Resolution 97-912RESOLUTION 97-912
A RESOLUTION OF THE CITY COOGEFHON OP THE CITY OF LONCWOOD_
FLORIDA, ACCEPTING AND APPROVING THE HARTFORD LIFE INSURANCE
COMPANY DEFERRED COMPENSATION PLAN, AND PROVIDING FOR
CONFLICTS. SEVERABILITY AND AN EFFECTIVE DATE.
W HFRFAS, the Co If T—gt.-old City Commission heretofore es261ished the Ciry of
Longvood Defamed-I""salion Plan CL, Plan'); and
WJiIREAS, the Ch( .1 Longwood City Commission desires to amend the Plan to
conformr _changes in Ne fednal I,,, IN hl aoul by the Small Buslncss Job Protection Acl
Al 199((111e"All"]requiring tfia[, rvirhin the [ime premrlbed 1, such—, Lh,ble dd—e d
ompelvsalion plans -allished and ni—loins I by ga.zrnmenlal employes be amended to
pr 11 d 1 II1 N" for —ILL,
so' pl' n ye held i� - der one - no a -
smdial acconnls, Na¢b¢ueEtofplmi partiI-'
ciplln¢ and thHrn
��neficiwnu, and
WHEREAS, it is'vlao the desire oP the City 'Al lAng'.d City Commission to emend th,
Plan i.-.r provide II rrdlhu edrenta b fight eboue by the AN,
including indexed limitation oPdefened amounu end certain elecloiv with respect to Ile
conrm�nu.m�n1 of distributions under the Plan.
NOW, THEREFORE, BE IT RESOLVED [hn! effusive Avguse I8. -1 die Ciry If
cnd, Ciry Coinnrisslon hereby ercrends and �csfalez the Plan originally enablished in
March 19N6 in Ifie IN,. elt ThM hereto and p.N11lI A to this meeting
RESOLVtD FUR I HER, Ihal the appropriate n;ernbns of the 6ry VfLongrvood Ciry
Commivion be. and eeleh of lilem her eby is, aurliori,N antl ddrecad to tek. ae.A anions.
iuchd 1 dd I'-.vofcucl 1 1 r - aDL Ed .11v1
ells I a his . -, lentx�:� rt xvpxp'a.. to �tt�t As r�omron.
PASSED ANN ADOPI ED THIS, /2!/f,DAY OF A.D., 1AF7
William W""LN, Mayor
bT
is 1<:..
CeMdine D. Lnmbfi, Liry Clerk
App .r form ai,ll _I"ty far Ilea d Inlce oC ll" Gpof Lureg O,dyfl d only_
� R i S Z ylor; l (IF, Aaorncy
ELIGIBLE GOVERNMENTAL EMPLOYER
DEFERRED COMPENSATION PLAN
CITY OF LONGWOOD
NAME OF EMPLOYER
DEFERRED COMPENSATION PLAN
COPYRIGHT
199]
HARTFORD LIFE INSURANCE COMPANY
ALL RIGHTS RESERVED
m
DEFERRED COMPENSATION PLAN
ARTICLE I
General
I.1 T" Nvne" of the Plon is Clv of Lonewood Deferred Compensation
Pl— referred m throughout Ills tloenment es the "Plan". It haz been adopted pursuant to
[refer m appropriate resolution or ordinance md.divg date of passvge] and is effective as of
such date.
1.2 The primary purpose of this Plan is to permit Eult time [and permanent part
me] employees of the C'tv of Lonewood ro enter into an agreement which will provide
for deferral of payment of a portion of their ompensat ndl death. re
v of employme r orhu event, w accordance with the prov s of Se !ion
457 of the Internal Revenue Code of 1986, with othe applicable provisions of.,—h Code.
and iv tt—danec with the General Statutes of the State of Florida.
1.3 It is intended that the PIw shall qualify as en Eligible Defemd
Compensation Plan with in the meaning of Section 457(b) of the Code sponsored by an
Eligible Governmental Employe.
