HomeMy WebLinkAboutORD 7297 AUGUSTA GMEBS PLAN 11Augusta GMEBS Plan II
Restated November 1, 2011
File #
Ord # 7297
21976
GEORGIA MUNICIPAL EMPLOYEES
BENEFIT SYSTEM
DEFINED BENEFIT RETIREMENT PLAN
ADOPTION AGREEMENT
for
CERTAIN FORMER EMPLOYEES OF THE
AUGUSTA - RICHMOND COUNTY PLANNING COMMISSION
( "AUGUSTA GMEBS PLAN II ")
Form Volume Submitter Adoption Agreement
• Amended and Restated as of January 1, 2007
•
Augusta GMEBS Plan 1I
Restated November 1, 2011
TABLE OF CONTENTS
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PAGE
I. AN ORDINANCE 1
II. GMEBS DEFINED BENEFIT RETIREMENT PLAN ADOPTION AGREEMENT 2
1. ADMINISTRATOR 2
2. ADOPTING EMPLOYER 2
3. GOVERNING AUTHORITY 2
4. PLAN REPRESENTATIVE 2
5. PENSION COMMITTEE 3
6. TYPE OF ADOPTION 3
7. EFFECTIVE DATE 4
8. PLAN YEAR 5
9. CLASSES OF ELIGIBLE EMPLOYEES 5
A. Eligible Regular Employees 5
B. Elected or Appointed Members of the Governing Authority 6
10. ELIGIBILITY CONDITIONS 6
A. Hours Per Week (Regular Employees) 6
B. Months Per Year (Regular Employees) 7
11. WAITING PERIOD 7
12. ESTABLISHING PARTICIPATION IN THE PLAN 7
13. CREDITED SERVICE 8
A. Credited Past Service with Adopting Employer 8
B. Prior Military Service 9
C. Prior Governmental Service 11
D. Leave Conversion for Unused Paid Time Off (e.g., Sick,
Vacation, or Personal Leave) 12
14. RETIREMENT ELIGIBILITY 14
A. Early Retirement Qualifications 14
B. Normal Retirement Qualifications 14
C. Alternative Normal Retirement Qualifications 15
D. Disability Benefit Qualifications 17
15. RETIREMENT BENEFIT COMPUTATION 17
A. Maximum Total Credited Service 17
B. Monthly Normal Retirement Benefit Amount 17
C. Monthly Early Retirement Benefit Amount 20
D. Monthly Late Retirement Benefit Amount (check one): 21
E. Monthly Disability Benefit Amount 21
F. Minimum/Maximum Benefit For Elected Officials 22
16. 1N- SERVICE DISTRIBUTIONS; COLA 22
A. Distributions For Those Who Remain In Service After
Normal Retirement 22
B. Cost Of Living Adjustment 23
C. Re- Employment After Retirement 24
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17. TERMINATION OF EMPLOYMENT BEFORE RETIREMENT; VESTING 25
A. Eligible Regular Employees 25
B. Elected or Appointed Members of the Governing Authority 26
18. PRE - RETIREMENT DEATH BENEFITS 26
A. In- Service Death Benefit 26
B. Terminated Vested Death Benefit 28
19. EMPLOYEE CONTRIBUTIONS 29
20. MODIFICATION OF THE TERMS OF THE ADOPTION AGREEMENT 30
21. TERMINATION OF THE ADOPTION AGREEMENT 30
22. EMPLOYER ADOPTION AND AUTHORIZATION FOR AMENDMENTS 30
Augusta GMEBS Plan II
Restated November 1, 2011
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• I. AN ORDINANCE - 7297
•
An Ordinance to restate, rename, and assume sponsorship of the GMEBS Retirement
Plan for Certain Employees of the Augusta - Richmond County Planning Commission (referred to
herein as the "ARCPC's GMEBS Plan" or the "Superseded Plan ") which was formerly
maintained and sponsored by the Augusta - Richmond County Planning Commission ( "ARCPC ")
and which, effective November 1, 2011 will be renamed and restated as the Retirement Plan for
Certain Former Employees of the Augusta - Richmond County Planning Commission (referred to
herein as "Augusta GMEBS Plan II "), in accordance with and subject to the terms and conditions
set forth in the attached Adoption Agreement, any Addendum to the Adoption Agreement, the
Georgia Municipal Employees Benefit System (GMEBS) Master Plan Document, and the
GMEBS Trust Agreement. When accepted by the authorized officers of Augusta, Georgia and
GMEBS, the foregoing shall constitute a Contract between Augusta, Georgia and GMEBS, all as
authorized and provided by O.C.G.A. § 47 -5 -1 et seq.
BE IT ORDAINED by the Augusta, Georgia Commission Council and it is hereby
ordained by the authority thereof:
Section 1. In connection with the transfer of employees from the ARCPC to Augusta,
Georgia effective November 1, 2011, the Augusta, Georgia Commission Council hereby restates,
renames, and assumes sponsorship of the ARCPC's GMEBS Plan, and the ARCPC's GMEBS
Plan shall be restated and renamed as the GMEBS Retirement Plan for Certain Former
Employees of the Augusta - Richmond County Planning Commission ( "Augusta GMEBS Plan
II ") as set forth in and subject to the terms and conditions stated in the following Adoption
Agreement, any Addendum to the Adoption Agreement, the Georgia Municipal Employees
Benefit System (GMEBS) Master Plan Document, and the GMEBS Trust Agreement.
Augusta GMEBS Plan 11
Restated November 1, 2011
[Ordinance continued on page 33]
•
II. GMEBS DEFINED BENEFIT RETIREMENT PLAN
ADOPTION AGREEMENT
Name: Augusta, Georgia
Augusta GMEBS Plan II
Restated November 1, 2011
1. ADMINISTRATOR
Georgia Municipal Employees Benefit System
201 Pryor Street, SW
Atlanta, Georgia 30303
Telephone: 404 - 688 -0472
Facsimile 404 -577 -6663
2. ADOPTING EMPLOYER
3. GOVERNING AUTHORITY
Name: Augusta, Georgia Commission Council
Address: 530 Greene Street, Augusta, GA 30911 -4406
• Phone: (706) 821 -1820
Facsimile (706) 821 -1838
4. PLAN REPRESENTATIVE
[To represent Governing Authority in all communications with GMEBS and Employees]
(See Section 2.46 of Master Plan)
Name: Augusta, Georgia Administrator
Address: 530 Greene Street, Augusta, GA 30911 -4406
Phone: (706) 821 -2400
Facsimile. (706) 821 -2818
E -mail:
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5. PENSION COMMITTEE
[Please designate members by position. If not, members of Pension Committee shall be
determined in accordance with Article XIV of Master Plan]
The "Pension Committee" when referred to in this Plan shall be the members of the
Pension and Audit Committee of the Augusta, Georgia Commission Council as currently
constituted to include the following office- holders: Mayor, Mayor Pro Tem, Administrator,
Finance Director, and the Finance Committee Chair.
Pension Committee Secretary: Clerk of the Augusta, Georgia Commission Council
Address: 530 Greene Street, Augusta, GA 30911 -4406
Phone: (706) 821 -1820
Facsimile (706) 821 -1838
E -mail:
6. TYPE OF ADOPTION
This Adoption Agreement is for the following purpose (check one):
❑ This is a new defined benefit plan adopted by the Adopting Employer for its Employees.
This plan does not replace or restate an existing defined benefit plan.
® This is an amendment and restatement of the Adoption Agreement previously adopted by
the Augusta - Richmond County Planning Commission (ARCPC), as follows (check one
or more as applicable):
® To update the Plan to comply with EGTRRA and other applicable federal laws.
• To make the following amendments to the Adoption Agreement (must specify
below revisions made in this Adoption Agreement):
Augusta GMEBS Plan II
Restated November 1, 2011
1) To restate, rename, and assume sponsorship of the ARCPC's GMEBS
Plan ( "Superseded Plan ") in connection with the transfer of certain
employees who previously participated under the ARCPC's GMEBS Plan
from the ARCPC to Augusta, Georgia effective November 1, 2011, provided
certain conditions are met (see General Addendum Section 14(d)(1)); 2) to
provide that said transferred employees will receive credit under this Plan
( "Restated Plan" or "Augusta GMEBS Plan II ") for service and earnings
with the ARCPC prior to November 1, 2011 and for service and earnings
with Augusta, Georgia on and after November 1, 2011 under certain
conditions (see General Addendum Section 14(d)(2) -(3)); 3) to provide for
payment of benefits under this Plan to and on behalf of former ARCPC
GMEBS Plan Participants who are not transferred to Augusta, Georgia on
November 1, 2011 under certain conditions (see General Addendum Section
14(d)(4)); 4) to provide that this Plan will be maintained separate from
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Augusta's other GMEBS retirement plan and other retirement plans in
order to protect the Section 218 agreement modification (relating to an
exemption from Social Security coverage) that applies to former ARCPC
employees who previously participated under the ARCPC's GMEBS Plan
(see General Addendum Section 14(d)(5)); 5) to provide that this Plan will be
maintained in a manner that is consistent with the terms of the ARCPC's
GMEBS Plan (Superseded Plan) (see General Addendum Section 14(d)(5));
6) to provide that this Plan will be a closed Plan, i..e, no former ARCPC
employee or other employee who becomes employed or reemployed by
Augusta, Georgia after November 1, 2011 will participate in this Plan with
respect to service with Augusta after November 1, 2011 (see Adoption
Agreement p. 5; General Addendum Section 3(a)).
7. EFFECTIVE DATE
NOTE: This Adoption Agreement and any Addendum, with the accompanying Master Plan
Document, is designed to comply with Internal Revenue Code Section 401(a), as applicable to a
governmental qualified defined benefit plan, and is part of the GMEBS Defined Benefit
Retirement Plan. Plan provisions designed to comply with certain provisions of the Economic
Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) are effective for Plan Years
beginning on and after January 1, 2002. Plan provisions designed to comply with certain
provisions of additional changes in federal law and guidance from the Internal Revenue Service
under Internal Revenue Service Notice 2007 -3 (the 2006 Cumulative List) are effective as of the
applicable effective dates set forth in the Adoption Agreement and Master Plan Document. By
adopting this Adoption Agreement, with its accompanying Master Plan Document, the Adopting
Employer is adopting a plan document intended to comply with Internal Revenue Code Section
401(a), as updated by EGTRRA and the 2006 Cumulative List with the applicable effective
dates.
(1) Complete this item (1) only if this is a new defined benefit plan which does not replace
or restate an existing defined benefit plan.
