06-174Council �le # ��
Green Sheet # a��¢�
Presented By
Refeaed To
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Committee: Date
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WHEREAS, the Public Housing Agency of the City of Saint Paul and the City of Saint Paul
(the "Employers") currently maintain the Pension Plan of the Housing and Redevelopment
Authority of the City of Saint Paul, Minnesota (the "Plan"); and
WHEREAS, the Employers haue reserved the right to amend the Plan under Section 10.01
of the Plan; and
i o WHEREAS, the Employers wish to modify the Pian to comply with certain changes in the
ii Internal Revenue Code, changes in pension contribution rates mandated by Minnesota Statutes Sec.
iz 353.27, and to make other miscellaneous changes to the Plan; and
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WHEREAS, by acrion taken on January 25, 2006, the Pubiic Housing Agency Board has
approved the Amendments;
NOW THEREFORE BE TT RESOLVED, by the City Council of the City of Saint Paul as
follows:
�
z o 1. The City of Saint Paul, pursuant to the power of amendment reserved to them in
z i Section 10.1 of the Pension Plan of the Housing and Redevelopment Authority of
2z the City of Saint Paul, Minnesota (the "Plan"), hereby adopt and publish
z s Amendments No. 2, 3 and 4 to the Plan, as shown on the attachments hereto.
24
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Yeas Nays Absent
Benanav 1 /
Bostrom �
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Adopted by Council: Date%' �� /� �pp�
Adoption Certified by Council Secretary
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Approved by o : Date �
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Form Approved by City Attorney
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Appro yor for Submission to Council
By:
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DepartmenHofGce(councd: Date I�itiated: v � ♦ • �
pA 'Portnutt�oaty o9-FEB-os Green Sheet NO: 3029670
Cordact Person & Phone• Deoartment Sent To Person Initi�
Tertence J. 6arvey � 0 ort nthori
2245686 p�� 1 lannin &EconomicDevlo De arLmentDirector °
Must Be on Council Agenda by (Date): Number a r' 09"ice
22-FEBA6 . For
Routing � 3 ouncil Ma or/Assistant
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Total # of Signature Pages _(Clip All Locations for Signature)
Adion Requested: - �
Approval of amendments No. 2, 3 and 4 to the Pension Plan of the Housing and Redevelopment Authority
Recommendatlons: Approve (A) or Reject (R): Personal Service Contrects Must Answer the Following Questions:
Planning Commission 1. Has this person/firm ever worked under a contract for this department?
CIB Committee Yes No
Civil Service Commission 2. Has this person/firm ever been a city employee?
Yes No
, 3. Does this person/firm possess a skill not normally possessed by any
current city employee?
Yes No
Explain all yes answers on separate sheet and attach to green sheet
lnitiating Problem, Issues, Opportunity (Who, Wfiat, When, Where, Why�:
Amendments to the Intemal Revenue Code and changes to pension conhibufion rates mandated by Minnesota Statute Sec. 353.27,
necessitated again updating the Plan Document
Advarrtages ff Approved: � '
Plan Document amendments will continue treatment of the III2A Pension Plan as a qualifying GovemmenYal Pension Plan under the
IRC.
DisadvantapeslfApproved:
None.
Disadvantages If Not Approved:
Plan loses its ta�c-exempt staius.
ToWI Amount of Cast/Revenue Budgeted: � �
Transaction:
FundinpSource: ActiviryNumber: �g ���,��,.,.,t, �"?c.,��-vq
Financial Information:
(Explain) � � e � spC
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AMENDMENT 1V0. 2 TO THE
PENSION PLAN OF THE HOUSING AND
REDEVELOPMENT AUTHORITY OF THE CITY
OF SAINT PAUL, MINNESOTA
(JANUARY 1, 2�Q2 RESTATEMENT AND PRIOR DOCUNIENTS)
The City of Saint Paul and Yhe Public Housing Agency of the City of Saint Paul, pursuant
to the power of amendment reserved to them in Section 10.1 of the Pension Plan of the Housing
and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Plan"), hereby adopt
and publish this amendment to the Plan and a related trust agreement, effective as of the dates
indicated in each article.
