HomeMy WebLinkAbout20110154.tiff RESOLUTION
RE: APPROVE AMENDMENT #1 TO THE WELD COUNTY 401(K) RETIREMENT SAVING
PLAN AND AUTHORIZE CHAIR TO SIGN
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 Board has been presented with Amendment #1 to the Weld County
401(k) Retirement Savings Plan for the County of Weld, Colorado, State of Colorado, by and the
through the Board of County Commissioners of Weld County, on behalf of the Department of
Finance and Administration, with terms and conditions being as stated in said amendment, and
WHEREAS, after review, the Board deems it advisable to approve said amendment, a
copy of which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that Amendment #1 to the Weld County 401(k) Retirement Savings
Plan for the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, on behalf of the Department of Finance and Administration, be,
and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said amendment.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 10th day of January, A.D., 2011.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTE
11;14 arbara Kirkmeyer, Chair
Weld County Clerk to the B rd � � > • �'
1861 1
C� .,, Sean P. o ay, Pro-Tem
BY: CDC 4 x,,
Deputy Clerk to the Boar %11\ G
Willis Garcia
APP AS F ch,A rr PC).
David E. Long
ttorney ,.- to yy(as �e( m4 dk-
Dougla3 Radem cher
Date of signature /7.2L)
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AMENDMENT NO. 1
WELD COUNTY 401(k) SAVINGS PLAN
The Plan named above gives the Employer the right to amend it at any time. According to
that right, the Plan is amended effective January 1, 2011, as follows:
By adding the following to the TABLE OF CONTENTS:
Section 5.06 ---- Distributions Under Qualified Domestic Relations Orders
By striking the list of Contributions in the definition of Account from the DEFINITIONS
SECTION of Article I and substituting the following:
(a) Voluntary Contributions
(b) Pre-tax Elective Deferral Contributions
(c) Roth Elective Deferral Contributions
(d) Rollover Contributions
By striking the last paragraph from the definition of Elective Deferral Contributions from the
DEFINITIONS SECTION of Article I and substituting the following:
Elective Deferral Contributions means Pre-tax Elective Deferral Contributions and
Roth Elective Deferral Contributions, unless the context clearly indicates only one is
meant.
By striking the definition of Eligibility Service from the DEFINITIONS SECTION of Article I:
By adding the following definition to the DEFINITIONS SECITON of Article I:
Roth Elective Deferral Contributions means a Participant's Elective Deferral
Contributions that are not excludible from the Participant's gross income at the time
deferred and have been irrevocably designated as Roth Elective Deferral
Contributions by the Participants in his elective deferral agreement. Whether an
Elective Deferral Contribution is not excludible from a Participant's gross income will
be determined in accordance with section 1.401(k)-1(f)(2) of the regulations.
By striking the first paragraph from subparagraph (a) (including item (1)) from the ACTIVE
PARTICIPANT SECTION of Article II and substituting the following:
An Employee shall first become an Active Participant (begin active participation in
the Plan) on the earliest date on which he is an Eligible Employee. This date is his
Entry Date.
By adding the following as the fifth paragraph under subparagraph (a) in the EMPLOYER
CONTRIBUTIONS SECTION of Article III:
A Participant may elect to designate all or any portion of his future Elective Deferral
Contributions as Roth Elective Deferral Contributions.
Amendment No. 1 1 (66947)
2011-0154
By striking the first, second, and third paragraphs from the VOLUNTARY CONTRIBUTIONS
BY PARTICIPANTS SECTION of Article III and substituting the following:
No Voluntary Contributions may be made on or after January 1, 2011.
By striking the first, second and third paragraphs under subparagraph (a) from the
ROLLOVER CONTRIBUTIONS SECTION of Article III and substituting the following:
The Contribution is a Participant Rollover Contribution or a direct rollover of a
distribution made after December 31, 2001, from the types of plans specified
below. A Participant Rollover Contribution or a direct rollover of a distribution from a
designated Roth account applies only to distributions made in taxable years
beginning on or after January 1, 2006.
Direct Rollovers. The Plan will accept a direct rollover of an Eligible Rollover
Distribution from (i) a qualified plan described in Code Section 401(a) or 403(a),
including after-tax employee contributions and any portion of a designated Roth
account; (ii) an annuity contract described in Code Section 403(b), including after-
tax employee contributions and any portion of a designated Roth account; and (iii)
an eligible plan under Code Section 457(b) which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or political
subdivision of a state.