1.4 The Employer does not.11.not rcpresevtorg—l" that any paui.hiI
fedeal of ome, payroll or other tux eonseque will occur by re vof
patticipati v�IN, Plan.APardeipml should oonsult with his of het own attorney or
other representauv regarding all tax of other conseque ces of paniciphtion to this It.,
ARTICLE 2
DID.itions
For puryoses of this III— the following wortls end phrases shall hove the manning se
forth belov:
2.1 "Admithiu tmeats the Employer or its duly authorized desigveo for thvl
purpose who shal I ex Ise the dis twli of oche Groat v m the Employer rode
the terms of the Plan.
22 Adusted m sadusted for tM cost of living at the time and it, the manner
as prescribed under section 457(e)(15) of the Code.
2.3 "Annuity Coarcacts" m uity contr cI (filed anNor.anable)
Ismed by Hartford Life fi--ce Company^ an
2,4 "Eeneeci(ry"means anypc,, th,pig ,i—I thiPnnicipby , mceife
hairy-tleath.,heft. or ether benefit under the provisions of this Plnn, by reason of such
Pntticlpm[s death.
2.5 "Codemean( the 1,1-1 Revenue Code of 1986as amended.
2.6 "Compensa-means Metorn)of(11wages orsalcd witcharepaid by
the Employer,i,or for the benefit th ,Employee forthink,,mndered, tit, aced
without dedu— for any portion thereof defered undo cha provisions of this Plav or for
any (mounts contributed co any program established putm—t m Code Sections 403(1,).
401(k), 408(k)(6). or
2.2 "Deferred Coinpens(oon n ns dr([portion of an Employees
ompensation which said Employee has elected to defer m accordance with the provisions
of this Plan.
2.8 "Defined Retirement Date" m ins the date beyond rh, Normal Remement
Date apeclfied in Section 2.14 dealgnnced by Me Panicipant Such date shalt uotexceed the
earlier of (i) the Employer's —d-,y retirement age (if applicable), which is ¢.g, or (it)
the 1,1e on which Me Panicipan incurs a Terhinacion of Employment.
2.9 "Eligible Deft—d Compensation Plan" has the meeting given it by Me
Inrun(I Revenue Code Section 457(b) and the regulations thereunder.
2.10 Eligible(iovemm— Employer means( State political subdivision ofa
Stareany , wd agency or instrumentality of a State or political subdivision of ( Stare.
2,11 'Employ,e'meens-City_.of�L vewond
2.12 "Employee"mesas any individual defined useligibl, by s-d,d, set fonh
by the Employer. A copy of such standards is a, -had as Exillbit A and Inw,I—d as if
fully sec fonh.
2.13 "Ineludible Compwsation"means ompensntion fmmthe Empl—, Mat is
curz,utly mdIdible ine oss incomefor federal lncome. purposes( _taxable income).
2.14 "Normal Reti nt Date" mews Me dice a Panicipn es pars t m
the Employees Reti n[Plm whli— reduced benefits.(Reti—mt prog
admiit—till can answ r specific qua hops).
2.15 "Pnniclpant" means any individual who perlbrmsservices for c.e Employer
either as an Employee.
defined iv Section 2.12 or as m independent contractor. whe
elects to paz xipate in this Plan or who has unpaid benefits due under the Plan. as well us
any separated employee ,beneficiary who has unpaid benefits due under Me Plan.
2.16 "Punicipation Agreement
modify 'mewsan ag<eement filed by an Empioyeeroelect
or dify pcuticipation m the Plan.
2.1'1 "Participation Account" n ins the bookfeeping attount io which there
credited the P-dpnfs Def red Compensation. togeMer wiM any interns[, dividends
ns. losses. or the like Meeeon.
2.Is "Plan YeaC'—.11he1—dw yew during whicI the Plan becomes
effective. and each xucceed.n year daring the existence of this Plan.
2.19 'Tennivation ,l Employmem" means in he ease of an Employee. separation
Poi within them ving of See ov 40?(e)(4)(D) of the Code or on ncceuvrof the
If th,, an['s death ore n tha case of an independent contractor, the exp'vanon
If the c a ff n the c e otf m re Nan one contract- II wmiaets) underwhich
services nreaperformed fortfie Employer.
ARTICLE 3
operatlon of Plan
i.l Par[icipad n. Any Employee may elec to beco aPanicipan nthe Plan
and to defer payment of pert of his compensation not yet e—d by ex —mg a written
Pnrdcipadon Agreement end filing it with die Employer.
