HomeMy WebLinkAboutRESOLUTION ADOPTING AMENDMENTS MADE BY THE BOARD OF TRUSTEES OF THE GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM (GMEBS) TO THE GMEBS MASTER DEFINED BENEFIT RETIREMENT PLAN DOCUMENT (MASTER PLAN) IN THE YEAR 2017 RESOLUTION
RESOLUTION ADOPTING AMENDMENTS MADE BY THE BOARD OF
TRUSTEES OF THE GEORGIA MUNICIPAL EMPLOYEES BENEFIT
SYSTEM ("GMEBS") TO THE GMEBS MASTER DEFINED BENEFIT
RETIREMENT PLAN DOCUMENT ("MASTER PLAN") IN THE YEAR
2017.
A RESOLUTION BY THE AUGUSTA,GEORGIA BOARD OF COMMISSIONERS:
WHEREAS, on December 18, 2007, the Augusta, Georgia Commission adopted the Georgia
Municipal Employees Benefit System ("GMEBS") Master Plan Document, including any
amendments thereto,for certain employees of Augusta, Georgia;
WHEREAS,the Board of Trustees of GMEBS amended the Master Plan Document on June 27,
2016; and
WHEREAS,that June 27,2016 amendment to the Master Plan requires that Adopting Employers
with individualized plans adopt by resolution any amendments made to the Master Plan by the
Board of Trustees;
WHEREAS, the Board of Trustees of GMEBS further amended the Master Plan Document on
September 30,2016 and December 9,2016.
NOW, THEREFORE, BE IT RESOLVED by the governing authority of Augusta, Georgia that
the following amendments to the GMEBS Master Plan Document are hereby adopted:
1. The June 27,2016 amendment,attached hereto as Exhibit A;
2. The September 30,2016 amendment attached hereto as Exhibit B; and
3. The December 9,2016 amendment attached hereto as Exhibit C.
IN WITNESS WHEREOF, this resolution has been duly adopted by the governing authority of
Augusta, Georgia on the of O O rj 2p)7
-1-1104/4-47
Hardie Davis,Jr.
As its Mayor
CERTIFICATION
I yhereby certify that the ftoreitrd!,6 . is a true. and correct copy of an, origin
al resolution duly adopted
o of. k .mnussioners on the :6Y a day of eQitAceerr.,2017.
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EXHIBIT A
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:
L 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:
3
Secti9n 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+rubmit 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
2
amend the Plan 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.
/3t..e.c.aur
Boyd Austin,Chairman
A —�
At)
Norto Secretary-Treasurer
Adopted by the Barad of Trustees at the meeting held on June 27,2016.
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EXHIBIT B
RESOLUTION OF THE
BOARD OF TRUSTEES OF THE
GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM
AMENDMENT FOUR TO THE SECOND INTERIM RESTATED
GMEBS DEFIB BENEFIT RETIREMENT FLAN
WHEREAS,the Heard of Trustees of the Georgia Municipal Employee!Benoit
System("Board")ply adopted tim Omni&Municipal Employees Benefit System
Defined Benefit Retirement Plan ("Plan"), which was restated in its entirety afflictive
January 1,2007,as amended,and approved by the In emal Revel=Service by advisory
letter dated March 31,2010;
WHEREAS, the Board amended the Plan on December 5,2013 to comply with
required ehemges in federal law and to make certain changes in dodge,by adopting the
Pket Interim Restated Plan, which in effective on or before
July 1,2014;
WHEREAS,the Board amended the Plan on September 26,2014 to comply with
required cheeps in federal law and to make certain ohms in design, by adopting the
Second Interim Restated Plan, which incorporated amendment" effective on or bake
July 1,2015;
WHEREAS,the Hoard emeslded the Second Interim Restated Plan on March 18,
2015,September 25,2015, and June 27, 2016,to Mahe certain revisions and technical
corrections to the Plan documents,including revisions requested by the Internal Revenue
Service;
WHEREAS, the Hoard 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 OMEB6 Master Defined Benefit Retirement Plan Document Master Plan");and
WHEREAS, the Board now desires to amend the Master Plan es farther
requested by the Internal Ravenna Service and for other purposes;
NOW, THEREFORE,BE IT RESOLVED by the Board this Amendment 4 is
hereby adopted to amend the:Second Interim Restated Plan,as follows;
1. Section 2.04 of the Master Plana,relating to the definition of"Addendum",
is hereby amended to be and read as follow t
peed=2.04. "Addendum"means any.Addendum to an Adoption Agreement
entered into
by en Adopting Employer.
2. Section 6.06(aX3)(C) of the Master Plan, relating to In-Servic e
Dtstrlbution,is hereby added to be and read as Wows:
(C)
Natwithstandina any envision to the coptrarv. affective for Enininveeg
gogiurina Plan bra oa or ager the later of January 1.2017:
•magrataborawanitgaigingsurigua
Bn�ic'Aab tb �1 tiI nes�1+1i��ur1 :.± T're� ��¢ l 4t111a1 l
KABEladalk
3.Article VII is amended to add a new Section 7.08,relating to Compliance with
Code Sect<on 415,to be and read as follows:
&ales 7.08k Comnljagce with, Internal Revenue Section 43,5, ajoirit
.J JA.�u. . :1 <<ff A� ■. '., • •. n a.,. u: • '_- -:4A 1; _ .11 •: i., I • : t .7 : A i
4. Section 8.02(c) of the Master Plan, relating to Actuarial Reserve Death
Benefits,is hereby amended to be and read as follows:
)i eft8
(c) Effective January 1,2015,with respect to those Adopting Employers who
have elected in their Adoption Agreement to provide the Actuarial Reserve In-
Service Death Benefit, an Eligible Regular Employee must have at least one(1)
year of Credited Service with the Adopting Employer to be eligible for the
Actuarial Reserve In-Service Death Beoeft provided,however,that this one(1)
year minimum shall not apply with respect to an Eligible Regular Employee: (1)
2
whose immediate prior employment was with another OMEBS Adopting
Employer and who had at least one(1)year of Credited Service with such prior
t3MEBS Adopting Employer, or (2) (A) who is not described in paragiaph
8.02(cX1) above and whose Employer's Plan contains an Addendum provision
which was in elthet immediately prior to January 1,2015,which provides for a
whowaiting period wasleass than ma (1) year�o� with saidto commence participation in the Plan,
satisfies such timed Employer prior to January 1, 2015 and
prior to the date of his death. The one (1) year
minimum and the exceptions thereto described in this subsection 8.02(c)shall not
supersede eligibility conditions specified in an Adopting Empployler's Adoption
Agreement or Addendum thereto which specify a requirement of more or leas
than one(1) year of Credited Service with the Adopting Employer and/or diver
minimum age or service requimmenis that are Inconsistent with this Section 8.02
to be eligible far the Actuarial Reserve In-Service Death Benefit. scent si
•jl11�,\'./.-. _ •Itel;Il,,• 1 • 1_-_ I4 .p . • 11 • •1,i-' ' • .I •/.1..SDI • '1!C-441.-1 .
4 4 ¶ ..I.1(1!41 1I .-( I4 - ..•11.4 61 ; 111# 1111-• 11 -111 11,+1# I 11 {Ia1,1.,1a1.11 ' 1111!,!%..
shell giat he anhfgt to a mum Service rccniireament to In eligible far the
5. Section 8.08 of the Master Plan. relating to Terminated Vested Death
Benefits.is hereby amended to be and reed as follows:
Terminated Vested Death Benefit. If the Employer elects in the
Adoption Agreement to provide a death benefit for Terminated Vested Participants or for
certain classes of Terminated Vested Participants, then in the event such a Terminated
Vested Participant dies before his effective Retirement Date, there shall be paid to his
Pre Retirement Beneficiary the terminated vested death benefit specified in the Adoption
Agreement, provided the requirements of this Article are satisfied and except as
otherwise provided in this Article. The terms of the Plan in effect as of the date of a
Participant's latest Tion of Employment from the Adopting Employer in effect
immediately prior to September 26,2014,will remain hr effect with respect to the death
of a Pmt prior to July 1,2015. Unless otherwise provided,the provisions of this
Article shall take effect with respect to the death of a Participant an or after July 1,2015.
However, where an Adopting Employee's Plan includes an Addendum provision
addressing Pre-Retirement Death Benefits, the teams of such Addendum provision shall
continue to-apply and the applicable teams of the Master Plan in effect immediately prior
to September 26, 2014 relating to Pre-Retirement Death Benefits that arc referenced In
such Addendum provision will continue to apply unless and until the Adopting Employer
amends its Adaption Agreement or Adder to modify its Pre-Retire next Death
Benefit pemisions,except as provided in Section 2.62
II 4.1 Ill(.I\ ,1-11I �: • ' $ 1 -1 I 1t .IPJ1I4 I • !.1110..11,4.1 111.1 ! ,,. 11. 1 4.1,/ . 1 , 1
:_Hr.,, I 1/. • 1.__/i1 1.111 • 'Al•.-:11 .11 11 .11 111111 11 ..1.jIP r1 I;lsl/ •,.- ..+1111 I.'.I1.•! :,ll�l
-,:111 .1-e .11 14 1,1.. •IIt'411 .. :.1:_.n. 41 :.1111
.4 1': 11 : 'I r' 1. 1,.-;11
- -- .._ 4 i• 1.:1i .I�1.,1 11,
1 .11: 1 f♦ . 1111�,: 11 -411111 1.4 r1 -I {r• • �.,:.lit .,1..-ill rt 1 • 1;
IJ t:1 r. v1 1:11 I. to 4, :111. :j - I ! '.I .11.1/'.1 .'I I1-1 41.; 1 .I{; 1 •'....111 "-1 .•1C.s ^ 114
3
6. Section 9.05(aX1) of the Master Plan, relating to Portability Between
Employers,is hereby mended to be and read as follows:
(I) whose immediate prior employment was with another MOBS
Employer, and under whose Plan in effect prior to January 1, 2015, the
Participant was subject to a waiting period
yeamnd the Participant had satisfied such waiting period prior to his
Tearmin4cm of Employment with such prior GMEBS Employer,or
7. Section 9.07 of the Master Plan,relating to Forfeitures, is hereby mauled to
be and read as follows:
fisslita2ir.
