HomeMy WebLinkAbout20043527 RESOLUTION
RE: APPROVE AGREEMENT FOR ESTABLISHMENT OF RETIREMENT PLAN FOR
PUBLIC TRUSTEE AND AUTHORIZE CHAIR TO SIGN
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with an Agreement for Establishment of a
Retirement Plan for Public Trustee between the County of Weld,State of Colorado, by and through
the Board of County Commissioners of Weld County,and their Public Trustee of Weld County,with
terms and conditions being as stated in said agreement, and
WHEREAS,after review,the Board deems it advisable to approve said agreement, a copy
of which is attached hereto and incorporated herein by reference.
NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Agreement for Establishment of a Retirement Plan for Public Trustee
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and the Public Trustee of Weld County, be, and hereby is,
approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to
sign said agreement.
The above and foregoing Resolution was, on motion duly made and seconded,adopted by
the following vote on the 20th day of December, A.D., 2004.
BOARD OF COUNTY COMMISSIONERS
` 17: WE COUNTY, COI ORADO
1661 . Robert D. asden, Chair
/,-� i`c1A/e10 County Clerk to the Board _
i / ' William/ jj Jerke, Pro-Tem
eputy Clerk o the oard
M. tG=ile ,
A V ASTOF tic
Davis E. Long
ountyAtt rn
Glenn Vaal
Date of signature: o7 i/nCr
2004-3527
PT0001
CP k P- 0/-//-`''-
AGREEMENT FOR ESTABLISHMENT OF RETIREMENT PLAN
THIS AGREEMENT is made this/7 day of 0� �"� C//v 2004, by and
between Mary Hergert as Public Trustee of Weld County, Colorado (the"Public Trustee"), and
the Weld County, Colorado (the"County") acting by and through the Weld County
Commissioners (collectively the "Commissioners")
WHEREAS, effective as of February 1, 2003, there was a change in Colorado law to
permit public trustees to receive the same employee benefits as other county officials; and
WHEREAS, the Public Trustee proposes to establish a retirement plan for the benefit of
the employees of the Public Trustee's office to provide such employees with benefits equivalent
to those provided to other employees of Weld County(the "County"); and
WHEREAS, the Commissioners have reviewed the retirement plan as proposed by the
Public Trustee and are agreeable to the establishment of such a retirement plan;
NOW, THEREFORE, the parties agree as follows:
1. Establishment of Defined Contribution Plan. As soon as practicable after the
execution of this Agreement and not later than December 31, 2004, the Public Trustee
shall establish a 401(k) defined contribution plan for the benefit of the employees of
the Public Trustee's office, which 401(k)Plan shall provide as follows:
a. In recognition of the past service of the employees of the Public Trustee's
office, the Public Trustee shall contribute to an individual account for each
employee of the Public Trustee's office an amount equal to 12% of the base
compensation paid to the employee in each month for the period beginning
with the later of(i) January 1, 2000 or, in the case of the Public Trustee
individually, February 1, 2003, or(ii) such employee's employment
commencement date, and continuing through December 31, 2004.
b. Effective as of January 1, 2005, employees of the Public Trustee and the
Public Trustee shall be permitted to contribute to such 401(k) Plan a
percentage of base compensation not exceeding that percentage of base
compensation contributed by County employees to the Weld County
Retirement Plan, and the Public Trustee shall make matching contributions to
such Plan.
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c. The Public Trustee and the employees of the Public Trustee shall be fully
vested at all times in the contributions made by the Public Trustee pursuant to
this Agreement.
2. Termination of Defined Benefit Plan. As soon as possible after the execution of
this Agreement the Public Trustee shall terminate the defined benefit pension plan
("Defined Benefit Plan") that was adopted on December 22, 2003 by the Public
Trustee for the benefit of the employees of the Public Trustee's office. The amounts
received by the Public Trustee from the Defined Benefit Plan shall be contributed to
the 401(k) Plan as provided above, and the excess shall be paid to the Weld County
Treasurer pursuant to C.R.S. § 38-37-104(3).
3. Release. The Public Trustee and the County mutually release, acquit, remise, forever
discharge, and covenant not to sue each other, and their respective elected and
appointed officials, officers, employees, insurers, attorneys, agents, predecessors,
successors, and assigns, of, from or for any and all actions, causes of action, claims,
liens, demands, obligations, damages (including without limitation consequential
damages), costs, expenses, fees and compensation of every kind whatsoever, whether
known or unknown, suspected or unsuspected, fixed or contingent, in law or in
equity, which they now have or may hereafter acquire, on account of or arising out of
the Defined Benefit Plan and the subject matter of this Agreement.
4. Independent Counsel and Advice; Survival; Counterparts; Duplicate Originals.
In entering into this Agreement, each party has relied solely upon its own judgment
and the judgment and advice of his, her or its own attorneys. There are no
understandings other than those set forth in this Agreement. The terms of this
Agreement are contractual, are not mere recitals, and will survive any actions
necessary to carry out the terms of this Agreement. This Agreement may be signed in
counterparts, all of which when executed shall be considered as one full, final and
complete agreement. In addition, this Agreement has been executed in duplicate
originals, each party retaining one original.
5. No Admission. The parties agree that the contributions and payments made, as well
as the releases and covenants given,pursuant to this Agreement are in accord and
satisfaction of disputed claims and are not to be construed as an admission of liability
on the part of any party, each of whom expressly denies liability to the others.
6. Binding Agreement. Each party understands and agrees that this Agreement shall
bind and inure to their benefit and, as the case may be, their respective elected and
appointed officials, officers, employees, insurers, attorneys, agents, predecessors,
successors, assigns, heirs, personal representatives, executors, administrators, and
receivers.
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7. Choice of Law. This Agreement shall be construed under the laws of the State of
Colorado.
Executed on the date first written above.
PUBLIC TRUSTEE OF WELD COUNTY, COLORADO
BY:
Mary Her , Public T ee
WELD COUNTY, COLORADO
WELD COUNTY COMMISSIONERS
BY:
Robert D. Masden, Chair 12/20/2004
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