, claim for benefit or request as provided
hereunder shall be sent in accordance with the provisions of § F-213(c).
Any notice, claim for benefit or request as provided hereunder shall
be deemed to be given when mailed in accordance with the provisions
of this § F-210(c).
[Code § 18 1/2-31]
(a)
Amendments by City.
(1)
The City, by action of the City Council, shall have the right
at any time, and from time to time, to amend the plan in such manner
and to such extent as it may deem necessary or advisable, except that
no such amendment may be made without first having submitted such
amendment to the Board for its review, which review shall be completed
within 60 days of receipt by the Board of such amendment. Any such
amendment shall be set out in an ordinance approved by the City Council
and shall be deemed to have been amended in the manner and to the
extent set forth in said ordinance and all participants and persons
claiming any interest under the plan shall be bound thereby.
(2)
No amendment to the plan:
a.
Shall cause or permit the fund or any part thereof to be used
for or diverted to purposes other than for the exclusive benefit of
the present or future participants, former participants and their
respective beneficiaries or other persons entitled to benefits under
this plan;
b.
Shall increase the duties or obligations of the Board of Trustees
without its written consent; or
c.
Shall decrease the accrued benefit of a participant.
(3)
No amendment to the plan required as a condition of qualification
of the plan under Section 401(a) of the code or the exemption of the
fund under Section 501(a) of the code or any statute of similar import,
shall be deemed contrary to the limitations upon amendments provided
in Subsection (a)(2) above.
(b)
Discontinuance of City contributions. To the extent permitted
by federal and/or state law, the City shall have the right at any
time to discontinue its contributions hereunder or to terminate the
plan by delivering to the Board of Trustees written notice of such
discontinuance or termination accompanied by a certified resolution
of the City Council authorizing such discontinuance or termination.
(c)
Termination of plan; dates. To the extent permitted by federal
and state law, the plan shall terminate on whichever of the following
dates shall first occur:
(1)
The date specified for the termination of the plan in a notice
of termination as provided for in § F-211(b) above;
(2)
Upon the happening of any event, the enactment of any law, the
issuance of any rule, regulation, direction, command, demand or order
of any court, administrative, regulative or other agency, or of any
group or organization, or of any individual on behalf of the same,
which in any way or manner or to any extent whatsoever, impairs or
prevents the free exercise of the uncontrolled discretion of the City
Council in connection with terminating the plan hereby created, in
any of which such events, the plan shall thereupon, ipso facto, be
terminated;
(3)
The date on which the City shall be adjudicated bankrupt, or
the date which the City shall make a general assignment to or for
the benefit a creditors, or the date on which the dissolution of the
City shall occur.
(d)
Distribution of funds to former participants or their beneficiaries.
Upon complete discontinuance of the City's contributions hereunder
or the termination of the plan, the amount of undistributed installments
of the benefits to which each former participant, or the beneficiary
of a former participant, as the case may be, is entitled on the date
of such discontinuance or termination of the plan shall be distributed
to such former participant or such beneficiary, as the case may be,
in one lump sum as soon as reasonably practicable after such discontinuance
or termination of the plan. Pending such distribution, no installments
or benefit shall be distributed to any such former participant or
beneficiary. In the event a former participant shall die prior to
distribution to him or her
of the lump sum amount herein provided for after such discontinuance
or termination of the plan, the amount shall be distributed to the
beneficiary of such former participant.
(e)
Distribution of benefits to participants or their beneficiaries.
(1)
Upon complete discontinuance of the City's contributions
or the termination of the plan, the rights of each participant to
the benefits accrued to the date of such discontinuance or termination
are nonforfeitable. After payment of all expenses of the plan and
after making the distributions provided for in § F-211(d)
above, each participant shall be entitled to receive, and there shall
be distributed to him or her
as hereinafter provided in this § F-211(e), the total amount
credited to the accounts of such participant as of the date of such
distribution.
(2)
Upon the partial termination of the plan, the rights of each
participant with respect to whom the plan is partially terminated
to the benefits accrued to the date of such partial termination shall
be nonforfeitable. The Board of Trustees, at the direction of the
City Council, shall thereupon proceed, as promptly as shall then be
reasonable under the circumstances, to distribute to the participants
with respect to whom the plan is partially terminated the net credit
balance in the accounts of each such participant as of the date the
plan is partially terminated, which distribution may be made in any
manner or method of payment permitted by § F-209(f) hereof.
(3)
Upon the termination of the plan, assets remaining Trust II
shall be used to purchase paid up disability and life insurance benefits
and/or benefits under §§ F-215 and F-216 for employees
who are participants at the time of such termination. To the extent
funds remain in Trust II immediately following such purchase, these
assets shall be used to purchase paid up disability and life insurance
benefits and/or benefits under §§ F-215 and F-216 for
any other employees. Any remaining funds in Trust II shall be distributed
in accordance with § F-217(c). Any remaining funds in Trust
II which cannot be distributed under § F-217(c) shall be
distributed in accordance with applicable state law.
(f)
Board to complete distribution of assets. The Board in office
at the time of any termination of the plan shall continue to act with
its full powers hereunder until the completion of the distribution
of the assets of the fund. A majority of the members of the Board
then in office shall have the power to fill any vacancy occurring
in the Board after such termination by resignation, death, or otherwise.
