City of Kirkland Employees Benefit Plan

Transcription

1 Effective Dates Mill Established: Restated: Amended: Latest Determination Letter st 12/16/10 2 nd 10/29/10 (restatement) 3 rd 12/31/10 4 th 8/30/11 5 th 1/3/12 PPA Restatement Submitted Jan /9/10 Letter covers 2008 restatement & 1 st Amend st 12/31/10 2 nd 11/30/11 PPA Restatement Submitted Jan st 12/29/10 2 nd 5/18/11 PPA Restatement Submitted Jan st 9/17/10 2 nd 1/11/11 3 rd 12/14/11 PPA Restatement Submitted Jan st 3/10/10 2 nd 1/12/11 3 rd 12/6/11 PPA Restatement Submitted Jan st 2/12/10 2 nd 2/18/11 3 rd 6/13/11 4 th 11/18/11 PPA Restatement Submitted Jan /16/10 7/23/10 8/13/10 7/23/10 12/9/10 Letter covers 2008 restatement and 1 st Amendment st 11/7/11 2 nd 11/28/11 PPA Restatement Submitted Jan /23/10 7/20/ st 1/4/11 2 nd 11/4/11 PPA Restatement Submitted Jan A profit sharing plan '1.2 '1.2 '1.2 '1.2 '1.2 '1.2 '1.2 '1.2 Definition of disability for all except PCB Definition of disability for PCB Definition of maximum compensation From any gainful activity '2.9 Code definition from any gainful activity. 2.9, 2.10, 9.2(c) Medicare wages LTD definition '2.8 Same 9.2 Same 2.21 Unable to perform own occupation No PCB '2.9 No PCB OASDI wages Same ''2.8 Same 2.8, 2.9, 9.2(c) Same 2.20 Same Fed Way '2.9 No PCB Same 2.21 Same '2.8 Same 9.2 Same Federal Way Same '2.9 No PCB Same 2.20 Same '2.9 No PCB Same Federal Way H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 1

2 Normal Date Eligibility- Optional Eligibility- Mandatory Age 65 or earliest service retirement date under other plan whether benefits actuarially reduced or not. For PCB, earliest service retirement date without actuarial reduction. '2.22 1) Regular status employees 2) City Council members 3) Other employees designated by Council ''2.11, 3.1, 3.2 MEBT II s ''2.21, 3.3 Same '2.22 None. ''3.1, 3.2 All Regular employees, council and grandfathered s. 2.15, 3.1, 3.2, 3.3 Same However, not before 5th year of participation. '2.21 None ''3.1, 3.2 All Regular s '' 3.1, 3.2 Same '2.21 Regular s ''2.10, 3.1, 3.2 employees '' 2.14, 3.3 Mill Same No PCB. '2.22 None ''3.1, 3.2 All Regular s, Council Members and s ''2.11, 3.1, 3.2 Same '2.21 Regular s ''2.10, 3.1, 3.2 employees ''2.14, 3.3 Same No PCB. '2.21 None ''3.1, 3.2 All Regular employees; City Manager ''3.1, 3.2 Same No PCB. '2.20 None ''3.1, 3.2 All Regular employees ''3.1, 3.2 H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 2

3 Eligibility Excluded Accounts Extra contributions Basic After- Tax () Contribution Salary Reduction Deferral () PERS s, Independent contractors ''4.5, 5.2(a)(1) ', 5.2(a)(2) ', 5.2(a)(3), 17.2(j) Independent contractors and any employee not defined in Eligibility- Mandatory ''4.3, 5.2(a)(1) Only the amount needed to pay life insurance premiums is Basic (after-tax). Remainder is pick-up. 4.1, 5.2(a)(2), Art. 17 Independent contractors and any employee not defined in Eligibility- Mandatory ''4.2, 5.2(a)(1) (see pickup) Independent contractors ''4.5, 5.2(a)(1) ', 5.2(a)(2) No No ', 5.2(a)(3) Mill Independent contractors and any employee not defined in Eligibility- Mandatory ''4.3, 5.2(a)(1) (see pickup) No PERS s, Independent contractors ''4.5, 5.2(a)(1) ', 5.2(a)(2) ', 5.2(a)(3) s, Independent contractors and any employee not defined in Eligibility- Mandatory ''4.3, 5.2(a)(1) (see pickup). Amounts for life insurance up to the Code 79 limits are paid outside of Plan with the contribution. Remaining amts for life insurance are paid outside of Plan from employee contributions after tax. 4.1, 5.2(a)(2) No Independent contractors and any employee not defined in Eligibility- Mandatory ''4.2, 5.2(a)(1) (see pickup). No H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 3

