HomeMy WebLinkAbout2009 10 07 Pension Plan Actuarial Services Request For Proposal Number 021/09/JDDate: October 8, 2009
The attached document was referenced during
the October 7, 2009 Special Meeting of the
Board of Trustees.
REQUEST FOR PROPOSALS
Pension Plan Actuarial Services
RFP 0211091JD
City of Winter Springs, Florida
1126 East SR 434
Winter Springs, FL 32708
407 327 -1800
Table of Contents
I. Introduction 1
II. Background 1
III. City Contact 2
IV. Selection Process 2
V. Term of Contract 2
VI. Submittal Requirements 2
VII. Additional Information 3
VIII. Protest Bond Policy 4
IX. Scope of Services 4
Required Forms 6 -17
I. Introduction
The City of Winter Springs, Florida, invites the submittal of proposals for actuarial services
from qualified actuaries who are experienced in the servicing of municipal pension plans.
The City intends to select one vendor to perform these services for a three (3) year period.
Qualified vendors who are interested in providing these services may download the RFP
from: http /www.wintersprinasfl.ora /EN /main /main /bid.htm. Any questions concerning this
RFP should be directed to the City contact as listed in this RFP document.
Submittal responses shall include four (4) originals plus one (1) electronic copy in a sealed
package marked:
RFP #021/09/JD
PENSION PLAN ACTUARIAL SERVICES
ATTN: PURCHASING COORDINATOR
Submittal must be received by the Purchasing Coordinator, 1126 East State Road 434,
Winter Springs, FL 32708, no later than 3:00 PM, Wednesday, September 16, 2009.
Failure to deliver submittals to the designated office before the indicated deadline will result
in said submittal not being considered.
Vendors who are preparing a submittal response to this request are expected to examine
this request including all relevant forms, terms, conditions, and instructions. All costs
associated with preparation and submittal of proposal shall be borne entirely by the vendor.
Submittals will become the property of the City and will become part of the public record,
subsequent to award of the contract or rejection of all submittals. Submittals will be
evaluated by a selection committee composed of City staff. Interviews may be requested at
the discretion of the selection committee. A final determination on the selection of an
actuary will be made by the City Commission at a date and time to be determined. The City
reserves the right to reject any or all submittals in whole or in part; to re- advertise for any or
all of the services; to negotiate for additional services or materials; and /or to accept the
proposal(s), which, in its judgement best serves the interest of the City.
11. Background
The City of Winter Springs maintains a Defined Benefit Plan and Trust for all regular full -time
employees. The Plan, which was adopted as a Money Purchase Floor Offset plan on
October 1, 1997 was amended and restated as a Defined Benefit Plan effective October 1,
2000. According to the latest Actuarial Valuation Report for the October 1, 2007 thru
September 30, 2008 plan year, the Plan represents approximately 371 participants. The
Fund has assets in the $15 million range, which are professionally managed. Employees
who are within the "contributory" provisions of the Plan are required to contribute (3 of
their gross salary to the Fund. The defined benefit multiplier for this group is three percent
(3 The plan includes a tiered vesting schedule with 100% vesting after seven (7) years.
A copy of the most recent Summary Plan Description is attached as Attachment "A
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III. City Contact
All inquiries, comments, and /or requests for clarification regarding this RFP must be
submitted in writing to:
Joanne Dalka, Information Services Director
City of Winter Springs
1126 East State Road 434
Winter Springs, FL 32708
jdalka(a�winterspringsfl.org (email)
407 327 -6670 (facsimile)
IV. Selection Process
The City will select one actuary based on the selection committee's determination of the
actuaries who are deemed to be the most qualified among those submitting proposals on
the basis of the following:
Experience (50
Fees (25
References (25
V. Term of Contract
The term of this contract shall be for a period of three (3) years with an option to renew for
an additional three (3) year period, providing that the services have been satisfactory, and
that renewal will be in the best interest of the City. The terms, provisions and conditions of
this agreement shall apply for the initial term of the agreement and for any renewal period.
Proposals that do not comply with these requirements may be rejected at the option of the
City. These documents constitute the complete set of terms and conditions, specification
requirements, and required forms.
VI. Submittal Requirements
Regired Number of Copies: Vendors shall submit four (4) complete sets of their proposal,
complete with all supporting documentation. Vendors shall also submit one (1) additional
complete set in electronic format (Adobe PDF format) on CD or DVD media.
Execution of Proposal
Proposals must contain a manual signature, in ink, in the space provided on the Submittal
Cover Sheet. Entire proposal document and attachments must be executed and submitted
in a sealed package, on or before the due date and time.
Submittal Identification and Deadline
The proposals (all copies including electronic copy) shall be submitted in a sealed envelope
marked as follows:
RFP 021/09/JD
PENSION PLAN ACTUARIAL SERVICES
ATTN: Purchasing Coordinator
The package must be received by the Purchasing Coordinator, 1126 East State Road 434,
Winter Springs, Florida 32708, no later than 3:00 P.M., September 16, 2009. Submittals
received after this time will not be considered. There will be no formal public opening.
It is the sole responsibility of the Proposer to have his /her proposal
delivered to the Purchasing Coordinator on or before the closing hour and
date shown above for receipt of proposals.
Submittal Document Order
The submittal should be ordered as follows:
I. Submittal Cover Sheet (provided herein)
II. Letter of Interest
III. Profile of proposer
a. State whether your firm is national, regional, or local.
b. State the location of the office from which your work is to be performed.
c. Describe the firm, including the size, range of activities, etc.
d. Provide a list and description of similar municipal engagements satisfactorily
performed within the past two (2) years. For each engagement listed, include the
name and telephone number of a representative for whom the engagement was
undertaken who can verify satisfactory performance.
IV. Summary of Qualifications Identify the key personnel who will work as part of the
team. Include resumes for each person to be assigned. The resumes may be
included as an appendix.
V. Forms:
a. Vendor Rate /Fee Schedule (provided herein)
b. Disputes Disclosure Form (provided herein)
c. Insurance Requirements Form (provided herein)
d. Florida Statutes on Public Entity Crimes Form (provided herein)
e. Drug -Free Work Place Form (provided herein)
f. Conflict of Interest Statement (provided herein)
g. Certification of Non Segregated Facilities Form (provided herein)
h. Public Records Form (provided herein)
VII. Additional Information
a. Do not include any sub consultants in the submittal. Also, do not show project team
members that are not current employees of the firm.
b. Each proposer shall examine all proposal documents and judge for themselves all
matters relating to the adequacy and accuracy of the documents. If the proposer is of
the opinion that any part(s) of the proposal document is incorrect or obscure, or that
additional information is needed, proposer shall request such information or clarification
from the City Information Services Director, in writing, in order that appropriate addenda
may be issued, if necessary, to all prospective proposers.
c. No oral change or interpretation of the provisions contained in this RFP is valid. Written
addenda will be issued when changes, clarifications, or amendments to proposal
documents are deemed necessary. The issuance of a written addendum is the only
official method whereby interpretation, clarification or additional information can be
given.