Article 1. Section 3.2 of the restatement of the Plan executed in 1983 (the "1983
Restatement") is amended effective as of January 1, 1990 to read as follows:
Section 3.2 Emplover Contributions. For each Plan Year each Participating
Employer shall contribute to the Plan on behalf of its Employees who are Active
Participants an amount of money equal to the following percentage of the Active
Participants' Earnings for each month in which the Employee is an Active Participant:
Participatin��Emplover
PHA
City
Contribution Percentaee
7%
4.48% through 1997; 5.18% for 1998 and
subsequent Plan Years
Article 2. Sections 10.1(b)(I) and 10.1(b)(2) of the 1483 Restatement are amended
effective as of December 22, 1987 to read as follows:
(1) If a contribution made by a Participating Employer is received by
the Trustees and its delivery is conditioned upon the initial qualification of the
Plan under Section 401(a) of the Code or the tas-exempt status of the Trust under
Section 501(a) of the Code, and if the Plan and Trust receive an adverse
determination from the Internal Revenue Service after a timely determination
letter application is filed, upon written request of the Participating Employer, the
Trustees will return to the Participating Employer the amount of such contribution
(increased ar decreased by the earnings or losses thereon from the date of the
contribution's delivery to the Trustees) within one year after the date of a final
denial of such initial qualification (including a final resolution of any such denial
through all appeals procedures).
(2) If all or a portion of a contribution made by the Participating
Employer is made under a mistake of fact, the Trustees shall, upon written request
of the Participating Employer, return the portion �chich was so made by such
mistake to the Participating Employer wi!hin one year ef the date the contribution
was delivered to the Trustees. Losses atiributable to that amount must reduce the
amount to be so returned.
Article 3. Section 73(b) of the Pension Trust Agreement of the Housing and
Redevelopment Authority of the city of Saint Paul, Minnesota shall be amended effective as of
December 22, 1987 to read as follows:
�• ���t
(b) 23otwithstanding the provisions of paragraph (a), if all or a portion of a
contribution made by a Participating Employer is made under a mistake of fact, the
Trustees shall, upon written request of the Participating Employer, retum the portion
which was so made by such mistake to the Participating Employer �yithin one year of the
date the contribution was delivered to the Trustees. Losses attributable to that amount
must reduce the amount to be so retumed.
Article 4. Section 6.2(b) of the restatement of the Plan executed in 2000 (the "2000
RestatemenY') is amended effective as of January 1, 2�00 to read as follows:
(b) The City shall make an Employer Contribution equal to 5.18% of Compensation
paid to its Employees during the Contribution Period who are eli�ible to
participate in the allocation of Employer contributions for the Contribution
Period, as determined under this Article. That percentage shall increase to 5.53%
for Plan Years beginning on or after January 1, 2002.
Article 5. The first sentence of Section 7.2 of the 2000 Restatement is amended
effective as of January 1, 1996 to read as follows:
Notwithstanding any otl�er provision of the Plan to the contrlry, the annual addition with
respect to a Participant for a limitation year shall in no event esceed the lesser of (i)
$30,000 (adjusted as provided in Section 415(d) of the Code, with the first adjustment
being made for limitation years beginning on or after January 1, 1996) or (ii) 25% of the
Participant's compensation reported on Fonn W-2 for that limitation year, as described in
Section 1.415-2(d)(11)(i) of Treasury Regulations, without any exclusions permitted
under that section.
Article 6. Section 9.1 of the 2000 Restatement is amended effective as of January 1,
2000 to read as follows:
9.1 Purchase of Contracts
For purposes of providing the death benefit with respect to a Participant described in
Section 16.2, the Administrator shall direct the Trustee to apply a portion of the interest
of a Participant in the Trust toward the purchase, from a legal reserve life insurance
company, of a term life insurance contract or term life insurance contracts on the life of
such participant. All such contracts shall designate the Plan as policy holder and the
Administrator or an Employer shall have the power to exercise all rights, privileges.
options and elections granted or permitted thereunder. Subject to any restriction
pertaining to a particular Investment Fund, amounts needed to purchase a life insurance
contract or contracts shall be charged against the participanYs interest in the Investment
Funds as directed by the Administrator.
Article 7. Sections 93(c) and (d) of the 200C Restatement are amended effective as
of January 1, 2000 to read as follows:
(c) At all times each such contract upon the life of any Participant shall be held
separate and apart from the Trust.
(d) The Administrator may, consistent with other provisions of the Plan, direct the
Trustee to have the purchase of insurance on a Participant's life discuntinued.
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_� Any such direction shall specify the date on which such purchase is to be
discontinued, but in no event shall any such notice be effective with respect to
premiums which have been paid.