(a) B$bative on and after January I,2014,if the Adopting Employer is unable
to determine thewhaeahouta ' Participant,beneficiary
or surviving Spouse to whom a payment (e.g., a payment of Retires Disability or
Death benefits)is due and provide such information to the Administrator within a period
of six(6)moms from fie later of: 1)the date on which the Administrator became aware
that such payment became due and payable, or 2)the date on which the Administrator
became unable to continua processing payments to the Pmt, beneficiary or
surviving Spouse due to changes in his or her bank account, address, or other necessary
don,the Administrator shall direct that the payment and all remaining payments,
the records of the Plan and the amount thereof be treated as a ibrfeitune. Likewise,if the
Adopting Employer is unable to determine the whereabouts of,g
i pnY Participant,at-surviving Spouse or estate. as aaulicabbg, to whom a return of
Faiployee Contributions due pursuant to Section 13.03 or Section 13.06 of this Master
Plan or pursuant to the Adopting Employer's Adoption Agteement or an Addendum
thereto and provide such mon to the Administrator within a period of rix (6)
months fromnskaosiandtedigPar icipaufs Torminatiun of Employment(Ir nun-vested
a vested P'arNcdpsnt's request for a return
of contributions,orin a
of�gl me ai the date of a Participant's death,the Administrator shall direct that
the return of Employee Contributions otherwise due to the Participant„ wing
Spam iimidgauggiliabk.be cancelled on the records of the Plan and the amount
thereof be treated as a forfeiture and placed in the Eanployer's GMEBS Twat Pend.
(b) In the event that a payment(e.g.,a return of Employee Contribudons,or a
payment of Retirement, Disability or Death benefits) is provided to the estate of a
Participant or which the payment issued the payment tetheoutstanding,f six(6)months idler the date on
shall so
4
the Adopting Employer. The Adordng Employer shall attempt to lock a comet
address or bank account or other necessary information to process such payment. Tithe
Adorning Employer ismc to aseatain suchministrates. of iformation within six (6) months after
receiving Mice from shill direct that the ° '� the Administrator
payment be cancelled on the records of the Plan and the amount
thereof be treated as a forfeiture..
(c) Notwithstanding the fbregoing provisions of this Section,if a Participant,
beneficiary or surviving Spouse whose
unknown and whose benefits are Ibrfelted pursuant to this Section subsequently alai=
such bents on the Applicable Form,such forfeited benefit shall be reinstated and shall
be paid retroactively, vaunt interest, to the date of the first cancelled payment
Likewise, if the executor of an estate to which a payment was Welted pursuant to
paragraph (b) above subsequently clause such benefits on the Applicable Form, the
forfeited benefit shall be reinstated and shall be paid,without incest,to the estate.
(d) Forfeitures arising from the inability to determine the whereabouts of gr
Participant,beneficiary or surviving Spouse, or arising Sem
Tuns of Employment, withdrawal or any other reason may not be applied to
increase the benefits any individual would otherwise receive under the Plan. Forfeitures
will main Trust assets,, and as such, may be used to reduce an Adopting Employee
contribution.
(e) Notwithstanding eny provision to the contrary,in the event that a return of
Employee Contributions otherwise due to a Participant, to a surviving Spouse, to the
estate of a Participant or of a Pre-Retirement or Post-Retirement Beneficiary, or to
sanather individual or estate,as applicable,is cancelled on the records of the Plan and the
amount thereof is treated as a forfeiture punnet to this Section 907, including
subsection(c), interest on such Employee Contributions shall cease to some as of the
date on which the Administrator directs that the return of Employee Contributions be
=celled.
8. Section 10.02(a) and (b) of the Master Plan, relating to Eligible Rollover
Distributions,is hereby emended to be and read as follows:
Seethes 10.02.
(a) An "Eligible Rollover' Distribution" is any distribution of all or any
portion of the bate= to the credit of the Distributee, except that an Eligible Rollover
Distribution does not include: (i)any distribution that is one of a aeries of fly
equal periodic payments (not less ftequeartly than annually) made for the life (or life
eapeclmw) of the Distributes or the joint lives (or joint life expectancies) of the
Distributee and the Distdbutee's designated beneficiary, or for a specified period of tela
(10)years or more; (ll)any distribution to die cadent such distribution is required under
Code Section 401(aX9);(iii)the portion of any distribution that is not includible in gross
income or (iv)any other distributions which the Internal Revenue Service does not
o candde r eligible for rollover treatment, ouch as certain corrective distributions necessary
to comply with the provisions of Code Section 402(g)or 415. Effective January 1,2002,
an Eligible Rollover Distribution also includes a distribution to a surviving spotare.
5
live January 1, 2002, a portion of a distribution will not Thu to be an Eligible
Rollover Distribution merely because the portion consists of after-tax Employee
Contributions that are not includible in gross income.
described j&ERC 41:0$(4) la IRA"1. ar (2) to a=Edified defined connengina
rkfinnaenefit or armuitt&Rhin described in IRC 401(a) nr 403(x) or to an annuity
_contra/t dpcdbed fn IRS 403(b1. if suck elan or contract provides separate
B aII7AlfNtlt ra tm�erer�ri rr�hvtino IntGir`�t tl>G.a�.l iwnlnrrina
illeassiiinstagolugagadkartusuulastabak
Distcibutee's Eligible(b) An"Eligible Retkement Rollover ��any
(1)one i the following that accepts ware e
th
enat
l
. (i)
(iii)an annuity plan described is Code
Scotia' 403(a); or (iv)a qualified inlitlidald.haditaLargladjggidagiga Aka
described in Code Section 401(a). Effective AN distributions made after December 31,
2001, an Eligade Retirement Plan will also include an eligible deferred compensation
plan described in Code Section 457(b) which is mad sed by an eligible employer
described in Code Section 457(eX1XA) that agrees to aepamtply account for amounts
transfected Into that plan; or an annuity plan described in Code Section 403(b); and
effective for distributions made after December 31, 2007, an Eligible Retirement Plan
will also include a Roth IRA described in Code Section 408A. The portion of an Eligible
Rollover Distribution that is not Modally in gross income may be transferred only to an
individual retirement account or individual retirement annuity described in Code Sections
408(a)or 408(b),a qualified defined c ariribution plan demand in Code Section 401(a),
a qualified plan described in Code Section 403(a), or on or after January 1, 2007, to a
qualified defined benefit plan described in Code Section 401(a) or an annuity contract
described in Code Section 403(b), that agrees to separately account for amounts so
trrensibrred,including separately accounting for the portion of such distribution which is
includible in gross income and the portion of such distdbution which is not so includible.
9.Section 11.01 of the Master Plan,relating to Limitations on Benefits,is hereby
amended to be and read as follows:
Peden hal. Meths Date. The Plan shall be administered so as to
comply with this Article for limitation years beginning on or after ianuaangh 1,
20022k except as otherwise provided herein.
10.Section 13.04 of the Master Plan,relating to limitations on benefits.is hereby
amended to be and read as follows:
Section L3.04. Cessation of Cautions Without Panaltv, The
Employer may provide in the Adoption Agreement that Participants who have
6
met certain retirement benefit eligibility requirements shall no longer be required
to make contributions to the Plan. rti inang, who *• receivmo sa I_n-1
migtatian_or who are otherwise mcth'ina Retirement benefits while emnlovtg
11. Section 14.02(b)(3) of the Master Plan, relating to Duties of Pension
Cove,is hereby amended to be and read as follow
Section i�
(bX3) Handle arhikagestikossi,between. the Adopting Employer and
Participants in all matters regarding the Plan and notify GMBBS of same.
12. Section 20.08(cX6) of the Master Plan, relating to Corrections, is hereby
amended to be and read as follows:
(eX6) If the overpayment involves
eircumstrmces that are not addressed in the preceding provisions of this
subsection, or if in the determination of the OMEN board, the
overpayment cannot be practicably or appropriately connoted using the
methods addressed in this earbsec ion, GiuggiltgibLagagidgim may
develop a con'eetion approach that is appropriate under the circumstamses,
permissible under state and thderal law and applicable guidance, and
equitable to the parties involved.
13.Section 20.08(d)of the Master Plan,relating to Corrections of Overpayments
to Deceased Payees,is hereby amended to be and read as follows:
(d) Overpaying*:Due toDelay inNotifioatioa.jDeath of Partieh ant
ar 13eneflderv.
in In the event that GMEBS makes a payment to a Retied
Participant or to a beneficiary following the death of each Participant or
beneficiary,MOBS will make reasonable efforts(not including litigation
or collections processes)to recover said overpayment for a period of 60
days after receiving notice fiom the Adopting Employer of the
Participant's or beneficiary's death. If after 60 days from the date on
which GMEBS receives notice of the Participanrs or bcrieficiary's death,
MOBS is unable to recover the overpayment, the Adopting Employer
shall be resperoslble for making a separate, supplemental button to
the Trust Fend in the amount of any such uncollected overpayment,
including
as calculated under paragraph
ion")).. Any correc ve contribution by(
c)(4)above("corrective
cont an Adopting Employer
must be made at the same time that the next regular Employer
Contribution is due under the Plan. In the Gwen Employer Contributions
7
are paidin installments,the Svc contribution may be paid over that
same installment period, but not to exceed a twelve (12) month period.
The corrective contrilanion may not be included as a portion of the general
liability of the Plan for which regular finding contxibuttions are made.
the aMRAS hoard the mnareev+neet r�nmrrr be t .•t;.yl tv
Egdallaaiadatittiklalagraiginhanindi
14. At ide XX is amended to add a new Section 20.15,Waring to Treatment of
Vacated Court Orders,to be and read as follows:
*scent 201.15. Treatment of Vacated Court Orders. NOtWiltuiandigg
env >Isian to the contrary a Defied of emalovmant that was comneiled by
court order which was snbspauently vacated_:ever,moberwise set aside
to count as Credited Service under the Pip. exoentior a gid. or nett
auch_arie i ehel not be uL >tie exammrt�a Pslrtt .itvmt': Rinat /fr .p
Damtn¢s—mtgeot for a period. or uszt 41 neriod. du ins which the Pa ticnent
LtEditsgiatiauggzsauxuanzadmAilLiatagtaiLitaratuuma
mal be meted and
avervnvmeto the.
Pmtidnant resuitine from including Credited Service and
agidanautgodgdaulnignaladu
PISn.shall .cone talin_eccordaace with Section 20.08 oft lylaster
1S.Current Section 20.15 shall be renumbered red as Sectlesa 20.16.
16. The Master Plan and Adoption Agreement are hereby amended for
grammatical purposes and to correct certain mom-references and other scrivener's errors
that are not substantive and that do not alter or amend the subare ae of the Plan.
