HomeMy WebLinkAbout770483.tiff R4'F;O:.u•rid ! t7.'•' :1'a1.: FIELD C(P'.V?^l PC) RU Cm' nli y'I tr;•.i;;rly
1: 'YDr.::G THE i ELD GOCP/Tl' IX?f.: 7i'.
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 October 1, 1976;
and
WHEREAS, all of said amendments are believed to be non-discriminatory
and in conformance with Section 40.1 (a) and other applicable provisions of
the Internal Revenue Code of 1954, as amended.
HOW THEREFORE BE IT RESOLVED THAT The Weld County Retirement Plan he,
and hereby is amended as follows:
1 . .Amend Section 2.1 (c) in its entirety to road as follo:vs:
"2.1 (c) 'Employee' shall mean any elected or appointed
County officer or deputy and any person appointed by the County
. on a permanent, full-time basis. An Employee shall be considered
to be employed on a permanent, full-time basis if his customary
employment exceeds 20 hours a week and five months a year. For
purposes of this Plan, officers and employees of any federally
funded County program which specifically excludes the use of
federal funds for retirement programs shall not bo considered as
an Employee and shall not be eligible for membership in this
Plan."
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2. Amend Section 6.4 in its entirety to rend as follows:
"6.4 Disability Retirement Date. A Member of the Plan
811411 be eligible for Disability Retirement if his employment
with the county is tcrminated by reason of Disability, provided
that he is eligible for and receives federal Social Security
Disability benefits for the period of time from the date of
disability (after any required waiting period; continuously until
age 65. The Disability Retirement Date shall bo the first day of
PMNth
770483
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the c.o^th coinciding !hen or folloittcj ti date of r?i[:.:!,ilittt,
.lrl...d h ;t, ,.ic.... l;• ,r i. . 4 . !:.'t - n: . ...'I , . tll
have ti.e sole authority to make than faecal ietcrrainatenn of a
l ,:, _r for a Disability i c?tirement, but such e aieLc,r,..inat.ion shill
be made in a non-discriminatory manner.
Payment of Disability Retirement: Benefits shall commence as of the
first clay of the month next following his Disability Retirement
Date. Thr last payment shall be made as or the first clay of the
• month in which the death of the Dis-:bleel flember occurs or his Dis-
ability ceases, whichever first occurs. If Disability ceases on or
• after his Norval Retirement Date and he does not return to full-time
employment with the County, his Disability Reirum ttt shall be
continued in the same manner as if his Disability had continued.
If the Disabled Member's Disability ceases prior to his Normal Re-
t.irument Date, and he is not reemployed by the County and if he has •
not met the reguice;aents for Early Retirement or a deferred vested
Retirement fh.nefit as of the date his Disability ceased, ho shall be
entitled to receive, commencing on the first day of a rontlr follow-
ing his; I.arr.:al Retirement Date, a Retirci7ent Benefit equal :in ac:oun.t
to the Early or Deferred Vested Retirement Benefit to which he would
have been entitled, as of the date his Disability ceased, consider-
ing his Compensation and Credited Service as if he had had no dis-
ability; provided, however, if the !;ember requests the Commencement
of his Early or deferred Benefit as of the first day of the month
coinciding with or newt following his 55th birthday, or as of the
first clay of any subsequent month which precedes his Norm:: Retire-
ment Date, his Retirement Benefit shell cornn_ncn as of the beginning
of the month so requested, but • thin arau::.)E th_[CoC si: il be reduced
in accordance with Section 7.2 based en thr number of years by which
the Early Retirement Date precedes the ,. tuber's Normal Retirement
Date.
•If Diaal:ility ceases before a disabled &:ember attains his Normal
Retirement Date and the Member is reemployed by the County, the
benefit payable upon his subsequent Retirement shall be determined
in accordance with the provisions of Section 7.1 hereof.
?. Amend Section 7.1 in its entirety to read as follows:
"7.1 Normal or Delayed Rot.irem ant Benefit. Upon retirement
at or after his Normal Retirement Date, each Re`ii% d i;cntber shall
receive a monthly Retirement Benefit for ton nears and certain „nd
life thereafter, equal to one-twelfth of the following:
1% of the Member's Final Average Annual Compensation, plus .1 t
of such Final Average Annual Compensation in excess of ;4,600,
• multiplied by the total number of years of Credited Service.