Article 8. Section 21.9 of the 2000 Restatement is amended effective as of January
1, 2000 to read as follows:
Notwithstanding any other.provision of the Plan or the Trust Agreement to the contrary,
in the event any contribution of an Employer is made under a mistake of fact, the Trustee
shall, upon written request of the Employer, retum the portion which was so made by
such mistake to the Employer within one year of the date the contribution was delivered
to the Trustee. Losses attributable to that amount must reduce the amount to be so
returned.
Article 9. The definition of "Eligible Employee" in the restatement of the Plan
executed effective as of January 1, 2002 (the "2002 RestatemenY') is amended effective as of
January 1, 2002 to read as follows:
Eligible Employee means any Employee who is customarily employed with PHA or the
City for at least 20 hours per week and more than five months each Plan Yeaz and who
meets one of the following requirements:
If the Empioyee is employed by the City, the Employee must have been formerly
employed by HRA and have elected to continue to participate in the Plan upon
becoming an Employee of the City.
The Employee must be employed by PHA and if the Employee is covered by a
collective bargaining agreement, it must specifically provide for coverage under
this Plan.
Article 10. The second paragraph of Section 3.OlA of the 2002 Restatement is
amended effective as of January 1, 2002 to read as follows:
The City shall make an Additional Contribution equal to 5.53% of the
Compensation paid to its Eligible Empioyees during the pay period who are Active
Participants for that pay period. Said percentage shall be increased to 6.00% effective
January l, 2006, 6.25% effective January 1, 2007, and 6.50% effective 7anuary 1, 2008.
Article 11. Section 3.02 of the Plan is amended by adding the foilowing pazagraph to
the end of such section:
Farfeitures that arose prior to January 1, 2003, which were not used to pay
administrative expenses, shall be allocated to Participants who are employees of an
Employer as of December 31, 2003. The actual allocation shall be made after the
Internal Revenue Service issues a compliance statement for the Plan under the Employee
Plans Compliance Resolution System. Subject to the contribution limitation described in
Section 3.03, the amount allocated to such a Participant shall be equal to the balance of
those Forfeitures multiplied by the ratio of such ParticipanYs Account balance as of
December 31, 2003 (before allocation of contribution, or Forfeitures) to the total such
Account balances of all such Participants and shall be deemed to be Additional
c�- �l�
Contributions. Any Forfeitures that cannot be allocated to such a Participant by reason of
Section 3.03 shall be reallocated among other such Participants in accordance with the
prior sentence.
Article 12. The first sentence of the definition of "Compensation" in Section 3.03 of
the 2002 Restatement is amended effective as of January 1, 2002 to read as follows:
Compensation means the ParticipanYs compensation reported on Form W-2 for a
Limitation Year, as described in Section 1.415-2(d)(11)(i) of Treasury
Regulations, without any exclusions permitted under that section.
Article 13. Section 4.02 of the 2002 Restatement is amended effective as of January
1, 2002 to read as follows:
SECTION 4.02—PURCHASE OF LIFE 1NSURANCE CONTRACTS.
For purposes of providing the death benefit with respect to a Participant described
in the SPECIAL DEATH BENEFIT SECTION of Article VI, the Administrator shall
direct the Trustee to apply a portion of the interest of a Participant in the Trust toward the
purchase, from a legal reserve life insurance company, of a term life insurance contract ar
term life insurance contracts on the life of such Participant. All such contracts shall
designate the Plan as policy holder and the Administrator or an Employer shall have the
power to exercise all rights, privileges, options and elections granted or permitted
thereunder, and may delegate such power if permitted to do so by those contracts.
Subject to any restriction pertaining to a particular investment fund, amounts needed to
purchase a life insurance contract or contracts shall be charged against the Participant's
interest in the investment funds as directed by the Administrator
Article 14. Sections 4.04(c) and (d) of the 2002 Restatement aze amended effective as
of January 1, 2002 to read as follows:
(c) At all times each such contract upon the life of any Participant shall be held
separate and apart from the Trust.
(d) The Administrator may direct the Trustee to have the purchase of insurance on a
ParticipanYs life discontinued. Any such direction shall specify the date on which
such purchase is to be discontinued, but in no event shall any such notice be effective
with respect to premiums which have been paid.
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Executed this
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CITY OF SAINT PAUL
By: .