S
17. The Adoption Agreement is hereby rancesied to (1) revise Section 16 in the
Table of Ccedenta to reed SUSPENSION OF BENEFITS FOLLOWING BONA FIDE
SEPARATION OF SERVICE; COLA, (2) delete "Oth.?' as en option under Section
10(x)for math per yea eligibility requirements,and(3)add parameters to the exception
to vesting requirements under Sections 17(A)and 17(3).
IL The General Addendum is hereby revised to delete language in Section 13
relenting to In-Service Distribution and replies it with"Other(may include,but shall not
be limited to,provisions Mating to Master Plan Sections 6.03,6.06.8.04,8.06,8.08,8.09
8.10,8.12,9.01,and 9.02)f'.
The terms of this Resolution we approved and agreed to by the Board of Trustees of the
Georgia Municipal Employees Bene3t System this sash day of
Sember ,2016.
Boyd ustin,Chairman
A„_:,
11Np�pp, .Z'
Armed bythe Board grantee atdie Muting held cmSurber30 2016.
9
EXHIBIT C
RESOLUTION OF THE
BOARD OF TRUSTEES OF THE
GEORGIA MUNICIPAL EMPLOYEES BENEFIT SYSTEM
AMENDMENT FIVE 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, September 25, 2015, June 27, 2016, and September 30, 2016, to make certain
revisions and technical corrections to the Plan documents, including revisions requested
by the Internal Revenue Service;
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 the Master Plan as further
requested by the Internal Revenue Service and for other purposes;
NOW,THEREFORE,BE IT RESOLVED by the Board this Amendment 5 is
hereby adopted to amend the Second Interim Restated Plan,as follows:
1. Section 2.11 of the Master Plan, relating to the definition of"Bona Fide
Separation from Service",is hereby amended to be and read as follows:
Section 2.11. "Bona Fide Separation from Service" shall=anal:WT=ec
$o Participant who Terminates emnlovment on or after September 26. 2014, the
Participant Terminated Employment with his Adopting Employer without an agreement
for re-employment and did not return to service with the Adopting Employer as an
Eligible Employee, Ineligible Employee, or independent contractor or in any other
capacity, except as described below, for at Ieast six (6)calendar months after the date of
said Termination of Employment, provided that the Employer shall be required to
provide any information to GMEBS necessary to verify an Employee's Bona Fide
Separation from Service. A Bona Fide Separation from Service shall alternatively mean
that an Eligible Employee Terminated Employment with his ihe Adopting Employer and
returned to service with the Adopting Employer as an elected or appointed member of the
Governing Authority, even if such Employee did not incur a six (6) month break in
service prior to becoming an elected or appointed member of the Governing Authority.
2. Section 2.23 of the Master Plan,relating to the definition of"Disability",
is hereby amended to be and read as follows:
Section 2.23. "Dlsablity" shall mean, with respect to those Adopting
Employers who elect in the Adoption Agreement to provide disability retirement benefits
and unless otherwise provided in an Addendum to the Adoption Agreement, the
following.
(a) A physical or mental disability of a Participant who because of such
disability becomes entitled to receive disability insurance benefits under the Federal
Social Security Act,as amended,provided that the following conditions are satisfied:
(1) Such disability commenced on a specified date during the period of
the Participant's employment with the Adopting Employer, as evidenced by a
Social Security Administration (SSA) disability award submitted with the
Participant's disability retirement application,reflecting a disability onset date on
or before the Participant's Termination date; provided,however, that in the event
a Participant has filed more than one disability application with the SSA and the
SSA disability award reflects a disability onset date after the Participant's
Termination date, and where due to SSA administrative res judicata rules the
disability onset date reflected in the SSA disability award immediately follows the
date that a prior SSA disability award was denied, then the Administrator may
consider other documents submitted with the Participant's application for a SSA
disability award to determine the disability onset date if the Participant provides
such documents to the Administrator and the Administrator deems such
documents sufficient to establish that the disability onset date is on or before the
Participant's Termination date;
(2) In no event will the disability onset date be earlier than the latest
disability onset date alleged by the Participant in his SSA disability application(s);
and
(3) The Participant's disability was not Wolin& self-inflicted,
incurred in the commission of a felonious enterprise,
or the result of the abuse or illegal use of narcotics or dru
aleehol;or
(b) A Participant who is not disabled in accordance with the definition under
subsection (a) above solely because he lacks the quarters of Social Security coverage
required under the Federal Social Security Act, as amended,shall qualify for Disability if
the Pension Committee determines that the Participant is permanently disabled on the
2
basis of a certificate signed by at least two (2)physicians, (one physician selected and
paid by the disabled Participant and one selected and paid by the Employer)stating that:
(1) The Participant is permanently disabled as defined in Internal
Revenue Code Section 72(m);and
(2) Such disability commenced on a specified date during the period of
the Participants employment with the Adopting Employer;and
(3) Such disability was not ialentimlly self-inflicted,
military-servift incurred in the commission of a felonious enterprise,or the result
of the ab 4....'._e. use of narcotics or drugs .
(c) Neither _ Adan#ina Emnlover n• the dminiRtrs•tnr r ujred to
WaDendentiv investigate or confirm the cauae(es)of a_Particinant's disability.
3. Section 2.24 of the Master Plan, relating to the definition of"Disability
Retirement Date",is hereby amended to be and read as follows:
Section 2.24. "Disability Retirement Date" shall mean,with respect to those
Adopting Employers who elect to provide Disability retirement benefits in the Adoption
Agreement and with respect to Participants who Terminate Employment due to Disability
on or after January 1,2014, the first day of the first calendar month coinciding with or
next following: (a)the date on which a Participant becomes entitled to receive a monthly
disability insurance benefit under the Federal Social Security Act, as amended; (b)the
date on which the Participant's Disability is determined by the Pension Committee to
have commenced, in the case of Disability determinations made by the Pension
Committee pursuant to Section 2.23(b);or(c)the date determined in accordance with the
provisions of an Employer's General Addendum, as applicable. However, in no event
will the Disability Retirement Date be earlier than the first day of the calendar month
coinciding with or next following the date of the Participant's Termination of
Employment as a result of Disability. Unless otherwise snecified in an Erol s
Addendum to the Adoution A¢reemgpt, with reenact to Participants io Terminate
En nlovment due to Disaln'lity on after January 1. 2013 but nrior to January 1. 201_4_
j)isability Retirement Date shall be determined as follows: the first dav of the jna
calendar month_in which: (a) a Participant_becomes entitled to receive a disability
uurance benefit under the Federal Social Security Act_ as amended: or (bl thQ
ti•• •11•:ii �: 0/ :.• •i : • �; :fMn u ;• r, i L;i.• I 4)I. n IY1=i' • .UN II -r•a;:_• •1
the case of Disability determinations made by the Pension Committee pursuant to Section
Z„23(121. as armlicable. However. in no event will the Disability_Retirement Date he
nlovment as a resplt of Disability.
4. Section 2.26 of the Master Plan,relating to the definition of"Earnings",is
hereby amended to be and read as follows:
Section 2.26. „Earnings" shall mean with respect to Participants who
Terminate Employment on or after July 1, 2014, unless otherwise specified by the
Employer in an Addendum to the Adoption Agreement,the total gross earnings paid to a
Participant by the Employer, as reflected in the Employer's payroll records and shall
3
include salary, wages, bonuses, overtime, and compensation for unused sick, vacation,
paid-time-off, personal, or any other paid leave. Earnings shall not be reduced for
compensation deferred pursuant to Code Sections 401(k), 403(b) or 457, compensation
redirected pursuant to Code Section 125 or 132(0(4), or contributions picked-up under
Code Section 414(h) during the Plan Year. Unless otherwise specified in an Addendum
to the Adoption Agreement,Earnings shall not include perquisites or allowances for a car
or house rent, or compensation for severance pay. With reanect to Particinants who
Terminate Employment on or after January 1.2013 and_rior to July 1.2014."Earnings"
;doted in the Emnlover's W-2_navmll records.and shall include_comnensation deferred
pursuant to Code Sections 401(k). 403 b) or 457. comnensation redirected pursuant to
Code Section 125 or 132(f)(4). and contributions nicked un under Code Section 414(M
during the Plan Year.
The annual earnings of a Participant for any year taken into account under the
Plan for any Plan Year beginning prior to January 1, 1994,shall not exceed Two Hundred
Thousand Dollars($200,000)(as increased by the Cost of Living Adjustment for the year
pursuant to Code Section 401(a)(17)), or for any Plan Year beginning on or after
January 1, 1994, shall not exceed One Hundred Fifty Thousand Dollars ($150,000) (as
increased by the Cost of Living Adjustment for the year, pursuant to Code Section
401(a)(17)(B)). For any Plan Year beginning after December 31, 2001, the annual
earnings of a Participant for any year taken into account under the Plan shall not exceed
Two Hundred Thousand Dollars ($200,000) (as increased by the Cost of Living
Adjustment for the year, pursuant to Code Section 401(a)(17)(B)). Notwithstanding the
provisions of this paragraph, in determining benefit accruals in Plan Years beginning
after December 31,2001, the limit hereunder for determination periods beginning before
January 1,2002,shall be Two Hundred Thousand Dollars($200,000).
Annual earnings means Earnings during the Plan Year or such other consecutive
twelve (12) month period over which Earnings are otherwise determined under the Plan
(the determination period). The Cost of Living Adjustment for a calendar year applies to
annual earnings for the determination period that begins with or within such a calendar
year. If a short Plan Year occurs, the annual earnings limit is an amount equal to the
otherwise applicable annual earnings limit multiplied by a fraction, the numerator of
which is the number of months in the short Plan Year, and the denominator of which is
twelve(12).
5. Section 2.35 of the Master Plan, relating to the definition of "Final
Average Earnings",is hereby amended to be and read as hollows:
section 2.35, "Final Average Earnings" shall mean,unless otherwise elected
in an Addendum to the Adoption Agreement, the arithmetic monthly average of the
Earnings paid to a Participant by the Adopting Employer for a specified number of
consecutive months of Credited Service preceding the Participant's most recent
Termination in which the Participant's Earnings were the highest, multiplied by twelve
(12). In computing Final Average Earnings for a Participant who Terminated
4
Employment on or after July 1,2014,Earnings shall include,if applicable and authorized
by the Adopting Employer in an Addendum to the Adoption Agreement, severance
payments made prior to, on or after the Participant's Termination Date. for a Participant
who Terminated Employment on or after January 1. 2013 and Prior to July 1. 2014,
unless otherwise snecifieri in an Addendum to the _Earnings"hit
pclude severance mavmcntsmnade prior to a Particinant's Termination Date. The number
of months to be used in determining Final Average Earnings shall be designated by the
Adopting Employer in the Adoption Agreement or an Addendum thereto. The
Administrator shall prescribe a formula for the determination of Final Average Earnings.