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d. All materials submitted in response to the RFP become the property of the City and will
not be returned to the proposer. The City has the right to use any or all ideas presented
in any response to the RFP whether amended or not and selection or rejection of the
proposal does not affect this right, provided however, that any proposal that has been
submitted to the City may be withdrawn prior to the proposal opening time stated herein,
upon proper identification and signature releasing proposal documents back to proposer.
e. The City reserves the right to determine, at its sole discretion, whether any aspect of a
proposal satisfies the criteria established in this RFP. The City further reserves the right
to negotiate with any person or firm submitting proposals and reserves the right to reject
any or all proposals with or without cause. The City also reserves the right to waive
minor technical defects in the proposal. In the event that this RFP is withdrawn by the
City for any reason, the City shall have no liability to any applicant for any costs or
expenses incurred in connection with this RFP or otherwise. All such expenses incurred
in the preparation of an RFP shall be borne by the proposer.
f. Failure or refusal of the successful proposer to execute a contract within thirty (30) days
after award shall constitute a default. Any such proposer shall not assign, transfer,
convey or otherwise dispose of any or all of its rights, title or interest therein, or its power
to execute such contract to any person or firm without prior written consent of the City.
g. The proposer shall furnish the City such additional information as may reasonably be
required.
h. The City reserves the right to conduct personal interviews with any or all proposers prior
to selection. The City will not be liable for any costs incurred by the proposer in
connection with such interview(s).
The City reserves the right to conduct pre- contract negotiations with any proposer.
The signed proposal shall be considered an offer on the part of the proposer. In
case of default on the part of the successful Bidder, after acceptance, the City may
take such action as it deems appropriate including legal action, for damages or
specific performance.
VIII. Protest Bond Policy
In the event of a protest, a protest bond of 10 percent (10 or one thousand dollars
($1,000), whichever is greater, along with the protest form shall be required from the
protesting vendor within forty eight (48) hours of the awarding of this bid /proposal.
Monies will be submitted in the form of cash or a cashiers /certified check (deposit made
with the City). The bond will be required at the time the protest is registered with the
Purchasing Office. In the event the City Commission determines the bid protest is
without merit the bond will be forfeited. All forms may be obtained from the Purchasing
Department.
IX. Scope of Services
The base scope of services includes but is not limited to the following:
Benefits Administration Functions
Determine eligibility, benefits, and vesting for Plan participants.
Perform contribution analysis and review for Plan participants.
Prepare benefit calculations for Plan participants as requested.
Prepare pension service time buy -back calculations, as needed.
Process all documents for payments to terminated or retiring employees within one week
of request.
Prepare and deliver annual employee benefit statements for Plan participants within 60
days of Plan fiscal year end.
Actuarial Valuation and SPD Preparation
Produce an annual actuarial valuation report in accordance with State laws and
regulations so as to establish required municipal contribution levels, set forth Fund
assets and liabilities, provide historical data, and render observations and opinions as to
the funding of the Plan.
Meet, as necessary, with the Board of Trustees of the Fund, the Pension Board, or
Commission to explain changes to the Fund and actuarial assumptions utilized.
Prepare a Summary Plan Description (SPD) every two (2) years or as required (as
requested).
Review of Plan mortality tables used to calculate actuarially equivalent benefit options.
Ad hoc Calculations and Analysis
Calculate and report the cost of changes in benefit structure as a result of change of
direction in City policy or changes in Federal or State laws impacting upon the Plan.
Provide general advice and counsel on the Plan and benefit structures.
Respond to any inquiries by the State of Florida regarding issues derived from their
review of the Actuarial Valuation Report and obtaining State acceptance.
Review current plan design to ensure the retirement program is meeting the goals of the
City in benefits provided and cost control.
Consult with City's financial advisors and /or legal counsel in the implementation and
administration of the plan.
Additional Services
Additional work above and beyond stated scope of services may, from time to time, be
requested by the City. All such additional work must be authorized by the City in writing.
For all additional work, vendor is requested to provide a proposal which shall include a
breakdown of the hourly rate which will be applicable, in determining the cost of these
services, by major category of employee (actuary, associate, clerical, etc.); for these
additional services, billing will be broken down into time per category by major task.
These fees will be fixed for the initial period of two years, and negotiated thereafter.
Prior to accepting an assignment for additional work, you will be requested to provide a
proposed fee for the task on a "not to exceed" basis prior to receiving authority to
proceed.
SUBMITTAL COVER SHEET
Submit proposal to:
Purchasing Department
CITY OF WINTER SPRINGS
1126 East State Road 434
Winter Springs, Florida 32708
407 327 -5959
Proposal Due Date Time: September 16, 2009 3:00 p.m.
REQUEST FOR PROPOSAL (RFP)
#021/09/JD
PENSION PLAN ACTUARIAL SERVICES
I hereby certify that the information contained herein is true. I agree and understand that any
misstatement or misrepresentation or falsification of facts shall be cause for disqualification of
the submittal, immediate cancellation of any contract with the City that might arise from the
representations contained herein, and forfeiture of rights for further consideration for work in the
City of Winter Springs.
VENDOR NAME:
MAILING ADDRESS:
City:
Name /Title:
Authorized Signature /Date:
Email Address:
State:
zip:
Phone Fax
This Form Must Be Completed and Returned With Your Submittal.
VENDOR RATE /FEE SCHEDULE
Please include a breakdown of the dollar amount of and the basis for your fees as appropriate based on the
following categories (generally defined in Scope of Services):
Benefits Administration Functions
Annual Valuation and SPD Preparation
Ad hoc Calculations and General Analysis
Total proposed annual fee for base services as per scope of work
Fee /Rate Schedule for any additional services (above and beyond that stated in the base scope of
services) that may be requested:
Category of Employee
Hourly Rate
For all additional work, vendor is requested to provide a proposal which shall
include a breakdown of the hourly rate which will be applicable, in determining the
cost of these services, by major category of employee (actuary, associate, clerical,
etc.); for these additional services, billing will be broken down into time per
category by major task. These fees will be fixed for the initial period of two years,
and negotiated thereafter. Prior to accepting an assignment for additional work,
you will be requested to provide a proposed fee for the task on a "not to exceed"
basis prior to receiving authority to proceed.