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Approved as to
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City Attorney
' .200�
day of January
200�. 6
PUBLIC HOUSI?� : =_ii_.iVCY OF THE
CITY OF SAINT i'a LiE,
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Board Chair
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By:
xecutive D rector
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Title
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SIGl�TATURE PAGE TO:
AMENDiVIENT NO. 2 TO THE
PENSION PL�N OF THE HOUSING AND
REDEVELOPMENT AUTAORIT'Y OF THE CITY
OF SAINT PAUL, MINNESOTA
{JANUARY 1, 2002 RESTATEMENT AND PRIOR DOCIIMENTS)
CITY OF SAINT PAUL
By_
Mayor
Approved as to form:
ByI�C,_-- � , C %
Assistant Ci torney gy _
Februaz•y 17, 2006
:
City Clerk
Director of Finance and
Management Services
OPPENHEIMER 2325027 v03 02/06/2006
0�-1'►'�
AMENDMENT TO ADD TRANSACTION PROCESSING SECTION
Amendment #3
PENSION PLAN OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF
SAINT PAUL, MN
The Plan named above gives the Empfoyer the right to amend it at any time. According to
that right, the Plan is amended effective as of the signature date below, as follows:
Article 1. The TABLE OF CONTENTS of the 2002 Restatement is amended by adding
the following section 9.07 and redesignating the existing Section 9.07 as Section 9.08:
Section 9.07 ----- Transaction Processing
Article 2. Section 9.07 of the 2002 Restatement is amended by redesignating Section
9.07 as Section 9.08 and adding the following as Section 9.07:
SECTION 9A7-•TRANSACTION PROCESSING.
AII transactions will be completed as soon as administratively practicable. However,
certain events identified to the Employer by the Trustee may require a longer period
of time (14 days or more) to complete. In those cases, administrative practicality
will be determined by legitimate business factors (including, but not limited to,
failure of systems or computer programs, failure of the means of the transmission of
data, force majeure, the failure of a service provider to timely receive values or
prices, and correction for errors or omissions or the errors or omissions of any
service provider) and in no event will be deemed to be less than 14 days. The
processing date of a transaction shall be binding for aIl purposes ot the Plan and
considered the applicable Valuation Date for any transaction.
Article 3. 5ection 6.01 for the 2002 Restatement is amended by striking the FORMS
OF DISTRIBUTION SECTION and substituting the following:
SECTION 6.01--FORMS OF DISTRIBUTION.
(a) Retirement Benefits. The optional forms of retirement benefit shall be the
following: (i) a fixed period installment option; and (ii) a fixed payment
instaliment option. The fixed period and fixed payment instaliment options
shall not be available if the Participant has not separated from service A
single sum payment is also available.
The fixed period installment option is an optional form of benefit under
which the Participant elects to receive substantially equal annual
payments over a fixed period of whole years. The annual payment may
be paid in annual, semi-annual, quarterly, or monthly installments as
elected by the Participa�t. The Participant may elect to receive
additional payments.
The fixed payment installment option is an optional form of benefit under
which the Participant elects to receive a specified dollar amount each
year. The annual payment may be paid in annual, semi-annual,
Subtype 107006 Transaction Processing 1 (6-100891-5
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quarterly, or monthly installments as elected by the Participani. The
Participant may elect to receive additional payments.
(p) Death Benefits. The optional forms of death benefit are a si�gle-sum
payment and the fixed period or fixed payment instaliment options.
Eleciion of an optional form is subject to the qualified election provisions
of the ELECTfON PROCEDIJRES SECTION of this article and the
distribution requirements of Article VIi.
Article 4. ARTICLE VIII TERMINATION OF THE PLAN of the 2002 Restatement is
amended in its entirety by substituting the following:
TERMINATION OF THE PLAN
The Employer expects to continue the Plan indefinitely but reserves the right to
terminate the Plan in whole or in part at any time upon giving written notice to all
parties concerned. Complete discontinuance of Contributions constitutes complete
termination of the Plan.
The Account of each Participant shall be fuliy (100%) vested and
nonforfeitable as of the effective date of complete termination of the Plan. The
Account ofi each Participant who is included in the group of Participants deemed to
be affected by the partial termination of the Plan shall be fully �700%) vested and
nonforfeitable as of the effective date of the partial termination of the Plan. The
Participant's Account shall continue to participate in the earnings credited, expenses
charged, and any appreciation or depreciation of the Investmenc Fund until his Vested
Account is distributed.