In the event that the City, within a reasonable time after such termination,
shall not have given the Board of Trustees the directions provided
for in § F-211(d) and (e) above, whichever may be applicable,
the assets then remaining in the fund shall be distributed in such
manner as may be directed by a judgment or decree of a court of competent
jurisdiction.
(g)
Conditions for merger and consolidation of plan and fund. The
plan and fund shall not be merged or consolidated with, nor shall
any assets or liabilities be transferred to, any other plan unless
the benefits payable to each participant, if the plan were terminated
immediately after such action, would be equal to or greater than the
benefits to which such participant would have been entitled if this
plan had been terminated immediately before such action.
[Code § 18 1/2-32]
(a)
Fund part of plan, assets of Trusts I and II. The fund shall
consist of all assets of prior plans which have been transferred to
the fund and such contributions with respect to the plan as shall
from time to time be made by the City and participants to the Board,
and all income and profits thereon and accruals thereto, which assets,
payments and accruals are herein referred to as the "fund." The fund
shall be deemed to form part of the plan and any and all rights or
benefits which may accrue to any person under this plan shall be subject
to all the terms and provisions of the fund as hereafter provided
or as may be amended from time to time. The fund shall be divided
into two sections which shall be denominated Trust I and Trust II.
The assets of Trust I shall consist of accounts of participants, the
retirement plan accounts established in this plan for certain participants
in the prior plans, as well as all contributions made by the City
and participant pursuant to §§ F-205, and F-206, and
all income and profits thereon and accruals thereto. The assets of
Trust II shall consist of the assets of the prior plans not allocated
to Trust I, plus all contributions made by the City to Trust II, and
all income and profits thereon and accruals thereto, all of which
are hereby dedicated for the purpose of providing the benefits described
in §§ F-214, F-215, F-216 and F-217.
(b)
Power and authority of board relative to fund. Except as otherwise
herein specifically provided or under the law of the State of Missouri,
the Board of Trustees shall in general have the power and authority
to do and perform, in the same manner and to the same extent as an
individual might or could do with his or her own property, any and
all acts and things in relation to the fund which in its judgment
are necessary or appropriate for the management, investment and distribution
of the fund and shall have all those powers to which it is authorized,
from time to time, under the laws of the State of Missouri.
(c)
Duties of custodian. The Board may appoint a custodian to hold
cash, securities and other assets of the fund, subject to the control
and direction of the Board, and to apply the income and principal
thereof in accordance with the directions of the Board for the purpose
of paying, in accordance with the plan, retirement and other benefits
to participants in the plan and their beneficiaries entitled thereto,
and the administrative expenses of the plan, as hereinafter provided.
Any custodian shall have custody of the fund to the extent of the
cash, securities and assets of the fund transferred to it and collect
all interest due and other income thereon. As prescribed by said Board,
any custodian shall keep separate books and complete accounts of the
fund, and its books and accounts shall always be subject to public
inspection. Such person shall be bonded, as required by the Board.
Upon its resignation or removal by the Board, the custodian shall
deliver to its successor all unexpended cash, securities, books, records
and other assets which may have come into its possession as custodian
of the fund. Any custodian shall make disbursements from the fund
to such persons or persons, at such times and in such amounts as the
Board shall direct in writing. A custodian shall be fully protected
in making such disbursements from the fund from time to time upon
such written directions of the Board and shall be charged with no
responsibility whatever respecting the application of such disbursements.
(d)
Separate investment funds.
(1)
The Board may, from time to time, establish separate investment
funds within the fund; provided, however, at no time shall there be
less than four such funds in existence.
(2)
If separate investment funds are established, the following
shall apply:
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Each participant, former participant and beneficiary may, in
accordance with procedures established by the Plan Administrator,
designate into which of the investment funds he or she wishes the
net credit balance in his or her account or portions thereof to be
invested as of said date. Should any participant, former participant
or beneficiary fail to make a designation, he or she shall be deemed
to have designated that the net credit balance in his or her account
be invested entirely in the separate investment fund designated by
the Board for such purpose. Each participant, former participant or
beneficiary may, in accordance with procedures established by the
Board, change his or her investment option as to future contributions
and/or his or her existing account balance.
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(3)
If separate investment funds are established, the Board shall
cause a segregation of assets into separate investment funds within
the fund in such proportion as indicated in designations received
from participants, former participants and beneficiaries and in accordance
with the terms hereof. The segregated separate investment funds shall
be denominated and shall be managed in accordance with the provisions
hereof. After the establishment of the separate investment funds,
the net credit balance in all accounts shall be invested in such investment
funds. The Board shall determine the portion of each contribution
to be invested in each investment fund and the Board shall cause transfers
to be made from one investment fund to others based upon the designations
of participants, former participants and beneficiaries as provided
herein.
(e)
Investment manager.
(1)
In the event the Board, in its discretion, appoints one or more
investment managers to manage (including the power to acquire or dispose
of) all, or one or more portions, of the fund, all or, as the case
may be, any portion of the fund under the management of an investment
manager shall be hereafter referred to as "directed fund."
