HomeMy WebLinkAboutAMENDMENT 2008-1 TO AUGUSTA 1998 PURCHASE PENSION PLAN
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AMENDMENT 2008-1 TO
AUGUSTA 1998 PURCHASE PENSION PLAN
THIS AMENDMENT 2008-1 to the 1998 Augusta Money Purchase Plan (the "Plan")
which was adopted effective May 1, 1998 in the form of a Governmental Retirement Plan and
Trust Basic Plan Document (the "Plan" Document"), hereby amends and modifies the Plan and
Adoption Agreement pursuant to the right reserved in Section 14.1 of the Plan Document as
follows:
1. Plan is amended to authorize application of forfeiture account to offset administration
expenses of the "Plan".
2. The effective date of this Amendment to the Plan shall be January 1, 2008.
3. A copy of the amended pages of the Adoption Agreement is attached hereto.
4. All other provisions of the Plan shall remain unchanged and, as amended herein, shall
continue in full force and effect.
IN WTINESS WHEREOF, the Augusta-Richmond County Commission has caused this
amendment to be executed by its duly authorized officer on this 18th day of December, 2007.
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As its Mayor
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Attest:
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jJIJA.)(!Y;LIO/MLJ$1U; LJIJ'/J.
Seal:
CERTIFICATION
The undersigned Clerk of Commission, Lena J. Bonner, hereby certifies that the
fore~oing amendment was duly adopted by the Augusta-Richmond County Commission on
/ & - /p.. (J'Y , 2007 and that such amendment have not been modified or rescinded as of
the date hereof and the undersigned further certifies that attached hereto as Exhibit "A" is a true
copy of the Amendment Number 2008-1 to the Plan which was approved and adopted in the
foregoing Resolution.
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Date: F:\UserslSShepanflSTEVEIC/TY1.jirst amendment of the /998 Augusta Money Purchase
Pension Plon..doc
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E9 FORFEITURES (plan Section 4.3(e))
a. [X] Forfeitures of contributions other than matching contributions shall be . . .
1. [] NI A. Employer contributions (other than matching) are fully vested.
2. [] Allocated to all Participants eligible to share in the allocations in the same proportion that
each Participant's Compensation for the year bears to the Compensation of aU Participants
for such Year.
3. [] Allocated to all Participants eligible to share in the allocations in the same proportion that
each Participant's Compensation for the year bears to the Compensation of all Participants
for such Year. Forfeitures of Employer contributions (other than matching) shall only be
allocated to Participants who have an Employer contribution sub-account on the last day of
the Plan Year in which such amounts were forfeited arid allocated to such Participant's sub-
account.
4. [X] Used to reduce Employer contributions (other than matching).
S. )( Applied to offset administrative expenses of the Plan. If forfeitures exceed the
administrative expenses, 4 will apply to such excess.
b. [] Forfeitures of matching contributions 'shall be . . .
1. 0 N/A. Matching contributions are fully vested.
2. [] Allocated to all Participants eligible to share in the allocations in the same proportion that
each such Participant's matching contribution for the year bears to all matching contributions
for the year.
3. [] Allocated to all Participants eligible to share in the allocations in the 'proportion that each
such Participant's matching contribution for the year bears to all matching c~ntributions for
,the year. Forfeitures of Employer matching contributions shall only be allocated to
Participants who have an Employer matching sub-account on the last day of the PIan Year in
which such amounts were forfeited and allocated to such Participant's sub-account.
4. [X] Used to reduce the Employer matching contributions.
5. )( Applied to offset administrative expenses of the Plan. If forfeitures exceed the
administrative expenses, 4 will apply to such excess. '
E4 ALLOCATIONS TO ACTIVE PARTICIPANTS (plan Section 4.3).
A Participant:
a. [X] shall
b. [] shall not
be required to complete a Year of Service in order to share inany Contributions or Forfeitures (if
reallocated). ' ,
NOTE: A Year of Service for allocation purposes will be credited for a computation period in which an
Employee completes at least 1000 (insert 1,000 or fewer) Hours of Service.
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