The effective date of this Plan is _
(insert effective date of this Adoption Agreement not earlier than January 1, 2007).
(2) Complete this item (2) only if this Plan is being adopted to replace a non -GMEBS
defined benefit plan.
Except as otherwise specifically provided in the Master Document or in this Adoption
Agreement, the effective date of this restatement shall be _ (insert effective date of this
Adoption Agreement not earlier than January 1, 2007). This Plan is intended to replace
and serve as an amendment and restatement of the Employer's preexisting plan, which
became effective on _ (insert original effective date of preexisting plan).
Augusta GMEBS Plan II
Restated November 1, 2011
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(3)
Complete this item (3) only if this is an amendment and complete restatement of the
Adopting Employer's existing GMEBS defined benefit plan.
Except as otherwise specifically provided in the Master Document or in this Adoption
Agreement, the effective date of this restatement shall be November 1, 2011 (insert
effective date of this Adoption Agreement not earlier than January 1, 2007).
This Plan is adopted as an amendment and restatement of the Augusta - Richmond County
Planning Commission's (ARCPC's) preexisting GMEBS Adoption Agreement, which
became effective on August 1, 2006.
The ARCPC's first Adoption Agreement became effective July 1, 2003. The ARCPC's
GMEBS Plan was originally effective January 1, 1977 (insert effective date of
Employer's original GMEBS Plan).
Plan Year means (check one):
• Calendar Year
❑ Employer Fiscal Year commencing
❑ Other (must specify month and day commencing):
• 9. CLASSES OF ELIGIBLE EMPLOYEES
Only Employees of the Adopting Employer who meet the Master Plan's definition of
"Employee" may be covered under the Adoption Agreement. Eligible Employees shall not
include non - governmental employees, independent contractors, leased employees, nonresident
aliens, or any other ineligible individuals, and this Section 9 must not be completed in a manner
that violates the "exclusive benefit rule" of Internal Revenue Code Section 401(a)(2).
A. Eligible Regular Employees
Regular Employees include Employees, other than elected or appointed members of the
Governing Authority or Municipal Legal Officers, who are regularly employed in the services of
the Adopting Employer. Subject to the other conditions of the Master Plan and the Adoption
Agreement, the following Regular Employees are eligible to participate in the Plan (check one):
❑ ALL - All Regular Employees, provided they satisfy the minimum hour and other
requirements specified under "Eligibility Conditions" below.
Augusta GMEBS Plan II
Restated November 1, 2011
8. PLAN YEAR
• ALL REGULAR EMPLOYEES EXCEPT for the following employees (must specify):
Employees who 1) were not employed with the Augusta - Richmond County Planning
Commission (ARCPC) on October 31, 2011; 2) were not active Participants in the
ARCPC's GMEBS Defined Benefit Plan as of October 31, 2011; and 3) did not
become employed by Augusta, Georgia on November 1, 2011. Any Employee who is
eligible to participate in this Plan (Augusta GMEBS Plan II) as of November 1, 2011,
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who terminates employment with Augusta, Georgia after November 1, 2011 and later
becomes reemployed with Augusta, Georgia, shall not be eligible to participate in this
Plan (Augusta GMEBS Plan II) with respect to service with Augusta, Georgia
following such reemployment. See also General Addendum Section 14(d) concerning
benefits payable under Augusta GMEBS Plan II to or on behalf of former employees
of the ARCPC who previously participated under the ARCPC's GMEBS Plan but
who were not employed with the ARCPC on October 31, 2011 and did not become
employed by Augusta, Georgia on November 1, 2011.
B. Elected or Appointed Members of the Governing Authority
An Adopting Employer may elect to permit participation in the Plan by elected or appointed
members of the Governing Authority and/or Municipal Legal Officers, provided they otherwise
meet the Master Plan's definition of "Employee" and provided they satisfy any other
requirements specified by the Adopting Employer. Municipal Legal Officers to be covered must
be specifically identified by position. Subject to the above conditions, the Employer hereby
elects the following treatment for elected and appointed officials:
(1) Elected or Appointed Members of the Governing Authority (check one):
• ARE NOT eligible to participate in the Plan.
❑ ARE eligible to participate in the Plan
• Please specify any limitations on eligibility to participate here (e.g., service on or after certain
date, or special waiting period provision):
Municipal Legal Officers (check one):
® ARE NOT eligible to participate in the Plan.
❑ ARE eligible to participate in the Plan. The term "Municipal Legal Officer" shall include
only the following positions (must specify):
Please specify any limitations on eligibility to participate here (e.g., service on or after certain
date):
A. Hours Per Week (Regular Employees)
Augusta GMEBS Plan II
Restated November 1, 2011
10. ELIGIBILITY CONDITIONS
The Adopting Employer may specify a minimum number of hours per week which are
required to be scheduled and worked by Regular Employees in order for them to become and
remain "Eligible Regular Employees" under the Plan. It is the responsibility of the Adopting
Employer to determine whether these requirements are and continue to be satisfied. The
Employer hereby elects the following minimum hour requirement for Regular Employees:
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❑ No minimum
• 20 hours /week (regularly scheduled)
❑ 30 hours /week (regularly scheduled)
❑ Other: (must not exceed 40 hours /week regularly scheduled)
Exceptions: If a different minimum hour requirement applies to a particular class or classes of
Regular Employees, please specify below the classes to whom the different requirement applies
and indicate the minimum hour requirement applicable to them.
Class(es) of Regular Employees to whom exception applies (must specify):
Minimum hour requirement applicable to excepted Regular Employees:
❑ No minimum
❑ 20 hours /week (regularly scheduled)
❑ 30 hours /week (regularly scheduled)
❑ Other: (must not exceed 40 hours /week regularly scheduled)
B. Months Per Year (Regular Employees)
The Adopting Employer may specify a minimum number of months per year which are
required to be scheduled and worked by Regular Employees in order for them to become and
remain "Eligible Employees" under the Plan. It is the responsibility of the Adopting
Employer to determine whether these requirements are and continue to be satisfied. The
Employer hereby elects the following minimum requirement for Regular Employees:
❑ No minimum
• At least 5 months per year (regularly scheduled)
❑ Other:
11. WAITING PERIOD
Unless otherwise specified by the Adopting Employer in an addendum to this Adoption
Agreement, Regular Employees shall be required to complete one (1) year of continuous,
uninterrupted Service with the Adopting Employer before they qualify for participation in the
Plan. The determination as to whether the waiting period has been satisfied shall be made in
accordance with provisions of the Master Plan. (See General Addendum subsection 3(a).)
Participation in the Plan is considered mandatory for all Eligible Employees who satisfy the
eligibility conditions specified in the Adoption Agreement. However, the Employer may specify
below that participation is optional for certain classes of Eligible Employees, including elected or
appointed members of the Governing Authority, Municipal Legal Officers, City Managers,
and/or Department Heads. If participation is optional for an Eligible Employee, then in order to
become a Participant, he must make a written election to participate within 120 days after
Augusta GMEBS Plan II
Restated November 1, 2011
12. ESTABLISHING PARTICIPATION IN THE PLAN
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employment, election or appointment to office, or if later, the date he first becomes eligible to
participate in the Plan. The election is irrevocable, and the failure to make the election within
the 120 day time limit shall be deemed an irrevocable election not to participate in the Plan.
Classes for whom participation is optional (leave blank and skip to Section 13 unless
participation is optional for one or more of the following classes):
❑ Elected or appointed members of the Governing Authority
❑ Municipal Legal Officers
❑ City Manager
❑ Department Heads
❑ Other (must specify; all individuals specified must be Eligible Employees):
13. CREDITED SERVICE
In addition to Current Credited Service the Adopting Employer may include as Credited
Service the following types of service:
A. Credited Past Service with Adopting Employer
Credited Past Service means the number of years and complete months of Service with the
Adopting Employer prior to the date an Eligible Employee becomes a Participant which are
treated as credited service under the Plan.
(1) Eligible Employees Employed on Original Effective Date of GMEBS Plan.
With respect to Eligible Employees who are employed by the Adopting Employer on the original
Effective Date of the Employer's GMEBS Plan, Service with the Adopting Employer prior to the
date the Eligible Employee becomes a Participant (including any Service prior to the Effective
Date of the Plan) shall be treated as follows (check one):
E l All Service prior to the date the Eligible Employee becomes a Participant shall be
credited (as Credited Past Service).
❑ All Service prior to the date the Eligible Employee becomes a Participant shall be
credited (as Credited Past Service), except for Service rendered prior to
(insert date).
❑ All Service prior to the date the Eligible Employee becomes a Participant shall be
credited (as Credited Past Service), except as follows (must specify other
limitation):
® No Service prior to the date the Eligible Employee becomes a Participant shall be
credited (as Credited Past Service).
(2) Previously Employed, Returning to Service after Original Effective Date. If
an Eligible Employee is not employed on the original Effective Date of the Employer's GMEBS
• Plan, but he returns to Service with the Adopting Employer sometime after the Effective Date,
Augusta GMEBS Plan II
Restated November 1, 2011
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his Service prior to the date he becomes a Participant (including any Service prior the Effective
Date) shall be treated as follows (check one):
❑ All Service prior to the date the Eligible Employee becomes a Participant shall be
credited (as Credited Past Service), subject to any limitations imposed above with
respect to Eligible Employees employed on the Effective Date.
❑ All Service prior to the date the Eligible Employee becomes a Participant shall be
credited (as Credited Past Service), provided that after his return to employment,
the Eligible Employee performs Service equal to the period of the break in
Service or one (1) year, whichever is less. Any limitations imposed above with
respect to Eligible Employees employed on the Effective Date shall also apply.
• No Service prior to the date the Eligible Employee becomes a Participant shall be
credited (as Credited Past Service).
Other limitation(s) on Recognition of Credited Past Service (must specify):
Anv Service with Augusta, Georgia prior to November 1, 2011 will not count as Credited
Service under the Plan. Service with the Augusta - Richmond County Planning Commission
which was recognized as Credited Past Service under the applicable terms of the ARCPC's
GMEBS Plan in effect prior to November 1, 2011 will be taken into account pursuant to the
applicable provisions of the General Addendum.
(3) Eligible Employees Initially Employed After Effective Date. If an Eligible
Employee's initial employment date is after the original Effective Date of the Employer's
GMEBS Plan, his Credited Past Service shall include only the number of years and complete
months of Service from his initial employment date to the date he becomes a Participant in the
Plan.
