HomeMy WebLinkAbout20051560.tiff 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, 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 Plan be amended by Amendment No. Six effective March 28,
2005.
(2) Amendment No. Six, copies of which have been presented to the
Retirement Board at this meeting and it hereby is approved and adopted effective as of
March 28, 2005.
(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. Six and these
resolutions.
5-a3-Ds
2005-1560
AMENDMENT NO. SIX TO THE
WEI.D 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
March 28, 2005, as follows:
1. Section 7.5 of the Plan is amended in its entirety to read as follows:
"Section 7.5 Payment of Small Benefits. If the single sum value of the
monthly Retirement Benefit payable to a Retired Member does not exceed$1,000
at the time of his retirement, the Retirement Board shall pay the Retired Member
an immediate single sum equal to the Actuarial Equivalent of such Retirement
Benefit. Such single sum payment shall be in lieu of all monthly benefit payments.
If the single sum value of the monthly Retirement Benefit payable to a
Retired Member exceeds $1,000 but the monthly Retirement Benefit amount
payable to a Retired Member is less than $100.00, the Retirement Board shall
make Actuarially Equivalent Retirement Benefit payments quarterly, semi-
annually, or annually, as elected by the Retired Member."
2. Section 10.2 of the Plan is amended in its entirety to read as follows:
"Section 10.2 Less Than Five Years of Service. In the event a Member
terminates employment prior to his Normal Retirement Date, and he has less than
five (5) years of Credited Service, the only benefit to which he shall be entitled
under this Plan shall be a refund of his Accumulated Contributions as of the date
of such termination. If the value of the Accumulated Contributions at the time of
termination of employment does not exceed$1,000, the Accumulated
Contributions shall be refunded to the Member as soon as administratively
practicable after the Member's last date of employment. If the value of the
Accumulated Contributions at the time of a Member's termination of employment
exceeds $1,000, the Member may elect to receive a refund of his Accumulated
Contributions at any time after termination of Plan membership up until his
Normal Retirement Date."
3. Section 10.3 of the Plan is amended in its entirety to read as follows:
"Section 10.3 Five or More Years of Service. In the event a Member
terminates prior to his Normal Retirement Date, and he has five (5) or more years
of Credited 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 90 days after the date of
termination, he shall be deemed to have elected to leave his Accumulated
Contributions on deposit and to become a Vested Member. A Vested Member
shall be entitled to a deferred Retirement Benefit that shall be payable at the
Vested Member's Normal Retirement Date. The vesting of a Member's Accrued
Benefit shall be determined on his date of termination in accordance with the
following schedule:
Completed Years Percent of Accrued
Of Credited Service Benefit Vested
Less than 5 0%
or more 100%
If the single sum value of the deferred monthly Retirement Benefit payable
to a Vested Member does not exceed $1,000 at the time of his termination of Plan
membership, the Retirement Board shall pay the Vested Member a single sum
equal to the Actuarial Equivalent of such deferred Retirement Benefit. Such
single sum payment shall be in lieu of all monthly benefit payments.
A Vested Member may elect, at any time prior to his Normal Retirement
Date, to receive, in lieu of all other benefits, a refund of his Accumulated
Contributions as of the date of the refund.
If a Member does not elect an earlier distribution date, the deferred
Retirement Benefit shall be payable at the Vested Member's Normal Retirement
Date. In lieu of receiving the deferred Retirement Benefit upon his Normal
Retirement Date, the Vested Member may elect to receive a reduced Retirement
Benefit beginning upon the first of any month subsequent to his attainment of
age 55. The reduction shall be determined as provided under Section 7.2(a) or(b),
whichever is applicable.
2
The foregoing Amendment No. Six to the Plan, as submitted to the Weld County
Board of Retirement, was duly approved by the following vote on the /7 day of
/0/`/42 / , 2005.
W NESS: WELD COUNTY BOARD OF TIREMENT
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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. Six to the Weld County
Retirement Plan (As Amended and Restated Effective July 1, 2000) was adopted by Resolution
of the Weld County Board of Retirement on the / day of M¢y , 2005.
IN WITNESS WHEREOF, we have hereunto affixed our names this /7 day of
, 2005.
WELD COUNTY BOARD RETIREMENT
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