4 Roth Deferrals. 4.1, 5.2(a)(3), 17.2(j) Mill No. No. Pick-up Contribution ( contribution picked up by employer) (Matching) Contribution Rollover Mandatory MEBT II / No '5.2 ''4.6, 5.2(a)(4) - from any qualified Plan or conduit IRA ' 5.2(a)(5), 16.1 and Admin Rules For MEBT II s ''4.2, 5.2(b). However, amount for life insurance premiums is Basic (after-tax). ', 5.2(a)(3), Art. 17 '4.4, 5.2(a)(4) Same ' 5.2(a)(5), 16.1 and Admin Rules For grandfathered s. Effective 1/1/06 s in Social Security ''3.1, 3.3, 4.2, 5.2(b) - Pickup Account - mandatory employee ', 5.2(a)(2) ''4.3, 5.2(a)(3) Same '' 5.2(a)(4), 15.1 and Admin Rules No employees in Social Security No ''4.6, 5.2(a)(4) Same 5.2(a)(5), 16.1 For '' 4.2, 5.2(b) - Pickup Account - mandatory employee. 4.1, 5.2(a)(1) ''4.4, 5.2(a)(2) Same 5.2(a)(3), 15.1 For ''4.2, 5.2(b) No ''4.6, 5.2(a)(4) Same plus 403(b) ' 5.2(a)(5), 16.1 For ''4.2, 5.2(b) - Pickup account - mandatory. However, prior to pick-up amount is reduced by life insurance premiums paid outside of Plan. ' 4.1, 5.2(a)(3) ''4.4, 5.2(a)(4) Same ' 5.2(a)(5),15.1 Effective 10/1/09 s do not participate and are in Social Security. '' 3.1, 3.3, 4.2, 5.2(b) - Pickup account mandatory. ' 4.1, 5.2(a)(2) ''4.3, 5.2(a)(3) Same ' 5.2(a)(4), 15.1 No must be Regular Full Time or Regular Part Time. If not, in Social Security. 2.11, 3.1 H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 4

5 Allows for additional accounts as needed Segregated prior to NRD (allows employee to move to money market) ' 5.2(a)(6) /beginning within 3 years of NRD/3 times until account paid out/all or part/irrevocable '5.3(b) ' 5.2(a)(6) Same '5.3(b) ' 5.2(a)(5) Same 5.3(b) ' 5.2(a)(6) Same '5.3(b) Mill ' 5.2(a)(4) Same '5.3(b) ' 5.2(a)(6) Same '5.3(b) ' 5.2(a)(6) Same '5.3(b) ' 5.2(a)(5) Same '5.3(b) Contribution Optional Hired prior to Max: SS rate up to SSWB. Min: 10% of SS rate up to SSWB. Can be pre-tax (Salary Deferral), aftertax (Basic) or Roth. Max: 7.65% Min: 0.765% Only Extra contributions. After-tax only. 4.3 Same. 4.2 SS rate up to SSWB. Must either contribute SS rate or none. Can be pre-tax (Salary Deferral) or after-tax (Basic) Max: 7.65% Min. none Same. 4.3 Same. Same Same. 4.3 Same. 4.2 Hired after Max: 6.2 Min. 0.62% Max: 6.2% Min : none Same H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 5