Calculation of Final Average Earnings shall be subject to the following:
(a) If a Participant terminates employment or is on an unpaid leave of absence
and he later returns to employment with the Employer, the period(s) prior to and
following such absence from employment shall be considered consecutive.
(b) If a Participant has not completed the number of consecutive months of
Credited Service necessary to compute Final Average Earnings under this Section as of
the date of his rich Particinant's most recent Termination preceding Retirement,then his
Final Average Earnings shall be determined by dividing his total Earnings for his tk
brtic Dant's entire period of Credited Service by his juch Participant's total number of
months of Credited Service and multiplying the quotient by twelve (12). In computing
the number of months of Credited Service for this purpose, incomplete months of
Credited Service shall be converted to fractional equivalents of months and included in
the computation.
6. Section 2.53 of the Master Plan,relating to the definition of"Practitioner",
is hereby amended to be and read as follows:
Section 2.53. "Practitioner"means the Georgia M tinici l,+,,Association_ Tnc__ee
who is the volume submitter practitioner sponsoring the Plan
on behalf of GMEBS.
7. Section 4.03(b)of the Master Plan,relating to Mandatory Participation, is
hereby amended to be and read as follows:
Section 4.03.
(b) Mandatory Participation. Effective with resp��to Eligible Employees
participation is
mandatory for a class of Eligible Employees, then, except as otherwise provided in
subsection(e)below, all Eligible Employees in the class shall become Participants in the
Plan as of the date they are employed,provided that they satisfy the Adopting Employer's
eligibility requirements for participation. With rpt-to Eliaible Employees initially
employed or reemployed prior to January 1.2015.if participation is mandatory for a cies%
of Eligible Emnlpv_ees. then except as nrovidcd in subsection te) b low_ all Eligible
gaplovees in the class shall become Participants in the Plan on the first day of the mo
•i� n .� 5+� +�:/ I , y,', b '� . i i I : I :,i:1� i :UJI a � •
period and any other eligibility reauiremcnts for participation: nrovided. howl
5
Any Eligible Employee who was employed prior to January 1, 2015, was subject to a
waiting period before participating in the Plan, and had not satisfied such waiting period
prior to January 1, 2015 shall commence participation in the Plan effective January 1,
2015. Eligible Employees shall provide to the Pension Committee on an Applicable
Form such participation enrollment information as shall be required by the Pension
Committee, which shall include the Eligible Employee's acceptance of the terms and
conditions of the Plan. Notwithstanding an Eligible Employee's failure to complete the
Applicable Form, the Eligible Employee shall become a Participant as specified in the
Adoption Agreement.
8. Article V(a) of the Master Plan, relating to Retirement Eligibility, is hereby
amended to be and read as follows;
ARTICLE V.RETIREMENT ELIGIBILITY
(a) The Retirement prerequisites of a Participant under this Plan are
contingent upon the type of Retirement offered by the Employer in the Adoption
Agreement and selected by the Participant that is, Normal Retirement, Alternative
Normal Retirement, Early Retirement, Late Retirement, or Disability Retirement, as
applicable. The provision of an Alternative Normal Retirement benefit or the designation
of an Alternative Normal Retirement Date in the Adoption Agreement shall not be
construed to establish an Alternative Normal Rdirement Age or Alternative Normal
Retirement Date for purposes of the definition of Accrued Benefit under Section 2.01,for
purposes of computing death benefits under Article VIII, or for purposes of applying the
actuarial equivalent conversion provisions of Article XII. The minimum age and service
requirements and other prerequisites associated with each type of Retirement for each
class of Eligible Employees shall be as specified in the pertinent sections of the Adoption
Agreement. Except as otherwise provided in the r Pl or Adoption Agreement
with respect to In-Service Distributions for those who remain in service after they qualify
for Normal Retirement or Alternative Normal Retirement, receipt of Retirement benefits
shall also be contingent upon Termination of Employment
9. Section 6.02(c) of the Master Plan, relating to Early Retirement,is hereby
amended to be and read as follows;
Section 6.02.
(c) If directed by the Employer, effectile_wiampAljoaartioinaniusta
Teriinate Employment on or after January 12014. Early Retirement benefits may be
paid retroactively to a date (first day of the month) designated on the Participant's
retirement application,provided that such date may be no earlier than the later of 1)four
(4)full calendar months prior to the date of the Pension Committee Secretary's execution
of the Participant's retirement application; or 2) the Participant's Early Retirement Date.
No interest shall be paid on the retroactive payment of Early Retirement benefits.
Effi ve with reenact to Particina++ts whoTern irate Emrlovment en or aflte January
6
, 013 and prior to January 1. 2014. retroactive payment of Early Retirement benefits to
• �� ��: ��' ; 4f�tau i !1 ..: . ?,it'I : e Ib 1111 .,-Nu'i :,
10. Section 6.04(b) of the Master Plan,relating to Early Retirement,is hereby
amended to be and read as follows:
Section 6.04.
(b) Requirements for Payment as of Disability Retirement Date - Disability
Retirement benefit payments shall be payable during a Participant's Disability as of the
first day of the month coinciding with or next following, and may be paid retroactively
to, the Participant's Disability Retirement Date, provided the following requirements are
satisfied:
(1) Application for Disability Award Must Be Filed Within 1 Year
After Termination — No later than one (1) year after the Participant's
Termination of Employment due to Disability, the Participant must file an
application for a federal Social Security Administration(SSA)disability award or,
if applicable under Section 2.23, an application for determination of Disability by
the Pension Committee, and for a Participant vho terminates due to disabil
prior to April 1.2015.such Participant also must complete and submit a GMEBa
:,"J. ' _: i .)t K. M!I • 1 - . .111'4)1 fp! l" .. 11 I !.
(ll ygr after the Participant's Termination of Employment due to Disability
jrcaardless of whether the Participant has vet received a federal SSA disability
award or,if applicable.a Pension Committee determination of Disabilitvl; and
(2) GMEBS Retirement Application Form and Disability Award Must
Be Submitted Within 1 Year of Termination. or if Later.Within 6 Months After
Date of Disability Award: Proof of Application for Disability Award Before
Expiration of 1 Year Following Termination_ Due to Disability — Except as
otherwise provided in subsection 6.04b1j above. reauirina Participants who
terminate due to Disability prior to April 1.2015. to submit a completed,GMEBS
: . I .y+i . _i - ti"7 .)i ..pi it P r. •."Ud •.• :I 1'1 .Ji • I
year following Termination of Employment due to Disability or subsection
6.04(b)(3) below, the Participant must submit the following to the Pension
Committee Secretary within one (1) year after the Participant's Termination of
Employment due to Disability or within six (6) months after the date of such
award or determination,whichever is later.
(i) the Participant's GMEBS Retirement Application Form;
(ii) the SSA Disability Award (or, if applicable under Section
2.23, the Pension Committee determination of Disability) reflecting a
disability onset date on or before the Participant's Termination date;and
(iii) documentation the Administrator deems sufficient to
establish that the Participant filed an application for a federal SSA
disability award (or, if applicable under Section 2.23, an application for
determination of Disability by the Pension Committee) before the
expiration of one (1) year following Termination of employment due to
Disability. Such documentation may include a copy of such application, a
7
copy of the Disability award or determination received in response to such
application, or an affidavit completed by the Participant(on the GMEBS
retirement application or another Applicable Form provided for such
purpose) in which the Participant affirms that he or she has filed such
application.
(3) Special Rule in Case of Disability Award on Subsequent SSA
Disability Application - In the event that a Participant's application for a SSA
disability award is denied, the Participant must make any subsequent application
for a SSA disability award within six (6)months following such denial becoming
final,must allege in the subsequent SSA application a disability onset date that is
on or before the Participant's Termination date, and where the Participant is
subsequently granted a SSA disability award, the Participant must submit the
following to the Pension Committee Secretary Lary within six(6)months after the date
of such favorable award, or if later, ono (1) year after the Participant's
Termination of Employment:
(i) a GMEBS retirement application form e
6.04(1,1(11 above concerning reauirement for Participants who terminate
due to disabijj to auhmit a GMEBS retirem,nt
Termination of Employment due to Disabilitvl;
(ii) the Participant's SSA disability award reflecting a disability
onset date on or before the Participant's Termination date or reflecting a
disability onset date that immediately follows the date of denial of the
Participant's prior SSA disability application(due to application of Social
Security Administration res judicata rules) but the Participant's actual
Disability onset date was on or before the Participant's Termination date as
provided under Section 2.23;and
(iii) documentation the Administrator deems sufficient to
establish that within six (6) months after the SSA's denial of the
Participant's initial application for a disability award,the Participant filed
a subsequent application for a SSA disability award in accordance with
this subsection 6.04(b)(3). Such documentation may include a copy of
such application, a copy of the Disability award or determination received
in response to such application, or an affidavit completed by the
Participant (on the GMEBS retirement application or another Applicable
Fora provided for such purpose) in which the Participant affirms that he
or she has flied such application.
11. Section 6.06 of the Master Plan is hereby amended to delete cross
references to prior versions of the Master Plan. Additionally, Sections 6A6(b)(2) and
6.06(c) of the Master Plan,relating to In-Service Distribution and Reemployment after
Retirement,is hereby amended to be and read as follows:
Section 6.06.
8
(b)(2)(A) $eemplovment as Eligible Employee after Normal
Retirement Date . An
Adopting Employer may elect(notwithstanding required suspension under
Section 6.06(a)(1))in the Adoption Agreement or any Addendum thereto
to permit Retired Participants or certain classes of Retired Participants to
continue receiving Retirement benefits if they return to service with the
Adopting Employer as an Eligible Employee
fsetn-Serdee-and on or after their Normal Retirement Date or Alternative
Normal Retirement Date, as applicable and. with respect to a P
jinn to service as an Eligible Emulovee on or after Ste_26,
2014_ after a Bona Fide Separation from Service. If the Employer has
made such an election in the Adoption Agreement or Addendum, then
Retired Participants who are designated in the Adoption Agreement or
Addendum as eligible to continue receiving Retirement benefits following
their return to service as an Eligible Employee may continue to receive
their Monthly Retirement Benefit if they return to service with the
Adopting Employer as an Eligible Employee after a Bona Fide Separation
from Service and on or after their Normal Retirement Date or Alternative
Normal Retirement Date,as applicable.