This Form Must Be Completed and Returned With Your Submittal.
DISPUTES DISCLOSURE FORM
Answer the following questions by answering "YES" or "NO If you answer "YES please
explain in the space provided, please add a page(s) if additional space is needed.
1. Has your firm, or any of its officers, received a reprimand of any nature or been suspended by the
Department of Professional Regulation or any other regulatory agency or professional association
within the last five (5) years?
2. Has your firm, or any member of your firm, been declared in default, terminated or removed from
a contract or job related to the services your firm provides in the regular course of business within
the last five (5) years?
3. Has your firm had filed against it or filed any requests for equitable adjustment, contract claims or
litigation in the past five (5) years that is related to the services your firm provides in the regular
course of business? If yes, the explanation must state the nature of the request for
equitable adjustment, contract claim or litigation, a brief description of the case, the outcome or
status of suit and the monetary amounts or extended contract time involved.
I hereby certify that the statements contained herein are true. I agree and understand that any misstatement or
misrepresentation or falsification of facts shall be cause for disqualification of the submittal, immediate cancellation
of any contract with the City that might arise from the representations contained herein, and forfeiture of rights for
further consideration for work in the City of Winter Springs.
Firm:
Name Title:
Authorized Signature Date:
This Form Must Be Completed and Returned with your Submittal
INSURANCE REQUIREMENTS FORM
1. The vendor shall be required to provide to the Purchasing Coordinator, prior to signing a contract for or
commencing any work, a Certificate of Insurance which verifies coverage in compliance with the requirements
outlined below. Compliance of said certificate must be acknowledged by the Purchasing Coordinator prior to
start of work. Any work initiated without completion of this requirement shall be unauthorized and the City of
Winter Springs will not be responsible.
2. The City of Winter Springs reserves the right to require coverage and limits as considered to be in its best
interests. Insurance requirements shall be on a case by case basis determined by the project, conditions and
exposure.
3. Except for Professional Liability and Workers Compensation Policies, when required, all policies are to be
endorsed to include the City of Winter Springs as Additional Insured. In the cancellation clause the
number "30" shall be inserted into the blank space provided prior to the words "days prior notice... All
vendor policies are to be considered primary to City coverage and shall not contain co- insurance provisions.
4. In the event that the insurance coverage expires prior to the completion of services, a renewal certificate shall
be issued 30 days prior to said expiration date.
5. Subvendors or sub contractors retained by the primary vendor are the responsibility of said primary
vendor in all respects.
6. Insurance requirements:
COVERAGE REQUIRED
MINIMUM POLICY LIMITS
Workers' Compensation
Statutory
Commercial General Liability including Contractual Liability, Products and
Completed Operations, XCU and Owners and Contractors Protective
1,000,000 Occurrence
Comprehensive Auto Liability, CSL, shall include "any auto"
1,000,000 CSL
Professional
$1,000,000 Occurrence
(NOTE: All limits are per occurrence and must include Bodily Injury and Property Damage. Deductibles and
self insured retentions must be approved by the City of Winter Springs, and all insurers must have an A.M. Best
rating of at least A: VII.)
7. Bonding Required: None This Submittal
8. Vendor will be required to provide a certificate of insurance in compliance with the above, within four (4) days of
notification of award with continuing coverage, without a break.
9. 1 hereby certify that the insurance and bonding requirements outlined above shall be met as required, if I am
awarded a contract for the services specified herein.
Firm:
Name Title:
Authorized Signature Date:
This Form Must Be Completed and Returned with your Submittal
FLORIDA STATUTES ON PUBLIC ENTITY CRIMES FORM
THIS FORM MUST BE SIGNED AND SWORN TO IN THE PRESENCE OF A NOTARY PUBLIC
OR OTHER OFFICIAL AUTHORIZED TO ADMINISTER OATHS.
1. This sworn statement is submitted to the City of Winter Springs by:
on behalf of:
whose business address is:
Federal Employer Identification Number (FEIN)
or Social Security of the person signing this statement:
2. 1 understand that a "public entity crime" as defined in Paragraph 287.133(1)(g), F.S., means a
violation of any state or federal law by a person with respect to and directly related to the
transaction of business with any public entity or with an agency or political subdivision of any
other state or with the United States, including, but not limited to, any bid or contract for goods or
services, any lease for real property, or any contract for the construction or repair of a public
building or public work, involving antitrust, fraud, theft, bribery, collusion, racketeering,
conspiracy, or material misrepresentation.
3. 1 understand the "convicted" or "conviction" as defined in Paragraph 287.133(1)(b), F.S.,
means a finding of guilt or a conviction of a public entity crime, with or without an adjudication of
guilt, in any federal or state trial court of record relating to charges brought by indictment or
information after July 1, 1989, as a result of a jury verdict, non -jury trial, or entry of a plea of guilt
or nolo contendere.
4. 1 understand that an "affiliate" as defined in Paragraph 287.133(1)(a), F.S., means:
A predecessor or successor of a person convicted of a public entity crime or an
entity under the control of any natural person who is active in the management of
the entity and who has been convicted of a public entity crime. The term "affiliate"
includes those officers, directors, executives, partners, shareholders, employees,
members, and agents who are active in the management of an affiliate. The
ownership by one person of shares constituting a controlling interest in another
person, or a pooling of equipment or income among persons when not fair market
value under an arm's length agreement, shall be a prima facie case that one
person controls another person. A person who knowingly enters into a joint
venture with a person who has been convicted of a public entity crime in Florida
during the preceding 36 months shall be considered an affiliate.
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5. 1 understand that a "person" as defined in Paragraph 287.133(1)(e), F.S., means any natural
person or entity organized under the laws of any state or of the United States with the legal
power to enter into a binding contract and which bids or applies to bid on contracts let by a public
entity, or which otherwise transacts or applies to transact business with a public entity. The term
"person" includes those officers, directors, executives, partners, shareholders, employees,
members, and agents who are active in management of an entity.
6. Based on information and belief, the statement which I have marked below is true in relation
to the entity submitting this sworn statement. (Please indicate which statement applies.)
Neither the entity submitting this sworn statement, nor any of its officers, director,
executives, partners, shareholders, employees, members, or agents who are active in the
management of the entity, nor any affiliate of the entity were charged with and convicted of a
public entity crime after July 1, 1989.
