HomeMy WebLinkAbout780497.tiff RESOLUTION
RE: APPROVAL OF THE WELD COUNTY BOARD OF RETIREMENT AMENDMENT
TO THE WELD COUNTY RETIREMENT PLAN.
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado, and
WHEREAS, the Weld County Retirement Plan has heretofore been
created by Resolution of the Weld County Board of Retirement,
and the Board of County Commissioners of Weld County, Colorado,
and
WHEREAS, the actuaries for the aforesaid plan have recom-
mended an amendment which is believed to be in the best interest
of the present and future members of the plan, said amendment
to be effective January 1, 1979, and
WHEREAS, said amendment is believed to be non-discriminatory
and in conformance with Section 401(a) and other applicable
portions of the Internal Revenue Code of 1954, as amended.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Com-
missioners of Weld County, Colorado that the Weld County Retire-
ment Plan be, and hereby is, amended to reflect the amendment
contained in the Resolution of the Weld County Board of Retire-
ment, which Resolution was passed on November 21, 1978 by action
of the Weld County Board of Retirement, a copy of said Resolution
setting out said amendment is attached hereto and incorporated
herein by reference.
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 22nd day of
November, A.D. , 1978.
n BOARD OF COUNTY COMMrcc.O,.;ERS
ATTEST: ,/ IQ-uy WELD COUNTY, COLORADO
Weld County Clerk and Recorder ' 1 �.,.,..G..r
' and-Clerk to the B rd —'
By: I C i !.L� _ _
i d /'eputy County lerk ') - ' /i - 21 (-'
APPPROV D AS TO FORM It f »vim l�
County Attorney
Date Presented: November� 22, 1978
/ `�-W,,
78O497
RESOLUTION OF THE WELD COUNTY BOARD OF RETIREMENT
AMENDING THE WELD COUNTY RETIREMENT PLAN
WHEREAS, The Weld County Retirement Plan has heretofore been created by
resolution of the Weld County Board of Retirement; and
WHEREAS, the actuaries for the aforesaid Plan have recommended amendments
which are believed to be in the best interest of the present and future members
of the Plan, such amendments to take effect on January 1, 1979; and
WHEREAS, all of said amendments are believed to be nondiscriminatory and in
conformance with Section 401(a) and other applicable provisions of the Internal
Revenue Code of 1954, as amended.
NOW, THEREFORE BE IT RESOLVED THAT The Weld County Retirement Plan be, and
hereby is amended as follows:
1. Amend Section 2. 1 (t) in its entirety to read as follows:
"(t) 'Actuarial Equivalent' shall mean equality in value
of the aggregate amounts expected to be received under different
forms of payment, based on interest rate and mortality assumptions
in effect on the determination date, determined as follows :
A. Interest rate assumption — Effective January 1,
1979, the interest rate assumption used for purposes
of computing optional forms of payment, as provided
in Section 8, shall be based on the prime interest
rate of the Greeley National Bank and shall be
determined as follows:
1. Until January 1, 1980, for purposes of
computing optional forms of payment
payable in other than a single sum, the
interest rate assumption shall be six
percent (6%) per annum. On January 1,
1980, and as of January 1 of each Etsh
calendar year thereafter, the interest
rate assumption shall be changed to 75%
of said prime interest rate (rounded to
the nearer one—half percent) , provided
that no change will be made until it
increases or decreases the previous
assumptions by at least one percentage
point.
2. For purposes of computing single sums,
the interest rate assumption shall he
said prime interest rate (rounded to
the nearer one-half percent) on the
beginning of the calendar quarter in
which payment is made or commences.
B. Mortality assumption - As of January 1, 1979,
the mortality assumption used for purposes of
computing optional forms of payment shall be
taken from the 1971 Group Annuity Mortality
Table, Projected by Scale D to 1975, according
to the sex of the payee. However, for any
Disability Pension, said mortality assumption
shall be the ultimate mortality rates taken from
the 1965 Railroad Retirement Board Totally Disabled
Annuitants Mortality Table. Said mortality assump-
tions shall be used until changed by plan amendment,
provided that if a unisex mortality assumption
becomes mandated by federal or state law, said
unisex mortality assumption will be that then in
use for male payees."
2. Amend Section 6.2 in its entirety to read as follows:
"6.2 Early Retirement Date. A Member who has attained the
age of fifty-five (55) years and has completed eight years of
Credited Service may elect to retire as of the first day of any
calendar month."
