HomeMy WebLinkAbout20043386.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. Five to the Weld County
Retirement Plan (As Amended and Restated Effective July 1, 2000) was adopted by Resolution
N
of the Weld County Board of Retirement on the I day of I'(/uemItt , 2004.
IN WITNESS WHEREOF, we have hereunto affixed our names this/4 day of
IluidjsY, 2004.
WELD COUNTY BOARD OF RET MENT
6lcµ4.( L
l
WITNESS:
La„=„)_a
rn m u ,e 4 t; c Y, S 2004-3386
it as -c"/
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, and Four; and
WHEREAS, Section 14.2 permits the Retirement Board and the County
Commissioners to amend the Plan from time to time.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
(1) That the Plan be amended by Amendment No. Five effective January 1,
2005.
(2) Amendment No. Five, copies of which have been presented to the
Retirement Board at this meeting and it hereby is approved and adopted effective as of
January 1, 2005.
(3) The Retirement Board is hereby authorized to execute forthwith
Amendment No. Five effective January 1, 2005, and to execute any documents or take
any other actions as it deems necessary or appropriate to give effect to the purpose and
intent of these resolutions.
¢‘Vr.do.M.9.ivnMAn.Idocc&Bro..ml5 doc
AMENDMENT NO. FIVE 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, 2005, 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. After December 31, 2006, 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. 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 Member's contribution picked up by the County
under this Section 5.1 shall be allocated to the Member's 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."
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.
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. Five to the Plan, as submitted to the Weld County
Board of Retirement, was duly approved by the following vote on the /� tday of
11.6 Li aid Law , 2004.
WITNESS: WELD COUNTY BOARD OEMENT
o:b,wroo u+wn..imiu,.im:wnim ee2000planfma.aa
2
Hello