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WELD COUNTY RETIREMENT PLAN
As Restated Effective January 1, 1984
December 26, 1984
8401 C3
p,u WI&
Weld County Retirement Plan
TABLE OF CONTENTS
Page No.
ARTICLE I Purpose I-1
ARTICLE II Definitions II-1
2. 1 Name II-1
2.2 Retirement Board II-1
2.3 Definitions II-1
ARTICLE III Membership III-1
3. 1 Employees on January 1, 1969 III-1
3.2 Employees Hired After January 1, 1969 . . . III-1
3.3 Termination III-1
3.4 Withdrawal 111-2
ARTICLE IV Credited Service IV-1
4.1 Credited Service IV-1
4.2 Prior Service IV-1
4.3 Current Service IV-1
4.4 Limitations on Credited Service IV-1
4.5 Breaks in Service IV-2
4.6 Reemployment of Retired Members IV-3
ARTICLE V Contributions V-1
5. 1 Member Contributions V-1
5.2 County Contributions V-1
5.3 Application of Forfeitures V-2
ARTICLE VI Retirement Dates VI-1
6.1 Normal Retirement VI-1
6.2 Early Retirement VI-1
6.3 Delayed Retirement VI-1
6.4 Disability Retirement VI-1
6.5 Retirement Date VI-2
ARTICLE VII Retirement Benefits VII-1
7.1 Normal or Delayed Retirement VII-1
7.2 Early Retirement VII-1
7.3 Disability Retirement VII-1
7.4 Payment of Benefits VII-2
7.5 Minimum Periodic Payment VII-2
7. 6 Accrued Credits and Vested Benefits
Under the Previous Plan Preserved VII-2
7. 7 Increased Benefits for Retired
Members and Beneficiaries VII-3
Page No.
ARTICLE VIII Optional Benefits VIII-1
8. 1 General VIII-1
8.2 100% Joint and Survivor Benefit VIII-1
8.3 50% Joint and Survivor Benefit VIII-1
8.4 Life and Term Certain Benefit VIII-2
8.5 Single Life Benefit VIII-2
8.6 Beneficiary VIII-2
8. 7 Restrictions on Optional Forms Other
Than Joint and Survivor Pension VIII-3
ARTICLE IX Death Benefits IX-1
9. 1 Death of an Active Member Before
Normal Retirement Date IX-1
9.2 Death of a Vested Member Before
Payments Commence IX-1
9.3 Death of an Active Member Between
Normal and Delayed Retirement Dates IX-1
9.4 Death of a Retired Member IX-2
9. 5 Death of a Retired Member Before
Contributions Recovered IX-2
9.6 Uniform Simultaneous Death Act IX-2
ARTICLE X Severance Benefits X-1
10. 1 Coverage X-1
10.2 Less Than Six Years of Service X-1
10.3 Six or More Years of Service X-1
10.4 Non—re—election X-2
ARTICLE XI Administration of the Plan XI-1
11. 1 Retirement Board XI-1
11.2 Management of the Plan XI-1
11.3 Control, Amendment and Termination XI-2
11.4 Miscellaneous XI-2
ARTICLE XII Method of Funding XII-1
12.1 Funding XII-1
12.2 Assets XII-1
12.3 Duties of the Funding Agent XII-1
12.4 Investment Powers XII-2
ARTICLE XIII Retirement Benefits and Rights Inalienable XIII-1
13.1 Inalienability XIII-1
ARTICLE XIV Modification or Termination of Plan XIV-1
14. 1 Expectation XIV-1
14.2 Amendment XIV-1
14.3 Approval Under the Internal Revenue Code . XIV-1
14.4 Discontinuance XIV-2
14.5 Termination XIV-2
14.6 Distribution XIV-2
Page No.
ARTICLE XV Benefit Restrictions on Early Termination XV-1
15. 1 Restrictions XV-1
15.2 Members Affected by Section 15.1 XV-2
15.3 Amendment of Plan XV-2
ARTICLE XVI Limitations XVI-1
16. 1 Limitation of Benefits XVI-1
16.2 Consolidation or Merger XVI-3
ARTICLE I
Purpose
Effective as of January 1, 1984, the Weld County Board of Retirement
adopted the amended and restated Plan, as set forth herein, to continue and
replace the Plan previously in effect. The Plan and Retirement Fund are
intended to meet the requirements of Sections 401(a) and 501(a) of the
Internal Revenue Code of 1954.
The Plan and the separate related Retirement Fund forming a part hereof
were established and shall be maintained for the exclusive benefit of the
eligible employees of Weld County and their beneficiaries. No part of the
Retirement Fund can ever revert to the County except as hereinafter provided,
or be used for or diverted to purposes other than the exclusive benefit of the
employees of the County and their beneficiaries.
This amendment and restatement of the Plan shall not, in any way, affect
the rights of former Employees who participated in said Plan and who either
retired or otherwise terminated their employment prior to January 1, 1984.