(B) Reemployment as Eligible Employee Before Norma
Retirement Date
(i) suspension of Early Retirement Benefits until
Normal Retirement Date; Recommencement of Benefits uvon
Attainment of Normal Retirement Date. An Adopting Employer
may elect (notwithstanding required suspension under Section
6.06(a)(1)) in the Adoption Agreement or any Addendum thereto
to provide that, with respect to Retired Participants or certain
classes of Retired Participants,if such a Retired Participant returns
to Service as an Eligible Employee
feem—Seryiee--before his gig Normal Retirement Date (or
Alternative Retirement Date, as applicable)..and.with respect to g
rarticinant retrunnine to service as an_Elisible Employee on or utz
yeoteinber 26. 2014. after a_Bona yids Senaration from Service,
and remains employed until his thg Normal Retirement Date (or
Alternative Normal Retirement Date,as applicable),the Participant
may apply for and receive a Monthly Retirement Benefit on or
after his Ig Normal Retirement Date (or Alternative Normal
Retirement Date, as applicable), notwithstanding his continued
service with the Employer, provided that the Participant satisfies
the minimum age parameters for an In-Service Distribution
pursuant to Section 6.06(a)(3). Said Monthly Retirensent Benefit
shall be computed in accordance with this Article, based upon the
Participant's Total Credited Service and Final Average Earnings,if
applicable, through the date he the Participant recommences
receipt of his g Monthly Retirement Benefit pursuant to this
subsection, However, except as otherwise provided in the
9
Adoption Agreement or in an Addendum thereto, said Monthly
Retirement Benefit shall be reduced by the Actuarial Equivalent of
any Retirement benefits received by the Participant prior to said
suspension, and by any actuarial factors used in calculating the
benefit payable at the time of his previous Retirement. For
purposes of this subsection, the term "Actuarial Equivalent" shall
mean an amount equal to the value of Retirement benefit payments
received, determined as of the date the Participant recommences
receipt of his a Monthly Retirement Benefit,and computed on the
basis of the actuarial assumptions oontained in Section 12.06. In
no event shall the resulting Monthly Retirement Benefit be less
than the Participant's benefit payable immediately prior to said
suspension.
(ii) Execution to General RuleLContinuation of Early
went Benefits[Zoon Return to Service as Eligible Employee
Following Bona Fide Separation from Service l ei
. Notwithstanding the requirement for
suspension of benefits upon reemployment under subsection
6.06(a)(1)above, an Adopting Employer may elect in the Adoption
Agreement or any Addendum thereto to permit Retired Participants
or certain classes of Retired Participants who are receiving an
Early Retirement benefit to continue receiving said benefit if they
return to Service with the Employer after a Bona Fide Separation
from Service. or with resnect to Participants retumina to service Ag
an Eligible Emnloyce urior to September 26._2014.after at least i
six-month separation from Services as an Eligible Employee at any
time on or after their Early Retirement Date but before their
Normal Retirement Date (or Alternative Normal Retirement Date,
as applicable). If the Employer has made such an election,and if a
Retired Participant belongs to a class for which such continuation
of benefit payments is permitted, then upon the Retired
Participant's return to service with the Employer as an Eligible
Employee after his big Early Retirement Date and after a Bona
Fide Separation from Service LQUILlagjUjikmEmilusaungian
gam Service. as_apnlicablel,the Retired Participant may continue
to receive his g Monthly Retirement Benefit during the period of
his reemployment.
4**
(c) Exception to General Rule: In-Service Distribution for Individuals WhQ
Are Not Eligible Emglovees: Continuation of Retirement Benefits Following Return to
Service in a Capacity Other Than as an Eligible Employee After a Bona Fide Separatioe
from Service.
(1) jn-Service Distribution Prior to Termination. eve on or after
September 26. 2014.Notwithstanding the general rule in Section 6.06(a)(1) and
10
except as may be otherwise provided in the Adoption Agreement or an Addendum
thereto,regardless of whether an Employer elects to permit active Participants to
receive In-Service Distributions while serving as Eligible Employees under the
Plan pursuant to paragraph 6.06(b)(1)above,an individual who is in service with
the Adopting Employer, who previously accrued a benefit as an Eligible
Employee under the Plan but who is not currently an Eligible Employee under the
Plan,may commence receipt of his Retirement benefit while still in service with
the Adopting Employer provided that such individual (i) has satisfied the
Adopting Employer's qualifications for Fatly Retirement, Normal Retirement or
Alternative Normal Retirement; (ii) has satisfied the minimum age and other
applicable requirements established in subparagraph 6.06(a)(3) above; and (iii)
applies for such Retirement benefit on the Applicable Form.
(2) Continued Receipt of Retirement Benefits Unon Return to Service
in a Capacity Other Than as an Eligible Employee. Except as may be otherwise
provided in the Adoption Agreement or an Addendum thereto, an Adopting
Employer may engage any Retired Participant receiving benefits hereunder in a
capacity other than as an Eligible Employee and such engagement shall not
terminate or suspend such benefits„$ffeetiye with respect to Retired Particinanta
who return to service in a capacity other than as an Elimble Emn)ovee on or atter
rAltyn h.. .. I I .uti k .• �.)_ i t t ♦ , li -i1.��i•i l
sake.the Retired Participant provided-that(i) ust have
had a Bona Fide Separation from Service prior to returning to service in a
capacity other than as an Eligible Employee under the Plan; or (ii) must atisfv
satts€ee the minimum age parameters established in subparagraph 6.06(a)(3)
above.
12. Sections 8.01, 8.06, 8.07. 8.08, 8.10 and 8.12 of the Master Plan,relating
to Death Benefits,are hereby amended to be and read as follows:
ARTICLE VIII.DEATH BENEFITS
Section 8.01. Death in Service Prior to Retirement. In the event a
Participant's employment or term of office is Terminated by reason of his death prior to
his Retirement, there shall be paid to his the Pm-Retirement Beneficiary;the in-service
death benefit elected by the Employer in the Adoption Agreement, provided the
requirements of this Article are satisfied and except as otherwise provided under this
Article. -.... . .• . .. _ . :- .,. . : _ .,..._ . • .. . .. ..... . .. .. : _ .
. . .. .
•
1.
•
11
***
Section 8,06. Auto A In-Service Pre-Retirement Death Benefit: Defame
RengfiglaryLPrwment to Surylvina Snonse or to Estate Where Benefit Net Payable
to Designated Primary or Secondary Pre-Retirement Beneficiary.
(a) Effective with respect to deaths occurring on or after July 1, 2015, and
except as otherwise provided in an Adopting Employer's Adoption Agreement or
Addendum,in the absence of a designation by the Participant,or if there is no Primary or
Secondary Pre-Retirement Beneficiary to whom the Auto A in-service pre-retirement
death benefit is payable under this Article, then the Auto A in-service pre-retirement
death benefit shall be paid to the Participant's surviving Spouse in accordance with this
SeetionobseCtien. In such case, the Participant's surviving Spouse shall be considered
the Pro-Retirement Beneficiary under the Plan. For purposes of this B,ngection, the
term"surviving"shall mean surviving the Participant by at least thirty-two(32)days.
(b) Effective with respect to deaths occurring on or after July 1, 2015, and
except as otherwise provided in an Adopting Employer's Adoption Agreement or
Addendum, if there is no Pre-Retirement Beneficiary(i,e, a designated Pre-Retirement
Beneficiary or surviving Spouse)to whom the Auto A in-service death benefit is payable,
then a lump sum payment equal to fifty percent(50%)of the Actuarial Equivalent of the
Participant's Vested Accrued Benefit, if any, shall be paid to the Participant's estate in
lieu of the lifetime monthly benefit which would otherwise be payable to the Pre-
Retirement
ro-Retirement Beneficiary. Such lump sum Actuarial Equivalent shall be determined as if
the Participant bad Terminated Employment on the date immediately preceding his date
of death and received a lump sum distribution of said benefit under Section 7.05,
determined without reference to the maximum cash-out limits of said Section, and using
the assumptions set forth in Section 12.06.
. • • 1� L
(c) •[ �:�� � '/ 11 [•'l_�� . I .r: /: [ .0:,..IA' t 1.'1[1 11. ,,1rUl J.
_in Jag
absence of a designation by the Participant or if there is no Primary or Secondary Pre-
41",
re-
\ �M 5,';111_:i_1 '•11 Y y ;11 .1 . 1.1111 irk- (.11.0111 .'1 1,;.-
Article.
ilrticle. then the nre-retirement death benefit shall be Paid to the Participant's survives
default Benefiicjajv in accordance with this subsection.. For numows of this subsectiog,
the Participant's Default Beneficiar v(iml shall be as follows: (al the Particlopt's
$urvivjg (Spouse: Qr I. • 1 -J44 • 1 1 -1 IL •� 'l .111;y 1: r i ry/ ! 1
Children:or (el if there is no surviving Spouse or Children.the Participant's surviving
yarent(sl. For purposes of this Sectio; the term "surviving" shall mean surviving the
111 /,1 _." {1 1,. :: . i11 / ,1 / ,110 1 1 . I /-111 "4131 1" 1
''defined in Section2.12. The term'"Parent" shallbe as definesi_in Q.C.GG.A. 819-11-3(7),
determined as of the date of the Participant's death. Notwithstanding any other provision
W the contrary if a death benefit becomes payable to more than one Child of the
:1111 y 1,:11 _ 11,1
p . I:.-611.4)1 1 :..1 .j ,1 I -'1 :it , i 1 0• 1 / .1 1 1 yl• / : 1,/
4; y :/ 111 11 rll• / 1 . [.,1 CJI I '/ 1 'NI 11 : 11111 14..1 .11 i• I ►�::.r.;
61 1 . :1 . ;i...I 'alp,. /. t�c.._�/_�. 1.{ !: •11 ,-10. f 1 I,•II
12
l the factors contained in Section 12.06. If a death benefit is notable to more
• a :1 a/ / e :+11.111 ► 1 • a,� .1 : f 6J.6; 1 e '_61•.1r•}! far .1 1 61:41cj• :f : .
F: •1 .:_a r ; 11 : r 1.61 , 41 t• I �+ =1 1 :.t.'Ja './ 1 1 :11,11 11 ► 1 f 6-a -/61 =111 ►i+ f
f+or his or hex lifetime. If a Child who is it a m v b hereunder reaches
up twenty-Iwo (221 or if a Child or Parrstt receiving a monthly benefit hereunder dies,
a te ' 1 : •►� �ta+1 a ea • I a \ a .01 ya 11 • I : e 11 1 .1 1 a •}
-}{:! : �t y• a1 :a♦ r ' r$)u : •:.:: a p.--a a► .+: 4:_t , a h1 r ► • ! 64a1 1! : r;: r; •
under the Plan.
