Placentia City Council
February 6, 2024

ICMA Retirement Corporation
doing business as
MissionSquare Retirement
Governmental
Money Purchase Plan
Adoption Agreement
MissionSquare

RETIREMENT

MissionSquare Retirement
Governmental Money Purchase Plan Adoption Agreement
Plan Number 10-0417
The Employer hereby establishes a Money Purchase Plan to be known as:

City of Placentia 401(a) Plan
(the "Plan") in the form of the MissionSquare Retirement Governmental Money Purchase Plan.

New Plan or Amendment and Restatement (Check One):
❑✓ Amendment and Restatement
This Plan is an amendment and restatement of an existing defined contribution money purchase plan.

Please specify the name of the defined contribution money purchase plan which this Plan hereby amends and restates:

City of Placentia PARS Defined Contribution Plan (orig. eff. date: October 1,2016) Effective Date of Restatement. The effective date of the Plan shall be:

February 28, 2024
(Note: The effective date can be no earlier than the first day of the Plan Year in which this restatement is adopted.

If no date is provided, by default, the effective date will be the first day of the Plan Year in which the restatement is adopted.)
❑ New Plan
Effective Date of 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:
(Note: An alternate effective date can be no earlier than the first day of the Plan Year in which the Plan is adopted.) I. EMPLOYER: City of Placentia
(The Employer must be a governmental entity under Internal Revenue Code § 414(d)) II. SPECIAL EFFECTIVE DATES
Please note here any elections in the Adoption Agreement with an effective date that is different from that noted above.
(Note: provision and effective date.)
III. PLAN YEAR
The Plan Year will be:
❑ January 1 - December 31 (Default)
❑✓ The 12 -month period ending: June 30
Month Day
MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement 2

IV. Normal Retirement Age shall be age 55 (not less than 55 nor in excess of 65).

Important Note to Employers: Normal Retirement Age is significant for determining the earliest date at which the Plan may allow for in-service distributions. Normal Retirement Age also defines the latest date at which a Participant must have a fully vested right to his/her Account. There are IRS rules that limit the age that may be specified as the Plan's Normal Retirement Age. The Normal Retirement Age cannot be earlier than what is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed.

In 2016, the Internal Revenue Service proposed regulations that would provide rules for determining whether a governmental pension plan's normal retirement age satisfies the Internal Revenue Code's qualification requirements. A normal retirement age that is age 62 or later is deemed to be not earlier than the earliest age that is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed. Whether an age below 62 satisfies this requirement depends on the facts and circumstances, but an Employer's good faith, reasonable determination will generally be given deference. A special rule, however, says that a normal retirement age that is age 50 or later is deemed to be not earlier than the earliest age that is reasonably representative of the typical retirement age for the industry in which the covered workforce is employed if the participants to which this normal retirement age applies are qualified public safety employees (within the meaning of section 72(t)(10)(B)).

These regulations are proposed to be effective for employees hired during plan years beginning on or after the later of: (1) January 1, 2017; or (2) the close of the first regular legislative session of the legislative body with the authority to amend the plan that begins on or after the date that is 3 months after the final regulations are published in the Federal Register. In the meantime, however, governmental plan sponsors may rely on these proposed regulations.

In lieu of age -based Normal Retirement Age, the Plan shall use the following age and service -based Normal Retirement Age
Important Note to Employers: Before using a Normal Retirement Age based on age and service, a plan sponsor should review the proposed regulations (81 Fed. Reg. 4599 (Jan. 27, 2016)) and consult counsel.

V. COVERED EMPLOYMENT CLASSIFICATIONS

1. The following group or groups of Employees are eligible to participate in the plan:
❑ All Employees
❑ All Full Time Employees
❑ Salaried Employees
❑ Non-union Employees
❑ Management Employees
❑ Public Safety Employees
❑ General Employees
✓❑ Other Employees (Specify the group(s) of eligible Employees below. Do not specify Employees by name. Specific positions are acceptable.) See addendum The group specified must correspond to a group of the same designation that is defined in the statutes, ordinances, 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.

MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement 3

2. Period of Service required for participation
❑✓ N/A — The Employer hereby waives the requirement of a Period of Service for participation.

Employees are eligible to participate upon employment. ("N/A" is the default provision under the Plan if no selection is made.)
❑ Yes. The required Period of Service shall be months (not to exceed 12 months.) The Period of Service selected by the Employer shall apply to all Employees within the Covered Employment Classification.

3. Minimum Age (Select One) - A minimum age requirement is hereby specified for eligibility to participate.
❑ Yes. Age (not to exceed age 21.)
❑✓ N/A — No minimum age applies ("N/A" is the default provision under the Plan if no selection is made.)
VI. CONTRIBUTION PROVISIONS

1. The Employer shall contribute as follows: (Choose all that apply, but at least one of Options A or B.

If Option A is not selected, Employer must pick up Mandatory Participant Contributions under Option B.)
Fixed Employer Contributions With or Without Mandatory Participant Contributions. (If Option B is chosen, please complete section C.)
✓❑ A. Fixed Employer Contributions. The Employer shall contribute on behalf of each Participant addendum % of Earnings or $ for the Plan Year(subjectto the limitations of Article V of the Plan).

Mandatory Participant Contributions
Clare required © are not required
to be eligible for this Employer Contribution.
❑ 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:

CI 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 when first eligible to participate in the Plan or any other plan or arrangement of the Employer described in Code section 219(g)(5)(A), to irrevocably elect to contribute Mandatory Participant Contributions 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
MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement 4

Contribution Schedule. (Any percentage or dollar amount entered below must be greater than 0%or$0.)
% 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 guide- lines 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 uo". The Employer hereby elects to "pick up" the Mandatory Participant Contributions1 (pick up is required if Option A is not selected). ❑ 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 Participant 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 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.

2. The Employer may also elect to make Employer Matching Contributions as follows:
❑ Fixed Employer Match of After -Tax Voluntary Participant Contributions. (Do not complete this section unless the Plan permits after-tax Voluntary Participant Contributions under Section VI.3 of the Adoption Agreement.).

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 Voluntary Participant Contributions in any Plan Year, in which case no Employer Contribution will be made on the Participant's behalf in that Plan Year. 1 Neither an IRS opinion letter nor a determination letter issued to an adopting Employer is a ruling by the Internal Revenue Service that Participant contributionsthat are "picked up" by the Employer are not includable in the Participant's gross income for federal income 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).

MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement 5

❑ Variable Employer Match of After -Tax Voluntary Participant Contributions. (Do not complete this section unless the Plan permits after-tax Voluntary Participant Contributions under section VI.3 of the Adoption Agreement.)
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 Voluntary Participant Contributions exceeding % of Earnings or $ );
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
❑ Fixed Employer Match of Participant 457(b) Plan Deferrals. 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 deferred % of Earnings or $ to the Employer's 457(b) deferred compensation plan. Under this option, there is a single, fixed rate of Employer Contributions, but a Participant may decline to make the required 457(b) deferrals in any Plan Year, in which case no Employer Contribution will be made on the Participant's behalf in that Plan Year. ❑ Variable Employer Match of Participant 457(b) Plan 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 by the Participant to the Employer's 457(b) plan for the Plan Year (not including Participant contributions exceeding % of Earnings or $ );
PLUS % of the elective deferrals made by the Participant to the Employer's 457(b) plan for the Plan Year in excess of those included in the above paragraph (but not including elective deferrals made by a Participant to the Employer's 457(b) plan 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

3. Each Participant may make a Voluntary Participant Contribution, subject to the limitations of Section

4.06 and Article V of the Plan:
❑ Yes D No ("No" is the default provision under the Plan if no selection is made.)