(4) Newly Eligible Classes of Employees. If a previously ineligible class of
Employees becomes eligible to participate in the Plan, the Employer must specify in an
addendum to this Adoption Agreement whether and to what extent said Employees' prior service
with the Employer shall be treated as Credited Past Service under the Plan.
B. Prior Military Service
Note: This Section does not concern military service required to be credited under
USERRA — See Section 3.02 of the Master Plan for rules on the crediting of USERRA
Military Service.
(1) Credit for Prior Military Service.
The Adopting Employer may elect to treat military service rendered prior to a Participant's initial
employment date or reemployment date as Credited Service under the Plan. Unless otherwise
specified by the Employer under "Other Conditions" below, the term "Military Service" shall be
as defined in the Master Plan. Except as otherwise required by federal or state law or under
Augusta GMEBS Plan II
Restated November 1, 2011
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• "Other Conditions" below, Military Service shall not include service which is credited under any
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other local, state, or federal retirement or pension plan.
Military Service credited under this Section shall not include any service which is otherwise
required to be credited under the Plan by federal or state law. Prior Military Service shall be
treated as follows (check one):
Prior Military Service is not creditable under the Plan (if checked, skip to
Section 13.C. — Prior Governmental Service).
❑ Prior Military Service shall be counted as Credited Service for the following
purposes (check one or more as applicable):
(2) Maximum Credit for Prior Military Service.
Credit for Prior Military Service shall be limited to a maximum of years (insert number).
(3) Rate of Accrual for Prior Military Service.
Credit for Prior Military Service shall accrue at the following rate (check one):
❑ One month of military service credit for every month(s) (insert
number) of Credited Service with the Adopting Employer.
❑ One year of military service credit for every year(s) (insert number) of
Credited Service with the Adopting Employer.
❑ All military service shall be creditable (subject to any caps imposed above) after
the Participant has completed years (insert number) of Credited Service
with the Employer.
❑ Other requirement (must specify):
(4) Payment for Prior Military Service Credit(check one):
❑ Participants shall not be required to pay for military service credit.
❑ Participants shall be required to pay for military service credit as follows:
❑ The Participant must pay % of the actuarial cost of the service credit
(as defined below).
❑ The Participant must pay an amount equal to (must specify):
Augusta GMEBS Plan II
Restated November 1, 2011
❑ Computing amount of benefits payable.
❑ Meeting minimum service requirements for vesting.
❑ Meeting minimum service requirements for benefit eligibility.
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Other Conditions for Award of Prior Military Service Credit (must specify):
(5) Limitations on Service Credit Purchases. Unless otherwise specified in an
Addendum to the Adoption Agreement, for purposes of this Section and Section 13.C.
concerning prior governmental service credit, the term "actuarial cost of service credit" means
the actuarial accrued liability relating to such prior service credit as determined by the GMEBS
actuary and calculated using the actuarial assumptions and methods employed in performing
GMEBS member plan valuations. In the case of a service credit purchase, the Participant shall
be required to comply with any rules and regulations established by the GMEBS Board of
Trustees concerning said purchases.
C. Prior Governmental Service
Note: Prior service with other GMEBS employers shall be credited as provided under the
Master Plan.
(1) Credit for Prior Governmental Service.
The Adopting Employer may elect to treat governmental service rendered prior to a Participant's
initial employment date or reemployment date as creditable service under the Plan. Subject to
any limitations imposed by law, the term "prior governmental service" shall be as defined by the
Adopting Employer below. The Employer elects to treat prior governmental service as follows
(check one):
• Prior governmental service is not creditable under the Plan (if checked, skip to
Section 13.D. — Unused Sick/Vacation Leave).
❑ Prior governmental service shall be counted as Credited Service for the following
purposes under the Plan (check one or more as applicable):
El Computing amount of benefits payable.
E l Meeting minimum service requirements for vesting.
❑ Meeting minimum service requirements for benefit eligibility.
(2) Definition of Prior Governmental Service.
Prior governmental service shall be defined as follows: (must specify):
Unless otherwise specified above, prior governmental service shall include only full -time service
(minimum hour requirement same as that applicable to Eligible Regular Employees).
(3) Maximum Credit for Prior Governmental Service.
Credit for prior governmental service shall be limited to a maximum of years (insert
• number).
Augusta GMEBS Plan II
Restated November 1, 2011
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(4) Rate of Accrual for Prior Governmental Service Credit.
Credit for prior governmental service shall accrue at the following rate (check one):
❑ One month of prior governmental service credit for every month(s) (insert
number) of Credited Service with the Adopting Employer.
❑ One year of prior governmental service credit for every year(s) (insert
number) of Credited Service with the Adopting Employer.
❑ All prior governmental service shall be creditable (subject to any caps imposed
above) after the Participant has completed years (insert number) of
Credited Service with the Adopting Employer.
❑ Other requirement (must specify):
(5) Payment for Prior Governmental Service Credit.
❑ Participants shall not be required to pay for governmental service credit.
❑ Participants shall be required to pay for governmental service credit as follows:
❑ The Participant must pay % of the actuarial cost of the service credit.
❑ The Participant must pay an amount equal to (must specify):
Other Conditions for Award of Prior Governmental Service Credit (must specify):
D. Leave Conversion for Unused Paid Time Off (e.2., Sick, Vacation, or Personal
Leave)
(1) Credit for Unused Paid Time Off.
Subject to the limitations in Section 3.01 of the Master Plan, an Adopting Employer may elect to
treat accumulated days of unused paid time off for a terminated Participant as Credited Service.
The only type of leave permitted to be credited under this provision is leave from a paid time off
plan which qualifies as a bona fide sick and vacation leave plan (which may include sick,
vacation or personal leave) and which the Participant may take as paid leave without regard to
whether the leave is due to illness or incapacity. The Credited Service resulting from the
conversion of unused paid time off must not be the only Credited Service applied toward the
accrual of a normal retirement benefit under the Plan. The Pension Committee shall be
responsible to certify to GMEBS the total amount of unused paid time off that is creditable
hereunder.
Important Note: Leave cannot be converted to Credited Service in lieu of receiving a cash
• payment. If the Employer elects treating unused paid time off as Credited Service, the
Augusta GMEBS Plan II
Restated November 1, 2011
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• conversion to Credited Service will be automatic, and the Participant cannot request a cash
•
payment for the unused paid time off.
The Employer elects the following treatment of unused paid time off:
E Unused paid time off shall not be treated as Credited Service (if checked, skip to
Section 14 — Retirement Eligibility).
❑ The following types of unused paid time off shall be treated as Credited Service
under the Plan (check one or more as applicable):
(5)
Augusta GMEBS Plan II
Restated November 1, 2011
❑ Unused sick leave
❑ Unused vacation leave
❑ Unused personal leave
❑ Other paid time off (must specify, subject to limitations in Section 3.01 of
Master Plan):
(2) Minimum Service Requirement.
In order to receive credit for unused paid time off, a Participant must meet the following
requirement at termination (check one):
❑ The Participant must be 100% vested in a normal retirement benefit.
❑ The Participant must have at least years (insert number) of Total
Credited Service (not including leave otherwise creditable under this Section).
❑ Other (must specify, subject to limitations in Section 3.01 of Master Plan):
(3) Use of Unused Paid Time Off Credit. Unused paid time off shall count as
Credited Service for the following purposes under the Plan (check one or more as applicable):
❑ Computing amount of benefits payable.
❑ Meeting minimum service requirements for vesting.
❑ Meeting minimum service requirements for benefit eligibility.
(4) Maximum Credit for Unused Paid Time Off.
Credit for unused paid time off shall be limited to a maximum of months (insert number).
Computation of Unused Paid Time Off.
Unless otherwise specified by the Adopting Employer under "Other Conditions" below, each
twenty (20) days of creditable unused paid time off shall constitute one (1) complete month of
Credited Service under the Plan. Partial months shall not be credited.
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• (6) Other Conditions (please specify, subject to limitations in Section 3.01 of
Master Plan):
14. RETIREMENT ELIGIBILITY
A. Early Retirement Qualifications
Early retirement qualifications are (check one or more as applicable):
® Attainment of age 55 (insert number)
▪ Completion of 10 years (insert number) of Total Credited Service
Exceptions: If different early retirement eligibility requirements apply to a particular class or
classes of Eligible Employees, the Employer must specify below the classes to whom the
different requirements apply and indicate below the requirements applicable to them.
Eligible Employees to whom exception applies (must specify):
Early retirement qualifications for excepted class(es) are (check one or more as applicable):
❑ Attainment of age
❑ Completion of
B. Normal Retirement Qualifications
(insert number)
years (insert number) of Total Credited Service
Note: Please complete this Section and also list "Alternative" Normal Retirement
Qualifications, if any, in Section 14.C.
(1) Regular Employees
Normal retirement qualifications for Regular Employees are (check one or more as applicable):
• Attainment of age 65 (insert number)
• Completion of 5 years (insert number) of Total Credited Service
Exceptions: If different normal retirement qualifications apply to a particular class or classes of
Regular Employees, the Employer must specify below the classes to whom the different
requirements apply and indicate below the requirements applicable to them.
Class(es) of Regular Employees to whom exception applies (must specify):
Augusta GMEBS Plan II
Restated November 1, 2011
- 14—
• Normal retirement qualifications for excepted class(es) are (check one or more as applicable):
•
❑ Attainment of age
❑ Completion of years (insert number) of Total Credited Service
(2) Elected or Appointed Members of Governing Authority
Complete this Section only if elected or appointed members of the Governing Authority or
Municipal Legal Officers are permitted to participate in the Plan. Normal retirement
qualifications for this class are (check one or more as applicable):
❑ Attainment of age
❑ Completion of
C. Alternative Normal Retirement Qualifications
Please skip to Section 14.D. - Disability Benefit Qualifications if the Adopting Employer
does not offer alternative normal retirement benefits under the Plan. The Employer may
elect to permit Participants to retire with unreduced benefits after they satisfy service and/or age
requirements other than the regular normal retirement qualifications specified above. The
Employer hereby adopts the following alternative normal retirement qualifications:
• Alternative Normal Retirement Qualifications (check one or more, as applicable):
(1) ❑ Alternative Minimum Age & Service Qualifications. (if checked, please
complete one or more items below, as applicable):
Augusta GMEBS Plan II
Restated November 1, 2011
(insert number)
(insert number)
years (insert number) of Total Credited Service
❑ Attainment of age (insert number)
❑ Completion of years (insert number) of Total Credited
Service
This alternative normal retirement benefit is available to:
❑ All Participants who qualify.