6 Termination of Optional Contributions or Ineligible Eligible - Mandatory Participants on LOA (or ineligible) cannot contribute and no vesting while Inactive. Subject to USERRA catch-up provisions. '4.4, 4.8, 11.2, admin rules. None Participant on LOA (or ineligible) cannot contribute but continues vesting accruals. Subject to USERRA catch-up provisions. ' 4.6, 4.7, 11.2 Pick-up Social Security rate; pre-tax for all, except amount for life insurance premiums is Basic (after-tax) Same. Subject to USERRA catchup provisions. 4.2, 4.4, 4.5, 10.1 Pickup - Social Security rate less Medicare; pretax, all employees 6.2% Inactive Participant for 1 year; no contributions or vesting while Inactive. Participants on FMLA LOA may continue vesting accruals. Subject to USERRA catch-up provisions. '4.4, 4.8, 11.2 None Mill Same Subject to USERRA catchup provisions. ' 4.6, 4.7, 10.2 Pick-up - Social Security rate; pre-tax Same, except Participants on any unpaid LOA may continue vesting accruals. Subject to USERRA catchup provisions. ' 4.4, 4.8, 11.2 None Same. Subject to USERRA catchup provisions. ' 4.6, 4.7, 10.2 Pick-up Social Security rate (pre-tax) for all except life insurance piece paid outside of Plan after tax. Same Subject to USERRA catchup provisions. ' 4.4, 4.5, 10.2 Pick-up - Social Security rate; pre-tax Hired prior to Hired after % 6.2% City incorporated after 4/1/86 City incorporated after 4/1/ % 6.2% City incorporated after 4/1/86 City incorporated after 4/1/86 Instrumentality formed after 4/1/86 Instrumentality formed after 4/1/86 H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 6

7 Extra - no employer matching (MEBT II) -- Mandatory Matching on Basic and Salary Deferral Contributions Guaranteed Match. Limited only by Code rules. Contributions may be pre-tax, after-tax or Roth. ' % of SS rate 6.2% if hired after % if hired before Contributions are after-tax. '4.2 '4.6. Limited only by Code rules. After-tax only. '4.3, 4.9(a) The legal minimum currently 7.5% After-tax. Effective 1/1/06 all s in Social Security except transition group. '4.2 '4.4. Up to 10% of comp. Whole percent increments only. After-tax only. '4.2 All hourly employees in SS. '4.3 Same, except no Roth. '4.5 The legal minimum, currently 7.5% After tax '4.2 Mill Same. '4.3 Same. '4.2 Same, except no Roth. '4.5 Same ' % of total of Basic and Salary Deferral contributions. '4.6 Same. '4.3 Effective October 1, 2009 all s in Social Security '4.4 Same. '4.2. '4.3 H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 7

8 Match Pro-rata share of net contribution. Net is gross less survivor and disability insurance premiums, MEBT II allocations, PCB and administrative expenses not otherwise paid.* '4.6(a) except no survivor life.* '4.4, 4.5 except no PCB and also less life insurance.* '4.3 * '4.6 Mill Federal Way.* '4.4 except also less 80% guaranteed match.* '4.6 except no PCB or survivor life and less group life.* '4.4.* '4.3 Contribution Rate * Administrative expenses are paid by fees assessed to participants, revenue sharing, and the unallocated account (match) in most cases. Investment related expenses are charged to accounts on a pro rata basis. only assesses fees to terminated Participants and Beneficiaries so the excess match pays the remaining administrative expenses. Gross equals all employees Maximum Compensation times FICA rates. 4.6 Gross equals all Eligible Maximum Compensation times FICA rates H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 8

9 Allocation basis contribution for (or MEBT II) Mandatory Contributions Allocation monthly. Allocation based on share of total Basic and Salary Deferral (includes Roth) contributions. '4.6(b) The legal minimum, currently 1.3% (means employee contributes 6.2%) ''4.2, 4.7 Allocation monthly. Based on share of total Participant contributions. '4.4(b) The legal minimum, currently 0% (means employee contributes 7.5%) Effective 1/1/06 all new s in Social Security. ''4.4, 4.5 Allocation quarterly, based on share of total pick-up contributions. '4.3 All hourly employees in SS. Allocation each pay period, based on share of total Basic and Salary Deferral contributions '4.6(b) The legal minimum, currently 0% ''4.6, 4.7 (means employee contributes 7.5%) Mill Allocation each pay period, based on share of total pick-up contributions ' Guaranteed match allocated each pay period. Remaining portion allocated only if employee on last day of Plan Year or retired during Plan Year. Allocation based on share of guaranteed Matching Contributions. '4.6 The legal minimum, currently 1.3% (means employee contributes 6.2%) plus 2.0% of compensation to unallocated contributions to cover administrative expenses. ''4.6, 4.7 Allocation monthly only if employee on last day of month or retired during month. Allocation based on share of total Participant Contributions. '4.4 All hourly employees in SS as of October 1, Allocation quarterly only if employee contributed in that quarter. Based on share of total Participant Pickup Contributions. '4.3 All, if any, in Social Security. Benefits/ Withdrawals H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 9