A ParticipanYs Account which does not result from the Contributions listed
below may be distributed to the Participant after the effective date of the complete
termination of the Plan:
Elective Deferral Contributions
A Participant's Account resulting from such Contributions may be distributed
upon complete termination of the Plan, but only if neither the Employer nor any
Gontrolled Group member maintain or esta6lish a successor defiined contribution plan
(other than an employer stock ownership plan as defi�ed in Code Section 4975�e)(7),
a simplified employee pension plan as defined in Code Section 408(k) or a SIMPLE
IRA plan as defined in Code Section 408(p)) and such distribution is made in a lump
sum. A distribution under this article shall be a retirement benefit and shall be
distributed to the Participant according to the provisions of Article VI. However, the
fixed period and fixed payment instaliment options shall not be available.
If a Participant or Beneficiary is receiving payments under the fixed period or
fixed payment installment options, the Account shall be paid to such person in a
single sum.
The ParticipanYs entire Vested Account shall be paid in a single sum to the
Participant as of the effective date of complete termination of the Plan if (i) the
requirements for distribution of Elective Deferral Contributions in the above paragraph
Subtype 707006 Transaction Processing 2 (6-10089)-5
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are met and (ii) consent of the Participant is not required in the ELECTION
PROCEDURES SECTION of Article VI to distribute a benefit which is immediately
distributable. This is a small amounts payment. The small amounts payment is in full
settlement of all benefits otherwise payable.
Upon complete termination of the Plan, no more Employees shall become
Participants and no more Contributions shall be made.
The assets of this Plan shall not be paid to the Employer at any time, except
that, after the satisfaction of aIl liabilities under the Plan, any assets remaining may
be paid to the Employer. The payment may not be made if it would contravene any
provision of {aw.
Article 5. The 2002 Restatement is amended by capitalizing the term Annuity Contract
as referenced throughout the plan document.
Article6. Section 1.02 of the 2002 Restatement is amended as follows:
By striking the paragraph in the definition of Account that begins `A ParticipanYs
Account shall be reduced..." and substituting with the following:
A Participant's Account shall be reduced by any distribution of his Vested
Account and by any Forfeitures. A Participant's Accou�t shall participate in
the earnings credited, expenses charged, and any appreciation or
depreciation of the Investment Fund. His Account is subject to any
minimum guarantees applicable under the Annuity Contract or other �
investment arrangement and to any expenses associated therewith.
By adding the following detinition of Annuity Contrect:
Annuity Contraet means the annuity contract or coMracts into which the Trustee
enters with the Insurer for guaranteed benefits, for the investment of
Contributions in separate accounts, and for the payment of benefits under this
Plan. The term Annuity Contract as it is used in this Plan shall include the piural
unless the context cleariy indicates the singu{ar is meant.
By striking the definition of Investment Fund and substituting with the following:
fnvestment Fund means the total of Plan assets, exduding the guarenteed
benefit policy portion of any Annuity Contract. All of these assets will be
held under, or invested pursuant to, the terms of a Trust Agreement.
Subtype 101006 Transaction Processing 3 (6-10089)-5
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Sy striking definitions of Trust Agreement, Trust Fund and Trustee, and substituting
with tfie following:
Trust Agreement'means an agreement or agreements of trust between the
Primary Employer and Trustee established for the purpose of holding and
distributing the Trust Fund under the provisions of the Plan. The Trust
Agreement may provide for the investment of aIl or any portion of the Trust
Fund in an Annuity Contract or any other investment arrangement.
Trust Fund means the total funds held under ihe applicable 7rust Agreement.
The term Trust Fund when used within a Trust Agreement shall mean only
the funds held under that Trust Agreement.
Trustee means the party or parties named in the applicable 7rust Agreement.
The term Trustee as it is used in the Plan is deemed to include the plural
unless the context clearly indicates the singular is meant.