4. 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):
❑ Weekly ❑✓ Biweekly ❑ Monthly ❑ Annually in:

Specify Month
MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement 6

5. 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):
❑ Weekly ❑ Biweekly ❑ Monthly ❑ Annually in:

Specify Month

6. 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:

O Yes E No ("Yes" is the default provision under the Plan if no selection is made.) B. Participants who die or become disabled will receive Plan contributions with respect to such service:
❑ Yes ✓❑ No ("No" is the default provision under the Plan if no selection is made.) VII. EARNINGS
Earnings, as defined under Section 2.09 of the Plan, shall include:

1. Overtime
O Yes ❑ No ("No" is the default provision under the Plan if no selection is made.)

2. Bonuses
O Yes ❑ No ("No" is the default provision under the Plan if no selection is made.)

3. Other Pay (specifically describe any other types of pay to be included below) VIII. ROLLOVER PROVISIONS

1. The Employer will permit Rollover Contributions in accordance with Section 4.13 of the Plan:
▪ Yes ❑ No ("Yes" is the default provision under the Plan if no selection is made.) MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement 7

IX. 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 5.02 of the Plan).

1. If the Participant is covered under another qualified defined contribution plan maintained by the Employer, the provisions of Section 5.02(a) through (e) of the Plan will apply unless another method has been indicated below.

E 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:

X. VESTING PROVISIONS
The Employer hereby specifies the following vesting schedule, subject to (1) the Code's vesting requirements in effect on September 1, 1974 and (2) the concurrence of the Plan Administrator. (For the blanks below, enter the applicable percentage — from 0 to 100 (with no entry after the year in which 100% is entered), in ascending order.)
The following vesting schedule may apply to a Participant's interest in his/her Employer Contribution Account. The vesting schedule does not apply to Mandatory Participant Contributions, Rollover Contributions, Voluntary Participant Contributions, Deductible Employee Contributions, Employee Designated Final Pay Contributions, and Employee Designated Accrued Leave Contributions, and the earnings thereon.

Period of Service Completed Percent Vested
Zero 100
One
Two 0/0
Three 0/0
Four 0/0
Five 0/0
Six 0/0
Seven
Eight 0/0
Nine 0/0
Ten 0/0
MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement 8

XI. WITHDRAWALS AND LOANS

1. In-service distributions are permitted under the Plan after a Participant attains (select one of the below options):
® Normal Retirement Age
E Age 701/2 ("701/2" is the default provision under the Plan if no selection is made.) ❑ Alternate age (after Normal Retirement Age):
❑ Not permitted at any age

2. 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 ❑ No ("Yes" is the default provision under the Plan if no selection is made.)

3. Tax-free distributions of up to $3,000 for the direct payment of Qualified Health Insurance Premiums for Eligible Retired Public Safety Officers are available under the Plan. ❑ Yes D No ("No" is the default provision under the Plan if no selection is made.)

4. In-service distributions of the Rollover Account are permitted under the Plan, as provided in Section

9.07. © Yes ❑ No ("No" is the default provision under the Plan if no selection is made.)

5. Loans are permitted under the Plan, as provided in Article XIII of the Plan:

O Yes ❑ No ("No" is the default provision under the Plan if no selection is made.) XII. SPOUSAL PROTECTION
The Plan will provide the following level of spousal protection (select one):
❑ 1. Participant Directed 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.
© 2. Beneficiary Spousal Consent Election (Article XII of the Plan will apply if option 2 is selected). The normal form of payment of benefits under the Plan is a lump sum. Up -on 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 option 3 is selected, the spousal consent requirements in Article XII of the Plan also will apply.)
MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement 9

XIII. FINAL PAY CONTRIBUTIONS
(Under the Plan's definitions, Earnings automatically include leave cashouts paid by the later of 2' months after severance from employment or the end of the calendar year. If the Plan will provide additional contributions based on the Participant's final paycheck attributable to Accrued Leave, please provide instructions in this section. Otherwise, leave this section blank.) The Plan will provide for Final Pay Contributions if either 1 or 2 below is selected. The following group of Employees shall be eligible for Final Pay Contributions:
❑ 1. Employees within the Covered Employment Classification identified in section V of the Adoption Agreement.
❑ 2. Other.
(This must be a subset of the Covered Employment Classification identified in section V of the Adoption Agreement)
Final Pay shall be defined as (select one):
❑ A. Accrued unpaid vacation
RI 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 their Final Pay to the Plan (subject to the limitations of Article V of the Plan).

O 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 100 % (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.

XIV. ACCRUED LEAVE CONTRIBUTIONS
The Plan will provide for unpaid Accrued Leave Contributions annually if either 1 or 2 is selected below.

The following group of Employees shall be eligible for Accrued Leave Contributions:
❑ 1. Employees within the Covered Employment Classification identified in section V of the Adoption Agreement.
❑ 2. Other.
(This must be a subset of the Covered Employment Classification identified in section V of the Adoption Agreement.)
MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement 10

Accrued Leave 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 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 (check 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 of the Plan).
❑ 2. Employee Designated Accrued Leave Contribution.

Each eligible Participant shall be given the opportunity at enrollment to irrevocably elect to annually contribute % (insert fixed percentage of unpaid Accrued Leave to be contributed) or up to % (insert maximum percentage of unpaid Accrued 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.

XV. 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.

XVI. The Employer understands that this Adoption Agreement is to be used with only the MissionSquare Retirement Governmental Money Purchase Plan. This MissionSquare Retirement Governmental Money Purchase Plan is a restatement of a previous plan, which was submitted to the Internal Revenue Service for approval on December 31, 2018 and received approval on June 30, 2020.

The Plan Administrator will 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) unless the Employer notifies the Plan Administrator, in writing, that it disapproves of the amendment(s). If the Employer so disapproves, the Plan Administrator will be under no obligation to act as Administrator under the Plan.

XVII. The Employer hereby appoints the ICMA Retirement Corporation, doing business as MissionSquare Retirement, as the Plan Administrator pursuant to the terms and conditions of the MISSIONSQUARE RETIREMENT GOVERNMENTAL MONEY PURCHASE PLAN.

The Employer hereby agrees to the provisions of the Plan.

MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement 11

XVIII. The Employer understands that it must complete a new Adoption Agreement upon first adoption of the Plan. Additionally, upon any modifications to a prior election, making of new elections, or restatements of the Plan, a new Adoption Agreement must be completed. The Employer hereby acknowledges it understands that failure to properly fill out this Adoption Agreement may result in disqualification of the Plan.

XIX. An adopting Employer may rely on an Opinion Letter issued by the Internal Revenue Service as evidence that the Plan is qualified under section 401 of the Internal Revenue Code only to the extent provided in Rev. Proc. 2017-41. The Employer may not rely on the Opinion Letter in certain other circumstances or with respect to certain qualification requirements, which are specified in the Opinion Letter issued with respect to the Plan and in Rev. Proc. 2017-41.

In Witness Whereof, the Employer hereby causes this Money Purchase Plan Adoption Agreement to be executed.