10 contributions for Disabled Participants (PCB) Until NRD, first distribution or no longer disabled; 180% of last Basic and Salary Deferral (incl. Roth) contributions. 100% vested. NRD means earliest service retirement date without actuarial reduction. ''4.6, 9.2 Until NRD, first distribution or no longer disabled, 160% of last Basic and pickup contribution. 100% vested. Only s working 1,000 hours per year or more eligible. '9.2, 3.1 NRD means earliest service retirement date without actuarial reduction. ''4.4, '9.2 No PCB except no Roth. '4.6, '9.2 Mill No PCB. ' 4.6, 9.2 No PCB No PCB H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 10

11 In-Service Withdrawals Regular (nonhardship) From Basic, Extra and Rollover Accounts. Only 4 withdrawals per calendar year. No suspension of participation. Fees apply (per Fee Schedule). Additional $100 processing fee for withdrawal from Basic Account. Not permitted for MEBT II. Participants over 59 ½ may withdraw from all accounts while employed. ''6.1, 6.2, 6.5, 6.6, 6.7, Admin. Rules From Extra and Rollover Accounts. Only 4 withdrawals per calendar year. No suspension of participation. Fee applies except for QDRO. Not permitted for s. ''6.3, 6.4, 6.5, 14.3, Admin. Rules Participants over 59 ½ same as ' , 6.6, Admin. Rules Participants over 59 ½ -same as '6.7 From Basic, Extra and Rollover Accounts. Only 4 withdrawals per calendar year. May not participate for 6 months if Basic. Fees apply (per Fee Schedule). Not permitted for s. ''6.1, 6.2, 6.5, 6.6, Admin. Rules Participants over 59 ½ - same as 6.7 Mill From Extra and Rollover Accounts. 1X per 12 months from each account. No suspension of participation. Fees apply (per Fee Schedule). Not permitted for s. ' 6.3, 6.4, 6.5, Admin. Rules Participants over 59 ½ -same as 6.7 From Basic and Extra Accounts. 2X per 12 months. Fees apply per fee schedule. Additional $100 processing fee for first withdrawal from Basic; no fee for second withdrawal from Basic, but cannot participate for 12 months. ''6.1, 6.2, 6.5, Admin. Rules Participants over 59 ½ may withdraw from all accounts while employed. 1X per 12 months. 6.8 Participants over 59 ½ Same as 6.5. No limit on number per year. From all Accounts to purchase PERS or LEOFF credits or to repay a prior cash-out. First from, then Pickup, then Extra Accounts. 1X per 12 months. Must be fully vested in Account. Trustee to trustee transfer or Direct Rollover. Effective 1/1/13, from Extra and Rollover Accounts. 1X per 12 months from each account. May not participate for 1 year if Extra. Fees apply (per Fee Schedule). 6.1, 6.2, 6.4 Effective 9/1/13, Participants over 59 ½ -same as 6.5 H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 11

12 In-Service Withdrawals - Hardship Participant Loans Termination Payments Begin From Basic and Principal from Salary Deferral Accounts (including Roth, if a qualified distribution). 1X per career for home purchase or remodel. All withdrawals subject to 4 per calendar year limit. Not permitted for MEBT II. ''6.3, 6.4, 6.5, Admin. Rules. 6.8, 12.5, Loan Policy At Severance from employment; may defer up to age 70 ½ Art. 7, Art. 8 From Basic and Pick-up Accounts. 1X per career for home purchase or remodel. All withdrawals subject to 4 per calendar year limit. Fee applies. Not permitted for s. ''6.1, 6.2, 6.4, Admin. rules No Art. 7, Art. 8 From Rollover, Pick-up or Extra Accounts. 1X per career for home purchase. All withdrawals subject to 4 per calendar year limit. ''6.1, 6.2, 6.3, Admin. Rules '6.4, 11.5, Loan Policy Art. 7, Art. 8 From Salary Deferral Account only. 1X per career for home purchase. All withdrawals subject to 4 per calendar year limit. May not participate for 6 months. Not permitted for s. ''6.3, 6.4, 6.5 Admin. Rules. 6.8, 12.5, Art. 7, Art. 8 Mill From Basic or Extra Accounts. 1X per 12 months, except tuition; 1X per career for home purchase Not permitted for s. 6.1, 6.2 No Art. 7, Art. 8 From Basic, Salary Deferral or Rollover Account. 1X per 12 months, except tuition. 1X per career for home purchase or remodel. ''6.3, 6.4, 6.5, 6.7 ''6.6, 12.5, Loan Policy Art. 7, Art. 8 From all Accounts. 1X per career for home purchase. All withdrawals subject to 4 per calendar year limit. ' Effective July 1, No Art. 7, Art. 8 From Pick-up Account. 1X per 12 months, except tuition. Fee Applies. 1X per career for home purchase. 6.3 No Art. 7, Art. 8 H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 12