The entity submitting this sworn statement, or one or more of the officers, directors,
executives, partners, shareholders, employees, members, or agents who are active in the
management of the entity, or any affiliate of the entity was charged with and convicted of a public
entity crime after July 1, 1989.
The entity submitting this sworn statement, or one of its officers, directors, executives,
partners, shareholders, employees, members, or agents who are active in the management of
the entity, or any affiliate of the entity was charged with and convicted of a public entity crime
subsequent to July 1, 1989. However, there has been a subsequent proceeding before a
Hearing Officer of the State of Florida, Division of Administrative Hearings and the Final Order
entered by the Hearing Officer determined that it was not in the public interest to place the entity
submitting this sworn statement on the convicted vendor list. (Attach a copy of the final order.)
I understand that the submission of this form to the City of Winter Springs is for the City of Winter
Springs only, and that this from is valid through December 31, 2007. 1 also understand that I am
required to inform the City of Winter Springs prior to entering into a contract in excess of $25,000
of any change in the information contained in this form.
Signature Date
State of Florida, County of On this day of 20
me, the undersigned Notary Public of the State of Florida, personally appeared:
(Name(s) of individuals who appeared before notary)
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whose name(s) is /are Subscribed to the within instrument, and he /she /they acknowledge that
he /she /they executed it.
Sworn to and subscribed before me this
day of 20 Notary Public
My Commission expires:
Personally Known
Produced Identification:
(Type)
Did take an Oath
Did Not take an Oath
This Form Must Be Completed and Returned with your Submittal
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DRUG -FREE WORK PLACE FORM
The undersigned, in accordance with Florida Statute 287.087 hereby certifies that the company named
below does:
1. Publish a statement notifying employees that the unlawful manufacture, distribution,
dispensing, possession, or use of a controlled substance is prohibited in the workplace and
specifying the actions that will be taken against employees for violations of such prohibition.
2. Inform employees about the dangers of drug abuse in the workplace, the business's policy
of maintaining a drug -free workplace, any available drug counseling, rehabilitation, and
employee assistance programs, and the penalties that may be imposed upon employees for
drug abuse violations.
3. Give each employee engaged in providing the commodities or contractual services that are proposed
a copy of the statement specified in subsection (1).
4. In the statement specified in subsection (1), notify the employees that, as a condition of
working on the commodities or contractual services that are under bid, the employee will abide by the
terms of the statement and will notify the employer of any conviction of, or plea of guilty or nolo
contendere to, any violation of Chapter 893 or of any controlled substance law of the United States or
any state, for a violation occurring in the workplace no later than five (5) days after such conviction.
5. Impose a sanction on, or require the satisfactory participation in a drug abuse assistance or
rehabilitation program if such is available in the employee's community, by any employee who is so
convicted.
6. Make a good faith effort to continue to maintain a drug -free workplace through implementation of this
section.
Firm:
Name Title:
Authorized Signature Date:
This Form Must Be Completed and Returned with your Submittal
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CONFLICT OF INTEREST STATEMENT
1
of
deposes and states that
Name of Affiant Name of Company
the above named entity is submitting a proposal to the City of Winter Springs for the project identified
above.
2. The Affiant has made diligent inquiry and provides the information contained in this Affidavit based
upon his own knowledge.
3. The Affiant states that only one submittal for the above project is being submitted and that the above
named entity has no financial interest in other entities submitting qualifications for the same services.
4. Neither the Affiant nor the above named entity has directly or indirectly entered into any agreement,
participated in any collusion, or otherwise taken any action in restraint of free competitive pricing in
connection with the entity's submittal for the above project. This statement restricts the discussion of
pricing data until the completion of negotiations and execution of the Agreement for this project.
5. Neither the entity nor its affiliates, nor anyone associated with them, is presently suspended or
otherwise ineligible from participating in contract lettings by any local, state, or federal agency.
6. Neither the entity, nor its affiliates, nor anyone associated with them have any potential conflict of
interest due to any other clients, contracts, or property interests for these services.
7. 1 certify that no member of the entity's ownership, management, or staff has a vested interest in any
aspect of or department of the City of Winter Springs.
8. 1 certify that no member of the entity's ownership or management is presently applying for an
employee position or actively seeking an elected position with City of Winter Springs.
9. In the event that a conflict of interest is identified in the provision of services, 1, on behalf of the above
named entity, will immediately notify the City of Winter Springs in writing.
Signature of Affiant
Date
Title Typed or Printed Name of Affiant
State of Florida, County of
On this day of 20_, before me, the undersigned Notary Public of the
State of Florida, personally appeared
and
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(Name(s) of individuals who appeared before notary)
whose name(s) is /are subscribed to the within instrument, and he /she /they acknowledge that he /she /they
executed it.
WITNESS my hand and official seal.
NOTARY PUBLIC, STATE OF FLORIDA NOTARY PUBLIC
SEAL OF OFFICE:
(Name of Notary Public: Print, Stamp, or Type as Commissioned.)
This Form Must Be Completed and Returned with your Submittal
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CERTIFICATION OF NON SEGREGATED FACILITIES
FORM
By affixing his signature to this form, the consultant certifies that he does not maintain or provide for his
employees any segregated facilities at any of his establishments, and that he does not permit his
employees to perform their services at any location, under his control, where segregated facilities are
maintained. The consultant certifies further that he will not maintain or provide for his employees any
segregated facilities at any location under his control where segregated facilities are maintained. The
consultant agrees that a breach of this certification will be a violation of the Equal Opportunity clause in
any contract resulting from acceptance of this Bid. As used in this certification, the term "segregated
facilities" means any waiting rooms, work areas, restrooms and washrooms, restaurants and other eating
areas, time clocks, locker rooms and other storage and dressing areas, parking lots, drinking fountains,
recreation or entertainment area, transportation and housing facilities provided for employees which are
segregated by explicit directive, or are in fact segregated on the basis of race, color, religious disability or
national origin, because of habit, local custom, or otherwise. The consultant agrees that (except where
he has obtained identical certifications from proposed subcontractors for specific time periods) he will
obtain identical certifications from proposed subcontractors prior to the award of subcontracts exceeding
$10,000 which are not exempt from the provisions of the Equal Opportunity clause, and that he will retain
such certifications in his files.
The nondiscriminatory guidelines as promulgated in Section 202, Executive Order 11246, and as
amended by Executive Order 11375 and as amended, relative to Equal Opportunity for all persons and
implementations of rules and regulations prescribed by the United States Secretary of Labor are
incorporated herein.
NOTE; The penalty for making false statements in offers is prescribed in 18 U.S.C. 1001.