The rights, if any, of such former Employees and of their beneficiaries and
the amounts of their benefits, if any, shall continue to be governed by the
provisions of the Plan as it was in effect on December 31, 1983, or the date,
if earlier, of their retirement or termination of employment, unless specifi—
cally provided for otherwise herein, or as the result of future amendments to
this restated Plan.
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ARTICLE II
Definitions
Section 2.1 Name. The retirement plan as set forth in this Resolution
shall be known as the Weld County Retirement Plan and is hereinafter referred
to as the Plan.
Section 2.2 Retirement Board. The management of the retirement system
set forth in this Plan shall be vested in a Retirement Board consisting of
five members, one of whom shall be the County Treasurer, two of whom shall be
nonelected County employees, and two of whom shall be qualified electors of
the County not connected with County government, to be appointed by the Board
of County Commissioners of Weld County. Such Board of Retirement shall by its
own rules establish staggered four-year terms and its Board members and their
successors shall be selected as set forth in this section.
No member of the Board shall receive compensation for his service on the
Board, but a member may be reimbursed for reasonable expenses incurred in
connection with his duties as a member of the Board.
Section 2.3 Definitions. Unless the context otherwise requires, the
definitions and general provisions contained in this section govern the
construction of this restated Plan.
(a) "Accrued Benefit" means the benefit determined under
Section 7.1 of the Plan, expressed in the form of a monthly life
annuity with a minimum of 120 monthly payments commencing at Normal
Retirement Date, based on the Member' s Credited Service at the date
of determination.
(b) "Accumulated Contributions" means the sum of the Member' s
contributions to this Plan, together with interest thereon at such
rate as may be deemed reasonable and proper by the Retirement Board
in light of the actual earnings of the Retirement Fund.
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(c) "Actuarial or Actuarially Equivalent" means equality value
of the aggregate amounts expected to be received under different
manners of payment based on interest rate and mortality assumptions
as defined below unless otherwise specifically provided in the plan:
A. Interest rate assumption for alternative periodic
benefits. The interest rate used for purposes of computing
alternative periodic forms of benefits shall be 7.5%
effective January 1, 1984.
B. Interest rate assumption for single-sum payments.
Effective for the calendar year beginning on January 1,
1984, and for each calendar year following sequentially
thereafter, the interest rate used for purposes of
computing single-sum payments shall be the immediate
annuity rate (subject to adjustment as required for
deferred annuities) used by the Pension Benefit Guaranty
Corporation as of the January 1 coincident with or
preceding the date as of which the amount of the
alternative form of benefit is being determined hereunder.
C. Mortality assumption. On and after January 1,
1984, the mortality assumption for calculations based upon
the mortality of a Member or Beneficiary shall be a unisex
rate that is 50% male, 50% female, taken from the 1971
Group Annuity Table, Projected by Scale D to 1975. Said
mortality assumption shall be used until changed by Plan
amendment.
(d) "Beneficiary" means and includes the Member' s estate, his
dependents, persons who are the natural objects of the Member' s
bounty and any persons designated by the Member to share in the
benefits of the Plan after the death of the Member.
(e) "Board" or "Retirement Board" means the Weld County Board
of Retirement as hereinabove established.
(f) "Compensation" means the total regular compensation paid to
the Employee, reflecting the normal regular salary or hourly wage
rate, before any payroll deductions for income tax, Social Security,
group insurance, or any other purpose, excluding bonuses, extra pay,
overtime pay, worker' s compensation, single sum payments received in
lieu of accrued vacation and sick leave upon termination of
employment or during the course of employment, required contributions
by the County under this Plan, or for Social Security, group
insurance, retainers' fees under contract, or the like, but including
any compensation that is reduced or deferred under Sections 125,
403(b) , 414(h) or 457 of the Internal Revenue Code.
(g) "County" means Weld County.
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(h) "Credited Service" means the sum of any Prior Service and
Current Service rendered by an employee as a Member, for which credit
is allowed.
(i) "Current Service" means the period of service rendered by
an Employee as a Member, for which credit is allowed. Current
Service will cease when a Member' s service as a full-time Employee
terminates.
(j) "Disability" means a physical or mental condition which, in
the judgment of the Federal Social Security Administration entitles
the Member to receive disability benefits under Title II of the
Federal Social Security Act, for the period of time from his
Disability (after any waiting period required under the Act)
continuously until his Normal Retirement Date.
(k) "Effective Date of this Plan" means January 1, 1969. This
restated Plan is effective as of January 1, 1984.
(1) "Employee" means any elected or appointed County officer or
deputy and any person employed by the County on a full-time basis as
defined by Weld County Personnel Policies and Procedures. For
purposes of this Plan, officers and employees of any federally funded
County program which specifically excludes the use of federal funds
for retirement programs shall not be considered as an Employee and
shall not be eligible for membership in this Plan. In addition,
Employees of the Council of Governments shall not be permitted to
participate in this Plan.
(m) "Final Average Monthly Compensation" means a Member' s total
Compensation received during the 36 highest paid consecutive calendar
months of Credited Service within the last 120 months of Credited
Service, divided by 36. If a Member has less than 36 calendar months
of Credited Service, his Final Average Annual Compensation shall be
his average annual Compensation based on all his calendar months of
Credited Service.