(2)
A custodian shall not have responsibility with respect to terms
and conditions of appointment, authority and retention of an investment
manager. Upon appointment of an investment manager, the Board shall
give notice to the custodian, if any, certifying the name and address
of the investment manager; that said investment manager is an "investment
manager" as such term is defined in Section 3(38) of the Employee
Retirement Income Security Act of 1974,[1] as now or hereafter amended from time to time, and has
acknowledged in writing that he or she is a fiduciary with respect
to the plan; and the assets of the fund to be allocated to the directed
fund over which such investment manager shall have responsibility.
Upon the termination of the appointment of an investment manager (whether
by expiration of the term of his or her appointment, removal or resignation
or otherwise), the Board shall give notice to any custodian of such
termination. Unless a custodian shall receive notice that another
investment manager has been appointed to replace the investment manager
whose appointment was terminated, the directed fund over which the
investment manager whose appointment was terminated had responsibility
shall cease being a directed fund. A custodian shall not be liable
for any losses to the fund from assets acquired, held or transferred
by an investment manager.
[1]
Editor's Note: See 29 U.S.C. § 1001.
(3)
Each investment manager shall have exclusive authority to manage,
including the power to acquire or dispose of assets of the directed
fund which is his or her responsibility except that the Board or a
custodian may invest and reinvest cash of a directed fund for the
short term. For this purpose, the Board or a custodian may, in its
sole discretion, invest such cash in savings accounts and certificates
of deposit with any financial institution and purchase, hold and sell
United States Treasury bills, commercial paper, bankers' acceptances
and similar investments, including individual interest or participations
therein and in commingled or collective funds composed of such investments.
(4)
Each investment manager shall furnish the Board and any custodian
from time to time with the names and signatures of those persons authorized
to direct the Board and custodian on its behalf. The Board and any
custodian may request that all direction of an investment manager
be in writing and, if the Board or custodian shall so request, the
Board or custodian shall assume no liability hereunder for failure
to act pursuant to directions from the investment manager unless and
until the Board or custodian shall receive directions in writing.
(5)
The Board or a custodian shall settle purchases and sales of
assets of a directed fund upon the direction of the investment manager
responsible for such directed fund. An investment manager may issue
orders for the purchases or sales of securities directly to a broker
or dealer. Written notification of the execution of each such order
shall be given promptly to the Board or custodian by the investment
manager and the execution of each such order shall be confirmed by
the broker to the investment manager and to the Board or custodian.
Such notification shall be authority to the Board or custodian to
receive securities purchased against payment therefore and to deliver
securities sold against receipt of the proceeds there from, as the
case may be.
(6)
The Board or a custodian shall have no responsibility for supervision
of an investment manager. The Board or custodian shall be under no
duty or obligation to review or to question any direction of an investment
manager or to review the securities or other property held in any
directed fund with respect to prudence, proper diversification of
trust funds, or compliance with any limitation on an investment manager's
authority whatsoever.
(7)
Neither the Board or custodian shall be liable for the acts
or omissions of any investment manager unless the Board or custodian
knowingly participates in or knowingly undertakes to conceal an act
or omission of such investment manager knowing such act or omission
constitutes a breach of fiduciary responsibility of the investment
manager. The performance by the Board or custodian of trades, custody,
reporting, recording and bookkeeping with respect to a directed fund
shall not be deemed to give rise to any participation or knowledge
on the part of the Board or custodian. If the Board or custodian has
other knowledge of a breach committed by the investment manager, it
shall notify the Board and City Council which shall assume responsibility
to remedy such breach.
(f)
Charges upon fund. The expenses incurred by the Board or a custodian
in the performance of its duties hereunder, including, but not limited
to, reasonable fees for legal, accounting or actuarial services rendered
to the Board or custodian and expenses incident thereto, the compensation
of investment managers, and all other proper charges, including all
real and personal property taxes, income taxes, transfer taxes and
other taxes of any and all kinds whatsoever that may be levied or
assessed under existing or future laws of any jurisdiction upon or
in respect of the fund hereby created, or any money, property or securities
forming a part thereof, not paid by the City, shall be paid by the
Board or custodian out of the fund and the same shall constitute a
charge upon the fund.
Subject to rules established by the Board, fees and expenses
for investment services incurred in connection with the participant's
direction of the investment of assets attributable to his or her account
shall be charged directly to his or her account.
(g)
Indemnification, defense, etc., of board members. Except as
otherwise provided below, the City shall indemnify, defend and otherwise
hold harmless the members of the Board and the Plan Administrator,
to the extent allowed by law, for any loss, claim, liability, penalty,
surcharge or related expense arising out of or in connection with
party act or omission of the City or other fiduciary with respect
to the fund and Plan, including without limitation any direction to
the Board members by any other fiduciary with respect to the plan
which the Board is required to follow under the terms of the plan.
A Board member shall not be entitled to indemnity, however, in any
case in which the Board member is guilty of willful or criminal misconduct;
provided, however, that such member shall not be deemed to be guilty
of willful or criminal misconduct for which, with respect to any matter,
it has no responsibility, duty or obligation under § F-212(e).
A custodian shall not be entitled to any indemnification for any loss
or damage it incurs which is attributable to actions of its employees
and agents. The Plan Administrator shall not be indemnified for criminal
misconduct. The City shall have no obligation to indemnify under this
§ F-212 to the extent such loss, claim, liability, penalty,
surcharge or related expenses is covered by insurance and/or an indemnity
provision of a third party.
