HomeMy WebLinkAbout20073560.tiff CERTIFICATE
Weld County
We, the members of the Retirement Board for the County of Weld, State of Colorado, do
hereby certify that a true and correct copy of Amendment No. Seven to the Weld County
Retirement Plan (As Amended and Restated Effective July 1, 2000)8 was adopted by Resolution
of the Weld County Board of Retirement on the j3 d y of / rerfk2007.
IN WITNESS WHEREOF, we have hereunto affixed our names this t3 day of
J 4O11)f't2007.
WELD BOARD OF�NT
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2007-3560
RESOLUTION OF THE
WELD COUNTY BOARD OF RETIREMENT
WHEREAS, the Weld County Retirement Plan (the "Plan") has heretofore been
created by Resolution of the Weld County Board of Retirement hereafter referred to as
the "Retirement Board"; and
WHEREAS, the Plan was amended and restated by action of the Retirement
Board, effective July 1, 2000;
WHEREAS, the Plan has been further amended by Amendment Nos. One, Two,
Three,Four, and Five; and
WHEREAS, Amendment No. Four to the Plan added provisions to provide
certain benefits to Members initially hired on or after June 16, 2003; and
WHEREAS, the description given in Amendment No. Four of the benefits to be
provided to said Members contained ambiguities which might, if not corrected, deny
certain benefits to Members initially hired prior to June 16, 2003; and
WHEREAS, it is considered desirable to clarify these provisions to eliminate any
uncertainty as to the benefits due all Members; and
WHEREAS, Section 14.2 permits the Retirement Board to amend the Plan from
time to time.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
(1) That the provisions of Amendment No. Four are clarified by the adoption
of Amendment No. Seven effective June 16, 2003, the original effective date of
Amendment No. 4.
•
(2) Amendment No. Seven, copies of which have been presented to the
Retirement Board at this meeting and it hereby is approved and adopted effective as of
June 16, 2003.
(3) The Retirement Board hereby authorizes an appropriate officer of the
County to execute any documents or take any other actions as it deems necessary or
appropriate to give effect to the purpose and intent of Amendment No. Seven and these
resolutions.
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AMENDMENT NO. SEVEN TO THE
WELD COUNTY RETIREMENT PLAN
(AS AMENDED AND RESTATED EFFECTIVE JULY 1, 2000)
Pursuant to the authority of the Weld County Board of Retirement and the
provisions of Section 14.2 of the Weld County Retirement Plan (As Amended and
Restated Effective July 1, 2000) (the "Plan"), the Plan is hereby amended by this
Amendment No. 7 in order to clarify Amendment No. 4, effective June 16, 2003, as
follows:
1. Section 2.3(a) of the Plan is amended in its entirety to read as follows:
"(a) `Accrued Benefit' means either a Member's Pre-June 16,
2003 Rules Accrued Benefit under Section 7.1(a), or a Member's Post-
June 15, 2003 Rules Accrued Benefit under Section 7.1(b), subject to the
limit in Section 7.1(c), expressed in the form of payment described in
Section 7.4 commencing at Normal Retirement Date."
2. Sections 2.3(r.1) and (r.2) are amended in their entirety to read as follows:
"(r.1) `Post-June 15, 2003 Rules Benefit' means a Member's Plan
benefit determined by applying the rules of Sections 2.3, 6.2, 7.1, 7.2, 7.4,
8.1, 8.4, and 10.3 that became effective June 16, 2003, to the Accrued
Benefits of the Member that are attributable to the Member's Credited
Service commencing with any initial date of hire, and subsequent rehire,
on or after June 16, 2003.
"(r.2) `Pre-June 16, 2003 Rules Benefit' means a Member's Plan
benefit determined by applying the rules of Sections 2.3, 6.2, 7.1, 7.2, 7.4,
8.1, 8.4, and 10.3 in effect prior to June 16, 2003, to the Accrued Benefits
of the Member attributable to the Member's Credited Service (including
Credited Service both before and after June 16, 2003)."
3. Section 7.1 is amended in its entirety to read as follows:
"Section 7.1 Normal or Delayed Retirement.
(a) Pre-June 16, 2003 Rules Accrued Benefit. Upon retirement
at or after his Normal Retirement Date, a Retired Member, or a Vested
Member, whose initial date of hire was prior to June 16, 2003 shall be
entitled to a Pre-June 16, 2003 Benefit consisting of a monthly Retirement
Benefit for ten years certain and life thereafter, equal to 2.75% of such
Member's Final Average Monthly Compensation multiplied by the total
number of years of the Member's Credited Service (including fractional
years). In determining the Pre-June 16, 2003 Rules Benefit, Credited
Service attributable to periods of employment both before and after June
16, 2003 shall be considered.
(b) Post-June 15, 2003 Rules Accrued Benefit. Upon
retirement at or after his Normal Retirement Date, a Retired Member, or a
Vested Member, whose initial date of hire was on or after June 16, 2003
shall be entitled to a Post-June 15, 2003 Rules Benefit consisting of a
monthly Retirement Benefit for his life equal to 2% of the Member's Final
Average Monthly Compensation multiplied by the total number of years of
the Member's Credited Service (including fractional years).
(c) The Normal Pension shall not be more than 82.5% of the
Member's average monthly Compensation during the 12 highest-paid
consecutive calendar months of Credited Service within the last 120
months of Credited Service, or less than $25 multiplied by the Member's
Credited Service."
4. Sections 7.2(a) and (b) of the Plan are amended in their entirety to read as follows:
"Section 7.2 Early Retirement.
(a) Regular Early Retirement. A vested Member eligible for
Regular Early Retirement may elect to retire and have his payments
commence as of his Early Retirement Date. The monthly payment shall be
either: (i) his Accrued Benefit as of his date of retirement, as determined
pursuant to Sections 7.1(a) and 10.3, reduced by .002083 times the
number of months by which his Early Retirement Date precedes his
Normal Retirement Date (2 '/2% per year), or(ii) his Accrued Benefit as of
his date of retirement, as determined pursuant to Section 7.1(b) and 10.3,
reduced by .004167 times the number of months by which his Early
Retirement Date precedes his Normal Retirement Date (5% per year).
(b) Special Early Retirement. A vested Member eligible for
Special Early Retirement may elect to retire and have his payments
commence as of his Early Retirement Date. The monthly payment shall be
either: (i) his Accrued Benefit as of his date of retirement, as determined
pursuant to Section 7.1(a), reduced by .002083 times the number of
months, if any, by which his Early Retirement Date precedes his 62°d
birthday (2 ' % per year), or (ii) his Accrued Benefit as of his date of
retirement, as determined pursuant to Section 7.1(b), reduced by .002083
2
times the number of months, if any, by which his Early Retirement Date
precedes his Normal Retirement Date (2 'h% per year).
5. The first paragraph of Section 7.4 is amended to read as follows:
"Section 7.4 Payment of Benefits. The basic monthly Retirement Benefits,
computed as set forth above, shall be paid in equal monthly payments commencing one
month after the Retirement Date, and with respect to a Retired Member's Pre-June 16,
2003 Rules Benefit, continuing at monthly intervals for a period of 119 additional months
and for the Retired Member's lifetime thereafter. With respect to a Retired Member
entitled to a Post-June 15, 2003 Rules Benefit, payments shall continue at monthly
intervals for the Retired Member's lifetime."
The foregoing Amendment No. Seven to the Plan, as submitted to the Weld County
Board of Retirement, was duly approved by the following vote on the 13 "-day of
/0N`PiY 111412,2007.
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