(n) "Funding Agent" means any insurance company or trustee
appointed by the Retirement Board as provided in Article XII.
(o) "Funding Agreement" means the insurance contract with the
insurance company or the trust agreement with the trustee as approved
by the Retirement Board for the purpose of the investment and
management of Retirement Fund assets.
(p) "Insurance Company" mean any insurance company or companies
appointed by the Retirement Board as provided in Article XII.
(q) "Member" means any person included in the membership of
this Plan as provided in Article III hereof.
1I-3
(r) "Prior Service" means the period of service rendered by an
employee prior to January 1, 1969, for which credit is allowed
pursuant to Article IV, Section 2.
(s) "Plan Year" means the calendar year.
(t) "Retired Member" means a former Member whose employment
terminated by reason of retirement or Disability and who is receiving
or is entitled to receive, or whose Beneficiary or estate is entitled
to receive, benefits under this Plan.
(u) "Retirement Benefit" means any retirement benefit provided
for in Article VI hereof.
(v) "Retirement Trust" or "Fund" means the "Weld County
Retirement Trust," maintained in accordance with the terms of the
Retirement Trust Agreement, as from time to time amended, which
constitutes a part of this Plan.
(w) "Trustee" means the trustee referred to in Article XII as
may be selected by the Retirement Board under the terms of the Trust
Agreement.
(x) "Vested Member" means a former Member whose Membership
Service has terminated by reason other than retirement or Disability
and who has elected to leave his Accumulated Contributions on deposit
and who is entitled to receive, or whose Beneficiary or estate is
entitled to receive, benefits under this Plan.
The masculine pronoun wherever used shall be interpreted to include the
feminine, and singular words to include the plural.
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ARTICLE III
Membership
Section 3. 1 Employees on January 1, 1969. Every Employee of Weld
County on January 1, 1969 was eligible for membership in the Plan on such
date.
Every Employee of Weld County on January 1, 1969 could become a Member of
the Plan on such date by properly filing with the Retirement Board prior to
March 1, 1969 the form of membership agreement furnished for that purpose.
Any such person who did not file the form of membership agreement prior to
March 1, 1969 may thereafter file such membership agreement and become a
Member of the Plan on the first day of the month coincident with or following
the filing of such agreement but in such event the Member shall not be given
Credited Service under Article IV for any service prior to date he actually
becomes a Member of the Plan.
Section 3.2 Employees Hired After January 1, 1969. For each Employee
of Weld County hired after January 1, 1969, membership in the Plan shall be a
condition of employment, except as hereinafter provided, and such Member shall
be required to complete the form of membership agreement at the time of
employment, election or appointment. Such Employee shall become a Member on
his date of employment, election or appointment.
Section 3.3 Termination. Membership of any Member shall terminate if
and when he shall cease to be an Employee, as defined herein, for any reason,
except as provided in Section 4.4.
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Section 3.4 Withdrawal. Once an employee has become a Member of the
Plan, he may not withdraw from membership in the Plan unless he ceases to be
eligible for membership or becomes eligible for benefits under the Plan.
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ARTICLE IV
Credited Service
Section 4. 1 Credited Service, which has been defined in Section 2.2(h)
as the sum of any Current Service and any Prior Service of a Member, shall be
the only service on the basis of which benefits under this Plan shall be
determined. The Credited Service of a Member shall be determined by the
Retirement Board in a nondiscriminatory manner as provided herein.
Section 4.2 Prior Service shall include any period of continuous
service, not exceeding five (5) years, rendered by a Member as an Employee
prior to January 1, 1969, excluding any service by a Member who was an
Employee as of January 1, 1969 and who failed to file a membership agreement
prior to March 1, 1969.
Section 4.3 Current Service shall consist of all continuous service of
an Employee rendered by a Member after January 1, 1969, prior to the earlier
of his actual Retirement Date or the date his service as an Employee, as
defined herein, terminates.
Section 4.4 Limitations on Credited Service. No period of Credited
Service shall be deemed to be increased or extended by overtime.
Credited Service shall not include any period of service during which the
Member is covered under any other retirement or pension plan, to which the
County makes contributions, other than Federal Old Age Security and Disability
Insurance.
Credited Service shall not include any period of time during which the
Member is on an approved leave of absence or interruption of service as
provided in Section 4.5, except that periods of absence during which a Member
IV-1
is receiving worker's compensation pursuant to law will be included as
Credited Service.
Section 4.5 Breaks in Service. A Member shall incur a Break in Service
if his service as an Employee terminates and he does not return to service as
an Employee within twelve ( 12) months of the date such service terminated. In
the event that a Member does not return to the service of the County within
the time specified by a leave of absence, such leave of absence shall be
considered a break in service. The Retirement Board shall have the power to
determine when a Break in Service shall have occurred, and such determination
shall be made in a nondiscriminatory manner. However, the following shall not
be considered as a Break in Service:
(a) A temporary lay-off because of an illness or for purposes
of economy, suspension, or dismissal, followed by reinstatement,
reemployment or reappointment within one year.
