HomeMy WebLinkAboutRES 16-08RESOLUTION NO. 16-08
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY
OF APACHE JUNCTION, ARIZONA, AUTHORIZING RENEWAL OF A
GOVERNMENTAL PROFIT-SHARING PLAN AND TRUST ADOPTION
AGREEMENT;REPEALING ANY CONFLICTING PROVISIONS;AND
PROVIDING FOR SEVERABILITY.
WHEREAS, pursuant to Resolution No. 03-05, the City of Apache
'Junction (the "City")established a retirement plan (the ".Plan")
and adoption agreement with the International City Manager
Association ("ICMA")Retirement Corporation; and
WHEREAS, the Plan serves the best interests of the City by
enabling it to provide reasonable and additional retirement
security for its employees, by providing increased flexibility in
its personnel management system and by assisting in the attraction
and retention of competent personnel; and
WHEREAS, in December 2015, ICMA notified the City that due to
recent federal legislation and Internal Revenue Service ("IRS")
requirements, the Plan needed to be amended no later than April 1,
2016; and
WHEREAS, the amendments will enhance the current retirement
investment plan which is available to all employees.
NOW, THEREFORE,BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL
OF THE CITY OF APACHE JUNCTION ARIZONA, AS FOLLOWS:
1)The City hereby amends and restates a profit sharing
retirement plan (the "Plan") in the form of the attached Exhibit
A, which is the International City Manager Association Retirement
Corporation Governmental Profit -Sharing Plan and Trust Amendment
for post Economic Growth Tax Relief Reconciliation Act of 2001
("EGTRRA") legislative and regulatory changes.The Plan shall be
maintained for the exclusive benefit of eligible employees and
their beneficiaries.
2)The mayor is authorized to execute the ICMA Retirement
Corporation Governmental' Profit -Sharing Plan and Trust Amendment
for post EGTRRA legislative and regulatory changes subject to
approval by legal counsel.It is intended this execution be
operative with respect to any retirement or deferred compensation
RESOLUTION NO. 16-08
PAGE 1 OF 2
plan subsequently established by the City as long as the assets of
the plan are invested in the VantageTrust Company.
3)The City hereby agrees to serve as trustee under the Plan
and to invest funds held under the Plan in the ICMA Retirement
Trust.
4)The City's human resources director or her designee: 1)
shall be the coordinator of the Plan; 2) shall receive reports and
notices from the ICMA Retirement Corporation or the ICMA Retirement
Trust;3)shall cast on behalf of City any required votes under
the ICMA Retirement Trust; and 4) may delegate any administrative
duties relating to the Plan to the appropriate persons.
5)The City hereby authorizes its human resources director
or her designee to execute all necessary documents with the ICMA
Retirement Corporation incidental to the administration of the
Plan.
PASSED AND ADOPTED BY THE MAYOR ,N,9,CITY COUNCIL OF THE CITY OF
APACHE JUNCTION, ARIZONA, THIS WrDAY OF /6414Cil , 2016.
SIGNED AND ATTESTED TO THIS U../DAY OF Md1212../-1 , 2016.
n S. Insalaco
ayor
ATTEST:
KATHLEEN CONNELLY
City Clerk
APPROVED AS TO FORM:
' 4
RICHARD J. J. STERN
City Attorney
RESOLUTION NO. 16-08
PAGE 2 OF 2
Exhibit
ICMA RETIREMENT CORPORATION GOVERNMENTAL
PROFIT-SHARING 401(A) PLAN AND TRUST ADOPTION
AGREEMENT WITH CITY OF APACHE JUNCTION, ARIZONA
Plan Number 10-8232
The Employer hereby establishes a Profit Sharing 401(a) Plan and Trust to be known as the Plan
in the form of the ICMA Retirement Corporation Governmental Profit Sharing Plan and Trust.
This Plan is an amendment and restatement of an existing defined contribution profit sharing
plan.
X Yes No
If yes, please specify the name of the defined contribution profit sharing plan which this Plan
hereby amends and restates:
ICMA Retirement Corporation Governmental Profit Sharing 401(a) Plan and Trust adoption
agreement, Plan number 10-8232 adopted November 4, 2003 by Resolution No. 03-05.