Section 8.07. Actuarial Reserve In-Service Pre-Redrement Death Benefit;
Payment to Surviving Sponse or to Estate Where Benefit Not Payable to Desltinated
Prinkery or Secondary Pre-Retirement Beneficiary,
(a) Effective with respect to deaths occurring on or after July 1, 2015, and
except as otherwise provided in an Adopting Employer's Adoption Agreement or
Addendum,with respect to the Actuarial Reserve in-service death benefit only,if there is
no Primary or Secondary Pro-Retirement Beneficiary to whom the death benefit is
payable, then the Actuarial Reserve in-service pre-retirement death benefit shall be paid
to the Participant's surviving Spouse in accordance with this Section, in which case the
Participant's surviving Spouse shall be considered the Pre-Retirement Beneficiary under
the Plan. For purposes of this Section, the term "surviving" shall mean surviving the
Participant by at least thirty-two(32)days.
(b) Effective with resngct to deaths occurring on or atber July 1. 2015. if I€
there is no Pre-Retirement Beneficiary (kt, a designated Pre-Retirement Beneficiary or
surviving Spouse) to whom the death benefit is payable,then the Actuarial Equivalent of
the Participant's vested Accrued Retirement Benefit shall be paid to the Participant's
estate in lien of the lifetime monthly benefit which would otherwise be payable to a Pre-
Retirement Beneficiary. Such Actuarial Equivalent shall be determined as if the
Participant had terminated employment on the date immediately preceding his date of
death and received a lump sum distribution of his benefit under Section 7.05,determined
without reference to the maximum cash-out limits of said Section, and using the
assumptions set forth in Section 12.06.
(c) Affective with rpt to deaths occurring before July L 2015- Ivit
r• ,u.. i!1,11 'Ja lam;, R _� +_�'_ ra •=fi.:! +i} _ .a -+1. ; f.. 6;la
=.;• a, :a♦ ►, 11.-it: ;et- i =1e tau .f =1 ► i . • • '4a VIr •. + a I—S :10 SA: t:.•..0
a�ti _ yII.i1 0.1 ea :11 1 - :.tl! .= 4 1,- : ►! y e,:n '.•..:.._(�.1,�1 ,ragt__y�
.w tau :+a : :n,J)1 r : r t,: a I, ► . ..It tll•. a ^Yt4 1- ! • a •t-1 a - Ir 4}1 •1
benefit which would otherwise be savable to a Pre-Rent Beneficiary. Suck
!.• ,+1 ,t: :ff 1 : . + :j %11111•1 �. i • :1,A H t,: 11 a :.. 116+01+ 1.: ,;+yr .!11 a ► /11 .1•
on the date immediately vrecedinc his date of death and_received alnmo distribugiog
of his benefit under Section 7.05.determined without-reference to'the maximum cas-otg,
its of said Scctiog,,
Section 8.08. Terminated Vested Death Benefits. If the Employer elects in
the Adoption Agreement to provide a death benefit for Terminated Vested Participants or
for certain classes of Terminated Vested Participants,then in the event such a Terminated
13
3
Vested Participant dies before his lja effective Retirement Date,there shall be paid to his
Pre-Retirement Beneficiary the terminated vested death benefit specified in the
Adoption Agreement,provided the requirements of this Article are satisfied and except as
otherwise provided in this Article.
.Notwithstanding any provision to
the contrary, effective October 1, 2016, an Adopting Employer that had not previously
elected in its Adoption Agreement or Addendum thereto to provide a Terminated Vested
death benefit to one or more classes of Participants shall be deemed to have elected by
default to provide the Terminated Vested Auto A Death Benefit to such class or classes
of Participants who terminate employment on or after such date.
***
Section 8.10. Accrued Retirement Benefit.
(a) •;10.-.y •.•:-, ,; •*It Iy 1 • I • : a ( , The
Employer may elect in the Adoption Agreement to provide a death benefit consisting of
the Accrued Benefit for one or more classes of Terminated Vested Participants. In such
case, the Employer shall designate the minimum service and other eligibility
requirements a Terminated Vested Participant must satisfy in order to be entitled to such
benefit. Provided a Terminated Vested Participant satisfies such requirements, then in
the event that the Terminated Vested Participant dies prior to his gig effective Retirement
date, his thg Pre-Retirement Beneficiary may apply to receive a lifetime monthly death
benefit subject to the provisions of this Sokgection. Said benefit shall commence on the
first day of the month coinciding with or immediately following the date of the
Terminated Vested Participant's death. The monthly death benefit payable to the
Participant's Pre-Retirement Beneficiary shall be the Actuarial Equivalent of the
Terminated Vested Participant's Accrued Benefit, determined as of the date of the
Participant's death, taking into account the Participant's Total Credited Service, Final
Average Earnings, and the benefit formula in effect as of the date of the Participant's
Termination.. Effective with respect to deaths occurring on or after July 1, 2015, and
except as otherwise provided in an Adopting Employer's .Adoption Agreement or
Addendum,if there is no Primary or Secondary Pre-Retirement Beneficiary to whom said
pre-retirement death benefit is payable, said pre-retirement death benefit shall be paid to
the Participant's surviving Spouse in accordance with this gigjasectiion, in which case the
surviving Spouse will be considered the Pre-Retirement Beneficiary under the Plan. For
purposes of this Sgasection,the term"surviving"shall mean surviving the Participant by
14
at least thirty-two (32) days. If there is no Pre-Retireament Beneficiary to whom the
benefit is payable,then a lump sum payment equal to fifty percent(50°4)of the Actuarial
Equivalent of the Participant's vested Accrued Benefit, if any, shall be paid to the
Participant's estate in lieu of the lifetime monthly benefit which would otherwise be
payable to a Pre-Retirement Beneficiary. Such lump sum Actuarial Equivalent shall be
determined as if the Participant had received a lump sum distribution of said benefits
under Section 7.05, calculated as of the date on which the payment is made, without
reference to the maximum cash-out limits of said Section,and using the assumptions set
forth in Section 12.06.
(b) The nrovisions of this subsection(b)were effective as of January 1.. 2013
butene by the provisions of subsection lcl elow effective January 1 2014.
yr_- 'Ail • • 1.1 112 - •11 111 . . 11)11,• i . '/[=1-'11 tin .. .j14/ •s. % �r • .11 1 v11)0 7} :)• r.f
pf the A ,ed •remeett Benefit for one or more classes of T minuted Pa�ticinants. In
. . .I. .
Y i ,: ; 1. '01 • 1 (.r 1: 1.,; v1 :1� •r n r •1 .111 .-�/ .. : 1 . 'WI.1 u . 11
Teouirements a Terminated Partieioant.must satisfy in order to be entitled to such benefit,
ri+ovided a Terminatad jtarticinatsatisfiesb _sughlaw}hunents., injbe ev e
Terminated Participant dies prior to the effective Retirement date. the Pro-Retiremt g
. .1
41 .; • .. :.). 1. :1 1 .• fir - n •0 0 1,,: 1 0 .1• .111 • �y 14 r
provisions of this subsection. Said benefit shall commence on the first day of the nook
•vt •y 1•1 ' Il 1 4) 11 01.14• - 14 411. • t 1 1,- 1 1
' � .14 1• „• 1111.y •:,1 . 1
The monthly death benefit payable to the Particinanfs Pre-Retirement Beneficiary tali
• • - : 111 1 : • • .11 � 11 `1111..1 • :moi . g11 d'.' 1 .! . r •1 • -: t1 11,
>11n y 1. I ' y Ill: 441. 5• :.i• F. .I• : e .14% • - 41•1 1 I ti.-1.1 N 401 •
effq}t as of the date of the Participant's Tecminatio0,,
ri M1 1 t t1 •1•. ♦ Ir 1r •,.,tll •I . 1(. -j ' H• . : i :.• : •
but mere. scnerseded v the nrovisia of subsection t ) rst tiye July 1. 2015. The
p • • Vii, 10 ..'3 • t • 4 414.1111 : '11-::±01 .,r 4 •)44 / • . • %1 � 0.11 .14 •• ' 111 • 4
1 - : .611 �• 1 .,1.11 • 11)1 4) 114 G. w r. 1. -)4S1 I > .x• ' Ago. •N :01 4: ;1 1
mover shall designate the minimum Service and other eligibility reauiremcnts
14 • .• 14.6111 r1 11 .1 ^'11; f< •1 11(1,:9 / • 1 U .1 • ;1 ,0 11.11 1 44.• / tT•
u 1 ^
Terming ed Participant satisfies such reauirements.tlierLin the event that the Teragated
•' ;114 ly 1 • • .: •)4 4) .4 . - '�4 T:•fi i 11�-111 �.1.._ LS. ! 1 1111-' \ iI 4ryrr ..11 .14 -)11 : •
way apply to receive a lifetime monthly death benefit subiect to the Provisions of this
subsection. Said benefit shall commence on the first day of the month coinciding with oZ
nediatnly following the date of the Terminated Participant's death. The monthly data
benefit savable to the Participant's Pre-Retirement Beneficiary shall be be Actuarial
. . .
.,,0a•1.: : ,1 y • ,n tb4..:.1 • y1 .11 • d .4u•1 .�1 :: t ! - •
the Particinant's death. taking into account the Participant's Total Credited Service.Final
11 r 'J: ;Ir 1 .1 . •.11 .1 (I)11• ) I .4t-A % 4 1 / . f / 1111•6;• :11
Ignalagigal
***
15
Section 8.12.