(b) A formal leave of absence followed by reinstatement,
reemployment or reappointment within one year after termination of
the leave of absence.
(c) A leave of absence on account of entering into the military
service of the United States, followed by a return to the service of
Weld County within 90 days after the time when a discharge from such
military service was first available to such member.
(d) A failure to gain reelection in the case of an elected
County official, followed by election to any Weld County office or
employment as an Employee by the County within eight years.
(e) A failure to gain reappointment in the case of an appointed
official or deputy followed by appointment to any Weld County office
or employment as an Employee by the County within eight years.
Credited Service shall not include the time during which a Member is not
in active service of the County for any of the reasons stated in this
Section 4.5.
Upon incurring a Break in Service, a Member shall lose all his prior
Credited Service. If a Member returns to service as an Employee prior to
IV-2
incurring a Break in Service and repays the Fund, within twelve (12) months of
rehire, any amounts received because of his prior termination with interest
pursuant to Section 2.2(b) from the date received to the date of repayment,
the prior Credited Service for which such amounts were received shall be
restored.
Section 4.6 Reemployment of Retired Members. If a Retired Member is
reemployed by the County as a full-time employee, no retirement payments shall
be made during the period of such reemployment. Upon the subsequent termina-
tion of employment by such a Member, the Member shall be entitled to receive a
Retirement Benefit based on his total Credited Service prior to the date of
his previous Retirement, during the period of his reemployment and in the case
of a Disabled Member, his Credited Service while Disabled. In the case of
reemployment of a Retired Member who received any retirement payments prior to
his reemployment, the Retirement Benefit payable upon his subsequent Retire—
ment shall be reduced by the Actuarial Equivalent of the payments, other than
Disability Pension payments, he received.
IV-3
ARTICLE V
Contributions
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.
After December 31, 1983, 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; however, such contributions shall be picked up and paid
by the County as provided in Section 414(h) of the Internal Revenue 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.
Section 5.2 County Contributions. Weld County will, from time to time,
at least annually, make contributions to the Fund in an amount at least equal
to the contributions of the Members. 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.
V-1
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 calulations.
Section 5.3 Application of Forfeitures. Any amount forfeited because
of termination of employment of a Member prior to his having acquired a fully
vested right to Retirement Benefits, because of death of any Member or for any
other reason, shall not be applied to increase the benefits provided by the
Plan unless such benefits are increased by appropriate amendment, as provided
in Article XIV.
V-2
ARTICLE VI
Retirement Dates
Section 6. 1 Normal Retirement. The Normal Retirement Date of a Member
shall be the first day of the calendar month coincident with or next
succeeding his 65th birthday.
Section 6.2 Early Retirement.
(a) Regular Early Retirement. A Member who has attained the
age of 55 years and has completed at least six years of Credited
Service shall be eligible for Regular Early Retirement as of the
first day of any calendar month.
(b) Special Early Retirement. A Member who has attained the
age of 55 years and has completed at least eight years of Credited
Service shall be eligible for Special Early Retirement as of the
first day of any calendar month.
Section 6.3 Delayed Retirement. A Member may continue in the
employment of the County after his Normal Retirement Date. If the retirement
of a Member is delayed, his "Delayed Retirement Date" shall be the first day
of the month, coincident with or next following the date of his actual
retirement. As a condition precedent to continuance in employment beyond the
Normal Retirement Date, the Member shall file with the Retirement Board a
written designation of Beneficiary, whether or not the Member elects one of
the optional benefits in accordance with Article VIII.
Section 6.4 Disability Retirement. If it is established by the
Retirement Board that a Member is Disabled, as defined herein, then such
Member shall be eligible for a Disability Retirement Benefit. The Disability
Retirement Date shall be the first day of the month coincident with or next
following the date upon which the Disability is determined by the Board to
have occurred, or his date of termination of employment, if later.
VI-1
Payment of a Disability Retirement Benefit shall commence as of the first
day of the month next following the Disability Retirement Date. The last
payment shall be made as of the first day of the month in which the death of
the Disabled Member occurs or his Disability ceases, whichever first occurs.
If Disability ceases on or after his Normal Retirement Date and he does not
return to full—time employment with the County, his Disability Retirement
shall be continued in the same manner as if his Disability had continued.
If the Disabled Member's Disability ceases prior to his Normal Retirement
Date, and he is not reemployed by the County and if he has met the require—
ments for Early Retirement or a Deferred Vested Retirement Benefit as of the
date his Disability ceased, he shall be entitled to receive, commencing on the
first day of a month following his Normal Retirement Date, a Retirement
Benefit equal in amount to the Early or Deferred Vested Retirement Benefit to
which he would have been entitled, as of the date his Disability ceased, based
on his Final Average Annual Compensation on his Disability Retirement Date and
his Credited Service on his date of recovery from Disability (including the
period of his Disability).