EMPLOYER SIGNATURE & DATE
Signature of Authorized Plan Representative:

Print Name: ROSANNA RAMERIZ
Title: DEPUTY CITY ADMINISTRATOR
Attest: ALICE BURNETT, DIRECTOR OF HUMAN RESOURCES
Date: 02 06 / 2024
Month Day Year
For inquiries regarding adoption of the plan, the meaning of plan provisions, or the effect of the Opinion Letter, contact:

MissionSquare Retirement
777 N. Capitol St. NE Suite 600
Washington, DC 20002
800-326-7272
52582-0621-W1303
MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement 12

Mayor
JEREMY B. YAMAGUCHI
Mayor Pro Tem

KEVIN KIRWIN
Councilmembers:

RHONDA SHADER
WARD L. SMITH
CHAD P. WANKE
The People are the City
Les e

PLACENTIA
ALL
401 East Chapman Avenue - Placentia, California 92870
Addendum to the
MissionSquare Retirement Money Purchase Plan
City of Placentia 401(a) Plan, Plan Number 100417
Section V. Covered Employee Classifications:

1. City Clerk:

ROBERT S. MCKINNELL
City Treasurer
KEVIN A. LARSON
City Administrator
DAMIEN R. ARRULA
The following group or groups of Employees are eligible to participate in the plan:

Tier I: (Note: Tier 1 is closed to any new entrants)
i. Police Services Officer
ii. City Administrator
Tier II:
i. Any active employee currently participating in Tier II as of 12/31/23 is "gra ndfathered"
ii. Miscellaneous Executive Director Employee
iii. Placentia Miscellaneous 2nd Tier participating in the 2% at 60 CaIPERS iv. is not eligible to participate under Tier I
Tier III:
i. Miscellaneous Executive Director Employee
ii. CaIPERS Miscellaneous PEPRA and participates in the 2% at 62 CaIPERS Section VI. Contribution Provisions
A. Fixed Employer Contributions.

Tier I: - Annually indexed
i. Police Services Officer — 7% of comp
ii. City Administrator — 9.23% of comp
Tier II:
"Grandfathered" participants — 7% of comp
ii. "Non -Grandfathered" — 4% of comp
Tier III:
i. 2.72% of comp prior to January 31, 2024
ii. 4.00% of comp effective February 1, 2024
Name
Signature
Title
Date

MissionSquare Retirement
Governmental Money Purchase Plan
Trust Agreement
The Employer hereby adopts and designates this Trust ("the Trust" ) to receive and hold the assets of the MissionSquare Retirement Governmental Money Purchase Plan ("the Plan"). The Trust is adopted and designated in accordance with Section 2.22 of the Plan. The Trust shall hold all of the assets of the Plan derived from Employer and Employee contributions under the Plan, plus any income and gains thereon, less any losses, expenses and distributions to Participants and Beneficiaries. All capitalized terms in this instrument shall be interpreted consistent with Article 11 of the Plan.

I. Trust. A trust is hereby created to hold all of the assets of the Plan for the exclusive benefit of Participants and Beneficiaries, except that taxes and expenses may be paid from the Trust as provided in Section 111 below. The trustee shall be the Employer or such other person which agrees to act in that capacity hereunder.

II. Investment Powers. The trustee or the Plan Administrator, acting as agent for the trustee, shall have the powers listed in this Section 11 with respect to investment of the Trust assets, except to the extent that the investment of the Trust assets is controlled by Participants, pursuant to Sections 6.01 and 13.03 of the Plan.
(a) To invest and reinvest the Trust without distinction between principal and income in common or preferred stocks, shares of regulated investment companies and other mutual funds, bonds, notes, debentures, mortgages, certificates of deposit, contracts with insurance companies including but not limited to insurance, individual or group annuity, deposit administration, guaranteed interest contracts, and deposits at reasonable rates of interest at banking institutions including but not limited to savings accounts and certificates of deposit. Assets of the Trust may be invested in securities that involve a higher degree of risk than investments that have demonstrated their investment performance over an extended period of time. (b) To invest and reinvest all or any part of the assets of the Trust in any common, collective or commingled trust fund that is maintained by a bank or other institution and that is available to employee plans qualified under section 401 of the Code, or any successor provisions thereto, and during the period of time that an investment through any such medium shall exist, to the extent of participation of the Plan, the declaration of trust of such common, collective, or commingled trust fund shall constitute a part of the Plan. (c) To invest and reinvest all or any part of the assets of the Trust in any group annuity, deposit administration or guaranteed interest contract issued by an insurance company or other financial institution on a commingled or collective basis with the assets of any other plan or trust qualified under section 401(a) of the Code or any other plan described in section 401(a)(24) of the Code, and such contract may be held or issued in the name of the Plan Administrator, or such custodian as the Plan Administrator may appoint, as agent and nominee for the Employer.

During the period that an investment through any such contract shall exist, to the extent of participation of the Plan, the terms and conditions of such contract shall constitute a part of the Plan.
(d) To hold cash awaiting investment and to keep such portion of the Trust in cash or cash balances, without liability for interest, in such amounts as may from time to time be deemed to be reasonable and necessary to meet obligations under the Plan or otherwise to be in the best interests of the Plan.

(e) To hold, to authorize the holding of, and to register any investment to the Trust in the name of the Plan, the Employer, or any nominee or agent of any of the foregoing, including the Plan Administrator, or in bearer form, to deposit or arrange for the deposit of securities in a qualified central depository even though, when so deposited, such securities may be merged and held in bulk in the name of the nominee of such depository with other securities deposited therein by any other person, and to organize corporations or trusts under the laws of any jurisdiction for the purpose of acquiring or holding title to any property for the Trust, all with or without the addition of words or other action to indicate that property is held in a fiduciary or representative capacity but the books and records of the Plan shall at all times show that all such investments are part of the Trust.
(f)
(g)
m)
Upon such terms as may be deemed advisable by the Employer or the Plan Administrator, as the case maybe, for the protection of the interests of the Plan or for the preservation of the value of an investment, to exercise and enforce by suit for legal or equitable remedies or by other action, or to waive any right or claim on behalf of the Plan or any default in any obligation owing to the Plan, to renew, extend the time for payment of, agree to a reduction in the rate of interest on, or agree to any other modification or change in the terms of any obligation owing to the Plan, to settle, compromise, adjust, or submit to arbitration any claim or right in favor of or against the Plan, to exercise and enforce any and all rights of foreclosure, bid for property in foreclosure, and take a deed in lieu of foreclosure with or without paying consideration therefor, to commence or defend suits or other legal proceedings whenever any interest of the Plan requires it, and to represent the Plan in all suits or legal proceedings in any court of law or equity or before any body or tribunal.

To employ suitable consultants, depositories, agents, and legal counsel on behalf of the Plan.

To open and maintain any bank account or accounts in the name of the Plan, the Employer, or any nominee or agent of the foregoing, including the Plan Administrator, in any bank or banks. (i) To do any and all other acts that may be deemed necessary to carry out any of the powers set forth herein.

III. Taxes and Expenses. All taxes of any and all kinds whatsoever that may be levied or assessed under existing or future laws upon, or in respect to the Trust, or the income thereof, and all commissions or acquisitions or dispositions of securities and similar expenses of investment and reinvestment of the Trust, shall be paid from the Trust. Such reasonable compensation of the Plan Administrator, as may be agreed upon from time to time by the Employer and the Plan Administrator, and reimbursement for reasonable expenses incurred by the Plan Administrator in performance of its duties hereunder (including but not limited to fees for legal, accounting, investment and custodial services) shall also be paid from the Trust. However, no person who is a fiduciary within the meaning of section 3(21)(A) of ERISA and regulations promulgated thereunder, and who receives full-time pay from the Employer may receive compensation from the Trust, except for expenses properly and actually incurred.

IV. Payment of Benefits. The payment of benefits from the Trust in accordance with the terms of the Plan may be made by the Plan Administrator, or by any custodian or other person so authorized by the Employer to make such disbursement. Benefits under the Plan shall be paid only if the Plan Administrator, custodian or other person, or the Employer if directing such person, decides in his/her discretion that the applicant is entitled to them. The Plan Administrator, custodian or other person shall not be liable with respect to any distribution of Trust assets made at the direction of the Employer.