❑ Only the following Participants (must specify):
A Participant (check one): ❑ is required ❑ is not required to be in the service of
the Employer at the time he satisfies the above qualifications in order to qualify
for this alternative normal retirement benefit.
Other eligibility requirement (must specify):
_15_
(2) ❑ Rule of (insert number). The Participant's combined Total Credited
Service and age must equal or exceed this number. Please complete additional
items below:
To qualify for this alternative normal retirement benefit, the Participant (check
one):
❑ must have attained at least age
(insert number)
❑ must not satisfy any minimum age requirement.
This alternative normal retirement benefit is available to:
❑ All Participants who qualify.
❑ Only the following Participants (must specify):
A Participant (check one): ❑ is required ❑ is not required to be in the service of
the Employer at the time he satisfies the Rule in order to qualify for this
alternative normal retirement benefit.
Other eligibility requirement (must specify):
• (3) ❑ Alternative Minimum Service. A Participant is eligible for an alternative
normal retirement benefit if he has at least years (insert number) of
Total Credited Service, regardless of the Participant's age.
This alternative normal retirement benefit is available to:
❑ All Participants who qualify.
❑ Only the following Participants (must specify):
A Participant (check one): ❑ is required ❑ is not required to be in the service of
the Employer at the time he satisfies the qualifications for this alternative normal
retirement benefit.
Other eligibility requirement (must specify):
(4) ❑ Other Alternative Normal Retirement Benefit.
Must specify qualifications:
This alternative normal retirement benefit is available to:
• ❑ All Participants who qualify.
Augusta GMEBS Plan II
Restated November 1, 2011
- 16—
D. Disability Benefit Qualifications
Please skip to Section 15 - Retirement Benefit Computation if the Adopting Employer does
not offer disability retirement benefits under the Plan. Subject to the other terms and
conditions of the Master Plan and except as otherwise provided in an Addendum to this
Adoption Agreement, disability retirement qualifications are based upon Social Security
Administration award criteria or as otherwise provided under Section 2.21 of the Master Plan.
The Disability Retirement benefit shall commence as of the Participant's Disability Retirement
Date under Section 2.22 of the Master Plan.
To qualify for a disability benefit, a Participant must have the following minimum number of
years of Total Credited Service:
❑ No minimum
❑ years (insert number) of Total Credited Service.
Other eligibility requirement (must specify):
15. RETIREMENT BENEFIT COMPUTATION
A. Maximum Total Credited Service
The number of years of Total Credited Service which may be used to calculate a benefit is
(check one):
• not limited.
❑ limited to years.
❑ limited to years as an elected or appointed member of the Governing
Authority or Municipal Legal Officer.
B. Monthly Normal Retirement Benefit Amount
(1) Regular Employee Formula
The monthly normal retirement benefit for Eligible Regular Employees shall be 1/12 of (check
and complete one or more as applicable):
Augusta GMEBS Plan II
Restated November 1, 2011
❑ Only the following Participants (must specify):
A Participant (check one): ❑ is required ❑ is not required to be in the service of
the Employer at the time he satisfies the qualifications for this alternative normal
retirement benefit.
Other eligibility requirement (must specify):
- 17 —
•
•
•
® (a) Flat Percentage Formula. 2.5% (insert percentage) of Final Average
Earnings multiplied by years of Total Credited Service as an Eligible
Regular Employee.
This formula applies to:
• All Participants who are Regular Employees.
❑ Only the following Participants (must specify):
❑ (b) Alternative Flat Percentage Formula. % (insert percentage) of
Final Average Earnings multiplied by years of Total Credited Service as
an Eligible Regular Employee. This formula applies to the following
Participants (must specify):
❑ (c) Split Final Average Earnings Formula. % (insert percentage) of
Final Average Earnings up to the amount of Covered Compensation (see
subsection (2) below for definition of Covered Compensation), plus
% (insert percentage) of Final Average Earnings in excess of said
Covered Compensation, multiplied by years of Total Credited Service as
an Eligible Regular Employee.
❑ (d) Alternative Split Final Average Earnings Formula. % (insert
percentage) of Final Average Earnings up to the amount of Covered
Compensation (see subsection (2) below for definition of Covered
Compensation), plus % (insert percentage) of Final Average
Earnings in excess of said Covered Compensation, multiplied by years of
Total Credited Service as an Eligible Regular Employee.
Augusta GMEBS Plan II
Restated November 1, 2011
This formula applies to:
❑ All Participants who are Regular Employees.
❑ Only the following Participants (must specify):
This formula applies to:
❑ All Participants.
❑ Only the following Participants (must specify):
[Repeat above subsections as necessary for each applicable benefit formula and Participant
class covered under the Plan.]
- 18 —
• (2) Covered Compensation (complete only if Split Formula(s) is checked above):
•
Covered Compensation is defined as (check one or more as applicable):
❑ (a) A.I.M.E. Covered Compensation as defined in Section 2.16 of the
Master Plan. This definition of Covered Compensation shall apply to
(check one):
❑ All Participants who are Regular Employees.
❑ Only the following Participants (must specify):
❑ (b) Dynamic Break Point Covered Compensation as defined in Section 2.17
of the Master Plan. This definition of Covered Compensation shall apply
to (check one):
(3)
Augusta GMEBS Plan II
Restated November 1, 2011
❑ All Participants who are Regular Employees.
❑ Only the following Participants (must specify):
❑ (c) Table Break Point Covered Compensation as defined in Section 2.18 of
the Master Plan. This definition of Covered Compensation shall apply to
(check one):
❑ All Participants who are Regular Employees.
❑ Only the following class(es) of Participants (must specify):
❑ (d) Covered Compensation shall mean a Participant's annual Earnings that
do not exceed $ (specify amount). This definition shall
apply to (check one):
❑ All Participants who are Regular Employees.
❑ Only the following Participants (must specify):
Final Average Earnings
Unless otherwise specified in an Addendum to the Adoption Agreement, Final Average Earnings
is defined as the annual average of Earnings paid to a Participant by the Adopting Employer for
the 5 (insert number not to exceed 5) consecutive years (12 month periods) of Credited Service
preceding the Participant's most recent Termination in which the Participant's Earnings were the
highest. Note: GMEBS has prescribed forms for calculation of Final Average Earnings that
must be used for this purpose.
This definition of Final Average Earnings applies to:
• All Participants who are Regular Employees.
❑ Only the following Participants (must specify):
- 19—
[Repeat above subsection as necessary for each applicable definition and Participant class
covered under the Plan.]
(4) Formula for Elected or Appointed Members of the Governing Authority
Complete this Section only if elected or appointed members of the Governing Authority or
Municipal Legal Officers are permitted to participate in the Plan. The monthly normal
retirement benefit for members of this class shall be as follows (check one):
$ (insert dollar amount) per month for each year of Total Credited Service as
an elected or appointed member of the Governing Authority or Municipal Legal
Officer or major fraction thereof (6 months and 1 day).
This formula applies to:
❑ All elected or appointed members of the Governing Authority or Municipal Legal
Officers eligible to participate.
❑ Only the following elected or appointed members of the Governing Authority or
Municipal Legal Officers eligible to participate (must specify):
[Repeat above subsection as necessary for each applicable formula for classes of elected or
appointed members covered under the Plan.]
C. Monthly Early Retirement Benefit Amount
Check and complete one or more as applicable:
▪ (1) Standard Early Retirement Reduction Table. The monthly Early
Retirement benefit shall be computed in the same manner as the monthly
Normal Retirement benefit, but the benefit shall be reduced on an
Actuarially Equivalent basis in accordance with Section 12.01 of the
Master Plan to account for early commencement of benefits. This
provision shall apply to:
Augusta GMEBS Plan II
Restated November 1, 2011
• All Participants.
❑ Only the following Participants (must specify):
❑ (2) Alternative Early Retirement Reduction Table. The monthly Early
Retirement benefit shall be computed in the same manner as the monthly
Normal Retirement benefit, but the benefit shall be reduced to account for
early commencement of benefits based on the following table. This table
shall apply to:
❑ All Participants.
❑ Only the following Participants (must specify):
Alternative Early Retirement Reduction Table
- 20 —
•
•
Augusta GMEBS Plan II
Restated November 1, 2011
Number of Years Before Percentage of
[Age (Insert Normal Normal Retirement Benefit*
Retirement Age)1 (complete as applicable)
(check as applicable)
*Interpolate for whole months
❑ 0 1.000
❑ 1 0.
❑ 2 0.
❑ 3 0.
❑ 4 0.
❑ 5 0.
❑ 6 0.
❑ 7 0.
❑ 8 0.
❑ 9 0.
❑ 10 0.
❑ 11 0.
❑ 12 0.
❑ 13 0.
❑ 14 0.
❑ 15 0.
D. Monthly Late Retirement Benefit Amount (check one):
(1) The monthly Late Retirement benefit shall be computed in the same
manner as the Normal Retirement Benefit, based upon the Participant's
Accrued Benefit as of his Late Retirement Date.
❑ (2) The monthly Late Retirement benefit shall be the greater of: (1) the
monthly retirement benefit accrued as of the Participant's Normal
Retirement Date, actuarially increased in accordance with the actuarial
table contained in Section 12.06 of the Master Plan; or (2) the monthly
retirement benefit accrued as of the Participant's Late Retirement Date,
without further actuarial adjustment under Section 12.06 of the Master
Plan.
E. Monthly Disability Benefit Amount
Complete this Section only if the Adopting Employer elects to provide Disability retirement
benefits. The amount of the monthly Disability Benefit shall be computed in the same manner
as the Normal Retirement benefit, based upon the Participant's Accrued Benefit as of his
Disability Retirement Date.
Minimum Disability Benefit. The Adopting Employer may set a minimum Disability Benefit.
The Employer elects the following minimum Disability benefit (check one):
- 21 —
•
•
•
❑ No minimum is established.
❑ No less than (check one): ❑ 20% ❑ 10% ❑ % (if other than 20% or 10%
insert percentage amount) of the Participant's average monthly Earnings for the
12 calendar month period immediately preceding his Termination of Employment
as a result of a Disability. (Unless otherwise specified in an Addendum to the
Adoption Agreement, no minimum will apply to elected or appointed members of
the Governing Authority or Municipal Legal Officers.)
