HomeMy WebLinkAbout20073561.tiff AMENDMENT NO. EIGHT 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, effective January 1, 2008, as follows:
1. Section 5.1 of the Plan is amended in its entirety to read as follows:
"Section 5.1 Member Contributions. During his period of Current Service in the Plan
prior to January 1, 1984, every Member shall contribute to the Plan by means of payroll
deductions an amount equal to 4% of his monthly Compensation plus 2% of that portion
of such monthly Compensation which is in excess of$400.
From January 1, 1984, through December 31, 1986, every Member shall, during his
period of Current Service in the Plan, contribute to the Plan an amount equal to 5.5% of
his monthly Compensation. From January 1, 1987, through December 31, 2004, every
Member shall, during his period of Current Service in the Plan, contribute to the Plan an
amount equal to 6% of his monthly Compensation. From January 1, 2005, through
December 31, 2005, every Member shall, during his period of Current Service in the
Plan, contribute to the Plan an amount equal to 7% of his monthly Compensation. From
January 1, 2006, through December 31, 2006, every Member shall, during his period of
Current Service in the Plan, contribute to the Plan an amount equal to 7.5% of his
monthly Compensation. From January 1, 2006, through December 31, 2007, every
Member shall, during his period of Current Service in the Plan, contribute to the Plan an
amount equal to 8% of his monthly Compensation. From January 1, 2008, through
December 31, 2008, every Member shall, during his period of Current Service in the
Plan, contribute to the Plan an amount equal to 8.5% of his monthly Compensation.
After December 31, 2008, every Member shall, during his period of Current Service in
the Plan, contribute to the Plan an amount equal to 9% of his monthly Compensation. All
such contributions after December 31, 1983, shall be picked up and paid by the County as
provided in Section 414(h) of the Code, with the Member's gross income being reduced
by the amount of the contributions picked up by the County.
For purposes of the Plan, the Members contribution picked up by the County under this
Section 5.1 shall be allocated to the Members Contribution Account in the same manner
as if it had been paid directly to the Plan by the Member.
No Member shall be required or permitted to make contributions to this Plan, and the
County shall not make contributions for such Member, during any period of employment
for which he is not receiving credit for Current Service."
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2007-3561
2. Section 5.2 of the Plan is amended in its entirety to read as follows:
"Section 5.2 County Contributions. The County will, from time to time, at least annually,
make contributions to the Fund in an amount not to exceed the contributions of the
Members as provided in Section 5.1, less any benefit payments payable pursuant to the
County's qualified governmental excess benefit arrangement as provided by Section
415(m) of the Code. The County expects to continue such contributions to the Plan, but
assumes no responsibility to do so and reserves the right to suspend or to reduce
contributions at any time.
The contributions from both the county and the Members for the increase from the 8% to
9% contribution level shall be earmarked for retiree cost of living benefits.
Notwithstanding any other provisions hereof or any amendment hereto to the contrary, at
no time shall any assets of the Fund revert to, or be recoverable by the County or be used
for, or diverted to, purposes other than for the exclusive benefit of Members, Retired
Members, Vested Members, or their Beneficiaries under the Plan except such funds
which upon termination of the Plan are in excess of the amount required to fully fund the
Plan and are due to erroneous actuarial calculations."
The foregoing Amendment No. Eight to the Plan, as submitted to the Weld County Board
of Retirement, was duly approved by the following vote on the 13th day of November, 2007.
WI SS: WELD COUN Y BOA F RETIREMENT
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