0
Date:
Print Name
Official Address:
Title
This Form Must Be Completed and Returned with your Submittal
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PUBLIC RECORDS FORM
All proposals are subject to the Florida Public Records Act, F.S. 119. The
submission of a proposal authorizes release of your firm's credit data to the City
of Winter Springs. Responsive proposals are "public records" and shall be subject to
public disclosure consistent with Chapter 119.07(3) (o), Florida Statutes. Vendors must
invoke any exemptions to disclosure provided by law in the response to the proposal,
and must identify the data or other materials to be protected, and must state the
applicable statutory exemption for exclusion from public disclosure. Please list below
any exemptions to disclosure as provided by law and sign and date the form where
indicated.: If you are not claiming any Public Records Exemptions, please check the
box below and sign and date the form where indicated.
❑We are claiming no exemptions
Vendor Signature /Date
This Form Must Be Completed and Returned with your Submittal
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SUMMARY PLAN DESCRIPTION
Defined Benefit Plan and Trust
for
Employees of the City of Winter Springs, Florida
February 21, 2006
Prepared by:
James Linn, Esq.
Glenn Thomas, Esq.
Lewis, Longman, Walker, P.A.
125 S. Gadsden St. Suite 300
Tallahassee, Florida, 32301
(850) 222 -5702
TABLE OF CONTENTS
(1) General 1
(2) Identification of Plan 1
(3) Type of Plan 1
(4) Plan Administrator 1
(5) Trustee /Trust Fund 1
(6) Hours of Service 2
(7) Eligibility to Participate 2
(8) Employer's Contribution 3
(10) Normal Retirement Pension 3
(11) Accrued Benefit 5
(12) Vesting 5
(13) When you Receive Your Accrued Benefit Under the Plan 5
(14) Optional Forms of Payment. 7
(15) Forfeiture of Certain Benefits 8
(16) Required Distributions 8
(17) Special Options After You Reach Normal Retirement Age 8
(18) Death Benefits 8
(20) Claims Procedure 9
(21) Retired Participant, Separated Participant with Vested Benefit, Beneficiary
Receiving 10
(22) Federal Income Taxation of Benefits Paid 10
ii
SUMMARY PLAN DESCRIPTION
(1) General. The legal name, address and Federal employer identification number "EIN
of the Employer are:
City of Winter Springs
1126 East State Road 434
Winter Springs, FL 32708
EIN 59- 1026364
The Employer has established this retirement plan "Plan to supplement your income upon
retirement. In addition to the retirement benefits, the Plan may provide benefits in the event of
your death or your termination of employment prior to Normal Retirement Age. If after reading
the summary you have any questions, please ask the Plan Administrator. We emphasize this
summary is a highlight of the more important provisions of the Plan. If there is a conflict
between a statement in the summary plan description and the Plan, the terms of the Plan control.
(2) Identification of Plan. The Plan is known as
Defined Benefit Plan and Trust for Employees of the City of Winter Springs
The Employer has assigned 002 as the Plan identification number. The Plan year is the period on
which the Plan maintains its records: October 1 through September 30.
(3) Type of Plan. The Plan is a defined benefit pension plan. Under this type of plan, a
participant who retires after reaching the Normal Retirement Date will receive a monthly pension
based on a formula that reflects years of service, average compensation and a benefit multiplier.
Section (10) explains the benefit formula.
(4) Plan Administrator. The Employer is the Plan Administrator. The Employer's
telephone number is (407) 327 -1800. You may contact the City Manager and the Human
Resource Coordinator at the Employer's address. The Plan Administrator is responsible for
providing you and other participants information regarding your rights and benefits under the
Plan.
The name of the person designated as agent for the service of legal process upon the Plan is:
Ronald W. McLemore
City Manager
City of Winter Springs
1126 East State Road 434
Winter Springs, FL 32708
(5) Trustee /Trust Fund. The Employer has appointed a Retirement Committee to act as
Trustee and assist in the administration of the Plan. The Retirement Committee has the
responsibility for making certain discretionary determinations under the Plan, and approving all
distribution and benefit payments from the trust fund to participants and beneficiaries. The
Retirement Committee consists of the members of the Board of Trustees. The members of the
Retirement Committee may change from time to time. The names of the current members of the
Retirement Committee are listed on an Appendix at the end of this summary plan description.
The Board of Trustees' address is:
The Board of Trustees of the City of Winter Springs
1126 East State Road 434
Winter Springs, FL 32708
(6) Hours of Service. The Plan and this summary plan description include references to
hours of service. For example, to advance on the vesting schedule, the Plan requires you to
complete a minimum number of hours of service during the plan year. The section covering
vesting explains this aspect of the Plan. However, hours of service has the same meaning for all
purposes of the Plan.
The Plan utilizes the "actual" method for crediting hours of service. Under the actual method,
you will receive credit for each hour for which the Employer pays you, directly or indirectly, or
for which you are entitled to payment, for the performance of your employment duties. You also
will receive credit for certain hours during which you do not work if the Employer pays you for
those hours, such as paid vacation. You will further receive credit for certain unpaid leaves of
absence authorized by the Employer under a uniform, nondiscriminatory policy under which the
Employer specifically credits hours of service for such unpaid leaves of absence.
If an employee's absence from employment is due to maternity or paternity leave, the employee
will receive credit for unpaid hours of service related to his leave, not to exceed 501 hours. The
Plan administrator will credit these hours of service to the first period during which the employee
otherwise would incur a 1 -year break in service as a result of the unpaid absence.
(7) Eligibility to Participate. You do not have to complete any form for entry into the Plan.
Unless you are excluded, you will become a Participant on the first day of the month
immediately following the date 6 months after your first day of employment.
Excluded employees include those whose customary weekly employment is less than 29 hours.
A participant who becomes an excluded employee does not accrue benefits attributable to the
period he is excluded, but will receive credit for vesting. An excluded employee who is not a
plan participant but becomes eligible will become a participant immediately upon satisfaction of
eligibility conditions, and years of service during the period the employee was excluded will be
credited for vesting.
If you terminate employment after becoming a Participant in the Plan and later return to
employment, you will re -enter the Plan on your re- employment date. Also, if you terminate
employment after satisfying the Plan's eligibility conditions but before actually becoming a
participant in the Plan, you will become a participant in the Plan on the later of your scheduled
entry date or your reemployment date.
2
(8) Employer's Contribution. For each plan year, the Employer must contribute to the
Trust an amount the Plan's actuary determines is necessary to fund retirement benefits under the
Plan.