Article 7. Section 4.01 of the 2002 Restatement is amended as follows:
By striking the first paragraph and substituting with the following:
The handling of Contributions and Pian assets is governed by the provisions
of the Trust Agreement and any document duly entered into by or with
regard to the Plan that govern such matters. To the extent permitted by the
Trust Agreement or such other documents, the parties named below sha11
direct the Contributions to the Trust for investment in any of the investment
options or investment vehicles available under the Trust Agreement, and
may request the transfer of amounts resulting from those Contributions
between such investment options and investment vehicles. A Participant
may not direct the Trustee to invest all, or any portion, of the ParticipanYs
AccounY in collectibles. Collectibles mean any work of art, rug or antique,
metal or gem, stamp or coin, aicoholic beverage, or other tangible personal
property specified by the Secretary of the Treasury. However, for tax years
beginning after December 31, 1997, certain coins and bullion as provided in
Code Section 408(m)(3) shali not be considered collectibles. To the extent
that a Participant who has investment direction fails to give timely
investment direction, the amount for which no investment direction is in
place shall be invested in such investment options and investment vehicles
as provided in the service and expense agreement or such other documents
duly entered into by or with regard to the Pfan that govern such matters.
The Primary Employer shall have investment direction for amounts which
have not been allocated to Participants. If the Primary Employer has
investment direction, the contributions subject to that direction shall be
invested ratably in the investment options and investment vehicles available
under the Trust Agreement that are selected by the Primary Employer.
Subtype 707006 Trensaction Processing 4 (6-10089)-5
Qc�- i� �
By striking the last two paragrephs and substituting with the following:
The Employer shall pay to the Trustee the 414(h) Contributions for each Plan
Year not later than the end of the 12 month period immediately following
the Plan Year for,which they are deemed to be paid.
Afl Contributions are forwarded by the Empfoyer to the Trustee to be
deposited in the Trust Fund or otherwise invested by the Trustee in
accordance with the relevant documents. Contributions that are
accumulated through payroli deduction shall be paid to the Trustee by the
earlier of li) the date the Contributions can reasonabiy be segregated from
the Employer's assets, or (ii) the 15th business day of the month following
the month in which the ConYributions would otherwise have been paid in
cash to the Participant.
Article 8. Section 10.07 of the 2002 Restatement is amended as follows:
By striking the last sentence of the first paragraph.
By striking the second paragraph and substituting with the following:
It is the responsibility of the Participant to give written notice to the Plan
Administrator of the name of the Beneficiary on a form furnished for that
purpose. The Plan AdminisYrator shall maintain records of Beneficiary
designations for Participants before their Retirement Dates. However, the
Plan Administrator may delegate to another party the responsibility of
maintaining records of Beneficiary designations. In that eveni, the written
designations made by Participants shall be filed with such other party.
Effective January 1, 2006:
Article 1. Section 3.02 of the 2002 Restatement is amended by striking the 2"" & 3'
paragraphs (as provided in the Plan and in Amendment #2) and substituting the following:
Forfeitures shall be determined at least once during each Plan Year. Forfeitures
may first be used to pay administrative expenses. Forfeitures which have not been
used to pay administrative expenses shall be applied to reduce the earliest Employer
Contributions made after the Forfeitures are determined. Upon their application to
reduce Employer Contributions, Forfeitures shall be deemed to be Employer
Contributions.
This amendment is made an integral part of the aforesaid Plan and is controlling over the
terms of said Plan with respect to the particular items addressed expressly herein. All other
provisions of the Plan remain unchanged and controlling.
Unless otherwise stated on any page of this amendment, eligibility for benefits and the
amount of any benefits payable to or on 6ehalf of an individual who is an Inactive
Participant on the effective date(s) stated above, shall be determined according to the
provisions of the aforesaid Plan as in effect on the day before he became an Inactive
Participant.
Subtype 701006 Trensaction Processing 5 (6-100891-5
VV �
Executed this 2 ' __ day of January 2006
CITY OF SAINT PAUL PUBLIC HOUSING AGENCY OF THE CITY
' OF SAINT PAUL
1 �
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By:
BY' �L�-�:L �/ C� �G�d�.'�i/�i
�.��rl�°��L�L�� ����',��f>�
rlc�e
Subtype 101006 Trensaction Processing 6 (6-10089)-5
Board Chair
D!�-t��
SIGNATURE PAGE TO:
AMENDMENT NO. 3 TO THE
PENS�ON PLAN OF THE HOUSING A1�'D
REDEVELOPMENT AUTHORITY OF THE CITY
OF SAINT PAUL, MINIVESOTA
(JANUARY 1, 2002 RESTATEMENT AND PRIOR DOCUMENTS)
CITY OF SAINT PAUL
to form:
�
Mayor
Assistant Ciry�mey By
Febi�uy 17, 2006
City Clerk
�
Director of Finance and
Management Services
OPPENHEIMER: 2325027 v03 02/06/2006
o��i��
AMENDMENT N0. 4
PENSION PLAN OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF
SAINT PAUL, MINNESOTA
The Plan named above gives the Employer the right to amend it at any time. According to
that right, the Plan is amended effective January 1, 2006, as follows:
Article 1. Section 3.02 of the 2002 Restatement is amended by striking the 2n & 3'
paragraphs (as provided in the Plan and previously amended in Amendment #2) and
substituting the following:
Forfeitures shall be determined at least once during each Plan Year. Forfeitures
may first be used to pay administrative expenses. Forfeitures which have not been
used to pay administrative expenses shall be applied to reduce the earliest Employer
Contributions made after the Forfeitures are determined. Upon their application to
reduce Employer Contributions, Forfeitures shall be deemed to be Employer
Contributions.