V. Valuation of Accounts. As of each Accounting Date, the Plan assets held in each investment fund offered shall be valued at fair market value and the investment income and gains or losses for each fund shall be determined. Such investment income and gains or losses shall be allocated proportionately among all Account balances on a fund -by -fund basis. The allocation shall be in the proportion that each such Account balance as of the immediately preceding Accounting Date bears to the total of all such Account balances, as of that Accounting Date. For purposes of this Trust, all Account balances include the Account balances of all Participants and Beneficiaries.

VI. Participant Loan Accounts. Participant Loan Accounts shall be invested in accordance with Section 13.03 of the Plan. Such Accounts shall not share in any investment income and gains or losses of the investment funds described in Section 6.01.

SIGNATURE & DATE
Employer & Trustee: City of Placentia
Signature of Authorized Plan Representative:

Print Name:

Title:

Attest:

Date: / /
(M) (D) (Y)
("the Employer")
52582-0621-W2777

MissionSquare

RETIREMENT
SECURE ACT 2.0 and 1.0 Election Form 1 Page 1 of 2
Use this form to adopt any of the provisions made available by The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE 1.0), SECURE 2.0 Act of 2022, and related legislation. If you would like to add these provisions to more than one plan, please complete one form per plan.

I. SECURE 2.4 Provisions
A. ROTH Provisions
While not technically a SECURE 2.0 provision, 401(k), 457(b), and 403(b) plans must adopt the Roth Contribution Provision to continue to permit age -50 catch-up contributions starting in 2024. Roth is not available in 401(a) Profit sharing plans without the 401(k) feature, and is not available in 401(a) Money Purchase plans.

If your plan does not offer Roth Contributions, check hereto add this provision: 0 The plan will permit in -plan Roth Conversions.
❑ Yes ❑ No
The Roth account will be an available source for loans. ['Yes ❑ No
Note: to adopt the Roth features, 401(k) plans will need to also review an Adoption Agreement and 457(b) plans will need to review an Optional Provision Election Form. Our plan design team will reach out to you with prepopulated versions of the applicable materials upon receipt of this form.

B. Eliminate the °first date of the month° rule for 457(b) deferral changes. The plan will permit all deferral initiation and change requests to transpire as soon as administratively feasible, but no later than on the earliest date the deferrals can reasonably be segregated from the employer's general assets, rather than the first pay period of the following month. ❑ Yes 0 No ('No' is the default provision under the Plan if no selection is made.) II. SECURE 1.0 and Related Legislation Provisions
C. In -Service Distributions at Age 59.5 (Available in 457(b), 403(b), and 401(a) Money Purchase Plans) The Plan will permit in-service withdrawals at age 59.5 {NOTE: Notapplkable to 401(a) Profit Sharing Plans, as this provision is already available in your plan. You can change the in-service distribution age by submitting a revised Adoption Agreement.) ❑Yes p No (No' is the default provision under the Plan if no selection is made.) D. Qualified Birth and Adoption (Available in 457(b), 403(b), 401(a) Money Purchase, 401(a) Profit Sharing Plans) The plan will permit participants to receive, upon written request, a distribution of up to $5,000 per qualifying birth or adoption (notto exceed $5,000 across all retirement accounts of the participant. (Note to 401(a) Money Purchase Plan Sponsors: such a withdrawal can only be undertaken if the participant meets the plan's existing in-service withdrawal criteria.) Such a distribution is exempt from the 10% early distribution tax penalty and is exempt from the mandatory 20% withholding; and can be repaid into the account within 3years without regard to the usual 60 -day time limit for rollovers if elected. A qualified adoption distribution would be limited to the adoption of children who are under age 18 or who are physically or mentally incapable of self-support. ['Yes ❑ No ('No' is the default provision under the Plan if no selection is made.) Note: If you electto offer this provision, your plan may need to offerthe ability for participants to roll assets into the plan.

E. MissionSquare Retirement IncomeAdvantage In -Service Distribution (NOTE: only applicable to 457(b), 401(a) Money Purchase, 401(a) Profit Sharing Plans that have the MissionSquare Retirement IncomeAdvantage as an available investment option).

In the event the Mission5quare Retirement IncomeAdvantage Fund is no longer an investment option under the plan, a Participant shall, upon written request, be permitted to roll these assets to another plan. Such a distribution can be undertaken regardless of the participants eligibility pertaining to in-service distributions.
0 Yes El No ('No' is the default provision under the Plan if no selection is made.)

MissionSquare
RETIREMENT SECURE ACT 2.0 and 1.0 Election Form 1 Page 2 of 2 By signing below, we intend to amend the plan to allow these provisions a5 of the date below or as soon as administratively feasible. Please submit one form per plan number.

Employer Plan Number: 100417 Employer Plan Name: City of Placentia Signature of Authorized Plan Representative:

Print Name: ROSANNA RAMIREZ Title: DEPUTY CITY ADMINISTRATOR Date: 02 j06 j 2024 [MMIoalyyY) Email Address: [email protected]
Phone Number: 714-993-8171
This form can be returned by secure message, fax, or mail using the information below.

Online: Submit through secure messaging to:
www. e m p l oye rs. msq pl a nse rvi ces. a rg
Fax to: MissionSquare Plan Services
(844) 677-3297
Mail to: MissionSquare Plan Services
P.O. Box 219320
Kansas City, MO 64121-9320
MissionSquare Plan Services 1 P.O. Box 219320 1 Kansas City, MO 64121-9320 1 Fax to: (844) 677-3297 61397-0623-W2624

. w 457(b) 401(a) 403(b) Plan Sponsors
MissionSquare Loan Implementation Package

RETIREMENT

TABLE OF CONTENTS
Introduction and Summary Instructions 2
Basic information and instructions for implementing your plan's loan program.

Loan Guidelines Agreement Instructions 3
Important information and instructions for completing the Loan Guidelines Agreement Loan Guidelines Agreement 7
Complete this agreement to establish the guidelines for your plan's loan program.

Maximum Loan Amount Worksheet 13
Use this worksheet to calculate the maximum loan amount that a participant is eligible to receive.

Suggested Resolution 14
For use by plans whose governing body requires that a resolution be passed. 457(b) Plan Loan Administration Agreement 15
457(b) Plans Only. If you have multiple 457(b) plan providers, you must complete and return this document to MissionSquare Retirement.

Loan Amendment — 401(a) Plans Only 16
401(a) Plans Only. If you are amending your existing plan to add a loan program, you must complete and return this document to MissionSquare.

Loan Amendment — 403(b) Plans Only 17
403(b) Plans Only. If you are amending your existing plan to add a loan program, you must complete and return this document to MissionSquare.

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 1 62255-1023-489

. w 457(b) 401(a) 403(b) Plan Sponsors
MissionSquare Loan Implementation Package

RETIREMENT
INTRODUCTION AND SUMMARY INSTRUCTIONS FOR 457(b), 401(a), AND 403(b) PLAN SPONSORS Making a loan program available in your retirement plan will provide eligible plan participants with the ability to borrow money from their accounts.

As the administrator of your loan program, MissionSquare Retirement will attempt to minimize the amount of resources you need to devote to the program. However, there are administrative and fiduciary responsibilities associated with offering loans which, as a practical matter, cannot be delegated to MissionSquare.

Please review all of the information in this packet carefully prior to submitting the applicable forms to implement the loan program in your plan.

The below instructions provide you with easy -to -follow steps to implement a loan program in your MissionSquare 457(b) or 401(a) plan.