No less than (check one): ❑ 66 2/3 % ® 60% (if other than 66 2/3 %, insert
percentage amount) of the Participant's average monthly Earnings for the 12
calendar month period immediately preceding his Termination of Employment as
a result of a Disability, less any benefits paid from Workers Compensation,
federal Social Security benefits as a result of disability, any state compulsory
disability plan, and any disability income plan paid by the Employer. (Unless
otherwise specified in an Addendum to the Adoption Agreement, no minimum
will apply to elected or appointed members of the Governing Authority or
Municipal Legal Officers.)
F. Minimum/Maximum Benefit For Elected Officials
Complete this Section only if elected or appointed members of the Governing Authority
participate in the Plan. In addition to any other limitations imposed by federal or state law, the
Employer may impose a cap on the monthly benefit amount that may be received by elected or
appointed members of the Governing Authority. The Employer elects (check one):
❑ No minimum or maximum applies.
❑ Monthly benefit for Service as an elected or appointed member of the Governing
Authority may not exceed 100% of the Participant's final salary as an elected or
appointed member of the Governing Authority.
❑ Other minimum or maximum (must specify):
16. IN SERVICE DISTRIBUTIONS; COLA
A. Distributions For Those Who Remain In Service After Normal Retirement
The Employer may elect to permit active Participants who have satisfied the Employer's
qualifications for Normal Retirement or Alternative Normal Retirement to begin drawing their
benefit even though they have not yet terminated employment with the Employer, subject to the
terms of the Master Plan. However, in accordance with IRS requirements, even if the Employer
elects to permit in- service distributions and a Participant has otherwise satisfied the
qualifications for Normal Retirement or Alternative Normal Retirement in Sections 14.B. or
14.C. above, the Participant will not be permitted to take an in- service distribution unless the
Participant satisfies the applicable minimum age parameters set forth below. The Employer
makes the following election in this regard (check one):
Augusta GMEBS Plan II
Restated November 1, 2011
- 22 —
•
•
•
❑ (1) Distribution of retirement benefits is not permitted until the Participant
has terminated employment and otherwise qualifies for receipt of benefits.
(2) Participants who have satisfied the qualifications for Normal Retirement
or Alternative Normal Retirement, or, if higher, the minimum age
parameters set forth below, may begin drawing their Normal Retirement
benefit even though they remain in the service of the Employer. This
provision applies to (check one):
Augusta GMEBS Plan I1
Restated November 1, 2011
® All Participants
❑ Only Participants in the following classes (in- service distributions
not permitted for any others) (must specify):
Note: To be eligible for an in- service distribution, the Participant's age must meet the following
minimum age parameters:
• For Participants who are not "public safety employees," the Participant must be at least
age 62 or older. Based upon GMEBS' most recent actuarial experience study, this age is
reasonably representative of the typical retirement age for the GMEBS' member
municipalities /governmental entities (the "industry" in which members work). If the
Employer selects a Normal Retirement Age or Alternative Normal Retirement Age in
Section 14.B. or 14.C. that is at least age 62, the Plan's normal retirement age will fall
within the IRS pre- approved safe harbor.
• For Participants who are "public safety employees," the Participant must be at least age
50 or older. If the Employer selects a Normal Retirement Age or Alternative Normal
Retirement Age in Section 14.B. or 14.C. that is at least age 50, the Plan's normal
retirement age will fall within the IRS pre- approved safe harbor for public safety
employees. Note: "Public safety employees" are defined under the Internal Revenue
Code for this purpose as employees of a State or political subdivision of a State who
provide police protection, firefighting services, or emergency medical services for any
area within the jurisdiction of such State or political subdivision.
B. Cost Of Living Adjustment
The Employer may elect to provide for an annual cost -of- living adjustment (COLA) in the
amount of benefits being received by Retired Participants and Beneficiaries, which shall be
calculated and paid in accordance with the terms of the Master Plan. The Employer hereby
elects the following (check one):
- 23 —
❑ (2) Variable Annual cost -of- living adjustment not to exceed % (insert
percentage).
❑ (3) Fixed annual cost -of- living adjustment equal to % (insert
percentage).
The above cost -of- living adjustment shall apply with respect to the following Participants (and
their Beneficiaries) (check one):
C. Re- Employment After Retirement
Augusta GMEBS Plan II
Restated November 1, 2011
(1) No cost -of- living adjustment.
• All Participants (and their Beneficiaries).
❑ Participants (and their Beneficiaries) who terminate employment
on or after (insert date).
❑ Other (must specify):
(1) Reemployment After Normal Retirement. In the event a Retired Participant is
reemployed with the Employer as an Eligible Employee after his Normal Retirement Date, the
following rule shall apply (check one):
❑ (a) The Participant's benefit shall be suspended in accordance with Section
6.06(a) of the Master Plan for as long as the Participant remains employed.
❑ (b) The Participant may continue to receive his retirement benefit in
accordance with Section 6.06(c) of the Master Plan. This rule shall apply
to (check one): ® all Retired Participants ❑ only the following classes of
Retired Participants (must specify - benefits of those Retired
Participants not listed shall be suspended in accordance with Section
6.06(a) of the Master Plan if they return to work with the Employer):
(2) Reemployment After Early Retirement. In the event a Participant retires with
an Early Retirement benefit and is reemployed with the Employer as an Eligible Employee
before his Normal Retirement Date, the following rule shall apply (check one):
❑ (a) The Participant's Early Retirement benefit shall be suspended in
accordance with Section 6.06(a) of the Master Plan for as long as the
Participant remains employed.
• (b) The Participant's eligibility to continue receiving Early Retirement
benefits shall be subject to the following limitations (if this item is
checked, check one of the following):
- 24 —
COMPLETED YEARS
VESTED PERCENTAGE_
%
TOTAL CREDITED SERVICE
_OF
1
2
%
•
•
•
The Participant's Early Retirement benefit shall be suspended.
However, the Participant may again begin receiving benefits after
he satisfies the qualifications for Normal Retirement or alternative
Normal Retirement in accordance with Section 6.06(d) of the
Master Plan.
❑ (ii) The Participant may continue receiving his Early Retirement
benefit in accordance with Section 6.06(e) of the Master Plan,
provided his initial retirement was in good faith and he does not
return to employment with the Employer for a minimum of
months (insert number no less than 6) following his effective
Retirement date. If this requirement is not met, the Participant's
benefit shall be suspended until he satisfies the qualifications for
Normal Retirement or alternative Normal Retirement in
accordance with Section 6.06(d) of the Master Plan. This rule
shall apply to (check one): ❑ all Retired Participants ❑ only the
following classes of Retired Participants (must specify - benefits
of those Retired Participants not listed shall be suspended in
accordance with Section 6.06(a) of the Master Plan if they
return to work with the Employer):
17. TERMINATION OF EMPLOYMENT BEFORE RETIREMENT;
VESTING
A. Eligible Regular Employees
Subject to the terms and conditions of the Master Plan, a Participant who is an Eligible Regular
Employee and whose employment is terminated for any reason other than death or retirement
shall earn a vested right in his accrued retirement benefit in accordance with the following
schedule (check one):
❑ No vesting schedule (immediate vesting).
❑ Cliff Vesting Schedule. Benefits shall be 100% vested after the Participant has a
minimum of years (insert number not to exceed 10) of Total Credited
Service. Benefits remain 0% vested until the Participant satisfies this minimum
• Graduated Vesting Schedule. Benefits shall become vested in accordance with
the following schedule (insert percentages):
Augusta GMEBS Plan II
Restated November 1, 2011
- 25 —
3
%
4
%
5
50%
6
60%
7
70%
8
80%
9
90%
10
100%
•
Exceptions: If a vesting schedule other than that specified above applies to a special class(es) of
Regular Employees, the Employer must specify the different vesting schedule below and the
class(es) to whom the different vesting schedule applies.
Regular Employees to whom exception applies (must specify):
Vesting Schedule for excepted class (must specify):
B. Elected or Appointed Members of the Governing Authority
Complete this Section only if Elected or Appointed Members of the Governing Authority
are permitted to participate in the Plan. Subject to the terms and conditions of the Master
Plan, a Participant who is an elected or appointed member of the Governing Authority or a
Municipal Legal Officer shall earn a vested right in his accrued retirement benefit for Credited
Service in such capacity in accordance with the following schedule (check one):
❑ No vesting schedule (immediate vesting).
❑ Other vesting schedule (must specify):
A. In- Service Death Benefit
18. PRE - RETIREMENT DEATH BENEFITS
Subject to the terms and conditions of the Master Plan, the Employer hereby elects the following
in- service death benefit, to be payable in the event that an eligible Participant's employment with
the Employer is terminated by reason of the Participant's death prior to Retirement (check and
complete one):
(1) ❑ Auto A Death Benefit. A monthly benefit payable to the Participant's Pre -
Retirement Beneficiary, equal to the decreased monthly retirement benefit that
would have otherwise been payable to the Participant, had he elected a 100% joint
and survivor benefit under Section 7.03 of the Master Plan. In order to be eligible
for this benefit, a Participant must meet the following requirements (check one):
Augusta GMEBS Plan II
Restated November 1, 2011
❑ The Participant must be vested in a normal retirement benefit.
- 26 —
•
•
•
Augusta GMEBS Plan II
Restated November 1, 2011
❑ The Participant must have years (insert number) of Total
Credited Service.
❑ The Participant must be eligible for Early or Normal Retirement.
❑ Other eligibility requirement (must specify):
(2) ® Actuarial Reserve Death Benefit. A monthly benefit payable to the Participant's
Pre - Retirement Beneficiary, actuarially equivalent to the reserve required for the
Participant's anticipated Normal Retirement benefit, provided the Participant
meets the following eligibility conditions (check one):
® The Participant shall be eligible immediately upon becoming a Participant.
❑ The Participant must have years (insert number) of Total Credited
Service.
❑ Other eligibility requirement (must specify):
Imputed Service. For purposes of computing the actuarial reserve death benefit,
the Participant's Total Credited Service shall include (check one):
❑ Total Credited Service accrued prior to the date of the Participant's death.
® Total Credited Service accrued prior to the date of the Participant's death,
plus (check one): D one -half (1/2) ❑ (insert other
fraction) of the Service between such date of death and what would
otherwise have been the Participant's Normal Retirement Date.
Minimum In- Service Death Benefit for Vested Employees Equal to Terminated Vested Death
Benefit. Unless otherwise specified under "Exceptions" below, if a Participant's employment is
terminated by reason of the Participant's death prior to Retirement, and if as of the date of death
the Participant is vested but he does not qualify for the in- service death benefit, then the Auto A
Death Benefit will be payable, provided the Auto A Death Benefit is made available to
terminated vested employees under the Adoption Agreement (see "Terminated Vested Death
Benefit" below).