M P—ipation Agreement, The Admini1LLat 11— establish a form of
PONcipadon Agree which shWl contain, among other povb- , a provision whereby
the Pwticipwt specitles�
(a) that portion of Nslher Compensation which is to be deferred.
(b) his/her invesvmeatt Preference: however the Employer reserves the
right m disapprove the Participants sel-i—
(n) a Beneficiary or Benefieiwies. including ov fn-
Bevefieiwies. to receive any benefits which may be payable under this Plan or on the death
ofthe Participant.
(d) Nat his salary. wage or odter compen It Forth m any
xwory o�inaneeo th_i"wtth-deducuo.s I, amoentaa aeFe,raanaer me
provisions of this plan.
(e) that the pwtieipan together with Ns heirs, sncoc4ors, and nsslgvs.
holds I,—, the Empployer It— any liability hereunder for Wl acts performed in good
faith ioclnding ac relatin o the lnvestmevt ofdtf—d amounts and/or the Employees
mvestmen[ Pmac,nec hereuvdu.
(f) a payment option and mehod III, (monthly_ quarterly,
emifannuWly orannuWly)ifapplicable. The option and method of payment selected may
I, changed at any dmc pb o the eerlictt dlst bodan date for benofits provided m the Plan
fur a Participant and may not thereafrer be modified.
3.3 AgI,,-1t Effective Date IfNe Pardcipation Agreementisreceivedprior
to the 1>[h of Nn month, it will take effect on the [rst pay day of following month. If
arched on .191 er the I ith, it will take df," on the first pay day of the second month
following. Thereafter. during eachmpment eloyyear in which the Employee is n
Participant in the Plan, that portion of his said Compensation which isspecified by the
Employee in the Participation Agreement shell be defened and paid m accordance with the
provisions of this Plan_
3.4 Amendme tof Pa icipll—Agree c The Participev tnsy revoke his
d m participate and mvy change the amount of Compen to ba deferred or his
nt prefere e. by si ling and fling widr the Employed
eadme a form — by the Admivistrutor. Avy such mrvtocation or amendment
shall be effective prospectively Illy, beginning it the first pay period of the svbsequeat
mon,M1.
3.5 Regular Contributi s. Thera ls, tribifl sthc amount of
wmpensauon which mvy bs ddsl,id by a Pvttidpan�sabj,t, to the following limits—,:
(a) Calendar Yes,Maximum. The maximum amount a Partiptll mvy
defer during s calendar year shell not exceed the lesser of (i) $1.5W (u Adjtuted). or Gi)
33-V390 oFthe Participants Tncludible Compensation (typically 25% of the PattleipmC,
gilts taxable income from the Employer).
(b) Pay Penod Maximum The maximum amount a Psttlelpant may
defer during a pay period. whey combined with previous deferrals during the calendar
year, shall not exceed the Its— of (i) $],5W (as Adjusted) or (it)33-W%If the
Participm, s yea ,o date Imlvdible Comov pw (typically 259 of the Panidpmt's year-
todete grI,, taxable ivcoma from the Employe,).
(I) Pay Perlod Minimum. The millet m mo Perti , a cipmt mvy
defer is lope,[weekly, biweekly, monthly] pay period.
3.6 Csi,h Up Clnmbu,iooa, APmicipn, may defer an addidonalamount
antler this "ca[ctwp provision", for one or more of the last three calendar years ending
before nivg the Pane l,ormal - Nor Deferred Retirement Date u defined in Sections
2.8 and 2e14. The use of "catch-up" is subject to the following restrictions:
(a) Them tv Pnrtieipan may dd,, each calends, year
shall not exceed the lesser of these two nmounts.
(1)$15.000 minus the e [u contribution. or
(2)any Employer provided compensadm eligible for dd—e that
was m, def—d for my prior ratable year which began If -December 31. 197&
(b) To use "atilt-upa Pi icipmt must dad. a redremmt If,
which may be any age at or litre, which the Punicipam qualified It, Normal Retirement
eligibility, but vo I.-,h. t,,l 70 112, This declaration does not compel retirement.
(c) The "catch 1p provision mvy no, be used dtilIg,hl evlmdv yes,
,hat the Participant ceases to be m Employee.
(d) The' ate-p" p1.11iisimvy be used Illy once by any Panicipavt-
whe[herunder Nis Plev or any I,h,, eligible Deferred Compensation Plan.