This provision shall not be construed to relieve any Board member
or a custodian from the performance of any duty he or she may have
under the plan and to the participants and their beneficiaries entitled
to benefits hereunder.
[Code § 18 1/2-33]
(a)
Participation in plan not a contract. Neither the adoption and
continuance of the plan, nor any modification of it, nor the creation
of any fund or account, nor the payment of any benefits shall be construed
as giving to any participant, former participant, or other person
a legal or equitable right against the City or any officer or employee
thereof, or the Board of Trustees, except as herein provided. Under
no circumstances shall participation in the plan and fund by an employee
constitute a contract of continuing employment or in any manner obligate
the City to continue or discontinue the services of an employee.
(b)
Benefits provided from fund. All benefits distributable under
the plan shall be distributed or provided for solely from the fund
and the City assumes no liability or responsibility therefor. The
obligation of the City is limited solely to making contributions as
provided in the plan.
(c)
Requirements of due notice. Any notice, request, direction or
approval required or permitted to be given hereunder shall be deemed
to have been duly given or made only:
(1)
If to a person, upon personal delivery thereof to such person
or upon the mailing of the same by United States first-class mail,
postage fully prepaid, and duly addressed to such person at the last
address of such person appearing upon the records of the City.
(2)
If to the City, upon personal delivery thereof to the City administrator
of the City, or upon mailing the same by United States first-class
mail, postage full prepaid, and duly addressed to the City at its
principal place of business (or such other address as the City Council
may hereafter designate by notice to the Board).
(3)
If to the custodian, upon personal delivery thereof to the custodian,
or upon mailing a copy of the same by United States first-class mail,
postage fully prepaid, and duly addressed to the custodian at the
address of the City (or such other address as the City Council may
hereafter designate by notice to the Board).
(4)
If to the Board of Trustees, upon personal delivery thereof
to the Chairman of the Board, or upon mailing the same by United States
first-class mail, postage fully prepaid, and duly addressed to such
person at the address show on the records of the City (or at such
other address as the City may from time to time designate in accordance
with the terms hereof).
(d)
Identification of distributee. If at any time any doubt exists
as to the identity of any person entitled to distribution hereunder
of any benefit or installment thereof, or as to the amount or time
of any such distribution, upon certification of such fact to the Board,
the Board shall be entitled to, or shall be entitled to direct any
custodian, to hold such sum in a savings account or other savings
instrument until further orders of the Board or until final order
of a court of competent jurisdiction, or to pay such sum into a court
of competent jurisdiction in accordance with any lawful procedure
in such case made and provided.
(e)
Legal action by the Board or City Council. The Board or the
City Council may, at any time, and from time to time, take such legal
action as it may deem advisable to have determined judicially any
matter arising hereunder, including any matter as to which the Board
is empowered to act hereunder and as to which the Board fails, refuses
or does not desire to act.
(f)
City Council and Board reliance. The City Council and the Board
may (but shall not be required to) rely upon any certificate, statement
of other representation made to it or them by an employee, a participant,
former participant or beneficiary in respect of any fact required
to be determined under any of the provisions of the plan, and shall
not be liable on account of the payment or distribution of any moneys
or the doing of any act or any failure to act in reliance upon any
such certificate, statement or other representation made by such employee,
participant, former participant or beneficiary. Any such certificate,
statement or other representation made by such employee, participant,
former participant or beneficiary shall be conclusively binding upon
such party, his or her personal representative and heirs (but not
upon the City or the Board) and any such employee, participant, former
participant or beneficiary, his or her personal representative and
heirs (but not the City or the Board) shall thereafter be estoppel
from disputing the truth and correctness of any such certificate,
statement or other representation.
(g)
Nonalienation of benefits and qualified domestic relations orders.
(1)
Nonalienation of benefits. Except for § F-213(g)(2)
and (3), no benefit which shall be payable under this plan to any
person shall be subject in any manner to anticipation, alienation,
sale, transfer, assignment, pledge, encumbrance, or charge, and any
attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber
or charge the same shall be void and no such benefit shall in any
manner be liable for, or subject to, attachment or legal process for
or against such person, and the same shall not be recognized by the
Board of Trustees except to such extent as may be required by law.
(2)
Qualified domestic relations order. The provisions of § F-213(g)(1)
above shall not apply to the creation, assignment, or recognition
of a right to any benefit payable with respect to a participant pursuant
to a qualified domestic relations order as defined in Section 414(p)
of the code even if Section 414(p) of the code is not applicable to
governmental plans. In the event that a domestic relations order which
is determined to be a qualified domestic relations order is received
by the plan, benefits shall be paid to the alternate payee as soon
as practicable after the determination that such domestic relations
order is a qualified domestic relations order.
(3)
Judgment against participant. Notwithstanding any provision
to the contrary, the Board may offset against the amount in a participant's
account any amount which the participant is ordered or required to
pay as a result of a judgment or settlement described in Section 401(a)(13)(C)
of the code, provided that the requirements set forth in Sections
401(a)(13)(C) and 401(a)(13)(D) of the code are satisfied.