(3) Exceptions: If an in- service death benefit other than that specified above applies
to one or more classes of Participants, the Employer must specify below the death benefit
payable, the class(es) to whom the different death benefit applies, and the eligibility conditions
for said death benefit.
Alternative Death Benefit (must specify formula that complies with definitely determinable
requirements of Treasury Regulations Section 1.401- 1(b)(1)(i) and does not violate limits
applicable to governmental plans under Code Sections 401(a)(17) and 415):
- 27 —
•
• Participants to whom alternative death benefit applies (must specify):
Eligibility conditions for alternative death benefit (must specify):
B. Terminated Vested Death Benefit
(1) Complete this Section only if the Employer offers a terminated vested death
benefit. The Employer may elect to provide a terminated vested death benefit, to be payable in
the event that a Participant who is vested dies after termination of employment but before
Retirement benefits commence. Subject to the terms and conditions of the Master Plan, the
Employer hereby elects the following terminated vested death benefit (check one):
(2) Exceptions: If a terminated vested death benefit other than that specified above
• applies to one or more classes of Participants, the Employer must specify below the death benefit
payable, the class(es) to whom the different death benefit applies, and the eligibility conditions
for said death benefit.
•
• Auto A Death Benefit. A monthly benefit payable to the Participant's Pre -
Retirement Beneficiary, equal to the decreased monthly retirement benefit that
would have otherwise been payable to the Participant had he elected a 100% joint
and survivor benefit under Section 7.03 of the Master Plan.
❑ Accrued Retirement Benefit. A monthly benefit payable to the Participant's Pre -
Retirement Beneficiary which shall be actuarially equivalent to the Participant's
Accrued Normal Retirement Benefit determined as of the date of death.
Alternative Death Benefit (must specify formula that complies with definitely determinable
requirements of Treasury Regulations Section 1.401- 1(b)(1)(i) and does not violate limits
applicable to governmental plans under Code Sections 401(a)(17) and 415):
Participants to whom alternative death benefit applies (must specify):
Eligibility conditions for alternative death benefit (must specify):
Augusta GMEBS Plan II
Restated November 1, 2011
-28—
•
•
•
19. EMPLOYEE CONTRIBUTIONS
(1) Employee contributions (check one):
❑ Are not required.
▪ Are required in the amount of 4.0 % (insert percentage) of Earnings for all
Participants.
❑ Are required in the amount of % (insert percentage) of Earnings for
Participants in the following classes (must specify):
[Repeat above subsection as necessary if more than one contribution rate applies.]
(2) Pre -Tax Treatment of Employee Contributions. If Employee Contributions
are required in Subsection (1) above, an Adopting Employer may elect to "pick up" Employee
Contributions to the Plan in accordance with IRC Section 414(h). In such case, Employee
Contributions shall be made on a pre -tax rather than a post -tax basis, provided the requirements
of IRC Section 414(h) are met. If the Employer elects to pick up Employee Contributions, it is
the Employer's responsibility to ensure that Employee Contributions are paid and reported in
accordance with IRC Section 414(h). The Adopting Employer must not report picked up
contributions as wages subject to federal income tax withholding.
The Employer hereby elects (check one):
• To pick up Employee Contributions. By electing to pick up Employee
Contributions, the Adopting Employer specifies that the contributions, although
designated as Employee Contributions, are being paid by the Employer in lieu of
Employee Contributions. The Adopting Employer confirms that the executor of
this Adoption Agreement is duly authorized to take this action as required to pick
up contributions. This pick -up of contributions applies prospectively, and it is
evidenced by this contemporaneous written document. On and after the date of
the pick -up of contributions, a Participant does not have a cash or deferred
election right (within the meaning of Treasury Regulation Section 1.401(k)-
1(a)(3)) with respect to the designated Employee Contributions, which includes
not having the option of receiving the amounts directly instead of having them
paid to the Plan.
❑ Not to pick up Employee Contributions.
(3) Interest on Employee Contributions. The Adopting Employer may elect to pay
interest on any refund of Employee Contributions.
❑ Interest shall not be paid.
• Interest shall be paid on a refund of Employee Contributions at a rate established
. by GMEBS from time to time.
- 29 —
Augusta GMEBS Plan II
Restated November 1, 2011
• ❑ Other rate of interest (must specify rate, subject to the provisions of Section
•
13.06 of the Master Plan Document):
20. MODIFICATION OF THE TERMS OF THE ADOPTION
AGREEMENT
If an Adopting Employer desires to amend any of its elections contained in this Adoption
Agreement (or any Addendum), the Governing Authority by official action must adopt an
amendment of the Adoption Agreement (or any Addendum) or a new Adoption Agreement (or
Addendum) must be adopted and forwarded to the Board for approval. The amendment of the
new Adoption Agreement (or Addendum) is not effective until approved by the Board and other
procedures required by the Plan have been implemented.
The Administrator will timely inform the Adopting Employer of any amendments made by the
Board to the Plan.
Augusta GMEBS Plan I1
Restated November 1, 2011
21. TERMINATION OF THE ADOPTION AGREEMENT
22. EMPLOYER ADOPTION AND AUTHORIZATION FOR
AMENDMENTS
•
This Adoption Agreement (and any Addendum) may be terminated only in accordance with the
Plan. The Administrator will inform the Adopting Employer in the event the Board should
decide to discontinue this volume submitter program.
Adoption. The Adopting Employer hereby adopts the terms of the Adoption Agreement and any
Addendum, which is attached hereto and made a part of this ordinance. The Adoption
Agreement (and, if applicable, the Addendum) sets forth the Employees to be covered by the
Plan, the benefits to be provided by the Adopting Employer under the Plan, and any conditions
imposed by the Adopting Employer with respect to, but not inconsistent with, the Plan. The
Adopting Employer reserves the right to amend its elections under the Adoption Agreement and
any Addendum, so long as the amendment is not inconsistent with the Plan or the Internal
Revenue Code or other applicable law and is approved by the Board of Trustees of GMEBS.
The Adopting Employer acknowledges that it may not be able to rely on the volume submitter
advisory letter if it makes certain elections under the Adoption Agreement or the Addendum.
The Adopting Employer hereby agrees to abide by the Master Plan, Trust Agreement, and rules
and regulations adopted by the Board of Trustees of GMEBS, as each may be amended from
time to time, in all matters pertaining to the operation and administration of the Plan. It is
intended that the Act creating the Board of Trustees of GMEBS, this Plan, and the rules and
regulations of the Board are to be construed in harmony with each other. In the event of a
conflict between the provisions of any of the foregoing, they shall govern in the following order:
(1) The Act creating the Board of Trustees of The Georgia Municipal Employees'
• Benefit System, O.C.G.A. Section 47 -5 -1 et seq. (a copy of which is included in
-30—
• the Appendix to the Master Defined Benefit Plan Document) and any other
•
applicable provisions of O.C.G.A. Title 47;
(2) The Master Defined Benefit Plan Document and Trust Agreement;
(3) This Ordinance and Adoption Agreement (and any Addendum); and
(4) The rules and regulations of the Board.
In the event that any section, subsection, sentence, clause or phrase of this Plan shall be declared
or adjudged invalid or unconstitutional, such adjudication shall in no manner affect the
previously existing provisions or the other section or sections, subsections, sentences, clauses or
phrases of this Plan, which shall remain in full force and effect, as if the section, subsection,
sentence, clause or phrase so declared or adjudicated invalid or unconstitutional were not
originally a part hereof. The Governing Authority hereby declares that it would have passed the
remaining parts of this Plan or retained the previously existing provisions if it had known that
such part or parts hereof would be declared or adjudicated invalid or unconstitutional.
This Adoption Agreement (and any Addendum) may only be used in conjunction with Georgia
Municipal Employees Benefit System Master Defined Benefit Retirement Plan Document
approved by the Internal Revenue Service under advisory letter M591996a dated March 31,
2010. The Adopting Employer understands that failure to properly complete this Adoption
Agreement (or any Addendum), or to operate and maintain the Plan and Trust in accordance with
the terms of the completed Adoption Agreement (and any Addendum), Master Plan Document
and Trust, may result in disqualification of the Adopting Employer's Plan under the Internal
Revenue Code. Inquiries regarding the adoption of the Plan, the meaning of Plan provisions, or
the effect of the IRS advisory letter should be directed to the Administrator. The Administrator
is Georgia Municipal Employees Benefit System, with its primary business offices located at:
201 Pryor Street, SW, Atlanta, Georgia, 30303. The business telephone number is: (404) 688-
0472. The primary person to contact is: GMEBS Legal Counsel.
Authorization for Amendments. Effective on and after February 17, 2005, the Adopting
Employer hereby authorizes Ice Miller LLP, Legal Counsel, the volume submitter practitioner
who sponsors the Plan on behalf of GMEBS, to prepare amendments to the Plan, for approval by
the Board, on its behalf as provided under Revenue Procedure 2005 -16 and Announcement
2005 -37. Employer notice and signature requirements have been met for the Adopting Employer
before the effective date of February 17, 2005. The Adopting Employer understands that the
implementing amendment reads as follows:
On and after February 17, 2005, the Board delegates to the Practitioner the
authority to advise and prepare amendments to the Plan, for approval by the
Board, on behalf of all Adopting Employers, including those Adopting Employers
who have adopted the Plan prior to the January 1, 2007, restatement of the Plan,
for changes in the Code, the regulations thereunder, revenue rulings, other
statements published by Internal Revenue Service, including model, sample, or
other required good faith amendments (but only if their adoption will not cause
such Plan to be individually designed), and for corrections of prior approved
Augusta GMEBS Plan II
Restated November 1, 2011
- 31 —
•
•
Augusta GMEBS Plan II
Restated November 1, 2011
4
plans. These amendments shall be applied to all Adopting Employers. Employer
notice and signature requirements have been met for all Adopting Employers
before the effective date of February 17, 2005. In any event, any amendment
prepared by the Practitioner and approved by the Board will be provided by the
Administrator to Adopting Employers.
Notwithstanding the foregoing paragraph, no amendment to the Plan shall
be prepared on behalf of any Adopting Employer as of either:
the date the Internal Revenue Service requires the Adopting
Employer to file Form 5300 as an individually designed plan as a
result of an amendment by the Adopting Employer to incorporate a
type of Plan not allowable in a volume submitter plan as described
in Revenue Procedure 2005 -16; or
as of the date the Plan is otherwise considered an individually
designed plan due to the nature and extent of the amendments.