STEP 1: Review the Loan Guidelines Agreement Instructions carefully prior to returning the required forms to implement your plan's loan program.

STEP 2: Complete the Loan Guidelines Agreement.

STEP 3: Determine whether any formal action is required by your legislative body and/or plan administrative committee to implement a loan program.

If formal action is required, you may want to use the suggested resolution in this packet.

STEP 4: Complete the following documents (if applicable) • 457(b) Plan Loan Administration Agreement - If you have multiple 457(b) plan providers, you must complete and return this document to MissionSquare.
• Loan Amendment [401(a)/403(b) Plans Only] - If you are amending your existing 401(a)/403(b) plan to add loan provisions, you must complete and return this document to MissionSquare.

STEP 5: Return copies of the following documents to MissionSquare (please be sure to submit all pages and retain the originals for your records):
• Loan Guidelines Agreement
• Loan Amendment to the 401(a) Plan Adoption Agreement (if applicable) • 457(b) Plan Loan Administration Agreement (if applicable) • Suggested Resolution (if applicable)
Fax: MissionSquare Plan Services
(844) 677-3297
Mail: MissionSquare Plan Services
P.O. Box 219320
Kansas City, MO 64121-9320
STEP 6: Please allow 5-7 business days for MissionSquare to establish your plan's loan program.

Online: Submit through secure messaging to:
www.employers.msgplanservices.org
Please retain original copies of any documents you return to MissionSquare for your records.

If you have any questions relating to the adoption process, please contact your MissionSquare PlanServices team at 800-326-7272.

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 2 62255-1023-489

MissionSquare

RETIREMENT
457(b) 401(a) 403(b) Plan Sponsors
Loan Guidelines Agreement Instructions
The information in this packet is intended to assist you with implementing a loan program within your MissionSquare Retirement 457(b), 401(a), or 403(b) plan(s). The packet provides an overview of the issues and complexities of establishing and maintaining a loan program under the most common types of retirement plan arrangements. It is not intended to be all inclusive. Special situations and/or solutions not discussed in this document will need to be reviewed on a case-by-case basis.

The instructions contain information that will help you understand the decisions you will need to make when you establish your loan program and help you complete the Loan Guidelines Agreement. Please carefully review the information in this section and complete all applicable sections of the Loan Guidelines Agreement.

Here are a few of the elections that you will need to make:
• Will loans be available for all purposes or only in other purposes designated by you, The Employer?
• How many loans will participants be allowed to have outstanding at one time? (up to five)
• How long will participants have to repay a loan used to purchase a new primary residence? (up to 30 years)
• How will participants repay their loans? (payroll deduction, ACH payments from their bank accounts, or both)
In order to offer loans within your retirement plan, the Internal Revenue Code requires that you establish written guidelines that govern the Plan's loan program. You may elect to use the Loan Guidelines Agreement to serve this purpose for your Plan.

If you have any questions relating to the process of implementing a loan program, please contact your MissionSquare Plan Services team at 800-326-7272.

Section 1: Employer Plan Information
Enter the name of your employer plan. Also specify the plan type and your MissionSquare plan number.

Section 2: Eligibility & Loan Source
Loans are available to all active employees, except those with an existing loan in default.

Loan Source — Use this section to specify the sources that will be available for participant loans.

Section 3: Loan Purpose
Specify whether loans may be taken for (A) All Purposes or (B) Other Purposes (You will be responsible for approval of all loan requests.). (A) All Purposes
(B) Other Purposes
Employers have the ability to make their plan's loan program more restrictive under both of the above options.

Section 4: Application Process
No action is required in this section. The application process available to participants will vary depending on the option you select in Section III (Loan Purpose).

Section 5: Maximum Number of Loans
Specify whether participants may have only one (1) or up to five (5) loans outstanding at one time. The option you choose in this section will have a significant impact on the number of loans made from your plan.

Regardless of your election, a participant may receive a maximum of one (1) loan per calendar year.

Note: If you select Payroll Deduction as a repayment option for your participants in Section VIII, each loan repayment for each pay period must be accounted for separately. As such, repayments of multiple loans are a much larger burden on your payroll system (and personnel) than a repayment of a single loan.

Section 6: Loan Amount
No action is required in this section. The Maximum Loan Amount Worksheet includes instructions you can use to calculate the maximum loan amount for a participant. The loan modeling option on MissionSquare's Account Access website can also be used to calculate a participant's maximum loan amount.

Section 7: Length of Loan
Loans must be repaid in substantially equal installments of principal and interest over a period that does not exceed five (5) years. However, if the participant will be using the loan to purchase a principal residence, the five (5) year time limit may not apply. In this section of the form, you specify the maximum repayment period for principal residence loans, with 30 years being the maximum term.

In determining the maximum repayment period for residential loans, you should be mindful that the loan term may extend beyond the period the participant is employed by you. If you allow employees to continue to pay their loans after they separate from service (see the Acceleration section), repayments would continue by the participant, through you, for the entire term of the loan (e.g., 30 years). Every payroll period, the participant (former employee) will be required to give you a check for the periodic loan repayment amount. You then include this amount with your next contribution submittal to MissionSquare. Loan repayments may not be made directly to MissionSquare by the participant, unless you choose ACH debit as a repayment option in Section VIII.

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 3 62255-1023-489

Section 8: Loan Repayment Process
Specify the repayment method(s) and repayment frequency your plan will use.

Repayment Method — You can allow repayments to be made via payroll deduction and/or ACH payments from a participant's bank account. (1) Payroll Deduction — With this option, you will include the loan repayment detail when you remit contribution detail to MissionSquare via the EZLink website.

Initiating Payroll Deduction
Payroll deduction should begin within two payroll cycles following the date the loan is processed by MissionSquare. Employees using this method must notify the Employer immediately so that repayments will begin as soon as practicable, on a date determined by the Employer's payroll cycle. Failure to begin payroll deduction in a timely manner could lead to the employee's loan entering delinquency status.
(2) Automated Clearing House (ACH) — With this option, participants authorize MissionSquare to debit loan repayments directly from the participant's bank account via ACH. This feature frees you of the burden of establishing and monitoring loan repayments via payroll deduction. The ACH repayment options are bi-weekly and monthly.

Additional Loan Repayments and Early Pay -Off
A participant may pay off all of the principal and interest early without penalty or additional fee. If a loan is paid in full prior to the end of the term of the loan, no further interest will accrue. Please note that no payment date may be "skipped" even if the employee has made a large payment or submitted multiple payments.

Section 9: Loan Interest Rate
No action is required in this section. It simply describes the interest rate that will be used for participant loans.

Section 10: Security/Collateral
No action is required in this section. It simply describes the amount that will be used as collateral for participant loans.

Section 11: Acceleration
Specify whether participants who have separated from service will be able to continue loan repayments until they have withdrawn their entire account balance from the plan, or if outstanding loans will be due and payable at the time participants separate from service.

You should consider the options in this section carefully, since your election will impact when outstanding loans become taxable to participants. If a participant does not repay the outstanding loan amount at the time it is due, the loan is "foreclosed," and the outstanding loan amount must be reported by MissionSquare as a taxable distribution in the year of the foreclosure.

Given the burdens associated with collecting loan repayments from former employees, you may not wish to maintain a potentially long term "relationship" with former employees (especially in the case of residential loans).

Section 12: Reamortization
No action is required in this section. It simply provides information related to the reamortization of participant loans.

Section 13: Refinance
No action is required in this section. It simply provides information related to the refinancing of participant loans.

Section 14: Reduction of Loan
No action is required in this section. It simply describes how outstanding loans will be handled in the event of a participant's death.