(b) Except as otherwise provided in an Addendum to the Adopting
Employer's Adoption Agreement,in the event that a Retired Participant who has elected a
form of payment that does not permit designation of a Post-Retirement Beneficiary
(Option A), as provided in Article VII, dies after Retirement benefit payments have
commenced but before the Retired Participant has received at least thirty-six (36)
monthly Retirement benefit payments, a one-time lump sum death benefit shall become
payable which shall be equal to the amount of the Participant's initial Retirement benefit
(determined as of the date such monthly Retirement benefit commenced) multiplied by
thirty-six(36); provided,however,that the total amount of such lump-sum death benefit
shall be reduced by the aggregate amount of Retirement benefits paid to.such Retired
Participant The one-time lump sum death benefit shall be payable to the Retired
Participant's surviving S
In such case. the Participant's survivinu Spouse shall be considered the designated
beneficittamdcalcileramonciolglaLthhuuhrogkalbi In the event that: (1)such
Retired Participant does not have a Spouse at the time of the Retired Participant's death;
or(2)such Retired Participant does have a Spouse at the time of the Retired Participant's
death but such Spouse does not survive the Retired Participant by at least thirty-two (32)
days; or (3) such Retired Participant does have a Spouse at the time of the Retired
Participant's death but such Spouse does not within six(6) months following the Retired
Participant's death provide the Administrator with documentation which the
Administrator deems sufficient to verify that he or she was the Retired Participant's
Spouse at the time of the Retired Participant's death, the lump-sum death benefit
described in this Ssubsection 8.12(b) shall be paid to the estate of the Retired Participant
The lump sum death benefit described in this Bgubsection 8.12(b)shall not be considered
part of the standard benefit payment form (Option A) for purposes of determining
actuarial equivalence. The lump sum death benefit paid pursuant to this Sgubscction
8.12(b)shall be included in determining the sum of all benefits paid to the Participant for
purposes of determining the amount of any refund of Employee Contributions payable
under Section 13.06. ror manses of is Subsection, the term *survivinn
surviving the Retired Particinant_hv at lei thirty-twp[32)dans,
13. Section 9.01 of the Master Plan,relating to Vesting,is hereby amended to
be and read as follows:
Section 9.01. VestIna Requirement for Deferred Retirement Benefit An
Employer may establish different vesting requirements for different classes of Eligible
Employees in the Adoption Agreement A Participant whose employment is terminated
for any reason other than death or Retirement shall be entitled to a Vested right in hisibs
Accrued Benefit only if he meets the Qualifications for a deferred Vested
Retirement benefit specified in the Adoption Agreement Payment of such Vested
Retirement Benefit shall commence on the first day of the month in which Ms gm
effective Retirement Date occurs and shall be payable on the first day of each month
thereafter during the lifetime of the Participant; unless the Participant elects an optional
form of benefit payment under Article VII. The amount of such Monthly Retirement
16
Benefit shall be computed in the manner prescribed for Normal or Early Retirement in
Article VI, as applicable, but based upon the Participant's Final AverageEarnings (if
applicable) and Total Credited Service up to the Participant's date of Termination of
Employment with the Adopting Employer. Unless otherwise provided in the Adoption
Agreement or in an Addendum thereto, in the event that an Eligible Regular Employee
terminates employment with an Adopting Employer and returns to service with such
Adopting Employer as an elected or appointed member of the Governing Authority, the
portion of his the monthly benefit attributable to Credited Service as an Eligible Regular
Employee shall be computed based upon his Credited Service as an Eligible Regular
Employee and the benefit formula in effect as of his-gig latest termination of employment
as an Eligible Regular Employee. Likewise, in the event that an elected or appointed
member of the Governing Authority vacates such office and returns to service with the
Adopting Employer as an Eligible Regular Employee, the portion of his tbg monthly
benefit attributable to Credited Service as an elected or appointed member of the
Governing Authority shall be computed based upon his Credited Service as an elected or
appointed member of the Governing Authority and the benefit formula in effect as of his
gach individual's latest vacation of such office. Notwithstanding any other provision of
the Plan to the contrary, if a Participant has satisfied the requirements for Normal
Retirement as of the date of his Termination,the Participant shall be one hundred percent
(100%) Vested in Me ibg Normal Retirement benefit. ,
14. Section 9.05(b) of the Master Plan, relating to Portability, is hereby
amended to be and read as follows:
Section 9.05,
(b) Subject to any limitations or conditions contained in the Employer's
Adoption Agreement, in determining whether a Participant has satisfied the minimum
service requirements for Vesting and the minimum service requirements for Retirement
and, for Participants who terminngn or after Senternber 26.21114,pre-retirement death
benefit eligibility,under the Adoption Agreement of any GMEBS Adopting Employer,
the Participant's Total Credited Service with all other of the Participant's past and future
Adopting Employers shall be taken into account. In no event however,shall service with
one GMEBS Employer be used to calculate the benefit amount due the Participant from
another GMEBS Employer. Prior to January 1, 2015, except as otherwise provided in
Section 4.02(c)(7)concerning immediate participation for Participants who transfer from
one GMEBS Adopting Employer to another, service with one GMEBS Adopting
Employer may not be used to establish participation in another Adopting Employer's
plan.
15. Section 9.07(b) of the Master Plan, relating to Forfeitures, is hereby
amended to be and read as follows:
(b) In the event that a payment(e.g., a return of Employee Contributions,or a
payment of Retirement, Disability or Death benefits) is prevideeklmto the estate of a
17
Participant or beneficiary but;the Administrator is unable to process such payment due to
,following the expiration of six (6) months after the date on which the payment is
issued the payment remains outstanding, the Administrator shall so notify the Adopting
Employer. The Adopting Employer shall attempt to locate documents establishing suck
soligg,a correct address or bank account or other necessary information to process such
payment. If the Adopting Employer is unable to ascertain such documentation of
information within six (6) months after receiving notice from the Administrator of the
outstanding payment,the Administrator shall direct that the payment be cancelled on the
records of the Plan and the amount thereof be treated as a forfeiture.
16. Section 11.02(0(2) and (3) of the Master Plan, relating to Internal
Revenue Code Section 417(e)(3),is hereby amended to be and read as follows:
Section 11.02
(f)(2) The annual amount of the straight life annuity commencing at the
retirement income benefit commencement date that has the same actuarial present
value as the particular form of benefit payable, computed using a five and five-
tenths percent (5.5%) interest assumption (or the applicable statutory interest
assumption) and til for years prior to January 1 2042,the applicable mortality
tablelphiqg for the distribution under
Regulation Section).417(e1-1(d)(2) (the mortality table specified in Revenue
Ruling 98-1 prior to 2003; mg Revenue Ruling 2001-62 ,
any-fit Revenue f3tlieg
�� 1a♦
11;1 ' =U1 • ♦ 1)11 =1♦L.' ♦ 1.9 -11 � t •1 ..♦ 'u i for
years after December 31, 2008. the applicable mortality tables described ip Code
=,y♦ • t: ♦ : , .::o-1 nit Int�,1 '
,•{�/ l •• . •1I ♦ -,•1 ti♦ 1 • ' ♦1 -it! ♦ I •� ;or
(3) the annual amount of the straight life annuity commencing at the
retirement income benefit commencement date that has the same actuarial present
value as the particular form of benefit payable computed using the applicable
interest rate for the distribution under Internal Revenue Service guidance(the 30-
year Treasury rate prior to January 1,2008,using the rate in effect for the month
prior to retirement; on and after January 1, 2008, using the rate in effect for the
first day of the plan year with a one-year stabilization period; and on and after
January 1,2015,using the rate in effect for the September prior to the plan year of
distribution with a one-year stabilization period)and(i) for yes moor to January
1. 2009, the applicable mortality tableidgea for the distribution under intend
Treasu ry Regulation Se►cxion 1.417(el-1(41121_ (the
mortality table specified in Revenue Ruling 98-1 prior to 2003; its Revenue
Ruling 2001-62 Revenue
Ruling modifying the applicable provisions of Review
Ruling 2001-62L and fin for years after December 31, 2008, the applicable
mortality tables described in Code Section 417(e1(31(B) (Notice 2008-85 or any
subsequent Internal Revenue Service guidance implementing Code Sectiog
417(elf31113)), divided by one and five-one-hundredths (1.05). However,
18
effective for benefits commencing during limitation years beginning after
December 31, 2008,this paragraph(3)does not apply to a Plan maintained by an
eligible employer as defined under Code Section 408(p)(2)(C)(i)(generally, an
Employer that had no more than one hundred (100) employees who received at
least Five Thousand Dollars($5,000) of compensation from the Employer during
the preceding year).
17. Section 12.06 of the Master Plan, relating to Other Annuity Forms, is
hereby amended to be and read as follows:
Section 12.06. Other Annuity Forms. Conversion factors for other
annuity forms shall be computed by an enrolled Actuary on an actuarially equivalent
basis assuming that the Participant is retiring at age sixty-five(65)and using the RP 2000
Mortality Table set forward two(2)years for males and one(1)year for females and with
interest of seven and seventy-five one hundredths percent (7.75%), regardless of the
actual age and sex of any Participant or Beneficiary. If appropriate, such factors may
vary by the difference between the Participant's age and the beneficiary's age. The value
of Retirement benefits received by a Participant for purposes of Section 6.06 shall be
determined using the RP 2000 Mortality Table set forward two (2) years for males and
one (1) year for females and with interest of seven and seventy-five one hundredths
percent (7.75%). Notwithstanding the foregoing. The UP 1984 Mortality Table without
ti .�Y • .❑� . .q .i I 'L, ',r: :���. �� , l e 4.11 V�.
pomnutin�gther annuity forms and calculating the value of Retirement benefit$received
Iy a Particinent ibr mimeses of Section 6.06 on or of er Januarvr I. 2013 and mior to
S,entember 26.2014.
18. Section 13.03(d) of the Master Plan,relating to Repayment of Withdrawn
Employee Contributions,is hereby amended to be and read as follows:
Section 13.03.
(d) Except as otherwise provided in the Employer's Adoption Agreement or
any Addendum thereto,if a Participant withdraws his Employee Contributions(including
any Contributions made to purchase prior service credit,if permitted under the Adoption
Agreement or any Addendum thereto) in accordance with this Section, and if he iild,
Egjidliat later resumes employment with the Adopting Employer in an Eligible
Employee class,then any service credit or benefit amount he forfeited by virtue of his-t2
withdrawal may be reinstated upon his the Particinant's reemployment with the Adopting
Employer,provided: (1)he-she Particinant repays within six(6)months following his gle
reemployment date and prior to his Termination of Employment with the Adopting
Employer all amounts previously withdrawn plus interest at the assumed actuarial rate of
return for the GMEBS Retirement Fund established by the Board as of date of repayment,
compounded annually from the date of return of contributions through the date of
repayment; and (2) provided he to Participant satisfied the break in service rules, as
applicable. Repayment of Employee Contributions(including any Contributions made to
purchase prior service credit)under this subsection shall be made in a single lump sum,
19
by a rollover or transfer of pre-tax funds described in Sections 10.u3 and 10.04 of this
Plan, a lump sum payment of after-tax fiords, after-tax payroll deductions, or any other
method established by the Board, subject to any limitations included in the Adoption
Agreement or any Addendum thereto. With r nett _n he repayment of Wi hdrraaw.,n
$mplovee Contributions prior to September 26. 2014. in the event that withdrawal of
Contributions made to purchase inior service credit is permitted by an $mnlover'e
Adoption Aarreenrent or Addendum. reoavment will be permitted only to the extenf
•rel'' L..,� I� I • 4 I els ♦ i L •4 n a, 4 . . 1 :i I to :u I i : .�U,� :�� �. .! I :II
L I: l 4) )•1 -qt ( :jI! M, ,)t. yI_-. I .,S '1 u 1
etekiegilL
19. Section 13.04 of the Master Plan,relating to Employee Contributions and
In-Service Distribution,is hereby amended to be and read as follows:
Section 13.04. Cessation of Contributions Without Penalty. The
Employer may provide in the Adoption Agreement that Participants who have met certain
retirement benefit eligibility requirements shall no longer be required to make
contributions to the Plan. Affective on or after October 1. 2016. Participants who are
receiving an In-Service Distribution or who are otherwise receiving Retirement benefits
while employed with the Adopting Employer shall not be required to make contributions
to the Plan.