If Disability ceases before a Disabled Member attains his Normal
Retirement Date and the Member is reemployed by the County, the benefit
payable upon his subsequent Retirement shall be determined in accordance with
the provisions of Section 7.1 hereof, based on his Final Average Annual
Compensation and his Credited Service at termination (including Credited
Service for the period of his Disability) .
Section 6. 5 Retirement Date. A Member' s "Retirement Date" shall be his
Normal Retirement Date, his Early Retirement Date, his Delayed Retirement
Date, or his Disability Retirement Date, whichever is applicable.
VI-2
ARTICLE VII
Retirement Benefits
Section 7. 1 Normal or Delayed Retirement. Upon retirement at or after
his Normal Retirement Date, each Retired Member shall receive a monthly
Retirement Benefit for ten years certain and life thereafter, 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).
However, such Normal Pension shall not be more than 75% 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 $15 multiplied by the Member' s Credited Service.
Section 7.2 Early Retirement.
(a) Regular Early Retirement. A 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 equal
to his Vested Accrued Benefit as of his date of retirement, as
determined pursuant to Sections 7. 1 and 10.3, reduced by .002083
times the number of months by which his Early Retirement Date
precedes his Normal Retirement Date (2 1/2% per year) .
(b) Special Early Retirement. A 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 equal
to his Accrued Benefit as of his date of retirement, as determined
pursuant to Section 7. 1, reduced by .002083 times the number of
months, if any, by which his Early Retirement Date precedes his 62nd
birthday (2 1/2% per year) .
Section 7.3 Disability Retirement. A Member who is Disabled, as
defined herein, shall be entitled to a Disability benefit equal to his Accrued
Benefit on his date of retirement, as determined pursuant to Section 7. 1. The
benefit is payable commencing one month after his Disability Retirement Date,
continuing monthly for a period of 119 additional months and for the Disabled
VII-1
Member's lifetime thereafter, terminating should he recover from Disability
prior to age 65.
Section 7.4 Payment of Benefits. The basic monthly Retirement Benefit,
computed as set forth above, shall be paid in equal monthly payments
commencing one month after the Retirement Date, and continuing at monthly
intervals for a period of 119 additional months and for the Retired Member' s
lifetime thereafter.
As provided in Section 4.6, Retirement Benefits shall not be paid to any
Retired Member during or for any period of employment subsequent to his actual
Retirement Date during which he is receiving Compensation and is considered an
Employee of the County.
Section 7.5 Minimum Periodic Payment. If the amount of the monthly
Retirement Benefit payable to a Retired Member is less than $100.00, the
Retirement Board, in its discretion, may make Actuarially Equivalent
Retirement Benefit payments quarterly, semi-annually, annually or in a single
sum.
Section 7.6 Accrued Credits and Vested Benefits Under the Previous Plan
Preserved. The restatement of the Previous Plan by this Plan shall not
operate to exclude, diminish, limit or restrict the payment or continuation of
payment of benefits accrued as of January 1, 1984. The amount of such
Previous Plan benefits, if any, in the course of payment by the Funding Agent
under said Previous Plan, to any person on January 1, 1984, shall be continued
by the Funding Agent under the Funding Agreement forming a part of this Plan,
in the same manner, undiminished, preserved, and fully vested under this Plan,
except as provided in Section 7. 7 herein.
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The eligibility for, and amount of, any benefit of any kind, payable
commencing after December 31, 1983 under this Plan to or for any person who
was a Member of the Previous Plan and who became a Member of this restated
Plan as of January 1, 1984, shall be determined under the provisions of this
Plan.
Section 7.7 Increased Benefits for Retired Members and Beneficiaries.
The Retirement Board may from time to time, but not more often than annually,
adjust benefit payments to retired Members and beneficiaries as increases and
decreases occur in the Bureau of Labor Statistics Consumer Price Index for the
United States City Average for Urban Wage Earners and Clerical Workers, all
items. Such adjustment shall be effective as of the January 1, coincident
with or following such determination by the Retirement Board. Such adjustment
shall not be construed as being retroactive to the Member' s Retirement Date.
The adjustments shall not exceed a maximum determined by multiplying the
current monthly benefit by the percentage change (to the nearest one-half of
one percent) in such Average Consumer Price Index from the later of: (a)
October 1, 1976, or (b) the Member' s year of retirement or (c) the year used
in the last adjustment under this Section, to the same index for the Calendar
year preceding the effective date of the current adjustment. All adjustments
shall be made only upon the advice of the actuary employed by the Board;
provided, however, that all adjustments shall be subject to the availability
of funds for that purpose and that no decrease shall reduce any benefit below
the amount determined as of a Member' s Retirement Date.
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ARTICLE VIII
Optional Benefits
Section 8. 1 General. Subject to such uniform rules and regulations as
the Retirement Board may prescribe, a Member or Vested Member may, in lieu of
the basic Retirement Benefits provided in Article VII, elect one of the
following forms of Retirement Benefits which shall be the Actuarial Equivalent
of the benefit to which he would otherwise be entitled. The Member or Vested
Member must make any election of an optional benefit in writing, and such
election must be filed with the Retirement Board at least 90 days prior to the
due date of the first payment of Retirement Benefits under the Plan. The
election of an option may be changed at any time prior to 90 days preceding
the due date of the first payment of Retirement Benefits under the Plan.