Section 15: Deemed Distributions
No action is required in this section. However you should familiarize yourself with this information and note that loan repayments must be made in accordance with the plan document, plan loan guidelines, and as reflected in the promissory note signed by the participant. Failure to make loan repayments according to the loan terms will result in the outstanding loan balance being deemed distributed and taxable to the participant.

Timing
A loan will be deemed distributed when a scheduled payment is still unpaid at the end of the calendar quarter following the calendar quarter in which the payment was due. For example, if a participant does not make a loan payment that was scheduled to be made on February 1, the maximum cure period for the repayment is June 30. If the total amount of all delinquent payments is not received by the end of the cure period, the loan is deemed distributed.

Consequences of Deemed Distributed Loans (Employers)
Employers who do not ensure proper loan repayment practices in their retirement loan programs risk not only having individual participant loans being deemed distributed, but also potentially jeopardize the tax - favored status of the entire plan. In the extreme, plans with mismanaged loan programs — a high occurrence of deemed distributed loans, and/ or program participants in default, for example — may be disqualified (in the case of 401(a)/403(b) plans) or classified as ineligible (for 457(b) plans) by the IRS. Disqualification results in the loss of tax-deferred status for all contributions and a possible increase in the taxable income for participating employees.

It is a plan sponsor's fiduciary obligation to properly manage the retirement plan and its benefits. Mismanagement of a loan program may be considered failure to meet this fiduciary obligation and may expose a plan sponsor to litigation, in addition to being in violation of applicable laws and regulations.

Employers, as plan sponsors and fiduciaries, have an obligation to comply with plan document and loan guideline requirements applicable to participant loans. In this regard, loan payments must be made in accordance with the plan document, plan loan guidelines, and as reflected in the promissory note signed by the participant. Employers retain this obligation if there is a loan program associated with their retirement plan, regardless of the provisions governing the loan program.

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 4 62255-1023-489

Consequences of Deemed Distributed Loans (Participants) The principal balance, in addition to any accrued interest, is reported as a distribution to the IRS. However, the taxable distribution is not the only event in conjunction with a deemed distribution. The following negative consequences occur as a result of deemed distribution.
• The deemed distribution is a taxable event. However, it is not an actual distribution and therefore remains an asset of the participant's account.

The outstanding loan balance and accrued interest continue to be reported on the participant's account statements.
• Repayment of a deemed distribution will not change or reverse the taxable event.
• The loan continues to be considered outstanding until it is repaid or "offset" using the participant's account balance. An offset can occur only if the participant is eligible to receive a distribution from the plan as outlined in your plan document.
• Participants are required to repay any outstanding deemed distributed loan before they can become eligible for a new loan. The deemed distributed loan and any interest accrued since the date it became a taxable event is taken into account when determining the maximum amount available for a new loan.
• A participant who has had a prior deemed distribution must make repayments to a new loan through payroll deduction, or provide proof of adequate security.

Section 16: Fees
No action is required in this section. It simply provides that fees may be charged for various services associated with the application for and issuance of loans. Participants should review the Annual Service and Fee Disclosure notice(s) for your plan for more information on the applicable fees.

Section 17: Signatures
Please have an authorized plan representative sign and date this section of the agreement.

SPECIAL CIRCUMSTANCES
Emergency Withdrawals 1 457(b) Plans Only
457(b) Plans: Loans must be coordinated with unforeseeable emergency withdrawals. The emergency withdrawal regulations under Section 457(b) of the Code require that an emergency withdrawal be a resource of the "last resort." If the participant is able to take a loan or refinance a current loan from your MissionSquare 457(b) plan or any other plan you sponsor, the participant has resources available to meet, or partially meet, the financial need. Therefore, a participant will be required to take or refinance a loan before taking an emergency withdrawal.

Many emergency withdrawals are not approved because the financial need, while serious, may not meet the conditions itemized in the 457(b) regulations. The ability to take a loan allows participants to have access to money that is not otherwise available. And the repayment process for loans ensures that participants replenish their accounts, thereby preserving their retirement savings.

Qualified Joint and Survivor Annuity 1 Applies to Some
401(a)/403(b) Plans Only
If your plan uses the Qualified Joint and Survivor Annuity as the default form of payment, married participants must obtain spousal consent prior to obtaining a loan. The employee's spouse must consent, in writing, to the loan and the consent must be witnessed by a plan representative or notary public. Such consent must be received in writing by MissionSquare no more than ninety (90) days before the loan request is submitted through Account Access. In the case of the Direct Loan Application, spousal consent should be sent along with the application.

Please be advised, that some states recognize a status, such as a civil union or registered domestic partnership, to carry the same rights and obligations as marriage under state law.

Multiple Plans/Providers
If you have more than one retirement plan which offers loans, including "co -administered" or "co -provider" plans, MissionSquare will administer your loan program in your plan(s) with MissionSquare, but you will have to perform some loan verification activities. You will need to perform these activities if loans are available to your employees from several like retirement plans, such as two separate qualified plans, or if you have different types of retirement plans (e.g. Section 457(b) deferred compensation, 403(b) and section 401(a) qualified plan). The degree of your involvement will depend on your situation.

1. Multiple Plans
The Code sets a maximum on the aggregate of all loans from all retirement plans in which the employee participates. If you offer retirement plans through multiple plan providers, no provider will be able to calculate, by itself, the maximum amount that a participant may borrow at any point in time. Since only you, the employer, can determine the current outstanding loan balance and the highest outstanding loan balance in the past 12 months from all loans from any retirement plans, you will have to calculate the maximum amount that may be borrowed. This will involve obtaining all loan amounts currently outstanding and repaid in the last 12 months.

Please refer to the Maximum Loan Amount Worksheet for instructions you can use to calculate the maximum loan amount for a participant.

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 5 62255-1023-489

Participants are asked to input all outstanding loan balances in their online worksheet so that the program can properly calculate the maximum amount. Participants are on the "honor system" when they enter other loan amounts; MissionSquare is unable to verify any loan amounts associated with plans administered by other providers. However, if there are any outstanding loans in other plans administered by MissionSquare, our online program will take them into account.

2. Single Retirement Plan/Multiple Providers
If you have adopted a single retirement plan with one master plan document under which MissionSquare and your other administrator(s) must operate, then you may ultimately have to self-administer your loan program, unless you require:
• that the maximum that may be borrowed from any provider is 50 percent of the balance with that provider and
• that the loan must be repaid only to the provider from which the loan was made.

3. Multiple Types of Retirement Plans/Multiple Providers If you make loans available to your employees from all of your retirement plans (e.g. Section 457(b) deferred compensation plan, 403(b) and Section 4O1(a) qualified plan), no administrator will be able to calculate, by itself, the maximum amount that a participant may borrow at any point in time. This is because the Code sets a maximum on the aggregate of all loans from all 401(a), 403(b), and 457(b) plans in which the participant participates. Since only you, the employer, can determine the current outstanding loan balance and the highest outstanding loan balance in the past 12 months from all loans from any 401(a), 4O3(b), or 457(b) plans, you will have to calculate the maximum amount that may be borrowed.

This will involve obtaining all loan amounts currently outstanding and repaid in the last 12 months. Please refer to the Maximum Loan Amount Worksheet for instructions you can use to calculate the maximum loan amount for a participant.