13 Termination of Employment Termination - Payment Options Optional payment of all vested Accounts if > $1,000; Account balances > $1,000 and $5,000 or less to money market. 100% vesting of account on death, disability, layoff or at NRD. LTE s do not vest on layoff. 7.1, 7.2, 11.1 If account is >$1,000 (or IRS limit), participant can leave account until later date; may choose all forms of payouts. If $1,000 or less, mandatory lump sum cashout. ' 7.1, 7.2, Admin. Rules, except no LTE provision. 7.1, , 7.2, Admin. Rules, except no LTE provision. 7.1, , 7.2, except no LTE provision. 7.1, 7.2 ' 7.1, 7.2 Mill, except no LTE provision. 7.1, 7.2 ' 7.1, 7.2, except no LTE provision. 7.1, 7.2 ' 7.1, 7.2, except no LTE provision. 7.1, 7.2, ' 7.1, 7.2, except no LTE provision. 7.1, 7.2, ' 7.1, 7.2 H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 13

14 Forms of Payments Any Form of Termination & Account is >$1,000 (or IRS limit) Accounts $1,000 or less lump sum only Lump sum, monthly, quarterly or annual installments as nearly equal as possible, or annuity contract. May accelerate, defer or reduce installments on all or portion of unpaid amounts. May take withdrawals under Article 6 and partial distributions from any account. Participant may designate the contract (after tax plus earnings or all other contributions plus earnings) as permitted under Code Section 72. ''7.2, Admin. rules '7.2, Admin. Rules 7.2 '7.2 Mill 7.2 ' H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 14

15 Death Benefits Partial Distributions Payment of Accounts over a period not to exceed 5 years, or over beneficiary s life expectancy. If account balance is < $1,000, lump sum. 7.1, Art. 8 May defer all or part. May elect partial distributions from any account participant designates. Participant may designate the contract (after tax plus earnings or all other contributions plus earnings) as permitted under Code Section 72. '7.2(e) Same. 7.1, Art. 8 ' 7.2(e) Same. 7.1, Art (e) Same. 7.1, Art. 8 ' 7.2(e) Mill Same. 7.1, Art. 8 ' 7.2(e) Same. 7.1, Art. 8 ' 7.2(e) Same. 7.1, Art. 8 ' 7.2(e) Same. 7.1, Art. 8 ' 7.2(d) H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 15

16 Vesting Schedule Rehire <12 mos 0.% 12 mos 10% addl mo % 120 mos 100.0% Includes months with other MEBT plans if former account rolled over in full. No vesting for Inactive Participants. Monthly credit given if contribute for at least one pay period. 11.1, 11.2 Admin Rules Credited for prior Months of Continuous Participation for vesting. Effective for employees hired after 12/31/99. '11.4 < 12 mos. 0% 12 mos. 10% addl. mo. 1.25% >84 mos. 100% Includes months with other MEBT plans if former account rolled over in full. Monthly credit given if contribute for at least one pay period. 11.1, 11.2 '11.4 <1 yr. 0% 1 yr. 20% 2 yrs. 40% 3 yrs. 60% 4 yrs. 80% >5 yrs. 100% All years count whether Active or not (elapsed time method). Includes months with other MEBT plans if former account rolled over in full. 10.1, 10.2 '10.4. Vesting only occurs while actively participating. 11.1, 11.2 Effective for employees hired after 12/31/00 '11.4 Mill. 10.1, 10.2 '10.5 <12 mos. 0% 12 mos. 20% addl. mo % 60+ mos. 100% Includes months with other MEBT plans if former account rolled over in full. Monthly credit given if contribute for at least one pay period. 11.1, 11.2 Rehires will be credited with prior months of continuous participation for vesting if they participate immediately on rehire and continue 12 months. ' % effective January 1, All Participants 100% vested. <12 mos. 0% 12 mos. 20% addl. mo % 60+ mos. 100% Includes months with other MEBT plans if former account rolled over in full, participate immediately and for 12 months. Monthly credit given if contribute for at least one pay period Rehires do not receive credit for prior months of continuous participation. '10.4 H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 16

