2009 Comprehensive Annual Financial Report - Apex Park and ...

IX.
Post Employment Benefits (continued)
with a hire date prior to July I, 2002 are 100% vested. All full-time employees hired
after July I, 2002 are vested 10% the fust year, 20% the second year and 100% the
third year.
• An Executive Director, 401 Qualified Money Purchase Plan (defined contribution
pension plan) for the Executive Director whereby the District and the Executive
Director must make contributions. Under the provisions of the pension plan, ICMA
maintains the account for the Executive Director in the 40 I plan. The District is
required to make contributions equal to 14% of qualified compensation to an account
with the 40 I plan, and the Executive Director is required to make contributions equal
to 4% of compensation to the 40 I plan. The Executive Director is 100% vested in the
plan.
The 457 Deferred Compensation Plan is a voluntary employee deferred compensation plan.
The District does not make contributions to the deferred compensation plan. Employees are
allowed to make annual voluntary contributions to the deferred compensation plan to the
maximum allowable limits of the law governing the pension plan. ICMA maintains accounts
for each employee in the 457 Deferred Compensation Plan. Employees are 100% vested in
their retirement contributions to the 457 deferred compensation plan. The deferred
compensation plan permits all full-time employees to defer a portion of their salary until
future years. The deferred compensation is not available to the employees until termination,
retirement, death, or unforeseeable emergency. All amounts of compensation deferred under
the 457 plan, all property and rights purchased with those amounts, and all income
attributable to those amounts, property, or rights are to be held in trust for the exclusive
benefit ofthe plan participants and their beneficiaries.
The District has two IRA plans. Under the provisions of the IRA plans ICMA maintains
accounts for each employee and spouse;
• The ROTH IRA is a voluntary employee contribution plan. The District does not
make contributions to the IRA plan. Full-time Employees may make contributions up
to the specified limit on a non-deductible (after-tax) base. A separate Roth IRA may
be established for a wage earning spouse and funded with an additional annual nondeductible
contribution of up to the specified dollar limit.
• The Traditional IRA is funded with annual contributions of up to a specified dollar
limit each year. The District does not make contributions to the Traditional IRA plan.
Full-time Employees may make contributions a deductible or non-deductible (aftertax)
base. A separate Traditional IRA may also be established for a non-wage earning
spouse and funded with an additional amount of up to the specified dollar limit. All
earnings on Traditional IRA assets are tax-deferred until the time of withdrawal.
Money for all four pension plans is invested through ICMA Retirement Corporation and
employees determine how the pension funds are invested. Therefore, the plan's investment
concentration varies between participants.
The District and ICMA (the plan administrator) do not direct the general investment
philosophy of pension plans with respect to investment options offered. The District has no
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