(9) Employee's Contribution. Employees contribute 3% of compensation to the
retirement plan. Employee contributions are "picked up" by the City (i.e., they are deducted from
the employee's pay and paid to the retirement plan in pre -tax dollars).
(10) Normal Retirement Pension. The Plan defines the Normal Retirement Pension as an
amount payable every year in the normal form of annuity starting at your Normal Retirement
Date (age 65). The "normal form of annuity" is a life annuity, meaning an annuity that makes
payments during your lifetime.
The amount payable under the Normal Retirement Pension is 2% of the your Average
Compensation (as defined below) multiplied by your Years of Accrual Service for service before
October 1, 2000, and 3% of the your Average Compensation multiplied by your Years of
Accrual Service for service on and after October 1, 2000. However, effective October 1, 2008, a
Participant's Normal Retirement Pension shall equal 3% of the Participant's Average
Compensation multiplied by his Years of Accrual Service for service prior to October 1, 2000;
provided that such multiplier shall increase by one -fourth of one percent (.25 each year
beginning October 1, 2005, as follows:
Multiplier for Service
Effective Date Prior to October 1, 2000
October 1, 2005
2.25%
October 1, 2006
2.50%
October 1, 2007
2.75%
October 1, 2008
3.00%
Your Normal Retirement Pension shall be calculated by applying the multiplier for service prior
to October 1, 2000 that is in effect on the date of the Participant's separation from service.
Your pension will be adjusted for any distribution in accordance with Section 8.05 of the Plan.
The maximum number of Years of Accrual Service taken into account in the normal retirement
pension is 30. See the illustration below for an example of the calculation of your Normal
Retirement Pension.
Your average compensation is the highest average over 3 consecutive compensation periods. A
compensation period is the 12 -month period ending on the last day of the plan year. If you have
less than 3 years of employment with the Employer, your average compensation is the average
over your entire employment period. The Plan defines compensation to mean all the
compensation the Employer pays you for your services. Your regular salary or wages, any
overtime, any commissions or any bonuses are part of your compensation under the Plan.
3
Your Normal Retirement Pension may be subject to a maximum limitation provided by the
Internal Revenue Code. The Revenue Service annually announces any adjustment to the
maximum limitation.
Example of calculation of Normal Retirement Pension.
Example 1: Assume you reach the Normal Retirement Date and retire on October 1, 2006,
your average compensation at retirement is $30,000 and you have 30 Years of Accrual Service at
your Normal Retirement Date credited as follows: 24 years of service prior to October 1, 2000
and 6 years of service on or after October 1, 2000. Under these circumstances, your annual
Normal Retirement Pension, payable in the form of a life annuity, would be $23,400, computed
as follows:
Credited Serviced Prior to October 1, 2000:
$30,000 (your average compensation)
x 2.5% (the Plan's annual accrual percentage)
x 24 (your Years of Accrual Service)
$18,000 (your annual Normal Retirement Pension for service before
10 /1 /00)
Credited Serviced on or after October 1, 2000:
$30,000 (your average compensation)
x 3% (the Plan's annual accrual percentage)
x 6 (your Years of Accrual Service)
5,400 (your annual Normal Retirement Pension for service after 10 /1 /00)
Total annual Normal Retirement Pension under this Example: $23,400
Example 2: Assume you reach the Normal Retirement Date and retire on or after October 1,
2008, your average compensation at retirement is $30,000 and you have 30 Years of Accrual
Service at your Normal Retirement Date. Under these circumstances, your annual Normal
Retirement Pension, payable in the form of a life annuity, would be $27,000, computed as
follows:
$30,000 (your average compensation)
x 3.0% (the Plan's annual accrual percentage)
x 30 (your Years of Accrual Service)
$27,000 (your annual Normal Retirement Pension)
As indicated above, the above examples assume you begin receiving benefit payments on your
Normal Retirement Date in the normal form of annuity (i.e., a life annuity). However, as
explained in Section (13), you may begin commencement of benefit payments after your Normal
Retirement Date and as explained in Section (14), you may elect to have your benefits paid in a
11
form other than a life annuity. Under either of these circumstances, the amount of benefits
calculated in the above Examples will change.
(11) Accrued Benefit. If you qualify for a Pension from the Plan, the Plan Administrator will
calculate that Pension from your Accrued Benefit. Your Accrued Benefit is the portion of the
Normal Retirement Pension you have earned under the Plan. The portion of the Normal
Retirement Pension you have earned depends upon your period of service credited by the Plan.
The Plan refers to this period of service as your Years of Accrual Service. You will receive
credit for a Year of Accrual Service for each plan year (including plan years prior to the adoption
of the Plan) in which you receive credit for at least 1,000 hours of service.
(12) Vesting. When the Plan pays you your benefits, you will receive only your Vested
Accrued Benefit. Your Vested Accrued Benefit is the portion of your Accrued Benefit in which
you have earned a vested right (ownership) under the Plan's vesting schedule. The Plan will
determine your Vested Accrued Benefit according to the following schedule:
Years of Service
Nonforfeitable Percentage
Less than 3
None
3
20%
4
40%
5
60%
6
80%
7 or more
100%
A year of vesting service means each plan year (including plan years prior to the adoption of the
Plan) in which you complete 1000 hours of service, except years of service prior to age 18.
However, if you incur a vesting break in service (as defined below), you will lose credit for your
prior years of vesting service, unless you complete a subsequent year of vesting service. Further,
if you are 0% vested and you incur 5 consecutive vesting breaks in service, you lose credit for
your prior years of vesting service. If your vesting percentage is less than 100% when you reach
Normal Retirement Age, and you are working for the Employer, the Plan automatically increases
your vesting percentage to 100 Also, if your employment with the Employer terminates
because of death, disability or eligibility for an Early Retirement Pension, your vesting
percentage automatically increases to 100
(13) When you Receive Your Accrued Benefit Under the Plan. When you receive your
Accrued Benefit depends on when you terminate your employment with the Employer and the
circumstances of your termination. The following paragraphs explain the different types of
Pensions under the Plan. A reference to the "lump sum value" of your Pension means the single
sum determined by the Plan to equal the actuarial value of your Accrued Benefit payable at your
Normal Retirement Date (or at your current age, if later). The Plan specifies actuarial
assumptions for this purpose. The actuarial assumptions consider your life expectancy, the
number of years remaining to your Normal Retirement Date and a reasonable rate of return
expected on Plan investments.