(h)
Fund for exclusive benefit of participants. It shall be impossible
by operation of the plan or of the fund, by termination of either,
by power or revocation or amendment, by the happening of any contingency,
by collateral arrangement or by any other means, for any part of the
corpus or income of any fund maintained pursuant to this plan or any
funds contributed thereto, to be used for, or diverted to, purposes
other than the exclusive benefit of participants, former participants,
or their respective beneficiaries.
(i)
Performance of parties. All parties to, or claiming any interest
under, this plan agree to perform any and all acts and to execute
any and all documents and papers which are necessary or desirable
for carrying out this plan and fund.
(j)
Validity of plan. This plan has been executed in the State of
Missouri and all questions pertaining to its validity, construction
and administration shall be determined in accordance with the laws
of that state, to the extent such laws are not inconsistent with applicable
federal law. Any dispute under the plan shall be subject to the exclusive
jurisdiction of the Circuit Court of St. Louis County, and/or the
United States Federal District Court in St. Louis, Missouri.
(k)
Invalid provisions. In case any provisions of this plan shall
be held illegal or invalid for any reason, said illegality or invalidity
shall not affect the remaining parts, but this plan shall be construed
and enforced as if the illegal or invalid provisions had never been
inserted.
(l)
Discharge of liability and receipt. The payment and acceptance
of any money or property in settlement of any participation under
this plan shall constitute a complete acquittance and discharge of
all liability of the City, Board of Trustees and a custodian with
respect to such participation. On final payment or distribution to
any participant, former participant or his or her legal representative
or beneficiary in accordance with the provisions hereof, the Board
shall be entitled to demand a receipt or acquittance in full satisfaction
of all claims against the fund, the City, the Board of Trustees and
any custodian.
(m)
Incapacity of distributee. In the event any person entitled
to receive any distribution hereunder of a benefit or any installment
thereof, who in the opinion of the Board shall be legally incapable
of giving a valid receipt and discharge for distribution of such benefit
and another person or institution is then maintaining or has custody
of such person and no guardian or representative of the estate of
such person shall have been duly appointed, then such benefit or installment
thereof, at the option of the Board, may be distributed to such person
or institution. Distribution to such other person or institution shall
be in complete discharge of liability under the plan for the distribution
of such benefit or installment thereof and there shall be no responsibility
whatsoever on the City, the Board of Trustees or anyone else to see
to the application of such benefit or installment thereof so distributed.
(n)
Return of City contributions. Contributions made to the plan
by the City shall be returned to the City only under the following
circumstances:
(1)
All contributions made to the plan are conditioned upon legality
of the contributions in full under the law of the State of Missouri
or any statute of similar import. If all or any portion of the contributions
is not legal, the amount so determined to be illegal shall be returned
to, as appropriate, the City and affected participants, if the City
so directs the Board of Trustees, within one year of the determination
of the illegality of the contribution.
(2)
A contribution made by a mistake of fact shall be returned,
as appropriate, to the City and affected participants within one year
after the payment of the Contribution if the City so directs the Board.
(o)
Rollovers to the plan.
(1)
Any employee may file a written request on such form or forms
required by the Board to transfer to the plan all or any portion of
a rollover amount received by him or her; provided, however, that
either all or any portion of the rollover amount is transferred to
the plan on or before 60 days after the day on which the employee
receives such rollover amount, or all or any portion of the rollover
amount is transferred directly to Trust I by the trustee or custodian
of the plan from which the rollover amount is distributed such written
request shall set forth the amount of the rollover amount, the nature
of the property contained in the rollover amount, and a statement
satisfactory to the Board that such amount constitutes a rollover
amount. The Board, in its sole discretion, shall determine whether
or not an employee shall be permitted to transfer a rollover amount
to the plan.
(2)
Rollover amounts transferred to the plan shall be credited to
a rollover account established and maintained for each employee who
elects to transfer to the plan any funds received pursuant to the
rollover provisions of the code and as specified in this § F-213.
Each employee's rollover account shall be increased or decreased
based upon the value of the rollover account.
(3)
The net credit balance in an employee's rollover account
shall be 100% vested at all times.
(4)
In the event of retirement, death, permanent disability or other
termination of employment of the employee, the amount credited to
the employee's rollover account shall be added to the benefit
to which he or she is entitled under the plan and shall be distributed
to him or her
in accordance with the provisions of § F-209(f).
(5)
"Rollover amount" as used in this § F-213 means an
eligible rollover distribution within the meaning of Sections 402(c),
403(b)(8), 408(d)(3) or 457(d) of the code; provided, however, that
no part of such rollover amount shall be attributable to a trust forming
part of a plan under which the person was an employee within the meaning
of Section 401(c)(1) of the code at the time contributions were made
to his or her benefit under the plan, and provided further, that such
rollover amount shall not include amounts considered to be contributed
by the person [determined by applying Section 72(t) of the code],
which contributions shall be reduced by any amounts theretofore distributed
to him or her which were not includable in his or her gross income.
(p)
Direct rollovers from the plan.
(1)
Notwithstanding any provision of the plan to the contrary that
would otherwise limit a distributee's election under this § F-213(p),
distributee may elect, at the time and in the manner prescribed by
the Board, to have any portion of an eligible rollover distribution
paid directly to an eligible retirement plan specified by the distributee
in a direct rollover.