I.Employer:City of Apache Junction
II.Effective Date:
X 1_.Effective Date of Restatement.If this document is a restatement of an
existing plan, the effective date of the Plan shall be January 1, 2007 unless
an alternate effective date is hereby specified:April , 2016
2.Effective Date of New Plan.If this is a new Plan, the effective date of the
Plan shall be the first day of the Plan Year during which the Employer
adopts the Plan, unless an alternate Effective Date is hereby specified:
3.Special Effective Dates.Please note here any elections in the Adoption
Agreement with an effective date that is different from that noted in 1 or 2
above.
III.Plan Year will mean:
X The twelve (12) consecutive month period which coincides with the limitation
year.(See Section 5.05(h) of the Plan.)
The twelve (12) consecutive month period commencing on and
each anniversary thereof.
IV.Normal Retirement Age shall be age 65 (not to exceed age 65).
V.ELEGIBILITY REQUIREMENTS
1.The following group or groups of Employees are eligible to participate in the
Plan:
X All Employees
All Full Time Employees
Salaried Employees
Nonunion Employees
Management Employees
Public Safety Employees
General Employees
_X _Other Employees (Specify the group(s) of eligible employees below. Do
not specify employees by name. Specific positions are acceptable.)City
Manager, City Attorney, City Magistrate
The group specified must correspond to a group of the same designation that is
defined in the statutes, ordinance, rules, regulations, personnel manuals or other
material in effect in the state or locality of the Employer. The eligibility
requirements cannot be such that an Employee becomes eligible only in the Plan
Year in which the Employee terminates employment. Note: As stated in Sections
4.08 and 4.09, the Plan may, however, provide that Final Pay Contributions or
Accrued Leave Contributions are the only contributions made under the Plan.
2.The Employer hereby waives or reduces the requirement of a twelve (12) month
Period of Service for participation. The required Period of Service shall be (write
N/A if an Employee is eligible to participate upon employment) _N/A ,
If this waiver or reduction is elected, it shall apply to all Employees within the
Covered Employment Classification.
3.A minimum age requirement is hereby specified for eligibility to participate. The
minimum age requirement is _N/A_ (not to exceed age 21. Write N/A if not
minimum age is declared.)
VI.CONTRIBUTION PROVISIONS
1.The Employer shall contribute as follows (Choose all that apply):
Fixed Employer Contributions With or Without Mandatory Participant
Contributions. (If Option B is chose, please complete section C.)
A.Fixed Employer Contributions.The Employer shall contribute on
behalf of each Participant % of Earnings or $for the Plan
Year (subject to the limitations of Article V of the Plan).
are required are not required to be eligible for this
Employer Contribution.
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B.Mandatory Participant Contributions for Plan Participation.
Required Mandatory Contributions.A Participant is required to contribute
(subject to the limitations of Article V of the Plan) the specified amounts
designated in items (i) through (iii) of the Contribution Schedule below:
Yes No
Employee Opt -In Mandatory Contributions.To the extent that mandatory
Participant contributions are not required by the Plan, each Employee
eligible to participate in the Plan shall be given the opportunity to
irrevocably elect to participate in the Mandatory Participant Contribution
portion of the Plan by electing to contribute the specified amounts
designated in items (i) through (iii) of the Contribution Schedule below for
each Plan Year (subject to the limitations of Article V of the Plan):
Yes No
Contribution Schedule.
(i)% of Earnings,
(ii)$,or
(iii)a whole percentage of Earnings between the range of (insert
range of percentages between 1% and 20% inclusive (e.g., 3%, 6%, or
20%; 5% to 7%)), as designated by the Employee in accordance with
guidelines and procedures established by the Employer for the Plan Year
as a condition of participation in the Plan. A Participant must pick a
single percentage and shall not have the right to discontinue or vary the
rate of such contributions after becoming a Plan Participant.
Employer "Pick Up".The Employer hereby elects to "pick up" the
Mandatory Participant Contributions.I
Yes No ("Yes" is the default provision under the Plan if
no selection is made.)
C.Election Window.(Complete if Option B is selected.)
Newly eligible Employees shall be provided an election window of
days (no more than 60 calendar days) from the date of initial eligibility
during which they may make the election to participate in the Mandatory
Participant Contribution portion of the Plan. Participation in the
Mandatory Participation Contribution portion of the Plan shall begin the
first of the month following the end of the election window.