5
(a) Normal Retirement Pension. The Plan refers to your Pension as a Normal
Retirement Pension if you terminate employment with the Employer after reaching your
Normal Retirement Date. Payment of your Normal Retirement Pension begins as soon as
possible after you terminate employment with the Employer. If you begin payments after
your Normal Retirement Date, the Plan increases the amount of your Pension because at
an older age a person is expected to live for a shorter period. The increased payment will
equal the actuarial value of the Pension the Plan would have paid you at your Normal
Retirement Date. The Plan's actuary will calculate these adjustments to the Pension
based on the actuarial assumptions stated in the Plan.
(b) Deferred Vested Pension. The Plan refers to your Pension as a Deferred Vested
Pension if you terminate employment with the Employer before reaching your Normal
Retirement Date or before your eligibility for an Early Retirement Pension. See Section
(16) for further information on distributions. If you begin payments after your Normal
Retirement Date, the Plan increases the amount of your Pension because at an older age a
person is expected to live for a shorter period. The increased payment will equal the
actuarial value of the Pension the Plan would have paid you at your Normal Retirement
Date. The Plan's actuary will calculate these adjustments to the Pension based on the
actuarial assumptions stated in the Plan.
(c) Early Retirement Pension. The Plan refers to your Normal Retirement Pension as
an Early Retirement Pension instead of a Deferred Vested Pension if you have not
reached your Normal Retirement Date but you are at least age 55 and you have
completed at least 10 Years of Accrual Service or if you have completed at least 25 Years
of Accrual Service. The Plan commences payment of your Early Retirement Pension as
soon as possible after you become eligible for the Early Retirement Pension (and
subsequent to your termination of employment). You may elect to postpone payment of
your Early Retirement pension to the first day of any month subsequent to your
termination of employment. Any postponement of distributions is subject to the
distribution requirements of Section (16).
Your Early Retirement Pension is a subsidized benefit. If you begin payments after age
55, your Early Retirement Benefit is not reduced because of commencement of benefit
payments prior to your Normal Retirement Date. Thus, your benefit payment amounts
after age 55 would be the same as if you commenced benefit payments at your Normal
Retirement Date. However, if you commence your Early Retirement Pension payments
prior to age 55, the Plan reduces the amount of your Pension to the actuarial equivalent of
your Early Retirement Pension commencing at age 55. If you delay the commencement
of your Early Retirement Pension to after your Normal Retirement Date, the Plan will
increase the amount of your Pension. The Plan's actuary will calculate these adjustments
to the Pension based on the actuarial assumptions stated in the Plan.
If you have the right to elect when your Pension commences, the Plan Administrator will provide
you a form explaining your election rights. You will have at least 30 days to make your election.
Your Pension may not actually commence on the date you elect. The Plan has an
administratively reasonable period of time to make payment following your election. If you fail
31
to make an election, the Plan will commence payment under the "Required Distribution" rules
described in Section (16).
(14) Optional Forms of Payment. If you are married when your Pension commences, you
will receive a Qualified Joint and Survivor Annuity. This is an actuarially adjusted benefit that
provides a reduced monthly Pension for your lifetime plus a survivor Pension for your spouse (if
your spouse is living at your death) equal to 50% of your lifetime monthly Pension. If you are
not married when your Pension commences, the Qualified Joint and Survivor Annuity is a life
annuity, meaning a monthly Pension for your lifetime with no survivor Pension continuing after
your death.
Since the Qualified Joint and Survivor Annuity pays a benefit for two lifetimes if a participant is
married, the Plan reduces the amount of the monthly Pension payable to a married participant.
This reduction makes the actuarial value of the Qualified Joint and Survivor Annuity for a
married participant equal to the actuarial value of a life annuity for an unmarried participant.
Instead of the Qualified Joint and Survivor Annuity, you may elect any of the following payment
options.
(a) Life annuity. A life annuity is a monthly payment for your lifetime. If you are
unmarried, the Qualified Joint and Survivor Annuity already is a life annuity. If you are
married, the life annuity option would increase your monthly lifetime Pension since this
option makes payments only for your life and not also for your spouse's life.
(b) Joint and Survivor annuity. If you are married, you may use this option to elect a
survivor Pension equal to 100% instead of 50% of your lifetime Pension under the
Qualified Joint and Survivor Annuity. Since the 100% survivor Pension is more costly,
the Plan would reduce the amount of your monthly lifetime Pension to make the value of
this option equal to the value of your normal Qualified Joint and Survivor Annuity. If
you are unmarried, you may use this option to provide a survivor Pension to your
beneficiary equal to 75% or 100% of your lifetime Pension. The Plan would adjust the
amount of an unmarried participant's monthly lifetime Pension to make the actuarial
value of this option equal to the actuarial value of a life annuity.
(c) Life annuity with guaranteed payment. This option pays a monthly lifetime
Pension, but guarantees a minimum number of payments. The minimum number of
payments may not exceed your life expectancy or the joint life expectancy of you and
your beneficiary. If you die before the minimum payment period, your beneficiary
receives the remaining payments. The Plan would adjust the amount of the monthly
lifetime Pension to make the actuarial value of this option equal to the actuarial value of a
life annuity.
(d) Installments. This option makes payments over a fixed period of time equal to
your life expectancy or the joint life expectancy of you and your beneficiary. The Plan
would limit the annual amount of the fixed period payments so the actuarial value is the
same as the actuarial value of a life annuity.
7
If you are married, you may not elect an optional form of payment instead of the Qualified Joint
and Survivor Annuity unless your spouse consents in writing. The Plan Administrator will
provide you a form explaining the Qualified Joint and Survivor Annuity, your election rights for
optional forms of payment and your spouse's consent rights. You will have at least 30 days to
make your election.
(15) Forfeiture of Certain Benefits. If you are not 100% vested in your Accrued Benefit,
and you receive payment of your entire Vested Accrued Benefit, the Plan forfeits your Non
vested Accrued Benefit. If you return to employment with the Employer, you may restore your
forfeited benefit by repaying the full amount of your distribution plus interest. You must make
the repayment no later than 5 years after your reemployment date or you lose your right to
restore the forfeited benefit. You also lose your right to restore the forfeited benefit if you incur
5 consecutive vesting breaks in service as a result of your termination of employment with the
Employer. The interest rate on your payment depends on an interest rate index published by the
Internal Revenue Service. Upon your reemployment with the Employer, you may request the
Plan Administrator to explain your repayment option.
(16) Required Distributions. The Plan must commence payment of your Pension no later
than 60 days after the close of the plan year in which you attain Normal Retirement Age, unless
you elect a later commencement date. If you have attained Normal Retirement Age when you
terminate employment with the Employer, the 60 -day period runs from the close of the plan year
in which you terminate employment.