(e) Panleipec may continuem make regular contributionu after they
are vo Ionger eligible to rise"catch-up'
[3E Employer Contributions. Nothing in this Plan prohibits the ffimployerfrom
making deposI a Participants Panlcipatiov Aneovvt as addtdoval compensafiov[or
services, &Itd, lbjec to the P—.pan gala, contribution li,mtzj
ARTICLE 4
Investment Raspovsibiiitics
The EmployershWl defer paymcot of Penicipan[ compensation in the amount specifod in
each Patticlphion Agreement fled with the Employer.
4.1 envcstmeat of the Deferred Amonnr_ The defected amount shall be held far
the exclusive benefit of Po iclpants and tbev Beneficiaries nude, one or more Annuity
Con which may provide for guar -d rates of in[erest of variable investment
options.
4.2 Emplayer's[vv 1.1ht Rights. The Employermay, but is not required m,
is equal to the defetmd—m ,, credited to a P—ipauccount on Ain
accordanceuwith his or her requests. t[owe 1,, Employer shall be node, uo obligation
st the def d am n them r Ip Ihied and shall return the right ro approv
disappr v tmevt reque rs matle by Le Participant at [he time of enroilmem or thane
m emollmevt.
4.3 Amendmen[of lnvestmevt Preference, The Participant moy amend hu
nt of investment preferevm by fitivg with dte Employers signed amendment on a
form approved by the Adntiois,ram,. Sreh amendment will, unless specifically stated
otherwise apply only h, future amounts deferred under the Plan.
4.4 Investment Disc1.—e Any acdon by the Employer in investing funds, ar
approving any sucb investment of fovdz hall not be considemd m be either an
endors e of any in , shall it be c usidered to aves[ to the
fivacialsoundne orthes itabilityoFsany in vt for [he putposeo[meetmg fh—
obliga ns as provided under the distribmion guldeiive e en below.
45 Slatentents. The Employer will cause tobeissued staremcna periodically to
retied the aewal ea h,, gains, comributions and losses pored to the Participation
Awounh,
ARTICLE 5
Distributions
Code Section 45/ end Ne applicable teguledons dexemuve the Partieipnfs eligibilily for
distributions and options available
5A Eligibility.Dirt,ibution may be taken uh&, any of the following
(a) Reuremenc
(b) Separanov from service within the meaning of Sections 1.457-
2(h)(2)and (3) of the Income Tax regulations:
(c) Pwticlpani s deed,
(d) AppmvW of request for eme,geney wirhd,awal.
(e) Attainment of age]0-112, -- or sot sullemployed
5.2 Disribution and D6,— D,Wbutioa must follow the minimum
distribution requvements of Sections 401(a)(9) and 457(d) of the Code and the regulations
hereuadecr asmthey ma(� ame dad from time ro time. There is a substimdal penalty
(fedeml xci ax)fo satisfying the minimum distribution requir men .
Upon becoming eligblo m eeeordauee with Section 5A h—f, disvlbetion
is subject to the following guidelines;
(a) IPvnicipant may elem to oommence dismbvuonm accordance with
the disc Wl— schedules... forth at Section 53 hereof. Unless the Participant fail, to
make any election or if the Participant elects .postponed distribution. commevcunent date
pars .Sec on 5.2(b)below, the Participant s P=wipation Au [shall be ,thall
to be, tbi bibuted not later than sixty (60) days after the cln,e of the Plan Year Ir.
which Ne Partieipm IP-lipation Account he<omes eligible for distribadon. If.
Participant fails ro make any election. disvbuuov shall commence m accordance with
Section 5.5 hereof.
(b) AP-6pvnt may e1,..postpone the commencement date
speeifled in the election made pursuant. Seedoa 52(e) to v later dew if (i) such
postpone _Ile, mode pi,, o the origiavl canmencement date specified iv die
election made pars m Suction 5.2(a), and (ii) no other posrpon t eleotiav has beau
made p — . this Section 5.2(b): provided funher, that a Pattean may change the
form of payment elevted of any time Nat is at least sixty (60) days prio[ to the date on which
payments win eortuvevoe.
(c) AP-6pa may elect. postpone disc Nli......n after ruing the
catch-up"provision.