An Employee's election is irrevocable and shall remain in force until the
Employee terminates employment or ceases to be eligible to participate in
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the Plan.In the event of re-employment to an eligible position, the
Employee's original election will resume.In no event does the Employee
have the option of receiving the pick-up contribution amount directly.
X Discretionary Employer Contributions
The Employer will determine the amount of Employer contributions to be
made to the Plan for each Plan Year.The amount of Employer
contributions to be allocated to the Account of each Participant will be
based on the ratio for the Plan Year that such Participant's Earning bear to
the Earnings of all Participants eligible for such contributions.
Fixed Employer Match of Voluntary After -Tax Participant Contributions.
The Employer shall contribute on behalf of each Participant % of
Earnings for the Plan Year (subject to the limitations of Article V of the
Plan) for each Plan Year that such Participant has contributed % of
Earnings or $.Under this option, there is a single, fixed rate of
Employer contributions, but a Participant may decline to make the
required Participant contributions in any Plan Year, in which case no
Employer contributions will be made on the Participant's behalf in that
Plan Year.
Variable Employer Match of Voluntary After -Tax Participant
Contributions.
The Employer shall contribute on behalf of each Participant an amount
determined as follows (subject to the limitations of Article V of the Plan):
% of the Voluntary Participant Contributions made by the
Participant for the Plan Year (not including Participant contributions
exceeding % of Earning $
PLUS % of the contributions made by the Participant for the Plan
Year in excess of those included in the above paragraph (but not including
Voluntary Participant Contributions exceeding in the aggregate
of Earnings or $).
Employer Matching Contributions on behalf of a Participant for a Plan
Year shall not exceed $ or % of Earnings, whichever is
more or less.
2.Each Participant may make a voluntary (unmatched), after tax contribution,
subject to the limitations of Section 4.06 and Article V of the Plan:
X Yes No ("No" is the default provision under the Plan if no
selection is made.)
4
3.Employer contributions for a Plan Year shall be contributed to the Trust in
accordance with the following payment schedule (no later than the 15th day of the
tenth calendar month following the end of the calendar year or fiscal year (as
applicable depending on the basis on which the Employer keeps its books) with or
within which the particular Limitation year ends, or in accordance with applicable
law):as 457 Deferred Compensation Plan contributions are paid.
4.Participant contributions for a Plan Year shall be contributed to the Trust in
accordance with the following payment schedule (no later than the 15th day of the
tenth calendar month following the end of the calendar year or fiscal year (as
applicable depending on the basis on which the Employer keeps its books) with or
within which the particular Limitation year ends, or in accordance with applicable
law):as 457 Deferred Compensation Plan contributions are paid.
5.In the case of a Participant performing qualified military service (as defined in
Code section 414(u)) with respect to the Employer:
A.Plan contributions will be made based on differential wage payments:
X Yes No ("Yes" is the default provision under the Plan if
no selection is made.)
If yes is selected, this is effective beginning January 1, 2009 unless
another later effective date is filled in here
B.Participants who die or become disabled will receive Plan contributions
with respect to such service:
Yes X No ("No" is the default provision under the Plan if
no selection is made.)
If yes is selected, this is effective for participants who die or became
disabled while performing qualified military service on or after January 1,
2007 unless another later effective date is filled in here
VII.CASH OR DEFERRED ARRANGEMENT UNDER SECTION 401(k)
1.This Plan will include a cash or deferred arrangement allowing for Elective
Deferrals under section 401(k) of the Code:2
Yes _X _No ("No" is the default provision under the Plan if no
selection is made.)(If "no" is selected skip to Section VIII.)
Each Participant may elect to make Elective Deferrals, not to exceed % of
Earnings for the Plan Year,subject to the limitations of Article V of the Plan.
The provisions of the cash or deferred arrangement (the "401(k) feature") may be
made effective as of the first day of the Plan Year in which the 401(k) feature is
5
adopted. However, under no circumstances may a salary reduction agreement or
other deferral mechanism be adopted retroactively.
2.The Employer will match Elective Deferrals:
Yes No ("No" is the default provision under the Plan if no
selection is made.)
The Employer will contribute as follows (choose one, if applicable):
Employer Percentage Match of Elective Deferrals.