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 6 62255-1023-489

MissicenSquare Loan Guidelines Agreement PAGE 1 OF 6

RETIREMENT
• The purpose of this agreement is to establish the terms and conditions under which the Employer will grant loans to participants. You should consider each option carefully before making your selections because your selections will apply to all loans made while the selection is in effect. If you later change any provision, the changes will apply only to loans made after the change is adopted. Loans in existence at the time of any future changes will continue to operate under the guidelines that were in effect at the time the loan was originally made. • Please read the instructions and carefully complete all sections of this agreement. • New Loan Program OR ❑ Amendment to Loan Program City of Placentia 0 EMPLOYER PLAN INFORMATION
Name of Plan (Enter the complete Employer name, including state): City of Placentia, California Plan Type: ❑ 457(b) Deferred Compensation Plan • 401(a) Money Purchase Plan ❑ 401(a) Profit -Sharing Plan ❑ 403(b) Retirement Plan MissionSquare Plan Number(s): 100417
© ELIGIBILITY & LOAN SOURCE
Loans are available to all active employees, except those with an existing loan in default. 401(a)/403(b) Plans — If your 401(a)/403(b) plan is funded by a combination of Employer and Employee contributions, you must specify whether one or both of the following can be used as a source for participant loans. (Select one or both options below) ❑■ Employer Contribution Account (vested balances only) ❑■ Participant Contribution Accounts (pre- and post -tax, if applicable, including Employee Mandatory, Employee Voluntary, Employer Roll -In, and Portable Benefits Accounts, but excluding the Deductible Employee Contribution/Qualified Voluntary Employee Contribution Account) Roth Assets (ifapplicable) — If your 457(b), 403(b), or 401(a)(k) plan allows Roth contributions, a participant's Designated Roth Account balance will be included when calculating the amount a participant is eligible to borrow. However, you must specify whether or not a participant's Designated Roth Account can be used as a source for participant loans. (Select one option below) ❑ A participant's Designated Roth Account will not be available as a source for loans under the plan (default option) ❑ A participant's Designated Roth Account will be available as a source for loans under the Plan.

Note: If Roth assets are available as a source for loans, a loan that is deemed distributed will not satisfy the requirements for a qualified (tax-free) distribution of Roth assets. This may result in participants paying taxes on assets that would otherwise be available tax-free. © LOAN PURPOSE
Loans are available for the following purposes and must be requested in the corresponding method (select one):
❑■ All Purposes — With this option, participants can request a loan for any reason. Participants will be able to request new loans or refinance existing loans using the Online Loans option.
❑ Other Purposes — With this option, loans shall only be granted for reasons that are defined and approved by the plan. Participants will be able to request new loans or refinance existing loans using the Online Loans option. Please define purposes below and attach additional pages if needed.

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 7 62255-1023-489

MissicenSquare Loan Guidelines Agreement PAGE 2 OF 6

RETIREMENT

O APPLICATION PROCESS
The loan application process will vary depending on the option you selected in Section 3 above (Loan Purpose). (A) All Purposes
• Participants can request a new loan or to refinance an existing loan using the MissionSquare website at: www.icmarc.org • The participant agrees to the terms of the loan during the online loan request process. • MissionSquare sends the loan documents and the loan proceeds (via check or ACH) to the participant. (B) Other Purposes
• Participants can request a new loan or to refinance an existing loan using the MissionSquare website at: www.icmarc.org • The participant agrees to the terms of the loan during the online loan request process. • The Employer must review and approve the loan via EZLink. • If approved, MissionSquare sends the loan documents and the loan proceeds (via check or ACH) to the participant.

The loan amount will generally be redeemed from the employee's account on the same day as either MissionSquare receipt of a loan request/application (complete and in good order), if it is submitted prior to market close on a business day. If not, the loan amount will be redeemed on the next business day following submission. The loan proceeds for an all purpose loan is generally issued on the next business day following redemption, and will be sent to the participant based on their option during the loan application process. © MAXIMUM NUMBER OF LOANS (SELECT ONE)
Participants may receive one loan per time period defined in the plan document (e.g., calender or plan year). Please specify whether participants may have only one (1) or up to five (5) loans outstanding at one time. Maximum number of loans is one (1) by default. If you want to allow a different amount, enter a value of 1 through 5 in the Other Section.
❑■ One (1). Participants may have only one (1) outstanding loan at a time (default). ❑ Other. Participants may have up to (enter2, 3, 4, or5) loans outstanding at one time. ❑ Other 403(b) ONLY. Participants with outstanding legacy loans may have one outstanding loan other than the legacy loans.

O LOAN AMOUNT
Maximum: The maximum amount of all loans to a participant from the Plan and all other plans of the Employer that are either eligible deferred compensation plans described in section 457(b)(b) of the Code or qualified employer plans under Section 72(p)(4) of the Code (e.g., 401(a)/403(b) plans) shall not exceed the lesser of:
1) $50,000 reduced by the highest outstanding balance over the last 12 months (if any) 2) One half of the value of the nonforfeitable account balance reduced by any outstanding loan balance.

Minimum: The minimum loan amount is $1,000.

A loan cannot be issued for more than the maximum amount. The participant's requested loan amount is subject to downward adjustment without notice due to market fluctuation between the time of application and the time the loan is issued.

Loan amounts will be taken pro -rata from all of a participant's investments.

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 8 62255-1023-489

MissicenSquare Loan Guidelines Agreement PAGE 3 OF 6

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O LENGTH OF LOAN
Loans must be repaid in substantially equal installments of principal and interest over a period that does not exceed five (5) years.

Principal Residence Loans
If the participant will be using the loan to purchase a principal residence, the five (5) year time limit may not apply. Participants can repay a principal residence loan over a period of up to 30 years. Please specify the maximum repayment period for principal residence loans from your plan below.

Maximum repayment period for principal residence loans = 30 (Entera number of years, up to 30)

O LOAN REPAYMENT PROCESS
Specify the repayment method(s) and repayment frequency your plan will use. Note that loan amounts plus interest, minus applicable fees paid to MissionSquare, are repaid to participant accounts and not to MissionSquare. You can allow repayments to be made via payroll deduction or ACH payments from a participant's bank account. Loan repayments must be made at least monthly [457(b)] or quarterly [401(a)/403(b)].

Repayment Method (Select One):

For 457(b) and 401(a) or (k) plans: ❑■ ACH OR ❑ Payroll Deduction 403(b) plans loan repayments can only be paid by ACH.*
*ACH Payment Rejected Fee — If a loan repayment scheduled to be paid via ACH debit is rejected due to insufficient funds, invalid bank account information, or account closure, a fee will be charged to the participant's account. The fee is $20 for the first occurrence and $50 for each subsequent occurrence.

Repayment Frequency:

For Payroll Deduction: Repayments through payroll deduction will be sent via check, wire or ACH debit by the Employer to MissionSquare on the following cycle (Select One):
❑ Weekly (52 per year) ❑ Bi -weekly (26 per year) ❑ Semi-monthly (24 per year) ❑ Monthly (12 per year) ❑ Quarterly (4 per year) —Available to 401(a) only.

For ACH (Select One): ❑■ Monthly (12 per year) ❑ Bi -weekly (26 per year) Next two payroll dates: MM/DD/VyYY 03/08/2024 and MM/DD/YYYV 03/22/2024 Initiating Repayments: ACH debits from the employee's designated bank account will begin approximately one month following the date the loan is processed by MissionSquare.

Payroll deduction should begin within two payroll cycles following the date the loan is processed by MissionSquare. Employees using this method must notify the Employer immediately so that repayments will begin as soon as practicable, on a date determined by the Employer's payroll cycle. Failure to begin payroll deduction in a timely manner could lead to the employee's loan entering delinquency status.

Investment of Loan Repayments: All loan repayments are invested according to the instructions the participant has on file for the investment of contributions to his/her account.

Additional Loan Repayments and Early Pay -Off: A participant may pay off all of the principal and interest early without penalty or additional fee. If a loan is paid in full prior to the end of the term of the loan, no further interest will accrue. Please note that no payment date may be "skipped" even if the employee has made a large payment or submitted multiple payments.