3. Amend Section 6.3 in its entirety to read as follows:
"6.3 Delayed Retirement Date. Every Member upon reaching
his Normal Retirement Date may retire or may remain in service
until a Delayed Retirement Date. His "Delayed Retirement Date"
shall be the first day of the month coincident with or next
following the date of his actual retirement. As a condition
precedent to continuance in employment beyond the Normal Retire-
ment Date, the Member shall file with the Retirement Board a
written designation of a Beneficiary, whether or not the Member
elects one of the optional benefits in accordance with Section
8.2."
4. Amend Section 7. 1 by restating the final sentence in its entirety
to read as follows:
"The minimum monthly Retirement Benefit determined above
shall not be less than $9.00 times years of Credited Service."
5: � Amend Section 7.2 in its entirety to read as follows:
•
"7.2 Early_Retirement Benefit. A Member retiring prior
to his Normal Retirement Date shall be entitled to a reduced
Retirement Benefit, based on his Credited Service prior to
his actual retirement, equal to the sum of:
(i) 1% of the Member's Final Average Annual
Compensation multiplied by the Member's Credited
Service, and then reduced by .250 of 1% times
the number of months by which his Early Retirement
Date precedes his Normal Retirement Date, plus
(ii) 1% of the Member's Final Average Annual
Compensation in excess of $4,800 multiplied by his
Credited Service, and then reduced by .555 of 1%
for each of the first 60 months and .277 of 1% for
each additional month by which his Early Retirement
Date precedes his Normal Retirement Date.
However, the minimum monthly Early Retirement Benefit
determined above shall not b: less than $9.00 times the Member's
years of Credited Service, reduced by .250 of 1% times the
number of months by which his Early Retirement Date precedes
his Normal Retirement Date."
6. Amend Section 10 in its entirety to read as follows:
"Section 10. Severance Benefits
10. 1 Coverage. Benefits shall be paid under this Section
for severance of employment of a Member only for reasons other
than retirement or death.
10.2 Less than Six Years Service. In the event that a
Member shall resign or be discharged from the service of the
County prior to his Normal Retirement Date, and has less than
six (6) years of Service, the only benefits to which he shall
be entitled under this Plan shall be the refund of his Accumu-
lated Contributions. However, in order to receive the refund
of his Accumulated Contributions the Member must sign the
application form that is provided by the Retirement Board
for this purpose. The Accumulated Contributions shall be
refunded to the Member within sixty (60) days after the Member
signs the application form.
10.3 Six or More Years Service. In the event that a
Member shall resign or be discharged from the service of the
County prior to his Normal Retirement Date, and has six (6)
or more years of Service, he may elect either (a) to leave
his Accumulated Contributions on deposit in the Fund and
become a Vested Member, or (b) to receive, in lieu of all
other benefits, a refund of his Accumulated Contributions.
If such a Member fails to elect either (a) or (b) within
ninety days after his date of termination from the Plan,
then he shall be deemed to have elected to leave his Accu—
mulated Contributions on deposit and to become a Vested
Member.
A Vested Member shall be entitled to a deferred
Retirement Benefit which shall be the vested portion (as
shown in the table below) of the Retirement Benefit earned
to the date of the termination of his membership. Such
deferred Retirement Benefit shall be payable at the Vested
Member's Normal Retirement Date.
Completed Years Percent of Earned
of Service Benefit Vested
Less
than 6 0%
6 50
7 75
8 or more 100
A Vested Member may elect to receive a reduced monthly
Retirement Benefit beginning on the first day of any month
after his attainment of age 55. The Vested Member's monthly
Retirement Benefit shall be reduced as provided in Section
7.2 for Early Retirement.
A Vested Member may elect at any time prior to the
date his payments commence to receive, in lieu of all
other benefits, a refund of his Accumulated Contributions
as of the date of refund.
10.4 Non-re-election. In the event that a Member who
is an elected officer of the County is not re-elected to
the same office or elected to another County office or is
not employed by the County within thirty (30) days after
his term of office expires, then the provisions of Section
10.3 shall apply to him, except that the minimum of six
(6) years of Service shall not be required."
IN ADDITION TO THE PRECEDING AMENDMENTS, the County Board of Retirement of
Weld County, Colorado elects, pursuant to Section 7.6 of the Plan, to increase
pension benefits being paid to retired Members and their beneficiaries on December 31 ,
1978 by five percent (5%) , such increased pensions to be payable on and after
January 1, 1979.
•
The above foregoing resolution was submitted' and duly approved by the County
Board of Retirement on the Z� b th day of �'%L -j 1978.
C-----___--....._ {' , - ,. ('i
COUNTY BOARD OF RETIREMENT OF
WELD COUNTY, COLORADO
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