The Employer shall contribute on behalf of each Participant an amount
determined as follows (subject to the limitations of Article V of the Plan):
% of the Elective Deferrals made on behalf of the Participant for
the Plan Year (not including Elective Deferrals exceeding % of
Earnings or $);
PLUS % of the Elective Deferrals made on behalf of the Participant
for the Plan Year in excess of those included in the above paragraph (but
not including Elective Deferrals exceeding in the aggregate % of
Earnings or $).
Employer Contributions on behalf of a Participant for a Plan Year shall
not exceed $or % of Earnings, whichever is more or
less.
Employer Dollar Match of Elective Deferrals.
The Employer shall contribute on behalf of each Participant an amount
determined as follows (subject to the limitations of Article V of the Plan):
for each % of Earnings or $that the Employer
contributes on behalf of the Participant s Elective Deferrals for the Plan
Year (not including Elective Deferrals exceeding % of Earnings or
$);
PLUS $for each % of Earnings or $that the Employer
contributes on behalf of the Participant as Elective Deferrals for the Plan
Year in excess of those included in the above paragraph (but not including
Elective Deferrals exceeding in the aggregate % or Earnings or $
Employer Contributions on behalf of a Participant for a Plan Year shall
not exceed $or % of Earnings, whichever is more or
less.
3.The Employer will permit Elective Deferrals and Catch-up Contributions
elections to be made during the annual election window of days (at least 30
6
calendar days).The election window will run from to (insert annual
time frame for the election window or multiple time periods) and will not apply
retroactively.
4.Roth Provisions.As provided in Section 20.03, Participants are permitted to
make Roth Elective Deferrals from Compensation in the amount or percentage
specified in a salary reduction agreement:
Yes
selection is made.)
No ("No" is the default provision under the Plan if no
VIII.EARNINGS
Earnings, as defined under Section 2.10 of the Plan, shall include:
1.Overtime
X Yes No
2.Bonuses
X Yes No
3.Other pay (specifically describe any other types of pay to be included below)
IX.ROLLOVER PROVISIONS
1.The Employer will permit rollover contributions in accordance with Section 4.13
pf the Plan:
X Yes No ("Yes" is the default provision under the Plan if no
selection is made.)
2.The Plan will accept a direct rollover contribution to a Designated Roth Account
as permitted in Section 20.05(b) (401(k) plans with Roth feature only):
_X_ Yes No ("Yes" is the default provision under the Plan if no
selection is made.)
3.The Plan will allow In -Plan Roth Conversions as provided in Section 20.06
(401(k) plans with Roth feature only):
X Yes No ("Yes" is the default provision under the Plan if no
selection is made.)
4.Direct rollovers by non -spouse beneficiaries are effective for distribution after
2006 unless the Plan delayed making them available. If the Plan delayed making
such rollovers available, check the box below and indicate the later effective date
in the space provided.
Effective Date is
7
(Note: Plans must offer direct rollovers by non -spouse beneficiaries no later than
plan years beginning after December 31, 2009.)
X.LIMITATION ON ALLOCATIONS
If the Employer maintains or ever maintained another qualified plan in which any
Participant in this Plan is (or was) a participant or could possibly become a participant,
the Employer hereby agrees to limit contributions to all such plans as provided herein, if
necessary in order to avoid excess contributions (as described in Section 5.04 of the
Plan).
1.If the Participant is covered under another qualified defined contribution plan
maintained by the Employer, the provisions of Section 5.04(a) through € of the
Plan will apply, unless another method has been indicated below.
Other Method.(Provide the method under which the plans will limit total
Annual Additions to the Maximum Permissible Amount, and will properly
reduce any excess amounts, in a manner that precludes Employer
discretion.)
2.The Limitation Year is the following 12 consecutive month period:
3.Unless the Employer elects a delayed effective date below, Article 5 of the Plan
will apply to limitation years beginning on or after July 1, 2007.
(The effective date listed cannot be later than 90 days after the close of the first
regular legislative session of the legislative body with authority to amend the plan
that begins on or after July 1, 2007.)
XI.VESTING PROVISIONS
The Employer hereby specifies the following vesting schedule, subject to (1) the
minimum vesting requirements and (2) the concurrence of the Plan Administrator. (For
the blanks below, enter the applicable percent — from 0 to 100 (with no entry after the
year in which 100% is entered), in ascending order.)
