HomeMy WebLinkAboutRESOLUTION OF THE BOARD OF TRUSTEES OF THE GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM_ AMENDMENT THREE TO THE SECOND INTERIM RESTATED GMEBS DEFINED BENEFITS RETIREMENT PLAN RESOLUTION OF THE
BOARD OF TRUSTEES OF THE
GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM
AMENDMENT THREE TO THE SECOND INTERIM RESTATED
GMEBS DEFINED BENEFIT RETIREMENT PLAN
WHEREAS, the Board of Trustees of the Georgia Municipal Employees Benefit
System ("Board") previously adopted the Georgia Municipal Employees Benefit System
Defined Benefit Retirement Plan ("Plan"), which was restated in its entirety effective
January 1, 2007, as amended, and approved by the Internal Revenue Service by advisory
letter dated March 31, 2010;
WHEREAS, the Board amended the Plan on December 5, 2013 to comply with
required changes in federal law and to make certain changes in design, by adopting the
First Interim Restated Plan, which incorporated amendments effective on or before
July 1,2014;
WHEREAS,the Board amended the Plan on September 26, 2014 to comply with
required changes in federal law and to make certain changes in design, by adopting the
Second Interim Restated Plan, which incorporated amendments effective on or before
July 1,2015;
WHEREAS,the Board amended the Second Interim Restated Plan on March 18,
2015, and September 25, 2015, to make certain revisions and technical corrections to the
Plan documents;
WHEREAS, the Board reserved the right to amend the Plan on behalf of
Adopting Employers in order to retain the qualified status of the Plan in Section 18.02 of
the GMEBS Master Defined Benefit Retirement Plan Document("Master Plan"); and
WHEREAS, the Board now desires to amend Section 18.02 of the Master Plan
relating to Amendment of the Plan by GMEBS to require employers with individually
designed plans to separately approve any amendments to the Master Plan;
NOW, THEREFORE, BE IT RESOLVED by the Board this Amendment 1 is
hereby adopted to amend the Second Interim Restated Plan,as follows:
1. Effective as of January 1, 2016, Section 18.02 of the Master Plan,
regarding amendment of the Plan,is hereby amended to be and read as follows:
Section 18.02. Amendment of Plan by GMEBS.
(a) It is the intent of the Board that the Master Plan, Adoption Agreement
form and Addendum form (collectively referred to for purposes of this Section 18.02 as
"Plan") shall be and remain qualified for tax purposes under the Code. The Administrator
shall timely submit the Plan for approval under the Code as necessary, and all expenses
incident thereto shall be borne by the GMEBS Investment Fund.
(b) GMEBS will maintain a record of the Participating Employers, and
GMEBS will make reasonable and diligent efforts to ensure that Adopting Employers
have actually received and are aware of all Plan amendments and that such Adopting
Employers adopt new documents when necessary. The provisions of this subsection shall
supersede other provisions of the Plan to the extent those other provisions are
inconsistent.
(c) The Board or the Practitioner, as directed by the Board, hereby reserves
the right to amend the Plan without the consent of the Adopting Employers or of
Participants (or any Beneficiaries thereof) to make desired changes in the design of the
Plan. A true copy of the resolution of the Board approving such amendment shall be
delivered to the Administrator and the Adopting Employers. The Plan shall be amended
in the manner and effective as of the date set forth in such resolution, and the Adopting
Employers, Employees, Participants, Beneficiaries, the Administrator, and all others
having any interest under the Plan shall be bound thereby.
(d) On and after February 17,2005,the Practitioner shall have 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, 2013, 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 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.
(e) Notwithstanding the foregoing paragraphs (c) and (d), for any Adopting
Employer as of either:
(1) 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, or
(2) as of the date the Plan is otherwise considered an individually
designed plan due to the nature and extent of the amendments,
such Adopting Employer shall execute a resolution to adopt any amendments that are
approved by the Board after the date under subparagraph(1) or(2) above, as applicable,
within the earlier of(i) ninety (90) days after such Board approval, or (ii) if applicable,
the remedial amendment period under Code Section 401(b)as applicable to governmental
plans. 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
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amend the Nan on behalf of the Adopting Employer is conditioned on the Plan receiving
a favorable determination letter.
2. Section 18.03 of the Plan is hereby deleted in its entirety, all subsequent
sections in Article XVIII shall be renumbered, and all references thereto shall be adjusted
accordingly.
3. In all other respects,the Plan shall be and remain unchanged.
The terms of this Resolution are approved,and agreed to by the Board of Trustees of the
Georgia Municipal Employees Benefit System this 27th day of June
2016.
Boyd Austin, Chairman
Attes •
Lamar Norto , Secretary-Treasurer
Adopted by the Board of Trustees at the meeting held on June 27, 2016.
Augusta, GA Commission
Adopted this 16th day of August, 2016
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..4/;* Hardie Davis, Jr. Mayor
ATTES : ,�/2v1(/e
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ena J. Bo/n'r, Clerk of Commission
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