Section 8.2 100% Joint and Survivor Benefit. The Member may elect a
100% Joint and Survivor Benefit which provides reduced monthly Retirement
Benefit payments during the Retired Member' s life, and, upon his death after
retirement, continues payments in the same reduced amount to a designated
Beneficiary during the life of such Beneficiary.
Section 8.3 50% Joint and Survivor Benefit. The Members may elect a
50% Joint and Survivor Benefit which provides reduced monthly Retirement
Benefit payments during the Retired Member' s life, and, upon his death after
retirement, continues payments in an amount equal to one—half of the amount of
such reduced payment to the designated Beneficiary during the life of such
Beneficiary.
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Section 8.4 Life and Term Certain Benefit. The Member may elect a Life
and Term Certain Benefit which provides an adjusted monthly Retirement Benefit
payment during the Retired Member' s life, and upon his death after retirement
within 5 or 15 years, as elected by the Member, continues payments in the same
amount for the balance of such term certain to a designated Beneficiary.
However, the term certain elected may not exceed the life expectancy of the
Member and his designated Beneficiary.
Section 8.5 Single Life Benefit. The Member may elect a Single Life
Benefit which provides increased monthly Retirement Benefit payments during
the Retired Member' s life, and, upon his death after retirement, no additional
payments will be made.
Section 8.6 Beneficiary. The designated Beneficiary for optional
benefits may be the spouse of the Member, if living, at the time the optional
Retirement Benefit is elected, or, may be any other designated person.
However, if a married Member wishes to designate someone other than his spouse
to be a primary Beneficiary, such designation will not become effective unless
his spouse (if his spouse can be located) consents in writing to such
designation, acknowledges the effect of such designation and has such consent
and acknowledgement witnessed by a plan representative or a notary public. If
the designated Beneficiary dies prior to the due date of the first payment of
Retirement Benefits under the Plan and no new Beneficiary has been designated,
Retirement Benefits shall be paid as though no optional benefit had been
elected.
VIII-2
Section 8.7 Restrictions on Optional Forms Other Than Joint and
Survivor Pension. Any optional benefit elected hereunder (other than a Joint
• and Survivor option) shall, if necessary, be adjusted so that the value of the
Member' s benefit under the option will be equal to more than 50% of the value
of the total benefit payable to the Member and his survivor.
VIII-3
ARTICLE IX
Death Benefits
Section 9.1 Death of an Active Member Before Normal Retirement Date.
In the event a Member of the Plan dies prior to his Normal Retirement Date
while accruing Current Service, the following death benefits shall be
payable:
(a) In the event such a Member dies prior to completing six
years of Credited Service, there shall be paid to the Beneficiary
designated by him if said Beneficary be living, otherwise to his
estate, the amount of his Accumulated Contributions as of the date of
death.
(b) In the event such a Member dies with six or more years of
Credited Service but prior to his Normal Retirement Date, a monthly
benefit for life shall be paid to his surviving spouse, if any, in an
amount equal to 70% of the Member' s Vested Accrued Benefit on his
date of death. Such death benefit to the surviving spouse shall
commence on the later of: (a) the first day of the month coincident
with or following the Member' s death or (b) the first day of the
month coincident with or following the Member' s 55th birthday. If
said Member does not have a surviving spouse, there shall be paid to
the Beneficiary designated by him, if said Beneficiary is living,
otherwise to his estate, the amount of his Accumulated Contributions
as of the date of death.
Section 9.2 Death of a Vested Member before Payments Commence. In the
event that a Vested Member dies prior to the commencement of his Retirement
Benefit, payments shall be made as provided in Section 9. 1.
Section 9.3 Death of an Active Member Between Normal and Delayed
Retirement Dates. In the event a Member continues in County employment after
his Normal Retirement Date, and dies before actually retiring, then he shall
be deemed to have retired on the first day of the calendar month in which he
dies. If no other form of payment has been elected, the Member shall be
deemed to have elected payment pursuant to Section 7.4 and his Accrued Benefit
shall be paid in 120 monthly payments to his designated Beneficiary.
IX-1
Section 9.4 Death of a Retired Member. In the event a Retired Member
dies while receiving Retirement Benefit payments, his death benefit, if any,
will be determined by the form of Retirement Benefit being paid.
Section 9. 5 Death of a Retired Member Before Contributions Recovered.
At the termination of Retirement Benefit payments following the death of a
Retired Member, should the total of such payments made to the Member and his
Beneficiary be less than the amount of the Member' s Accumulated Contributions
at the date his Retirement Benefit payments commenced, the difference shall be
paid in a single sum to the Beneficiary, if living, or to the estate of the
last survivor of the Member or his Beneficiary.
Section 9.6 Uniform Simultaneous Death Act. The provisions of any law
of this State providing for the distribution of estates under the Uniform
Simultaneous Death Act, when applicable, shall govern the distributon of money
payable under this Plan.