(d) If e1,ibility for dsvibutlon is on a-- ofthe Parucipanr s death,
distribution shall commence m accordance with Section 5.8 hereof
(e) Notwithstanding any provision of the Plan to the contrary.
Nsvibuuon must commence no laver thaw April lst fol—mg,l,, later of (i) the calendar
yew in which the Pu wipvnt anal,, agu 70-I n or (A) the calendar year iv which Ne
Participans,ppy% f .service, and martlt—plted by Ne Particip:t'allowable
,ife expectvn y. deWied az the single or joint (spousal) "' expel" cy as forth iv the life
annuity acmmial tables (Code Sechon 72 one resulations therumder).
53 Distribation Schedule. Except is the event of the Participant's death. the
full amount credited to the P.ueipavts Particiption Account (Including earnings and net
ess or lass). lany federal or State income tax required to be withheld.-11 be
dittdboted as instructed by the P,I,wipvt, following one of the following distribution
schedules;
Option I. Lump sum pay—[. A W., sum;
Option 2. Paymeatsforvspecib dperiod. Amounts payable.
subsmnrially non-inereosing inatalI—, over a period of five (5) to thirtyyears., (30) bur
not in excess of rbe Participants allowable life expeuancy:
Option 3. Life an W, An annuity payable during the hb,ime of the
patticlpnt.
Option 4. Life nnnuity wi[H period certain guwenteed- An avuvity payable
during the liftime of the Pu6i,dan or His Beneficiary, with the g—lu that if at the
Panicipanfs death payme is have not been made for the guaranteed period as elecred,
payments will condmtc to the Beneficiary. 1Ta guwameed period to be elected must be
either ten (10) or fifteen (15)yews d the Beneficiary is note 'p—al Benefciary. For
oua
spsal Beneficiary, the guaranteed period to be elected mny be either ten (bb) fifteen (15)
euty (20) yews but mny oat exceed the life expectancy of the Ponicipanr and his
spousal Benefciary: or
Option 5. Joint and-- annuity. An annuity payment during the
lifetime of the Participant and a spwsel Beneficiary of the Participan.
54 Panicipaziov Au—, Not Exceeding SS.500. Notwithstandine any
pmv n of the Plano the contrary, if the total et t of a Pardcipant s Participati
Au onderthe Plan doe cried $8500. the Patticipan may elect to meeive (or the
Employer may alectm pity to thu Pwticipun without the Participan ent)T total
n a lump sum payable within 60 days of —1, election: provided however. such
may be distributed purl o this Sea on 5 A only if (a) no —did has Mien
deferred under the Plan with pec[to such Participant during thetwo-year period ending
n the date of the dietributi and (b) thatches been no prior distribution under the Plan to
such Porticipant to which t1- Section 54 applied.
55 Default Distribution Schedule. If the Participant fails to select a payment
option for any ev wNch ea to becom vallable undu the Plea, the
Pwticipent shall be deemed to haae clewed pars to Sec on 52(b) hereof. ro postpon
distributinof his In beneft—it the yew wltich the Pwticipen ge 70-I/?. Upon
taztalnsa
such Participants attainment of age 70 -i l2 payments shall cotwneuoa for e spaeifed
pavod of tau (10) yence as provided for in Option 1 Notwithstanding the foregoing,
anici.Accounts notexceeding83.500 sHell be subject roearlier disuibution in
accordance with Section 5.4 hereof
q rig In 5.6 4lethodof Payment Opdo s. (1dte Patticipanthas elecuAapayme toptlo
either m swdment payments, tFatant he icipmay also elect to have such payment made n
onehly, quatterlysetnifannu:dly of atmouliy.
57 hi —Tax Repotting. Amounts paid m u Pwticipdd hidl bereperud on
appropriate tax repotting fomu toe Participant os wales subject b, withholding for federal
5.8 Distribution Schedule In The Event f,he Participant's Dewh. In the event
of the Participant's death. the full amount eredud w the Po ii,lpont's PartiGpatien Account
(including cam and oat gain or loss).I_ my fedcrcal or State income lac mywred m be
withheld, sh,dl be distributed according to the following requirements:
T If distribution It!., s prio o the death ofthe Pnrticipact.
the balance of a ""Upunis Participv i---,,shall be paid to the Beneficiary in
,d. with di,
payme top,i- already selected by the Particip;m othw there e distributi wi116e effected et lean a rapidly as under the method of payment used befor
the Pani pants death.