Period of Service Completed Percent Vested
Zero 100 %
One
Two
Three
Four
Five
Six
Seven
Eight
Nine
Ten
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XII.WITHDRAWLS AND LOANS
1.Qualified reservist distributions are available under the Plan (401(k) plans only):
X Yes No ("Yes" is the default provision under the Plan if no
selection is made.)
2.In-service distributions are permitted under the Plan, as provided in Section 9.08,
after a participant attains age (select one of the below options):
X 59'/2
made.)
70 1/2("70 'A" is the default provision under the Plan if no selection is
Not permitted at any age.
3.A Participant shall be deemed to have a severance from employment solely for
purposes of eligibility to receive distributions from the Plan during any period the
individual is performing service in the uniformed services for more than 30 days:
Yes _X_ No ("Yes" is the default provision under the Plan if no
selection is made.)
4.Tax-free distribution of up to $3,000 for the direct payment of qualifying
insurance premiums for eligible retired public safety officers are available under
the Plan.
X Yes No ("No" is the default provision under the Plan if no
selection is made.)
5.In-service distribution of the Rollover Account are permitted under the Plan as
provided in Section 9.09.
_X _Yes No ("No" is the default provision under the Plan if no
selection is made.)
6.The Plan will provide the following with respect to loans:
a.Loans are permitted under the Plan, as provided in Article XIII of the
Plan:
Yes X No ("No" is the default provision under the Plan if
no selection is made.)
b.Designated Roth Accounts will be available as a source for loans under the
Plan (401(k) plans with Roth feature only):
Yes X No ("No" is the default provision under the Plan if
no selection is made.)
9
7.(401(k) plans only) Hardship withdrawals are permitted under the Plan as
provided in Section 9.07 but only if specifically elected by the Employer.
Yes No ("No" is the default provision under the Plan if no
selection is made.)
If selected, hardship distributions will be available for the following accounts:
a.Employer Contribution Accounts (Non -forfeitable Interest):
Yes No ("No" is the default provision under the Plan if
no selection is made.)
b.Participant Elective Deferral Account (not including earnings thereon
accrued after December 31, 1988):
Yes No ("Yes" is the default provision under the Plan if
no selection is made.)
c.The determination of any deemed immediate and heavy financial need will
be expanded to include any immediate and heavy financial need of the
Participant's Primary Beneficiary, as provided in Section 9.07 (b)(3):
Yes No ("Yes" is the default provision under the Plan if
no selection is made.)
XIII.SPOUSAL PROTECTION
The Plan will provide the following level of spousal protection (select one):
I.Participant direct Election. The normal form of payment of benefits under
the Plan is a lump sum. The Participant can name any person(s) as the
Beneficiary of the Plan, with no spousal consent required.
X 2.Beneficiary Spousal Consent Election (Article XII). The normal form of
payment of benefits under the Plan is a lump sum. Upon death, the
surviving spouse is the Beneficiary, unless he or she consents to the
Participant's naming another Beneficiary. ("Beneficiary Spousal Consent
Election" is the default provision under the Plan if no selection is made.)
3.QJSA Election (Article XVII).The normal form of payment of benefits
under the Plan is a 50% qualified joint and survivor annuity with the
spouse (or life annuity, if single).In the event of the Participant's death
prior to commencing payments, the spouse will receive an annuity for his
or her lifetime.(If C is selected, the spousal consent requirements in
Article XII also will apply.)
XIV.FINAL PAY CONTRIBUTIONS
The Plan will provide for Final Pay Contributions if either 1 or 2 below is selected.
10
The following group of Employees shall be eligible for Final Pay Contributions:
All Eligible Employees
Other:
Final Pay shall be defined as (select one):
A.Accrued unpaid vacation
B.Accrued unpaid sick leave
C.Accrued unpaid vacation and sick leave.
D.Other (insert definition of Final Pay — must be leave that Employee would
have been able to use if employment had continued and must be bona fide
vacation and/or sick leave):
1.Employer Final Pay Contribution.The Employer shall contribute on
behalf of each Participant % of Final Pay to the Plan (subject to the
limitations of Article V of the Plan).
2.Employee Designated Final Pay Contribution.Each Employee eligible to
participate in the Plan shall be given the opportunity at enrollment to
irrevocably elect to contribute % (insert fixed percentage of final
pay to be contributed) or up to % (insert maximum percentage of
final pay to be contributed) of Final Pay to the Plan (subject to the
limitations of Article V of the Plan).