IX-2
ARTICLE X
Severance Benefits
Section 10. 1 Coverage. Benefits shall be paid to a Member under this
Article if his Current Service terminates for reasons other than retirement,
disability or death.
Section 10.2 Less Than Six Years of Service. In the event a Member
terminates prior to his Normal Retirement Date, and he has less than six 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. The Accumulated Contributions shall be refunded to the Member in
not less than 30 days nor more than 90 days after the Member' s last date of
employment.
Section 10.3 Six or More Years of Service. In the event a Member
terminates prior to his Normal Retirement Date, and he has six 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 which shall
be the vested portion (as shown in the following table) of his Accrued Benefit
on the date of the termination.
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Completed Years Percent of Accrued
Of Credited Service Benefit Vested
Less than 6 0%
6 50%
7 75%
8 or more 100%
Such deferred Retirement Benefit shall be payable at the Vested Member' s
Normal Retirement Date.
If the deferred Retirement Benefit to which a Vested Member will be
entitled at his Normal Retirement Date is less than $100 per month, the Vested
Member shall be paid, as of the date of his termination, 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.
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) if
the Member has less than eight years of Credited Service or under
Section 7.2(b) if the member has eight or more years of Credited Service.
Section 10.4 Non-re-election. In the event that a Member who is an
elected officer of the County is not re-elected to the same office or elected
to another County office or is not employed by the County within thirty (30)
days after his term of office expires, then the provisions of Section 10.3
shall apply to him, except that the minimum of six (6) years of Service shall
not be required.
X-2
ARTICLE XI
Administration of the Plan
Section 11.1 Retirement Board. The management of the retirement system
shall be vested in the Retirement Board according to the provision in Part 9,
Title 24, Article 51, CRS 1973, as amended, as such Retirement Board is estab-
lished in Section 2.2 herein.
Section 11.2 Management of the Plan. The Retirement Board shall have
all powers necessary to effect the management and administration of the Plan
in accordance with its terms, including, but not limited to, the following:
(a) To establish rules and regulations for the administration
of the Plan, for managing and discharging the duties of the Board,
for the Board's own government and procedure in so doing, and for the
preservation and the protection of the Funds.
(b) To interpret the provisions of the Plan and to determine
any and all questions arising under the Plan or in connection with
the administration thereof. A record of such action and all other
matters properly coming before the Board shall be kept and
preserved.
(c) To determine all considerations affecting the eligibility
of any employee to be or become a Member of the Plan.
(d) To determine the amount of the Member' s contributions to be
withheld by the County in accordance with the Plan and to maintain
such records of Accumulated Contributions as are necessary under the
Plan.
(e) To determine the Credited Service of any Member and to
compute the amount of Retirement Benefit, or other sum, payable under
the Plan to any person.
(f) To authorize and direct all disbursements of Retirement
Benefits and other sums under the Plan.
(g) With the advice of its Actuary to adopt, from time to time
for purposes of the Plan, such mortality and other tables as it may
deem necessary or appropriate for the operation of the Plan.
XI-1
(h) To make valuations and appraisals of Fund assets held under
the Plan, and, with the advice of the actuary, to determine the
liabilities of the Plan.
(i) To create reserves from such assets for any lawful purpose.
Section 11.3 Control, Amendment and Termination. The Retirement Board
shall have the powers set forth in Part 9, Title 24, Article 51, CRS 1973, as
amended, and any powers set forth in Articles XII and XIV herein. Any
amendments or modifications to the Plan must be approved by the Board of
County Commissioners.
The Retirement Board shall have the power to employ such counsel and
agents, and to obtain such clerical, medical, legal, accounting, investment
advisory, custodial and actuarial services as it may deem necessary or
appropriate in carrying out the provisions of the Plan.
Section 11.4 Miscellaneous. The decision of the Retirement Board and
any action taken by it in respect to the management of the Plan shall be
conclusive and binding upon any and all employees, officers, former employees
and officers, Members, Retired Members, Vested Members, their Beneficiaries,
heirs, distributees, executors, administrators and assigns and upon all other
persons whomsoever. Neither the establishment of this Plan nor any modifi—
cations thereof or any action taken thereunder or any omission to act, by the
Retirement Board or its members shall be construed as giving to any Member or
other person any legal or equitable right against the County or any officer or
employee thereof or against the Retirement Board or its members.
XI-2
ARTICLE XII
Method of Funding
Section 12. 1 Funding. The Retirement Board shall contract with an
insurance company, a trustee or such other funding vehicle, as authorized by
Colorado law to hold and invest the Retirement Fund. The Retirement Board
shall have the power to change such funding at any time upon notice required
by the terms of the Funding Agreement.
Section 12.2 Assets. All of the assets of the Plan shall be held by the
Funding Agent acting under a Funding Agreement for use in providing the
benefits under the plan. No part of the said corpus or income shall be used
for or diverted to purposes other than the exclusive benefit of the Members,
Retired Members, Vested Members, their Beneficiaries or estates under the
Plan, prior to the satisfaction of all liabilities hereunder with respect to
them, except such funds which, upon termination of the Plan, are in excess of
the amount required to fully fund the Plan and are due solely to erroneous
actuarial calculations. No person shall have any interest in or right to any
part of the assets of the Fund except as and to the extent expressly provided
in the Plan.