(b) lfthediadbuha, has notwm--d Prior to the dram ofine
Pettieipanta ovfxpousnl beneficiary may take disuibution under Options 1, 2or4 above
m of IS years wmmen—g no tares than one year after the dal of the
Particd �s death.
A sp-v, beneficiary may defer distribution no lore, than the year the
deceased Participant would have reached age 70 112 and may take distnburion under
Options I.2, 3 ord above Fora period not exeeedi"g hi,Po', own life expec ucy.
(c) If the Beneficiary fail, to make such selection, payments shall be
made to dre Benefieinry in occo,dance with the Option 2 over a to year period.
The Employer shall process ilmlibution gal— tmmedimdy up on receipt ofall
,equire4 forms.
5.9 Emergency Di —bum. Notwithstanding any—, provisions of tE,
Plan. a Participant may apply for a lump sum M,hdrawal of funds from the Plan under
mergency -,"roils. The Employ, will evvl"ate the request for coaformil, with
trsri_M,uation of the applicable reg dwione
The Participant most smi,fy ,be Employer that all of the following
conditions are mu before the Employer may aachofi, the emergency wilhd,awal:
(a) M jo, expe"ted and an imburseeblc expenses exist thatnot
foreseeable and are beyond the Employees convoy.
(b) The nofoteseenble emergency ev vulvas the Participant, or
Iriemer spouse" any dependent who qualities node,S-i— I52(v)of the Cade:
(c) The financial b",den crenmd must be the legE obligation of the
Panicipa.
id) MI other financial sources stwh as tnsuta ce payments and a"empts
ro obtain loans, have been exhausted:
(e) All assets must be liquidated except where liquWilli"n would itself
evuse revue finvncial hardship.
(f) The amoum of the requested withdrawvl is limiced to the vmount
necessary m meet the foanniW emergency: and
(g) Oaat finvncial hardship will occur fthe withdmwnl is not p-,u d.
Examples of hardship circ"msu"ces include major property loss and catasnnplvc
illness of spouse o, dependents.
lVithd,nwals aye not vutho,ized I'orexpenses related to the death or illness of any
odic family member, or for b"dguable expenses such as automobile or nollene costs. a
home downy —'
or expenses relative to divorce proceedings.
Any re ning benef"shall be pvid"p"" "i""" tern lino of employment
or death in accordvnce with this Article 5.
The decision of the Employer eonceming Emergency Withdrawals shNl be fine ns
to all P—dp.ts.
ARTICLE 6
Beneficiary
6.1 Designation. Each Partiolpunt has the right, by written notice filed with the
Employe, to designate one or more benetieiaries w receive any benefits payable Roder this
Plow in the event of the—icipan[s death prior to the complete distribution of benefits.
The Panieipant accepts and acknowledges that he has the burden for executing and filing
with the Employe, a proper bevefioiary designation forth.
The forth for this purpose shall be provided by the F ploy- it is not binding o0
the Empioyu until it is signed. filed with the Employer by the Participant, and accepted by
the Employer.
If- such designation is in effect upon the Paz ieipa.t's death. or if no designated
beneficiary survives the Pwticip— the beneficiary shell be the estate.
If no r adrtd ,1h, Aly.- d ily bb ed widtio one hundad
we' (110) days afterthe.. 1-i,m d,Wd the payment maybe mode first, m a
g 'Pb." second, m a surviving child or children. and third, to a surviving parent
or parents.
ARTICLE
NWAssignsbility
Neither the Partwipun or dte Pwticip— Ibe.lMliary.n any other designee.
shall hav any right to sell_asslgn.pledge. hypodtecste�tnnefer, or otherwise
-Illy the tight to reeei- wry payments hereunder, which payments end light I ---are
expressly declared to be nonassignable and —.
Except to ex the tent otherwise provided by law. no payments shall he
� subject ro
achmcn unishment or execution. or be transferable in the e— of bankruptcy or
tnsolvcucy.