If the Adopting Employer is required to obtain a determination letter for
any reason in order to maintain reliance on the advisory letter, the Practitioner's
authority to amend the Plan on behalf of the Adopting Employer is conditioned on
the Plan receiving a favorable determination letter.
- 32 —
The Adopting Employer further understands that, if it does not give its authorization
hereunder or, in the alternative, adopt another pre- approved plan, its Plan will become an
individually designed plan and will not be able to rely on the volume submitter advisory letter.
•
•
Attest:
(SEAL)
Approved:
IN WITNE
Ben f System h s
this day o
(SEAL)
Augusta GMEBS Plan II
Restated November 1, 2011
1/2607932.4
AN ORDINANCE (continued from page 1)
Section 2. Except as otherwise specifically required by law or by the terms of the Master
Plan or Adoption Agreement (or any Addendum), the rights and obligations under the Plan with
respect to persons whose employment or term of office with the Augusta - Richmond County
Planning Commission was terminated for any reason whatsoever prior to October 31, 2011 are
fixed and shall be governed by the applicable terms of such ARCPC plan, if any, as it existed and
was in effect at the time of such termination.
Section 3. The effective date of this Ordinance shall be November 1, 2011.
Section 4. All Ordinances and parts of ordinances in conflict herewith are expressly
repealed.
RI2t0 by the Austa, Georgia Commission Council this day of
, 20 1 .
- 33 —
44
Secretary
4
AUGUSTA, GEORGIA
121
May
•
The terms of the foregoing Adoption Agreement are approved by the Board of Trustees
of Georgia Municipal Employees Benefit System.
WHEREOF, the Board of Trustees of Georgia Municipal Employees
ed its Sea and the signatures of its duly authorized officers to be affixed
,20 (I .
Board of Trustees
Georgia Municipal Employees
B enefit System
•
(3)
GENERAL ADDENDUM TO THE
GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM
DEFINED BENEFIT RETIREMENT PLAN
ADOPTION AGREEMENT
This is an Addendum to the Adoption Agreement completed by the
Augusta, Georgia, for the GMEBS Retirement Plan for Certain Former
Employees of the Augusta - Richmond County Planning Commission
( "Augusta GMEBS Plan II "), as follows (complete one or more sections, as
applicable):
* ** Items (1) and (2) of pre- approved Addendum — Not Applicable * **
Special Waiting Period Requirements for Regular Employees - (see
Section 11 of Adoption Agreement regarding Waiting Period) (check as
applicable):
• (a) No Waiting Period; Immediate Participation. Except as otherwise
provided below or where suspension of benefits is required as
provided in Section 6.06 of the Master Plan, there will be no waiting
period for participation under the Plan. This provision shall apply to
(check one):
Augusta GMEBS Plan II
Restated November 1, 2011
❑ All Regular Employees.
▪ The following class(es): Except as otherwise provided under
subsection 14(c) below, or where suspension of benefits is required as
provided in Section 6.06 of the Master Plan, each Eligible Regular
Employee who was employed by the Augusta - Richmond County
Planning Commission ( "ARCPC ") on or after July 1, 1991 and prior
to August 1, 2006, and who participated in the ARCPC's GMEBS
Plan (Superseded Plan) immediately prior to November 1, 2011, shall
immediately participate in this Plan. This Section 3 shall not be
construed to permit participation under Augusta GMEBS Plan II
(this Plan) by any former ARCPC employee or other employee who
becomes employed or reemployed by Augusta, Georgia after
November 1, 2011 with respect to Service with Augusta, Georgia after
said date.
❑ (b) Alternative Waiting Period. Regular Employees shall be required to
complete (specify time period) of continuous, uninterrupted
Service with the Adopting Employer before they qualify for
participation in the Plan. The determination as to whether the
waiting period has been satisfied shall be made in accordance with
• provisions of the Master Plan. This alternative waiting period
provision shall apply to (check one):
•
❑ All Regular Employees.
❑ The following class(es) (the normal 1 -year waiting period will apply to
all other Regular Employees) (must specify):
[Repeat above subsection as necessary for each applicable waiting period and Participant
class covered under the Plan.]
(4) Credited Past Service under the Plan for specified classes of employees
(see Section 13 of Adoption Agreement regarding Credited Past
Service) :
The Credited Service of Participants who, prior to November 1, 2011 and pursuant
to the applicable terms of the ARCPC's GMEBS Plan, became immediately eligible
to participate in the ARCPC's GMEBS Plan because they were employed with the
ARCPC on or after July 1, 1991 and before August 1, 2006, shall not include the
period of service with the ARCPC from the date any such Participant was first
qualified to become a Participant under the ARCPC's GMEBS Plan to the date he
became a Participant under the ARCPC's GMEBS Plan, or any creditable Service
due him on the date he was first qualified to become a Participant under the
ARCPC's GMEBS Plan.
* ** Items (5) through (13) of pre- approved Addendum — Not Applicable * **
(14) Other:
(a) Employee Contributions.
(b) Terminated Vested Death Benefit; Partial Vesting. If a Participant is only
partially vested at the time of his or her death, then the terminated vested
death benefit in Section 18(B) of the Adoption Agreement shall be computed
Augusta GMEBS Plan II
Restated November 1, 2011
(1) Cessation of Contributions without Penalty. If a Participant
continues in employment with Augusta, Georgia beyond his Normal
Retirement Date, he will not be required to make any further
contributions to the Plan and such cessation of contributions shall not
affect his status as a Participant.
(2) Contributions During Leave of Absence. If a Participant is allowed to
continue accumulating Credited Future Service during an authorized
paid leave of absence, he shall be required to continue making
contributions in the same amount and at the same rate as immediately
prior to the beginning date of said leave of absence.
• taking into account only that percentage of the normal retirement benefit in
which the Participant is vested.
•
(c)
Augusta GMEBS Plan II
Restated November 1, 2011
Election by Non - Vested and Partially Vested Employees of the Augusta -
Richmond County Planning Commission as of August 1, 2006, to Continue
Participating in the ARCPC's GMEBS Defined Benefit Plan or Transfer to
New ARCPC Defined Contribution Plan.
(1) Election Window Period; Default Election. Eligible Employees who
were employed with the Augusta - Richmond County Planning
Commission on August 1, 2006 and who were non - vested or partially
vested under the ARCPC's GMEBS Plan as of said date were
required to make a one -time, irrevocable election on forms provided
for such purpose to either remain in the ARCPC's GMEBS Plan,
subject to the eligibility requirements and other terms and conditions
of the ARCPC's GMEBS Plan, or to commence participation in the
Augusta - Richmond County Planning Commission's newly established
defined contribution plan which became effective August 1, 2006. In
order to be effective, an Eligible Employee's signed election form had
to be submitted to the ARCPC's Pension Committee Secretary no
later than August 31, 2006. If an Eligible Employee failed or refused
to submit an election form by August 31, 2006, or if an Employee
terminated employment with the Augusta - Richmond County
Planning Commission before August 31, 2006, the Employee was
deemed to have irrevocably elected not to transfer from the ARCPC's
GMEBS Plan to the ARCPC's defined contribution plan, regardless
of any election form submitted. Participants who were fully (100 %)
vested under the ARCPC's GMEBS Plan as of August 1, 2006 were
not eligible to make said election under this subsection 14(c)(1) and
continued to participate under the ARCPC's GMEBS Plan in
accordance with and subject to the terms and conditions of the
ARCPC's GMEBS Plan, notwithstanding any provision herein or
any election form submitted to the contrary.
(2) 7- Business Day Revocation Period. Non - vested and partially vested
Employees of the ARCPC who made an affirmative election pursuant
to subsection 14(c)(1) above were permitted to revoke their
affirmative election by providing a signed, written notice of said
revocation to the ARCPC's Pension Committee Secretary no later
than seven (7) business days after they submitted their election form.
Unless a written revocation was submitted within the seven (7)
business day revocation period, the Employee's election became
irrevocable upon the expiration of the seven (7) business day
revocation period. If an Employee irrevocably elected to move from
the ARCPC's GMEBS Plan to the ARCPC's defined contribution
plan, the Employee was not entitled to participate in or receive any
benefit from the ARCPC's GMEBS Plan (Superseded Plan) and is not
-3—
•
Augusta GMEBS Plan II
Restated November 1, 2011
entitled to participate in or receive any benefit from this Plan
(Augusta GMEBS Plan II), except as provided in subsection 14(c)(3)
below (concerning 2006 transfer of ARCPC GMEBS Plan accrued
benefit to the ARCPC's defined contribution plan).
(3) Effect of 2006 Election to Transfer to ARCPC Defined Contribution
Plan. If a non - vested or partially vested Eligible Employee under the
ARCPC's GMEBS Plan who was employed with the Augusta -
Richmond County Planning Commission on August 1, 2006
irrevocably elected to transfer to the Augusta - Richmond County
Planning Commission's defined contribution plan in accordance with
the terms of the ARCPC's GMEBS Plan, he was considered 100%
vested in his defined benefit retirement benefit accrued under the
ARCPC's GMEBS Plan up until August 31, 2006, whether or not he
was otherwise considered 100 %vested under the ARCPC's GMEBS
Plan's graduated vesting schedule. The present value of said
retirement benefit, as determined in accordance with the actuarial
assumptions referenced in Article XII, Section 8 of the GMEBS
Master Plan then in effect, was transferred as soon as reasonably
practicable after August 31, 2006 to the Employee's account under the
ARCPC's defined contribution plan. On and after September 1, 2006,
said Employee ceased participating in the ARCPC's GMEBS Plan
and he and his heirs, beneficiaries, and assigns have no right, title, or
interest under the terms of the ARCPC's GMEBS Plan (Superseded
Plan), nor will they have any right, title, or interest under this Plan
(Augusta GMEBS Plan II). Any employee contributions made to the
ARCPC's GMEBS Plan were not distributed to the Employee but
were included in the amount transferred on the Employee's behalf to
the ARCPC's defined contribution plan.