Once elected, an Employee's election shall remain in force and may not be
revised or revoked.
XV.ACCRUED LEAVE CONTRIBUTIONS
The Plan will provide for accrued unpaid leave contributions annually if either 1 or 2 is
selected below.
The following group of Employees shall be eligible for Accrued Leave Contributions:
All Eligible Employees
Other:
Accrued Leave shall be defined as (select one):
A.Accrued unpaid vacation
B.Accrued unpaid sick leave
C.Accrued unpaid vacation and sick leave.
11
D.Other (insert definition of accrued leave that is bona fide vacation and/or
sick leave):
1.Employer Accrued Leave Contribution. The Employer shall contribute as
follows (choose one of the following options):
For each Plan Year, the Employer shall contribute on behalf of
each Eligible Participant the unused Accrued Leave in excess of
(insert number of hours/days/weeks (circle one)) to the Plan (subject to the
limitations of Article V of the Plan).
For each Plan Year, the Employer shall contribute on behalf of
each Eligible Participant % of unused Accrued Leave to the Plan
(subject to the limitations of Article V or the Plan).
2.Employee Designated Accrued Leave Contribution.
Each eligible Participant shall be given the opportunity at enrollment to
irrevocably elect to contribute % (insert fixed percentage of accrued
unpaid leave to be contributed) or up to % (insert maximum
percentage of accrued unpaid leave to be contributed) of Accrued Leave to
the Plan (subject to the limitations of Article V of the Plan).
Once elected, an Employee's election shall remain in force and may not be
revised or revoked.
XVI.The Employer hereby attests that it is a unit of state or local government or an agency or
instrumentality of one or more units of state or local government.
XVII.The Employer understands that this Adoption Agreement is to be used with only the
ICMA Retirement Corporation Governmental Profit Sharing Plan and Trust. This ICMA
Retirement Corporation Governmental Profit Sharing Plan and Trust is a restatement of a
previous plan, which was submitted to the Internal Revenue Service for approval on April
2, 2012, and received approval on March 31, 2014.
The Plan Administrator hereby agrees to inform the Employer of any amendments to the
Plan made pursuant to Section 14.05 of the Plan or of the discontinuance or abandonment
of the Plan. The Employer understands that an amendment(s) made pursuant to Section
14.05 of the Plan will become effective within 30 days of notice of the amendment(s). If
the Employer so disapproves, the Plan Administrator will be under no obligation to act as
Administrator under the Plan.
XVIII. The Employer hereby appoints the ICMA Retirement Corporation as the Plan
Administrator pursuant to the terms and conditions of the ICMA RETIREMENT
CORPORATION GOVERNMENTAL PROFIT SHARING PLAN AND TRUST.
The Employer hereby agrees to the provisions of the Plan and Trust.
12
XIX.The Employer hereby acknowledges it understands that failure to properly fill out this
Adoption Agreement may result in disqualification of the Plan.
XX.An adopting Employer may rely on an advisory letter issued by the Internal Revenue
Service as evidence that the Plan is qualified under section 401 of the Internal Revenue
Code to the extent provided in applicable IRS revenue procedures and other official
guidance.
In Witness Whereof, the Employer hereby causes this Agreement to be executed on this
day of ,2016.
CITY OF APACHE JUNCTION
300 E. Superstition Blvd.
Apache Junction, AZ 85119
ICMA RETIREMENT CORPORATION
777 North Capitol Street, NE Suite 600
Washington, D.C. 20002
800-326-7272
By:By:
Print Name:John S. lnsalaco Print Name:
Title: Mayor Title: Corporate Secretary
Attest:Attest:
Kathleen Connelly, City Clerk
Title: City Clerk Title:
Neither the IRS advisory letter nor a determination letter issued to an adopting Employer is a ruling by the Internal Revenue Service that
Participant contributions that are "picked -up" by the Employer are not includable in the Participant's gross income for federal tax purposes.
Pick-up contributions are not mandated to receive private letter rulings, however, if an adopting employer wishes to receive a ruling on pick-up '
contributions they may request one in accordance with Revenue Procedure 2012-4 (or subsequent guidance).
1 Under current law, the cash or deferred arrangement option under section 401(k) of the Code is not available to an employer that is a State or
local government or political subdivision thereof or any agency or instrumentality thereof unless that employer established a cash or deferred
arrangement on or before May 6, 1986.
13