The law, with limited exceptions, also requires you to commence payment of your Normal
Retirement Pension, if you have not already done so, after you reach age 70 '/2, unless you have
not retired at that time. You must start payment by April 1 of the calendar year following the
calendar year you reach age 70 '/z or in which you retire (whichever occurs later).
(17) Special Options After You Reach Normal Retirement Age. The Plan does not include
any special options merely because you continue working for the Employer after your Normal
Retirement Age.
(18) Death Benefits. Whether the Plan pays a benefit after your death depends on whether
your death occurs before or after your Pension commences.
If your death occurs after your Pension commences, your beneficiary will receive a death benefit
only if payments continue after your death under the form of distribution you are receiving. See
the explanation in Section (14) of the different forms of payment.
If your death occurs before your Pension commences, the Plan provides a death benefit to your
beneficiary equal to the value of your Accrued Benefit. If you are married, the Plan will pay
your death benefit to your surviving spouse in the form of a Preretirement Survivor Annuity,
which is a life annuity payable to your surviving spouse. However, unless you elected otherwise
(and your spouse consented to such election), your spouse may elect to receive payment in any
optional form of payment described in Section (14) (other than any type of joint and survivor
annuity). However, if the lump sum value of the Preretirement Survivor Annuity is $3,500 or
less, the Plan will pay your surviving spouse a single sum equal to that lump sum value. The
Preretirement Survivor Annuity benefit does not apply if you and your surviving spouse have not
been married during the one -year period ending on your date of death.
With the spouse's consent, you may elect not to have this death benefit payable under the Plan.
The Plan Administrator will provide you information explaining the Preretirement Survivor
Annuity and your election rights.
If the Preretirement Survivor Annuity does not apply, the Plan permits your designated
beneficiary to receive the death benefit under any optional form of payment described in Section
(14) (other than any type of joint and survivor annuity), unless the participant elected otherwise.
In general, death benefits under the Plan will commence as soon as administratively practicable
after the participant's death.
Generally, the Plan must distribute the death benefit by the end of the 5 th calendar year following
your death. However, as indicated above, a designated beneficiary may receive distributions
over a period not exceeding his life expectancy, but only if benefit payments commence within
one year of the participant's death. A designated beneficiary is an individual designated by you
as your beneficiary. The Plan Administrator will provide you with the appropriate form for
naming a beneficiary.
(19) Amendment and Termination of the Plan. The Employer has the right to amend the
Plan in any manner, or terminate the Plan entirely. If the Employer terminates the Plan, you
would receive benefits under the Plan based on your Accrued Benefit as of the date of Plan
termination. Termination of the Plan could occur before you reach Normal Retirement Age. If
the Employer terminates the Plan, your Accrued Benefit becomes 100% vested.
The fact the Employer has established this Plan does not confer any right to future employment
with the Employer. You also may not assign your interest in the Plan to another person or use
your Plan interest as collateral for a loan from a commercial lender.
(20) Claims Procedure. You generally need not file a formal claim with the Plan
Administrator in order to receive your benefits under the Plan. When an event occurs which
entitles you to a payment of your benefits under the Plan, or if an election of a benefit is
required, the Plan Administrator will notify you. However, if you disagree with the Plan
Administrator's determination of the amount of your benefits under the Plan or with any other
decision the Plan Administrator may make regarding your interest in the Plan, the Plan contains
the appeal procedure you should follow. In brief, if the Plan Administrator determines it should
deny benefits to you or your beneficiary making a claim for benefits, the Plan Administrator will
give you or your beneficiary adequate notice in writing setting forth specific reasons for the
denial and referring you or your beneficiary to the pertinent provisions of the Plan supporting the
Plan Administrator's decision. If you or your beneficiary disagrees with the Plan Administrator,
you or your beneficiary, or a duly authorized representative, must appeal the adverse
determination in writing to the Retirement Committee within 75 days after the receipt of the
9
notice of denial of benefits. If you or your beneficiary fails to appeal a denial within the 75 -day
period, the Plan Administrator's determination will be final and binding.
If you or you beneficiary appeals to the Retirement Committee, you or your beneficiary, or a
duly authorized representative, must submit the issues and comments you or your beneficiary
feels are pertinent to permit the Retirement Committee to re- examine all facts and make a final
determination with respect to the denial. The Retirement Committee, in most cases, will make a
decision within 90 days of a request on appeal unless special circumstances would make
rendering a decision within the 90 -day period unfeasible. In any event the Retirement
Committee must renter a decision within 120 days after its receipt of a request for review.
(21) Retired Participant, Separated Participant with Vested Benefit, Beneficiary
Receiving Benefits. If you are a retired participant or beneficiary receiving benefits, you are
entitled to the benefits that were in effect on the date your City employment terminated. The
benefits you presently are receiving will continue in the same amount and for the same period
provided in the form of payment selected at the time you retired. If you are a separated
participant with a Vested Accrued Benefit, you may obtain a statement of the dollar amount of
your Vested Accrued Benefit upon request of the Plan Administrator. There is no Plan provision
which reduces, changes, terminates, forfeits, or suspends the benefits of a retired participant or of
a beneficiary receiving benefits, or a separated participant's Vested Accrued Benefit, except as
explained in Section (19).
(22) Federal Income Taxation of Benefits Paid. Retirement benefits that you receive upon
reaching your Early or Normal Retirement Date are generally reported as taxable income. The
Federal tax laws permit you to defer Federal income taxation of certain distributions by making a
"rollover" contribution to your own individual retirement account. In general, the only type of
distribution available under the plan that qualifies for "rollover" treatment is a lump sum
distribution, which is only available under very limited circumstances. Income tax withholding
rules apply to some distribution you do not rollover directly to an individual retirement account
or to another plan. At the time you receive a distribution, you also will receive a notice
discussing withholding requirements and the options available to you. We emphasize you should
consult your own tax adviser with respect to the proper method of reporting any distribution you
receive from the Plan.
10
APPENDIX
Retirement Committee/ Board of Trustees
A. Mark Sardo, Chairman
Michael S. Blake, Vice Chairman
David W. McLeod
Vernon Rozelle, Jr.
Damon Basco
This page revised April 22, 2008
ACKNOWLEDGMENT OF RECEIPT OF
SUMMARY PLAN DESCRIPTION OF THE
Defined Benefit Plan and Trust
For
Employees of the City of Winter Springs, Florida
I hereby acknowledge receipt of a copy of the Summary Plan Description "SPD on the
above plan. I received a copy of the SPD on the date indicated below.
Dated:
Participant's Name Printed
Signature of Participant