Participant Rollover Contributions from Other Plans. The plan will accept a
Participant contribution of an Eligible Rollover Distribution from (i) a qualified plan
described in Code Section 401(a) or 403(a), including distributions of a designated
Roth account only to the extent such amount would other wise be includible in a
Participant's gross income; (ii) an annuity contract described in Code Section
403(b), including distributions of a designated Roth account only to the extent such
amount would otherwise be includible in a Participant's gross income; and (iii) an
eligible plan under Code Section 457(b) which is maintained by a state, political
subdivision of a state, or any agency or instrumentality of a state or political
subdivision of a state.
By striking the last two paragraphs from the ROLLOVER CONTRIBUTIONS SECTION of
Article III and substituting the following:
If the Eligible Employee is not an Active Participant when the Rollover
Contribution is made, he shall be deemed to be an Active Participant only for the
purpose of investment and distribution of the Rollover Contribution. Employer
Contributions shall not be made for or allocated to the Eligible Employee until the
time he meets all of the requirements to become an Active Participant.
Rollover Contributions made by an Eligible Employee or an Inactive
Participant shall be credited to his Account. The part of the Participant's Account
resulting from Rollover Contributions is 100% vested and nonforfeitable at all times.
Separate accounting records shall be maintained for those parts of his Rollover
Contributions consisting of (i) voluntary contributions which were deducted from the
Participant's gross income for Federal income tax purposes; (ii) after-tax employee
contributions, including the portion that would not have been includible in the
Participant's gross income if the contributions were not rolled over into this Plan;
and (iii) any portion of a designated Roth account, including the portion that would
Amendment No. 1 2 (66947)
not have been includible in the Participant's gross income if the contributions were
not rolled over into this Plan.
By adding the following as the third paragraph under subparagraph (b) in the EXCESS
AMOUNTS SECTION of Article III:
For taxable years beginning after December 31, 2005, distribution of excess
Elective Deferrals shall be made on a pro rata basis from the Participant's Account
resulting from Pre-tax Elective Deferral Contributions and Roth Elective Deferral
Contributions in the same proportion that such Contributions were made for the
applicable year.
By adding the following as the second paragraph in the WITHDRAWAL BENEFITS SECTION
of Article V:
A Participant may withdraw any part of his Vested Account resulting from
Rollover Contributions. A Participant may make only two such withdrawals during
any 12-month period.
By adding the following Section to Article V:
SECTION 5.06--DISTRIBUTIONS UNDER QUALIFIED DOMESTIC
RELATIONS ORDERS.
The Plan specifically permits distributions to an Alternate Payee under a qualified
domestic relations order as defined in Code Section 414(p), at any time, irrespective
of whether the Participant has attained his earliest retirement age, as defined in Code
Section 414(p), under the Plan. A distribution to an Alternate Payee before the
Participant has attained his earliest retirement age is available only if the order
specifies that distribution shall be made prior to the earliest retirement age or allows
the Alternate Payee to elect a distribution prior to the earliest retirement age.
Nothing in this section shall permit a Participant to receive a distribution at a
time otherwise not permitted under the Plan nor shall it permit the Alternate Payee
to receive a form of payment not permitted under the Plan.
The benefit payable to an Alternate Payee shall be subject to the provisions of
the SMALL AMOUNTS SECTION of Article X if the value of the benefit does not
exceed $5,000.
The Plan shall make payments or distributions required under this section by
separate benefit checks or other separate distribution to the Alternate Payee(s).
This amendment is made an integral part of the aforesaid Plan and is controlling over the
terms of said Plan with respect to the particular items addressed expressly herein. All other
provisions of the Plan remain unchanged and controlling.
Unless otherwise stated on any page of this amendment, eligibility for benefits and the
amount of any benefits payable to or on behalf of an individual who is an Inactive
Participant on the effective date(s) stated above, shall be determined according to the
provisions of the aforesaid Plan as in effect on the day before he became an Inactive
Participant.
Amendment No. 1 3 (66947)
Signing this amendment, the Employer, as plan sponsor, has made the decision to adopt
this plan amendment. The Employer is acting in reliance on its own discretion and on the
legal and tax advice of its own advisors, and not that of any member of the Principal
Financial Group or any representative of a member company of the Principal Financial
Group.
Signed this 10th day of January , 2011 .
WELD OUNTY
By
Barbara Kirkmeyer. Chair
Title
JAN 1 0 2011
Amendment No. 1 4 (66947)
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