Tie: minimum monthly Retirement Benefit: determined above shall not be
less than $5.00 per year of Credited Service."
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Amami Neetion 7 b./ dcirt: in: `'
"7. . Bnref.its for R••ti - d Mtmmbtrs. All Retired
t_:n':_.__• a1:o rutired prior to Otto •z• I , Lin, :Jai( re..eiv_ as
of the of=ectiie date of this amendment the increase in benefits
.t •fort!, below: .
Date o. Retirement PrtounL of Increase
Prior to January 1 , 1973 15;;
During 1973 12%
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During 1974 9%
During 1975 6%
During 1976, but prior to
October 1, 1976 3a
"7.5 Disability Retirement Benefit. A Member who meets
the requirements for Disability Retirement shall receive a month_u
Retirement benefit: commencing on the firs_ day of the month
folio:tiny his Disability Retirement Date and cociouted as for Normal
qr Delayed Retirement, considering his Final Average Annual,
Compensation and the total Credited Service at the date of d.is-
alrili ty. "
!. Amend Section 9.1 (b) in its Entirety to react as follows:
" (u) In the event that a Member in the Plan dies while
eligible for Early Retirement but prior to his Normal Retirement
'Date, a monthly benefit shall be paid to his surviving spouse, if
any, in ell a.rreunt equal to 6o'; of the monthly R+e ir..rrant U_nefit
earned by the ,ember prior to his date of death, bated on his
Credited Service and Final Average Annual ComnensaLion prior to
such date. If said Member does not have a surviving spouse,
there shall he paid to the Beneficiary designated by him if said
• Benefi.c.it,ry be living, otherwise to his estate, the amount of his
.Accumulated Contributions as of his date of death. "
' 6. Amend Section 10 in its entirety to read as follows:
"Section 10. Severance Benefits
10. 1 c_overic. • Benefits shall be paid under. this Section for
s._vera:cu of employment of a Member only for reason:: other than
retirement or death.
10.2 Less than Eight 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 eight (8) years
of Service, the only benefits to which he c:h,t11 be entitled under
this Plan shall be the refund of his Accumulated Contributions.
However, in order to receive the refund of his Accumulated Con-
tributions the Member must sign the application form that is
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-Irro id; d fal the RrLircrm.vrtt Huard for ( hi': ;••n 1. 5'ic IL .ruuurl.rtci!
10.3 Eight or Yore Years Service. In the event that a Member shall
reiign or ha disc/urged from the service of the County prior to
his ilon:ul Rocirem�nt Date, and has eight (8) or more year:. of
Service, ha may elect either (a) to leave his Accumulated Contribu-
tions 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. I.f such a Member fails to elect either (a) or (L)
within ninaty days after his date of termination from the Plan,
than 1:e shall ho d^:nacd to have elected to le<rre his Accumulated
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 t•;e termination of his
m-;.:.uier.shin. Such deferred Retirement: Benefit sha11 be payable at
the Vested 1,'enbur's t;ormzrl Retirement Date. ,
Percent
Co:-noleted of Earned
Years of Benefit
Service Vested
Less
than 8 0:;
F 50
9 75
10 or
more 100
11 Vested member may elect, at any time prior to his Normal Retire-
ment Date, to receive, in lieu of all other benefits, a refund of
his Accumulated Contributions as of the date of refund.
10.1 Von-re-election. in the event that a farther who is an
elected officer of the County is not re-elected to the sae:._
office or elected to another County office or is not employed by
the County within thirty (30) clays after his terra or. office
expires, then the provisions of Section 10.3 shill apply to him,
except that the minimum of eight (8) years of Service shall not
Is: rccrairetl . "
All of said amendments to taker effect on October 1, 1976, provided;
ho:_.ver, t:ir<:t s,rid amendments arc continyrvrt: upon approval by Lhe Internal
Revenue Service, and in the event any of said amendments would serve to dis-
qualify this Plan, then the amendments shall not be in force and effect and the
Plan shall remain as it was prior to amendment.
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