17 Forfeitures Restoration of Forfeitures Nonvested accounts are forfeited on termination (whether defer receipt or not). '7.1(a)(6) 7.1(a)(6) 7.1(a)(6) 7.1(a)(6) Mill 7.1(a)(6) None None None None. If rehired within one year and repayment is made within 6 months. ' (a)(6) None % vested 100% vested 7.1(a)(6) None Valuation of Accounts Daily. ' 2.31, 5.1, 7.4, 8.1 ' 2.31, 5.1, 7.4, 8.1 ' 2.30, 5.1, 7.4, 8.1 ' 5.1, 7.4, 8.1 '2.31. ' 7.4, 8.1 ' 5.1, 7.4, 8.1 ' 5.1, 7.4, 8.1 ' 5.1, 7.4, 8.1 H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 17

18 Administrative Fee Charged to All Accounts Periodic maintenance fee assessed to all MEBT I participants and deferred Accounts. Charged first to Contribution Account, then pro rata to other Accounts. Fee is based on 3 year rolling average of annual plan expenses divided by number of MEBT I, MEBT II participants and Beneficiaries. pays all fees for MEBT II. Method by Rules. 12.7, Admin. Rules Same except MEBT II also pay fees. 12.7, Admin Rules. Same, except no MEBT II participate. 11.7, Admin. Rules Same Mill Same, except no fee for active MEBT II, and fee reduced by ½ for Council. 11.7, Admin. Rules Fee charged to Deferred Accounts only. Periodic maintenance fee will be assessed on all participants deferring distribution (terminated, retired, beneficiaries and alternate payees). Charged first to Contribution Account. Fee is based on 3 year rolling average of annual plan expenses divided by number of MEBT I, MEBT II participants and Beneficiaries. 7.1(c), 12.7 Same, except no MEBT II participate Same, except no MEBT II participate H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 18

19 Plan Committee Rollovers in to Plan Five members, all appointed by the City Manager for five year terms. Four must be participants From 401(a) and conduit IRAs only. No 457, 403(b), traditional IRA. Admin Rules members. Mayor appoints and City council confirms 2 members. Four members are elected from participants for 3 year terms and may be reelected for an additional term. Elected includes 1 from Police, 1 from Exec/Admin and 2 from all other departments From 401(a), 403(b) and traditional IRAs (pre-tax only). No 457 Admin Rules members. City Manager or designee holds one. Others elected from the membership for 3 year terms. No term limits Admin Rules members. appoints 2 members. 3 are elected by participants for a three year term. No term limits. At least 4 of the 5 must be participants Admin Rules 16.1 Mill 5 members, all appointed by the City Manager for three year terms. 3 must be participating s From 401(a), 403(b) conduit IRAs. No 457 or traditional IRAs. Admin Rules 15.1 Seven members, all appointed by the. 1 must be the Finance Director. Five must be participants Mill. Admin Rules members, all appointed by the City Manager for 5 year terms. All must be participants Admin Rules members, all appointed by the Executive Director for five year terms. (3 year terms after initial appointments.) No term limits. 1 must be the Finance Director. Others need not be participants Mill. Admin Rules 15.1 H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 19

20 Amendments to Plan Permitted by Committee Any to maintain qualification or conform to other law and which don t increase s contributions 12.5(g) 12.5(g) Any to maintain qualification or conform to other law which don t increase s contributions and those which in the Committee s opinion are in best interest after arranging a meeting of participants to comment on proposed amendments. 11.5(f) and (g) Any which Committee determines (1) will facilitate Administration, (2) are in best interests of Participants and Beneficiaries, or (3) are necessary to maintain Plan qualification or conform to other law, and (4) which do not increase s obligation. 12.5(g) Mill 11.5(g). 12.5(g). 11.5(g) 11.5(g) H:\ Services\MEBT\Audit\2013\plan matrix 2014 (clean)).doc 20