(2)
An eligible rollover distribution is any distribution of all
or any portion of the balance to the credit of the distributee, except
than 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 10 years or more; any distribution to
the extent such distribution is required under Section 401(a)(9) of
the code; and any hardship distributions described in Section 401(k)(2)(B)(i)(IV)
of the code. A portion of a distribution shall not fail to be an eligible
rollover distribution merely because the portion consists of after-tax
employee contributions which are not includible in gross income. However,
such portion may be transferred only to an individual retirement account
or annuity described in Section 408(a) or (b) of the code, or effective
January 1, 2007, such amount may be transferred in a direct trustee-to-trustee
transfer to a qualified trust described in Section 401(a) of the code
or an annuity contract described in Section 403(b) of the code that
agrees to separately account for amounts so transferred, including
separately accounting for the portion of such distribution which is
includible in gross income and the portion of such distribution which
is not so includible.
(3)
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 IRA described in Section 408A(b) of the
code (effective for distributions after December 31, 2007), an annuity
plan described in Section 403(a) of the code, or a qualified plan
described in Section 401(a) of the code, that accepts the distributee's
eligible rollover distribution. An eligible retirement plan shall
also mean an annuity contract described in Section 403(b) of the code
and an eligible plan under Section 457(b) of the code which is maintained
by a state, political subdivision of a state, or any agency or instrumentality
of a state or political subdivision of a state and which agrees to
separately account for amounts transferred into such plan from this
plan.
(4)
A distributee 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 or former spouse
who is the alternate payee under a qualified domestic relations order,
as defined in Section 414(p) of the code, are distributees with regard
to the interest of the spouse or former spouse. A distributee also
includes an employee's beneficiary who is not the employee's
surviving spouse; provided that in the case of such a distributee,
an eligible retirement plan includes only those arrangements described
in Section 402(c)(11)(A) or 408A of the code.
(5)
A direct rollover is a payment by the plan to the eligible retirement
plan specified by the distributee.
(q)
Service as a civilian employee. A participant in the City's
Employees' Pension Plan, who either terminates employment with
the City and returns to the active employment of the City in the capacity
as an employee or remains an active employee of the City but whose
status as an active employee changes to an employee, shall become
a participant in the plan upon becoming an employee and shall receive
credit under the plan for all years of vesting credit he or she earned
under the City's Employees' Pension Plan. In the event such
a participant remains an employee for one full year following his
or her becoming an employee, his or her accounts under the Employees'
Pension Plan shall be transferred to this plan, the assets funding
such accounts shall be directly transferred to the fund from the fund
under the City's Employees' Pension Plan, and such accounts
shall be paid in accordance with the terms of this plan.
(r)
Transfers to City Employees' Pension Plan and Fund. When
accounts and assets funding accounts under this plan becomes transferable
to the City's Employees' Pension Plan and Fund pursuant
to § F-112(r), the Board of Trustees shall cause such accounts
and assets to be transferred as soon as practicable as provided in
§ F-112(r) to the City Employees' Pension Plan and
Fund.
(s)
Election for payment of qualified health insurance premiums.
(1)
A participant or former participant, who is an eligible retired
public safety officer, may annually elect for a plan year to have
the Plan Administrator deduct an amount from a plan distribution which
such participant or former participant would otherwise receive under
the plan and include in taxable income as qualified health care premiums.
The Plan Administrator shall cause to be directly paid to the provider
of the accident or health plan or qualified long-term care insurance
contract, on behalf of such participant or former participant, his
or her spouse and dependents (as defined in Section 152 of the code),
the amounts such participant or former participant elected to have
deducted from plan distributions under this subsection. Such amount
shall not exceed the lesser of $3,000, or the amount the participant
or former participant elected to have paid under this subsection.
The $3,000 limit shall be further reduced by the amount of qualified
health insurance premiums paid on behalf of such participant or former
participant, his or her spouse and dependents (as defined in Section
152 of the code) from other retirement plans qualified under Section
401(a) of the code. The participant or former participant shall provide
the Plan Administrator with information regarding such payments by
other retirement plans so that payments pursuant to this section may
be properly limited. No qualified health care premiums shall be paid
on behalf of a participant or former participant, his or her spouse
or dependents (within the meaning of Section 152 of the code) after
the participant's or former participant's death.
(2)
A participant or former participant shall make the election
under this § F-213(s) by providing a written notice to the
Plan Administrator of such election no later than 30 days prior to
the effective date of the election. A separate election must be made
for each calendar year. The Board of Trustees may require the participant
or former participant to provide any information it deems necessary
to administer the election.
(3)
(i) ELIGIBLE RETIRED PUBLIC SAFETY OFFICER
(ii) PUBLIC SAFETY OFFICER
(iii) QUALIFIED HEALTH INSURANCE PREMIUMS
For purposes of this § F-213(s),
the following terms have the meanings as indicated.
An individual who, by reason of permanent disability or after
attainment of age 65, has separated from employment with the City
as a public safety officer.
Has the meaning as defined in Section 1204(9)(A) of the Omnibus
Crime Control and Safe Streets Act of 1968 [42 U.S.C. § 3796b(9)(A)].