ARTICLE 8
Pia. Transfers
Code Section III and the applicable regulations permit transfers of plan interests
when the Participant changes employers
8.1 Transfers In. The full voNe of a—ielpation Account may be accepted
from another Eligible Deferred C rnpensotion Plan maintained by another empoyer and
credited to the Pnnicipant's Nnicipation Aeuwvt under this Plan. if.
(a) The Participant has llp.atetl from service with drat employer and
became an Employe'
(b) The other employer's pl en provides that such transfer can be made.
As it deems neceuary. the Employer my 111h do,umen11— ftom the
predeceuor plan to effect the transfer, to confmn that such plan is an Eligible Defened
ComPensa on.
wid,in the meaning of Code S—i-457 and to asmre that uamfers nre
provided for ib&, such ph-
- Employer mny refuse to accept a transfer in the form ]`u,,—s other than cash.
unless the Employer agrees to hold such other suers under the Plan.
Any amounts « aasfetred that had been deferred during prior calrndnr years will not
M aubject to enrrent,.lend, year deferral linatadons.
8.2 Tmnsf—O,t, The fill value ofa Panidp,lion Account may be trwsferred
to an — Eligible Deferred Compensation Plan mvoteined by --employer. if:
bb The Panicipant has Sept—d from service with the Employer and
become an employee of the other employer;
(b) The other employe,, plan provides that such transfer will be
ngcepted: and
(c) The P,ticiptandtheemploy,haves,pt,dsochagreeme—
scary to auufe thal the Employe,, liabiliry w pay bench¢ to the Panicipant has
been di,h,ged and ns —d by the other employer.
As it deems nce,u,y,1` Employer mny require uch d.--inion fmm the
other plan to effect the`
sfer, m confirm that such plan is an Eligiblo Deferred
Compensation Plan within the meaning of Code Section 457 and to assure that 1—fers ,o
provided for t,I&, ch plan. Such hansfes shall be made only undersuchcircumst—
m are permitted under Cod, Section 457 and the applicable regulations.
ARTICLE 9
Administration end Accounting
9.1 Adminisrrl-by Employer. This Plan shall be administered by the
Employer, which shall prescribe such forms, and adopt such roles and regulations
essary ro enrty out the purposes of the Plan. The Employer may employ investment
o,el w provide advice eonceming categories of investment investment pideh- and
nt policy. provided, h-11, that the advice or reeommendntions of any so,b
nsel shall not be binding on the Employe. which ,ball make the finni
dGesrmination concerning investment catego„s. m,estm guidelines and policies.
The Employer may contract with a hnnneinlly responsible Independent oono-n,mr to
administer and eoordin,e the Pl., under the direction of the Employe. The--
shall have the right . design¢ a Plan Coordinator or other pane of iss choice to perform
such se underthis ogre¢ may be mutually a greed to berneen the Administrator
and the PI.,SCoordinntor orot1—parry. Notwith—dmg any otherpmvisions �o the
tmry, the Admm,ltruwr agrees that it shall be solely responsible to the Employer forany
end all servi— performed by a subcontractor. assignee. or designee under this agreement.
9.2 Adminietmtive Cosl, The Employershall delemrine in a mvtner deemed
fair and equitable. he ndminiattxtive vests — aced M,h Ne withholding of Deferred
Compenivdon amoums purouant m Nis plan or in making invest-- or oNerwise
administering or implementing the Plan. The Employ,, may withhold or wllect or have
withheld or collwed, such costs, N such mann,, a<he deems equitable either (1) film the
ompens on defend purl ,be Plan, Neincome produced from the campent I-- porn o the Pl., the income pmdgced from any investment, whether or not
vggmented. or (2) from Ne orgvv mg such investment where fegoirca by lvw
collect'hrComor, if not so r,gIibd�where mutually satisfactory touchoe 1-1-
and the Ad-iiistr-'. The Admivistrstor may remit or direct the remi—,,, of vpp"Pfi-
amounts so withheld or collected to the Employer.
ARTICLE 10
Amendments
10.1 Ilight to Amend, Modify wd Terminate The Employ,, mvy at any time
modify or _ Ne plan by nodlying Participants of mch aesion. The Employer shall
not have the right to reduce or affect the vvlge of any Pvticipaat's account or any rights
accrued under the Plan prior In modification or termination.