Loans in Default: Participants using the ACH repayment option may default on their loans for lack of repayment more frequently than those using the payroll deduction method. For this reason, you may choose to require that certain participants use the payroll deduction repayment method.

Multiple Loans: If a participant has multiple loans outstanding from the plan, each loan repayment must be separately reported to MissionSquare.

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 9 62255-1023-489

MissicenSquare Loan Guidelines Agreement PAGE 4 OF 6

RETIREMENT
0 LOAN REPAYMENT PROCESS (CONTINUED)
Former Employees and Leave of Absence: Former employees and employees on a leave of absence must repay their loans on the same schedule that would have applied had they continued employment.

Your plan may allow terminated employees to continue to repay their loans either through ACH, or by giving/sending you a check each repayment period (see the Acceleration section). If you allow terminated employees to repay loans by giving/sending you a check, you will include the repayment amounts in your next regular employee contribution remittance to MissionSquare.

In certain situations, employers may suspend loan repayments for a period of time for employees on a leave of absence or military leave. Please refer to Treasury Regulation section 1.72(p)-1, Q&A -9 for more information.

Repayments Must Continue: In implementing a loan program you should be aware that some employers have had to contend with the inability of some participants to repay their loan(s). You should be aware that you may not stop taking loan repayments from the employee's paycheck — even if the employee asks that repayments be stopped. Failure to payroll -deduct loan repayments on schedule could both jeopardize the eligibility or qualification of the entire plan as well as create a taxable event for the participant. Likewise, if an employee is repaying the loan through ACH debit of his/her bank account, and the employee fails to make payments, this could jeopardize the eligibility of your retirement plan. Employers are ultimately responsible for ensuring that loans are repaid according to the loan terms.

MissionSquare will notify both you and the employee if a payment has not been received.

LOAN INTEREST RATE
The loan interest rate is set for all loans at the prime rate plus 0.5%. The interest rate for new loans will change when the prime rate changes.

When a new loan is approved, the interest rate is locked in and remains constant throughout the life of the loan. 10 SECURITY/COLLATERAL
At the time a loan is taken, 50 percent of the participant's account balance or the amount of the loan, whichever is less, will be used as collateral for the loan. m ACCELERATION (SELECT ONE)
Please specify whether participants who have separated from service will be able to continue loan repayments until they have withdrawn their entire account balance from the plan, or if outstanding loans will be due and payable at the time the participant separates from service.

All outstanding loans shall be due and payable by a participant upon:
❑ Separation from service. All loan repayments must stop following an employee separating from service. ❑■ Distribution of his/her entire account balance. Employees can continue making loan repayments until they have withdrawn their entire account balance.

Outstanding loan balances that are not repaid will be reported as distributions to the participant. See the Deemed Distributions section for additional information.

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 10 62255-1023-489

MissionSquare Loan Guidelines Agreement PAGE 5 OF 6

RETIREMENT
® REAMORTIZATION
Reamortization changes the terms of an outstanding loan (e.g., repayment period, interest rate, frequency of repayments). Any outstanding loan may be reamortized.

Reamortization cannot extend the repayment period beyond five (5) years from the date the loan was originally issued. Or, in the case of Principal Residence Loans, beyond (the number of years specified in Section 7) years from the date the loan was originally issued.

Participants can use a loan reamortization form to request that an outstanding loan be reamortized. Upon processing the request, a new disclosure statement will be sent to the employer for endorsement by the participant and approval by the employer. The executed disclosure statement must be returned to the plan administrator within 10 calendar days from the date it is signed. The new disclosure statement is considered an amendment to the original promissory note; therefore a new promissory note will not be required.

Note: A loan reamortization will not be considered a new loan for purposes of calculating the number of loans outstanding or the one loan per calendar year limit. ® REFINANCE
Refinancing involves a new loan replacing an employee's outstanding loan. The refinanced loan must be repaid over a period that does not exceed five (5) years from the date when the original loan was issued.

Actively employed participants may elect to refinance an outstanding loan for an additional amount, subject to the loan amount limitations outlined in Section 6, provided that the participant has not yet taken out a loan during the calendar year. Participants no longer employed are not eligible to refinance an existing loan.

Note: Principal residence loans are not eligible for refinance.

In REDUCTION OF LOAN
If a participant dies prior to full repayment of the outstanding loan(s), the outstanding loan balance(s) will be deducted from the account prior to distribution to the beneficiary(ies). The unpaid loan amount is a taxable distribution and may be subject to early withdrawal penalties. The participant's estate is responsible for taxes and penalties on the unpaid loan amount, if any. A beneficiary is responsible for taxes due on the amount he or she receives. A Form 1099 will be issued to both the beneficiary and the estate for tax reporting purposes. ® DEEMED DISTRIBUTIONS
A loan will be deemed distributed when a scheduled payment is still unpaid at the end of the calendar quarter following the calendar quarter in which the payment was due. When a loan is deemed distributed, the principal balance and any accrued interest is reported to the IRS as a taxable distribution.

However, since the participant received the loan amount previously, no money is actually paid to the participant as part of a deemed distribution.

The loan is deemed distributed for tax purposes, but it is not an actual distribution and therefore remains an asset of the participant's account. Interest continues to accrue. The outstanding loan balance and accrued interest are reported on the participant's account statements.

Repayment of a deemed distribution will not change or reverse the taxable event.

The loan continues to be outstanding, and to accrue interest, until it is repaid or offset using the pay iic1Nai(Cs account balance. An offset can occur only if the participant is eligible to receive a distribution from the plan as outlined in the plan document. Participants are required to repay any outstanding loan which has been deemed distributed before they can be eligible for a new loan. The deemed distribution and any interest accrued since the date it became a taxable event is taken into account when determining the maximum amount available for a new loan. New loans must be repaid through payroll deduction.

Important Note: The employer is obligated by federal regulation to comply with the loan guideline requirements applicable to participant loans, and to ensure against deemed distribution by monitoring loan repayments, regardless of the method of repayment, and by advising employees if loans are in danger of being deemed distributed.

The tax -qualified status or eligibility of the entire plan may be revoked in cases of frequent repayment delinquency or deemed distribution.

To assist plan sponsors whose plan options include loans, MissionSquare will provide reports of participants with payments delinquent by 30 to 89 days, 90 or more days but not yet deemed, and those whose loans have been deemed distributed. MissionSquare is committed to supporting employers who request assistance with their loan programs in order to reduce the number of delinquent loans and decrease the occurrence of deemed distributions.

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 11 62255-1023-489

MissicenSquare Loan Guidelines Agreement PAGE 6 OF 6

RETIREMENT
in FEES
Fees may be charged for various services associated with the application for and issuance of loans. All applicable fees will be debited from the participant's account balance and/or from the participant's loan repayments prior to crediting the repayment of principal and interest to the participant's account.
m SIGNATURES
The Employer has the right to set other terms and conditions as it deems necessary for loans from the plan in order to comply with any legal requirements. Employer certifies that all terms and conditions will be administered in a uniform and non-discriminatory manner.

In Witness Whereof, the employer hereby caused these Guidelines to be executed this (Day of the Month) 6TH
day of (Month) FEBRUARY

EMPLOYER
By: ROSANNA RAMIREZ
Title: DEPUTY CITY ADMINISTRATOR
Attest: ALICE BURNETT, HR DIRECTOR
. 20 24 (Year).

MissionSquare Plan Services P.O. Box 219320 Kansas City, MO 64121-9320 (800)326-7272 www.missionsq.org Fax (844)677-3297 12 62255-1023-489