Premiums for coverage of the participant or former participant
who is an eligible retired public safety officer, his or her spouse
and dependents (as defined in Section 152 of the code) by an accident
or health plan or qualified long-term care insurance contract [as
defined in Section 7702B(b) of the code].
(t)
Veterans' rights. Notwithstanding any provision of this
plan to the contrary, contributions, benefits and service credit with
respect to military service will be provided in accordance with Section
414(u) of the code.
[Code § 18 1/2-34]
A retiree under a prior plan who retired from employment with
the City on or after January 1, 1987, and prior to April 1, 1987,
shall, in addition to his or her earned benefit payable under the
prior plan, be entitled to receive from this plan an amount equal
to all of such retiree's mandatory contributions to the prior
plan with interest on the retiree's mandatory contributions to
the prior plan from July 1, 1973, through December 31, 1985, at the
rate of 2% per annum, compounded annually, which amount shall be payable
to such retiree in one lump sum as soon as practicable after April
1, 1987.
[Code § 18 1/2-35]
(a)
Participation in long-term disability insurance program. Each
participant shall participate in the City's long-term disability
program subject to the provisions thereunder, and shall be eligible
to receive benefits in accordance with the provisions of the program.
Benefits payable under this program shall commence after 180 days
after the participant is determined to be disabled under the program
and will continue until the participant attains age 65, as otherwise
prescribed herein.
(b)
Purchase of disability insurance policy. The City must approve
the purchase of a policy of insurance to provide disability benefits
under the program, and shall be purchased upon the basis of competitive
bidding. The cost of the insurance policy shall be charged to the
fund under Trust II. The Board of Trustees shall administer the program
in accordance with the provisions of the insurance policy. All provisions
of this § F-215 shall be subject to the insurance carrier's
exclusions and limitations, subject to the Board's approval,
and any coverage and benefit determinations shall be as set forth
in the insurance policy. The City shall have the right to amend or
terminate the insurance policy and to purchase other insurance to
provide disability benefits. Notice of any amendment or termination
of the program shall be given in writing to each participant.
[Code § 18 1/2-36]
(a)
Participation in group life insurance program. Each participant
shall participate in the City's group life insurance program
and death benefits shall be paid to the beneficiary under the group
life insurance program as designated by the participant.
(b)
Purchase of group life insurance policy. The City must approve
the purchase of a group life insurance policy to provide death benefits
under the group life insurance program. The cost of said insurance
shall be charged to the fund under Trust II and shall be purchased
upon the basis of competitive bidding. All provisions of the program
shall be subject to the insurance carrier's exclusions and limitations.
Any coverage and benefit determinations shall be as set forth in the
group life insurance policy. The City shall have the right to amend
or terminate the insurance policy and to purchase other insurance
to provide death benefits. Notice of any amendment or termination
of the program shall be given to each participant.
[Code § 18 1/2-37; Ord. No.
10207, § 1, 8-7-2014]
(a)
Continuation and increase of benefits under prior plans. Benefits
under the prior plans for retirees, terminated vested participants,
participants receiving disability benefits who were determined to
be disabled and their spouses of such participants shall be as follows:
(1)
After April 1, 1987, retirees, except as provided in § F-214,
under the prior plans shall continue to receive no less than the monthly
benefit they are receiving under the applicable prior plan.
(2)
After April 1, 1987, terminated vested participants and their
spouses, if applicable, under the applicable prior plan shall be paid
retirement benefits in accordance with the provisions of the applicable
prior plan.
(3)
After April 1, 1987, participants receiving disability benefits
under the applicable prior plans and their spouses, if applicable,
shall be paid benefits in accordance with the applicable prior plan.
(b)
Increased benefits to current and deferred vested retirees.
(1)
All benefit payments made after March 31, 1988, to retirees
who were receiving benefits on or before December 31, 1977, shall
receive an increase in their current monthly benefit so that their
total monthly benefit shall be equal to 1/2 of the proficiency rate
of pay of a Kirkwood police officer in effect on March 31, 1988. (This
monthly benefit shall not be affected by any future adjustments to
the proficiency rate of pay of a Kirkwood police officer.)
(2)
Retirees and terminated vested participants and spouses, if
applicable, under the defined benefit plan established under Ordinance
No. 6199, shall be paid retirement benefits in accordance with the
provisions of the prior plan with a rank accrual amount of $38.50.
(3)
Each monthly benefit payment made after September 30, 1991,
to a retiree who was receiving benefits on or before April 1, 1987,
shall be increased by an amount equal to 6% of the amount of the monthly
benefit being paid to such retiree as of September 30, 1991.
(4)
Each monthly benefit payment made after June 30, 1995, to a
retiree who was receiving benefits on or before April 1, 1987, shall
be increased by an amount equal to 6% of the amount of the monthly
benefit being paid to such retiree as of June 30, 1995.
(5)
Each monthly benefit payment made after October 31, 1997, to
a retiree who was receiving benefits on or before April 1, 1987, shall
be increased by an amount equal to 5.5% of the amount of the monthly
benefit being paid to such retiree as of July 1, 1997, and there shall
be a lump-sum retroactive payment equivalent to such monthly increase
for the period from July 1, 1997 to October 31, 1997.