20. Section 13.06 of the Master Plan, relating to Return of Contributions for
Failure to Exhaust,is hereby amended to be and read as follows:
Section 13,06.
(a) Death of a Retired Participant. If a Retired Participant elects the Option A
form of benefit payment, and if upon the death of the Participant en-er-after-3e -1,
201.4; the sum of all benefits paid to him the Particinant does not equal or exceed the
amount of the Participant's Employee Contributions plus interest posted thereon, then a
lump sum payment in the amount of the difference, less any amounts paid to the Retired
Participant's surviving Spouse or to the Retired Participant's estate pursuant to Section
8.12, shall be paid as follows: (ll in the event the Past dies on, r a$er J
2014. to the Retired Participant's
ubsectun(a, or if there is nosigagualad , to the
Retired Participant's estate,_oti2lin..the..exca the Partici annt.dies or der lam ,1.
2.013 and prior to January 1. 2014. to the Retired Participant's estate. For eyes-ef
twee In the event that 1)a Retired Participant elects retirement benefit payment
Option B or C, 2)hie to Post-Retirement Beneficiary predeceases him thy Parti
and 3) upon the death of the Retired Participant, the sum of all benefits paid does not
equal or exceed the amount of the Participant's Employee Contributions plus interest
posted thereon,then a lump sum payment in the amount of the difference shall be paid gg
follows:1AI in the event the Retired Participant dies nn nr after Tanuary 2014 to the
Retired Participant's tg--Spouse ismated beneficiary as &dad in this
subsection (al, or if there is no , to the
Participant's est: F) Ii /- - L-' I ; ; l-1 ' : 4M 14. r I 111 I ( : a
20
2013 and prior to January 1.2014.to die Retired Particina4t's &tp. In the event that 1)
a Retired Participant elects retirement benefit payment Option B or C, 2) the
Post-Retirement Beneficiary survives the Retired Participant and dies after he such
Deneficiary has begun receiving survivor benefit payments,and 3)the sum of all benefits
paid does not equal or exceed the amount of the Participant's Employee contributions
plus interest posted thereon, said lump sum payment shall be paid As follows: (Al in the
event the Post-Retirptnent Beneficiary dies on or after September 26. 2014, to the
Post-Retirement Beneficiary's surviving-Spo se-designated beneficiary as defined in this
Subsection (al or,if there is no suchilesinuatcd.hcaddluelise,to the Post-
Retirement Beneficiary's estate, or(BI in the event the Post-Rctircment$enefnciary dies
on or after Januar/ 1. 2013 and prior to September 26. 2014. to the Post-Retirement
Beneficiary's estate. For nurnoses of this subsection. the term "designated beneficiary"
n : � the .j ��/ I , ' rd f - ' i - r ' :, ,ui r " r.
...J, •I 1 ." : to i , z;i ►I I r tAr
P$rtioinant_or Post-Retirement Beneficiary as applicable.by atleast thirty-two(321 days
(b) In-Service Death of Participant Before Satisfying Pre-Retirement Death
Benefit Eligibility Reauirements: Death of Terminated Vested Participant Where No
Terminated Vested Death Benefit Is Payable. If a Participant dies in the Service of an
Adopting Employer before he satisfies the eligibility requirements for an in-service death
benefit,his Employee Contributions plus interest posted thereon,if any, shall be paid to
the Participant's - r : :. ..,. :: r_ , Y * j�:r u t,,
or if there is no to the Participant's estate.
If a Terminated Vested Participant dies before Retirement and the Plan does not provide
for Terminated Vested death benefits to be payable upon the death of such Participant,
his Employee Contributions plus interest posted thereon, if any, shall-be paid to the
participant's - : : ..;. : : : ..::„.,.•ui r :n , y."• • dr ,r i r
:i �
,(121 or if there is no surviving-Such designated beneficiary, to the Participant's
estate. For purposes of this subsection. the term "dcsienated beneficia_ry",shall me_+,
,surviving Spouse of the Participant and the term "surviving" shall mean surviving the
participant by at least thirty-two(321 days,
(c) Death of a Participant or Terminated Vested Particieita After Satisfying
Pro-Retirement Death Benefit Eligibility Requirements. The following provision shall
apply in the event that a Participant or Terminated Vested Participant who has satisfied
the eligibility requirements for a pre-retirement death benefit dies before Retirement,and
payments are made to a Pre-Retirement Beneficiary under the Plan. In the event the sum
of all pre-retirement benefits paid to a Pre-Retirement Beneficiary(ies) by virtue of the
death of a Participant or Terminated Participant, as applicable, does not equal or exceed
the amount of the Participant's or Terminated Participant's Employee Contributions plus
interest posted thereon,a lump sum payment in the amount of the difference shall be paid
to the F'm-R efiirement Be eficiarv's designated beneficia y as �_t ire.this su section
fel_ or if there is no such designated beneficiary tn,,,t estate of the Pre-Ret7iremexnt
Beneficiary(or the designated beneficiary or estate of t,,b,g last Pro-Retirement Beneficiary
receiving payment, as applicable with respect to Plans that permit payment to multiple
Pre-Retirement Beneficiaries). For purposes of this subsection. the term "designated
beneficiary" shall mean the surviving Spouse of the Pre-Retirement Beneficiary and the
21
}
term "surviving" shall mean surviving the Pre-Retirement Beneficiary by at least thirty-
two(32)days,
mor purposes of this Section, the amount of Interest posted" shall be
determined as of the date that the lump sum payment payable tinder this Section is
distributed,and the amount of interest posted shall comply with any applicable provisions
of Section 4(i)(10)(B)(i)of the Age Discrimination in Employment Act("ADEA").
21.. Section 18.02(e) of the Master Plan, relating to Amendment of Plan by
GMEBS,is hereby amended to be and read as follows:
(e) Notwithstanding the foregoing paragraphs(c)and(d), action or after
Januar L 2016.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
arc 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 amend the Plan on behalf of the Adopting Employer is conditioned on the
Plan receiving a favorable determination letter.
22. Section 20.08(b), relating to Corrections of Underpayments, is hereby
amended to be and read as follows:
(b) Underpayments. Any underpayments from the Trust Fund to a Retired
Participant or to a Beneficiary caused by administrative errors shall be corrected with
interest compounded annually from the date of the miscalculated payment The rate
applied shall be the actuarially assumed rate utilized by the plan actuary for estimating
future plan investment earnings or,effective on and after January 1,2014,such other rate
established by the Board that is permissible under federal and state law and applicable
guidance as of the date of the correction. Underpayments shall be made up from the
Adopting Employer's Trust Fund. eve with respect to underpayments corrected on
pk.a.fterlanuary_Lailjaihematitgatinalzuteinantaiaginanonukaeficiary of
Post Rctirenesst Beneficiasv tD Whom p tt„�w' yp ny-rn nt is rine di l+�f,..� .,,,,,L.
payment is made. said,corrective Davment shall be paid to such Retired Participant's.Pre-
went Beneficiary's or Post Retirement Beneficiary's inn tee benefi inry a.
definers in this_subs erica (b1 or. if ti is net ,�>, demi me .efigigry`to the
deiced Retired pa ticinant'g. Pre-RE remen Beneficiary's or Post Retirement
Beneficiary's eRt_te. For purposes of,this subsectork_the tern "desiQnatecl beneficiary"
1 ; n II io - tt •I I I I,JI I Si. 1,1 .1;11..4 ' :,4;*:1, I ' K: •-1,.1•111
22
�., :I— -1:t�oi -ii : :q =f. I :lL :II . es e %J i It: 4:,u *;_sok; I i .„ 4 : I1 :..
;I'.1/ 4.1 • 100 ;rt. . hIi .i . .,r.�� w : � q �;�3. i =1; (-tit 1!.
annaragiAajUMIellairoinfeast thirty two (321 days.
23. The Table of Contents of the Master Plan is hereby updated by adding
"DEFAULT BENEFICIARY"to the title of Section 8.06.
24. Section 9(A) of the Adoption Agreement, relating to Classes of Eligible
Employees,is hereby amended to be and read as follows:
❑ ALL REGULAR EMPLOYEES EXCEPT for the following employees (must
specify;sneeifle positions are nermissible:anecifle indkidnalamav not lemma
25. The fifth paragraph of Article XXII, relating to Authorization for
Amendments,is hereby
Authorization for Amendments. Effective on and after February 17, 2005, the
Adopting Employer hereby authorizes a 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, as superseded by Revenue Procedure 2015-36,Revenue
Procedure 2011-49, and Announcement 2005-37. Eve January 1. 2013. Georsia
1/4 1141;11 , i>.L1 67 -1 1 I .►1: 14 .1. .1 >] pin_ 1 y .)t 4; I1i CI 4 I p
Employer notice and signature requirements were 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, 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 is 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.
26. The Master Plan and Adoption Agreement are hereby amended for
grammaticatl purposes and to certain cross-references and other scrivener's errors that are
not substantive and that do not alter or amend the substance of the Plan.
RESOLVED FURTHER by the Board that the appropriate officers of GMEBS
are authorized to take any and all actions that they deem appropriate or necessary to
23
effectuate the foregoing resolutions on behalf of the Board, including amending and
restating the Plan, giving notification to adopting employers of amendments as may be
required, submitting the Plan to the IRS to be considered for an advisory letter
application, and making any additional amendments to the Plan as may be necessary or
appropriate to effectuate the foregoing resolutions, including amendments requested by
the IRS, and that all prior actions taken in effectuating the foregoing are hereby ratified
and confirmed in all respects.
The terms of this Resolution are approved and agreed to by the Board of Trustees
of ihe Georgia Municipal Employees Benefit System this 9th day of
December •2016.
Boy Austin,Chairman
Atte
tom,
Lamar Norto -Treasurer
Adopted by the Board of Trustees at the meeting held on Decmnber 9,2016.
24
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