10.2 Conformation. The Employefehall amend xnd intetpmt Ne Plan to Ne
esaary to onform 11 the I Tblements of Code S-i- 451 and any other
.pp lie WI law, regulation or ruling, including amenamena that are retroactive. E, the event
the Plan is deemed by the Internal Revenge Service to be administered in a manner
with Code Sec on 457, Ne Employer shall eoneet such in<onaisteacy Mll-
Ne period provided In Code Section 451(b).
t 0.3 Plan Termination. NNeevent of Ne terminationofthei lbbsvibmion of
benefits shall be mvd 51. 1Partici—N, and beneficiaries pgauam to the Nstribudon
gmaetinet N seumn s or me transfer pmmaions of section s.
ARTICLE 11
asaaa�aasa»
11 A All amounts of compensation d deferred under the Plan, all property and
tights purchvsed wiN such amounts, anall income arnibutable [o —ii amount, property
r fights shell be held in trust ar undo one or more annuity en is desenbed in Section
401(f) of the Code. Except as may otherwise he permitted or required by law. no assets or
e of the Plan snail be used for. or diverted to, purposes o1- Nan for the exc1--
purpose ofro providing benefits for P—ipa- and their Heneficiaries or defraying
reasonable expenses of ad—imI.— of the Plan.
Relict S" ilnlep it id oe
'If�cLnll Dail he lmi led
redp Ill, an-
I ,f llh, PLnod"cation
�lu���,ro'�h�<x�ablr4hm<iea(n.....oii'.; nci nvb-'lls, shall bu
d 't' tic Pnnt or 1 isle 1 i eqi able i_h
d� II eu.pc I - �vid�d'. I �. sl�il I'. uor empi v it of
I E ebe mol 1 t II'c'Fy.
is + Suacn 11 signs. l shall be b ..... and sh ll
d t s�h�Gnplyr 1 so s, alip i nk sndllen�fuv'cc
ai l 1'nand—
I2.0 e. Any dou'cc orotherronvuunica�ion :�quiretl orpernvttN
n iJe'll ci Fn st alla i v�d-"d i he Lmpl; '_I ll to senem�lhe
d �d olfvc ofi 1 ply., end, iiovlvnc llli -,,fl—y, shall
b vh Nmn ,p 1, , 1_1111,11 111dIll, 11 111 ehe
i mpio} n uord_
'C A 'Ihi. PI d 11N,,�,,p Ag, l,d,
sit f ��i.-adop�W - Pitlhue,ol it
U IeLmploY - I I.1"ui vipn rIII,, hnllz 1 '�«ncn twd'ng
6, dli dlic Pznicipanl.
G fiend 4' :-d herein In-shJli l I. I,,, I I"
l�ni�ni.i� whemaPPmpnate.
Coau II f.�+ Ihis Fl eod cl i veq ad eced
ati .i Irce nett Seci �l t.,Cod�. i �cl;tiois' vnde-
1 I S t d. 1 1 gq 1 y- hall be L he -me
IN hcPlmI-.laI
u i.'.A die ie 1 lidryeid ib by ���.c ide's[a'i he ccicd_
1\\tlllFtiS KIIL2liJl S lolcr ha 'i Ivs Vim do coned
ll An_ oC s� , kr 1957 _
_Cite —lei'.. J.flil)`Il(l�
t
1
131G'ler!c
AGENDA MEMORANDUM
TO Honorable Mayor and City Commieslon
FROM'. W. Shelton Smith, City Adminlstraror
DATE'. August 18, 1997
SUBJECT_ Rasolutlon 97 912 / Hartford Life Insurance Deferred Compensstion
RECOMMENDATION:
We recommend that the City Commission accept end approve the adoptlon of the
changes F, our Hartford Llte Insurance Deterred Compenseflon Plan,
EXP( AMATION/BACKGPOUND'.
Tc keep our Defsned Compenae— Pie, in compliance with federal law changes.
PROGRAMIMPACT.
Th,,,,,, m program Impact.
FISCAL IMPACT:
There Is no fiscal impact.
PREPARED BY; one iC,.i �q V �—
Da fl Jackson P n I A t) e OfFlcer
VIA'. YY4 her. nA , i,l
Moniea,�JfMlthell, Administ/ratrve Services Dlreotor
W- SYialtont,,,Smith, City Administrator