Article 2. Section 6.01 of the 2002 Restatement is amended by striking the 1"
paragraph (as previously amended in Amendment #31 and substituting the following:
Retirement and Death Benefits. Distribution of a ParticipanYs vested interest in his
Account shall be made to the Participant or his Beneficiary, as the case may be, in
any one, or combination of the following forms of payment, as elected by the
Participant or Beneficiary:
(a) a single sum payment.
(b) a fixed period installment option. The fixed period installment option is an
optional form of benefit under which the Participant elects to receive
substantially equal annual payments over a fixed period of whole years. The
annual payment may be paid in annual, semi-annual, quarierly, or monthly
installments as elected by the Participant. The Participant may eleci to receive
additional payments.
(c) a fixed payment installment option. The fixed payment installment option is an
optional form of benefit under which the Participant elects to receive a specified
dollar amount each year. The annual payment may be paid in annual, semi-
annual, quarterly, or monthly instaliments as elected by the Participant. The
Participant may elect to receive additional payments.
The fixed period and fixed payment instaliment options shall not be available if the
Participant has not separated from service.
Amendment No. 4 1 (6-10089)-t
u�-�
Article 3. Article VIII of the 2002 Restatement is amended by striking the 3r
paragraph (as previously amended in Amendment #3) and substituting the following:
A ParticipanYs Account may be distributed to the Participant after the
effective date of the complete termination of the Plan. A distribution under this
article shafl be a retirement benefit and shall be distributed to the Participant
according to the provisions of Article VI. However, the fixed period and fixed
payment installment options shalf not be available.
If a Participant or Beneficiary is receiving payments under the fixed period or
fixed payment instailment options, the Account shall be paid to such person in a
single sum.
This amendment is made an integral part of the aforesaid Plan and is controlling over the
terms of said Plan with respect to the particular items addressed expressly herein. All other
provisions of the Plan remain unchanged and controlling.
Unless otherwise sCated on any page of this amendment, eligibility for benefits and the
amount of any benefits payable to or on behalf of an individual who is an .Inactive
Participant on the eE4ective date(sy stated above, shail be determined according to the
provisions of the aforesaid Plan as in effect on the day before he became an Inactive
Participant.
Amendment No. 4 2 (6-10089)-1
u�-���
Signing this amendment, the Employer, as plan sponsor, has made the decision to adopt
this plan amendment. The Employer is acting in reliance on its own discretion and on the
Iagal and tax advice of its own advisors, and not that of any member of the Principal
Financia� Group or any representative of a member company of the Principal Financial
Group.
2�
Signed this _
January
day of
2006
CITY OF SAINT PAUL
�
PUBLIC HOUSING AGENCY OF THE CITY
OF SAINT PAUL
� 1�.. I-
�� Board Chair
Titte
By:
Executive Director
Title
By: ����Li �� �t/Gl�?�d��C.
�.,G�Lll��t� .��,�//!`�r`9
Title
Amendment No. 4 3 (6-10089)-1
o�-���
SIGNATURE PAGE TO:
AMENDMENT NO. 4 TO T'HE
PENSION PLAN OF THE HOUSING AND
REDEVELOP�NT AUTHORITY OF THE CITY
OF SA.INT PAUL, MINNESOTA
(JANUARY 1, 2002 RESTATEMENT AND PRIOR DOCUMENTS)
CTTY OF SAINT PAUL
Approved as to form:
Mayor
BY��— ^. �'--'�
Assistant ' fo ney By
Febivary 17, 2006
City Clerk
�
Director of Finance and
Management Services
OPPENHEIMEA: 2325027 v03 02/06/2006