(4) Effect of ARCPC Employees' Termination & Reemployment;
Reemployment of Former ARCPC Employees. Except as otherwise
provided in this subsection 14(c)(4), employees initially employed or
reemployed with the Augusta - Richmond County Planning
Commission after August 1, 2006 did not participate in the ARCPC's
GMEBS Plan and shall not participate in this Plan (Augusta GMEBS
Plan II). If an Employee irrevocably elected to continue participating
in the ARCPC's GMEBS Plan in accordance with and subject to
subsection 14(c)(1) above, and if said Employee later terminated and
became reemployed with the Augusta - Richmond County Planning
Commission prior to November 1, 2011, as an Eligible Employee as
defined under the applicable terms of the ARCPC's GMEBS Plan,
then said Employee recommenced participation in the ARCPC's
GMEBS Plan upon his reemployment with the Augusta - Richmond
County Planning Commission. However, if said Employee had
withdrawn his employee contributions to the ARCPC's GMEBS Plan
-4—
•
•
Augusta GMEBS Plan II
Restated November 1, 2011
prior to reemployment with the ARCPC, he was not eligible to
participate in the ARCPC's GMEBS Plan upon reemployment with
the ARCPC prior to November 1, 2011. A former Employee of the
ARCPC who was not actively employed by the Augusta - Richmond
County Planning Commission on August 1, 2006, and who was
rehired by the Commission after such date but prior to November 1,
2011 was not eligible to participate in the ARCPC's GMEBS Plan. If
upon reemployment with the ARCPC prior to November 1, 2011, said
Employee was eligible to participate under the Augusta - Richmond
County Planning Commission's defined contribution plan, then the
present value of the Employee's accrued benefit under the ARCPC's
GMEBS Plan, if any, determined as of said reemployment date, was
transferred to an account in the name of the Employee under the
Augusta - Richmond County Planning Commission's defined
contribution plan as soon as reasonably practicable following
reemployment with the ARCPC prior to November 1, 2011.
(d) Transfer of ARCPC GMEBS Plan Sponsorship to Augusta, Georgia.
(1) Plan Sponsorship. Effective as of November 1, 2011, the Employees of
the Augusta - Richmond County Planning Commission shall be
transferred to Augusta, Georgia. In connection with said transfer,
and provided that the Board of Directors of the ARCPC and GMEBS
authorize and direct the transfer of all assets and liabilities from the
GMEBS Trust Fund for the ARCPC's GMEBS Plan to the GMEBS
Trust Fund for Augusta GMEBS Plan II (this Plan), the Augusta,
Georgia Commission Council will assume sponsorship of and
responsibility for funding and maintaining the ARCPC's GMEBS
Plan, the ARCPC's GMEBS Plan will be restated and renamed
"Augusta GMEBS Plan II" effective November 1, 2011, and the
retirement benefits provided by the ARCPC to and on behalf of
employees of the ARCPC who have previously participated in the
ARCPC's GMEBS Plan will be maintained under Augusta GMEBS
Plan II ( "Restated Plan" or "this Plan ") as provided herein.
Provided the transfer of assets and liabilities referred to herein is
effected, all former Employees of the ARCPC who (a) were employed
with the ARCPC on October 31, 2011, (b) were participating in the
ARCPC's GMEBS Plan as of October 31, 2011, and (c) became
Augusta, Georgia employees on November 1, 2011 ( "Transferred
ARCPC GMEBS Plan Employees "), shall be eligible to continue
participating under the terms of Augusta GMEBS Plan II (this Plan)
on and after November 1, 2011, as long as they continue to be Eligible
Regular Employees under this Plan and meet the eligibility
requirements for participation under this Plan; provided, however,
that if such an Employee terminates employment with Augusta,
Georgia on or after November 1, 2011 and later becomes reemployed
-5—
•
•
(3)
Augusta GMEBS Plan II
Restated November 1, 2011
with Augusta, Georgia, such Employee shall not be eligible to
participate under Augusta GMEBS Plan II (this Plan) following such
reemployment. Former employees of the ARCPC who were not
employed with the ARCPC on October 31, 2011, who were not
participating in the ARCPC GMEBS Plan as of October 31, 2011, or
did not become Employees of Augusta, Georgia on November 1, 2011,
shall not be eligible to participate in Augusta GMEBS Plan II (this
Plan) with respect to employment with Augusta, Georgia on or after
November 1, 2011.
(2) Credited Service. Provided the transfer of assets and liabilities
referred to in Section 14(d)(1) is effected, all former employees of the
ARCPC, who (a) were employed with the ARCPC on October 31,
2011, (b) were participating in the ARCPC's GMEBS Plan as of
October 31, 2011, and (c) became Augusta, Georgia employees on
November 1, 2011 ( "Transferred ARCPC GMEBS Plan Employees ")
shall receive credit under Augusta GMEBS Plan II (this Plan) for
Service with Augusta, Georgia, as Adopting Employer of the Plan, on
and after November 1, 2011, in determining Credited Service under
this Plan for purposes of computing the amount of benefits payable,
meeting the minimum service requirements for vesting, and meeting
the minimum service requirements for benefit eligibility. Such
Credited Service shall be subject, however, to any provisions of this
Plan that would otherwise limit such Service. Provided the transfer of
assets and liabilities referred to in Section 14(d)(1) is effected, Service
with the ARCPC by Transferred ARCPC GMEBS Plan Employees
prior to November 1, 2011 which was recognized as Credited Service
under the terms of the ARCPC's GMEBS Plan (Superseded Plan) will
be considered Credited Service under Augusta GMEBS Plan II (this
Plan) for purposes of computing the amount of benefits payable,
meeting the minimum service requirements for vesting, and meeting
the minimum service requirements for benefit eligibility under this
Plan.
Earnings. Provided the transfer of assets and liabilities referred to in
Section 14(d)(1) is effected, Transferred ARCPC GMEBS Plan
Employees shall receive credit for Earnings with Augusta, Georgia, as
Adopting Employer of Augusta GMEBS Plan II (this Plan), on and
after November 1, 2011 for purposes of computing the amount of
benefits payable under this Plan. Such Earnings shall be subject,
however, to any provisions of this Plan that would otherwise limit
such Earnings. In addition, if upon termination from employment
with Augusta, Georgia, a Participant under this Plan has less than five
(5) years of Earnings with Augusta, a Participant's Earnings with the
ARCPC prior to November 1, 2011 will be taken into account and
treated as Earnings with Augusta as necessary for purposes of
- 6 —
•
•
(5)
Augusta GMEBS Plan II
Restated November 1, 2011
calculating 5 -year Final Average Earnings under this Plan,
notwithstanding any provision to the contrary in the Adoption
Agreement.
(4) Former ARCPC GMEBS Plan Participants Not Transferred to
Augusta. Provided the transfer of assets and liabilities referred to in
Section 14(d)(1) is effected, retirement and death benefits payable for
service with the ARCPC prior to November 1, 2011 under Augusta
GMEBS Plan II (this Plan), if any, to or on behalf of former
employees of the ARCPC who participated under the ARCPC's
GMEBS Plan (Superseded Plan) but who are not transferred to
Augusta, Georgia on November 1, 2011, will be determined and paid
under this Plan in accordance with the applicable terms of the
ARCPC's GMEBS Plan in effect when the employee last terminated
employment with the ARCPC.
Maintenance of Augusta GMEBS Plan II (this Plan). Provided the
transfer of assets and liabilities referred to in Section 14(d)(1) is
effected, and in order to maintain and protect the Section 218
agreement modification (relating to an exemption from Social
Security coverage) that applies to former ARCPC employees, Augusta
will maintain Augusta GMEBS Plan II (this Plan) separate and apart
from its other GMEBS Plan (referred to herein as "Augusta GMEBS
Plan I ") and from any other retirement plans. Upon such transfer,
former employees of the ARCPC and their beneficiaries, heirs, and
assigns will have no further right, title or interest under the ARCPC's
GMEBS Plan (Superseded Plan) and their eligibility for benefits and
the amount of any defined benefit retirement death benefit payable to
them or on their behalf, if any, with respect to service with the
ARCPC before November 1, 2011 will be paid from the Augusta,
Georgia GMEBS Trust Fund for Augusta GMEBS Plan II (this Plan)
in accordance with the applicable terms of the ARCPC's GMEBS
Plan in effect when the employee last terminated employment with the
ARCPC. Regarding Transferred ARCPC GMEBS Plan Employees,
their eligibility for benefits and the amount of any defined benefit
retirement or death benefit payable to them or on their behalf, if any,
with respect to service with the ARCPC before November 1, 2011 and
service with Augusta, Georgia on or after November 1, 2011, will be
paid from the Augusta, Georgia GMEBS Trust Fund for Augusta
GMEBS Plan II (this Plan) in accordance with the applicable
provisions of Augusta GMEBS Plan II (this Plan). However, the
provisions of Augusta GMEBS Plan II (this Plan) will be maintained
so that they are consistent with the provisions of the ARCPC's
GMEBS Plan in effect as of October 31, 2011, including but not
limited to those provisions concerning the minimum service
requirements that must be met to maintain eligibility to participate
-7—
•
• Attest:
(e) Terms of Other Augusta GMEBS Defined Benefit Plans Inapplicable to
Augusta GMEBS Plan II (This Plan). Notwithstanding any other provision in the
Master Plan, any Adoption Agreement or any Addendum thereto, provisions in
other Augusta, Georgia GMEBS Defined Benefit Plan, including but not limited to
provisions concerning the minimum service requirements that must be met to
maintain eligibility to participate under the plan, age and service requirements for
early, normal, and disability retirement, the formula and method used to calculate
normal retirement benefits under the Plan, the definition of Earnings, the vesting
schedule, pre - retirement death benefits, the employee contribution rate, and interest
on any return of employee contributions are inapplicable to this Plan (Augusta
GMEBS Plan II) unless specifically included in this Plan.
The terms of the foregoing Addendum to the Adoption A ment are
j
ap the Au sta, Georgia Commission Council this (b' ' day of
(SEAL)
Approved:
/ 4,
Attorney
Augusta GMEBS Plan II
Restated November 1, 2011
under the Plan, age and service requirements for early, normal, and
disability retirement, the formula and method used to calculate
normal retirement benefits under the Plan, the vesting schedule, pre -
retirement death benefits, the employee contribution rate, and interest
on any return of employee contributions.
, 20 .
- 8 —
A6in
IWIV1(
AUGUSTA, GEORGIA
Mayor
•
•
•
The terms of the foregoing Addendum are approved by the Board of Trustees
of the Georgia Municipal Employees Benefit System.
IN WITNESS WHEREOF, the Board of Trustees of the Georgia
Municipal Employees Benefit System has caused its Seal and a signatures of
duly authorized officers to be affixed this � - day of
,e tQ 1d , 20 I •
(SEAL)
Augusta GMEBS Plan II
Restated November 1, 2011
I/2608066.4
- 9 -
Board of Trustees
Georgia Municipal Employees
Benefit System
Secretary