(c)
Allocation/distribution of excess funds. At the request of the
Board of Trustees, the City Council, in its discretion, may from time
to time approve an allocation of a specific dollar amount from Trust
II of the fund, and the City Council shall have final authority regarding
such allocation; provided, however, that the approval of a request
for allocation shall not be unreasonably withheld by the City Council,
and provided further that the following conditions shall be met with
respect to the requested allocation:
(1)
The Board of Trustees shall recommend allocation of a specific
dollar amount, which recommendation shall be supported by an evaluation
which reflects the solvency of Trust II of the fund to accommodate
such recommendation. Such evaluation shall be prepared and attested
to by an actuary who has been approved by the Joint Board of Actuaries
to perform actuarial services required under the Employee Retirement
Income Security Act of 1974,[1] as amended, or a certified public accountant.
[1]
Editor's Note: See 29 U.S.C. § 1001.
(2)
Allocation of the amount approved by the City Council shall
be made to (i) current participants who are active participants at
the time the City Council approves such amount, (ii) former participants
who were participants in the plan on April 1, 1987, and (iii) those
individuals who were participants in the plan on April 1, 1987 and
who have received distribution of their entire vested interest in
the plan in the form of a lump sum or an annuity [all persons listed
in (i), (ii) and (iii) of this subsection (c)(2) are hereafter referred
to in this § F-217(c) jointly as "individuals" and singly
as "individual"].
(3)
Allocation of the approved dollar amount shall be made in accordance
with the following formula:
|
A + B
C + D
|
x E = pro rata share of allocation
|
|
For purposes of the formula, A equals the value of the individual's
account as of April 1, 1987; B equals the value of all contributions
made to the individual's account on and after April 1, 1987;
C equals the value of all individuals' accounts as of April 1, 1987;
D equals the value of all contributions made to the individuals'
accounts on and after April 1, 1987; and E equals the specific dollar
amount approved by the City Council to be distributed.
|
(4)
Each individual's pro rata share of the distribution shall
be credited to his or her current account and shall be held in such
current account until such individual becomes entitled to a distribution
of his or her vested interest in the plan. Where no current account
is maintained for an individual, the Board of Trustees shall forward,
by certified mail, return receipt requested, to such individual's
last known address notice of his or her entitlement to an additional
benefit from the plan. The Board of Trustees shall distribute to such
individual his or her pro rata share of the allocation in one lump
sum upon verification of such individual's identity and address.
(5)
If an individual is deceased at such time as an allocated amount
is to be distributed, such distribution shall be made to the individual's
beneficiary, upon verification of such individual's death, and
the identity and address of his or her beneficiary. A distribution
shall only be made to the beneficiary of an individual if such individual
is living at the time the City Council approves the allocation under
§ F-217(c).
(6)
In the event the City Council approves the distribution of funds
under this § F-217(c), a person shall be treated as a current
participant who is an active participant under § F-217(c)(2)(i) and an allocation of such distribution shall
be made under this § F-217(c) with respect to such person
if:
a.
He or she was formerly a participant in this plan;
b.
He or she is a participant, within the meaning of § F-101(r),
in the City of Kirkwood Employees' Pension Plan at the time the
City Council approves the amount to be allocated under this § F-217(c);
c.
He or she became a participant in the City of Kirkwood Employees'
Pension Plan under § F-112(r) when he or she ceased being
an employee under this plan; and
|
Only the contributions made on behalf of such person under §§ F-205
and F-206 shall be considered for purposes of determining the person's
pro rata share of a distribution under § F-217(c)(3). The
pro rata share of such person's allocable share of a distribution
under this § F-217(c) shall be allocated to his current
account under the City of Kirkwood Employees' Pension Plan described
in § F-101(a)(1).
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(7)
No distribution authorized herein may be used for any purpose
other than the provision of benefits for individuals.
(8)
Rollover amounts under § F-213(o) shall not be treated
as contributions for purposes of § F-217(c)(3).
|
All allocations of participants approved pursuant to this § F-217(c)
shall be allocated to current accounts or distributed as a single
sum payment to former participants or beneficiaries who do not have
a current account under the plan. Except as otherwise provided in
§ F-217(c)(5), this § F-217(c) is effective February
4, 1993.
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[Code § 18 1/2-38; Ord. No.
7497, § 1, 3-13-1986]
Any person who shall knowingly or willfully make any false statement
in applying for or securing a benefit under the plan for such person
or any other person, or shall knowingly falsify any record or knowingly
permit any record to be falsified, for the purpose of applying for
or securing a benefit for such person or any other person under the
plan, shall be guilty of a misdemeanor, and upon conviction thereof
be assessed a fine not less than $100 nor more than $500.
[Code § 18 1/2-39; Ord. No.
7497, § 1, 3-13-1986]
There be and hereby is levied on all real estate and tangible
personal property, subject to taxation in the City of Kirkwood for
the year commencing January 1, 1978, for the fund a total tax of $0.25
per $100 of assessed valuation. Said tax rate may be changed from
time to time, provided that any changes therein must be made consistent
with the applicable laws of the State of Missouri. Such changes in
tax rate may be made by any ordinance generally setting the tax rate
for the City government and need not be made by specific amendment
to this article.