Section 12.3 Duties of the Funding Agent. The duties of the Funding
Agent shall include but shall not be limited to the following:
(a) It shall receive from the County, the County' s and the
Members' contributions to the Fund herein established.
(b) It shall receive all of the income from the Fund.
(c) It shall pay out of the Fund, upon written instructions
from the Retirement Board, the funds required for payments under the
Plan.
XII-1
(d) It shall invest and reinvest the corpus and income of the
Fund, subject to the requirements of the Plan; as directed by the
Retirement Board and set forth in the agreement.
(e) It shall maintain such records and accounts of the Fund,
and shall render such financial statements and reports thereof, as
may be required from time to time by the Retirement Board.
Section 12.4 Investment Powers. The investment of the corpus of the
Fund shall be made according to the powers and limitations set forth in the
Funding Agreement. Such investment shall be in accordance with Colorado
Revised Statutes.
XII-2
ARTICLE XIII
Retirement Benefits and Rights Inalienable
Section 13.1 Inalienability. Except as required under applicable law
(including any "qualified domestic relations order" as defined in Section
414(p) of the Internal Revenue Code) , Members, Retired Members, Vested Members
and their Beneficiaries under the Plan are hereby restrained from selling,
transferring, anticipating, assigning, hypothecating, or otherwise disposing
of their Retirement Benefit, prospective Retirement Benefit, or any other
rights or interest under the Plan, and any attempt to anticipate, assign,
pledge, or otherwise dispose of the same shall be void. Said Retirement
Benefit, prospective Retirement Benefit and rights and interests of said
Members, Retired Members, Vested Members or Beneficiaries shall not at any
time be subject to the claims of creditors or liabilities or torts of said
Members, Retired Members, Vested Members or Beneficiaries, nor be liable to
attachment, execution, or other legal process.
XIII-1
ARTICLE XIV
Modification or Termination of Plan
Section 14.1 Expectation. It is the expectation of the County that it
will continue this Plan and the payment of its contributions hereunder indefi-
nitely, but continuance of the Plan is not assumed as a contractual obligation
of the County.
Section 14.2 Amendment. The County Commissioners reserve the right to
alter, amend, or terminate the Plan or any part thereof in such manner as it
may determine, and such alterations, amendment or termination shall take
effect upon notice thereof from the County Commissioners to the Funding Agent;
provided that no such alteration or amendment shall provide that the
Retirement Benefit payable to any Retired Member shall be less than that
provided by his Accumulated Contributions or affect the right of any Member to
receive a refund of his Accumulated Contributions and provided further that no
alteration, amendment or termination of the Plan or any part thereof shall
permit any part of the Fund to revert to or be recoverable by the County or be
used for or diverted to purposes other than the exclusive benefit of Members,
Retired Members, Vested Members or Beneficiaries under the plan, except such
funds, if any, as may remain at termination of the Agreement after
satisfaction of all liabilities with respect to Members, Retired Members,
Vested Members and Beneficiaries under the Plan and are due solely to
erroneous actuarial calculations.
Section 14.3 Approval Under the Internal Revenue Code. The Plan is
intended to comply with the requirements of the applicable provisions of
XIV-1
Section 401(a) of the Internal Revenue Code as now in effect or hereafter
amended, and any modification or amendment of the Plan may be made retro—
active, as necessary or appropriate, to establish and maintain such
compliance.
Section 14.4 Discontinuance. The County Commissioners reserve the right
at any time and for any reason to discontinue permanently all contributions by
the County under this Plan. Such discontinuance shall be deemed to be a
complete termination of the Plan.
Section 14.5 Termination. In the event of a partial or complete
termination of the Plan, all affected funds covered by the Agreement shall be
converted to cash and allocated to affected Members, Retired Members, Vested
Members and Beneficiaries on the following priority basis:
(a) An amount equal to the Accumulated Contributions which
would be payable to the Members, Retired Members, Vested Members or
Beneficiaries should their deaths occur on the date of the
termination of the Plan.
(b) An amount of the remaining assets equal to a pro rata
portion determined on the basis of the ratio that the actuarial
reserve for a Member' s Accrued Benefit minus the amount in (a) above
credited to him bears to the total of all such actuarial reserves.
Section 14.6 Distribution. When the funds covered by the Agreement have
been allocated as indicated above, the distribution may be made in the form of
cash or nontransferable annuity contracts as determined by the Retirement
Board, provide that any affected funds remaining after the satisfaction of all
liabilities to Members, Retired Members, Vested Members and Beneficiaries
under the Plan and due solely to erroneous actuarial calculations may be with-
drawn by the Retirement Board from the Fund for the account of Weld County.
XIV-2
ARTICLE XV
Benefit Restrictions on Early Termination
Section 15. 1 Restrictions. Notwithstanding any other provision hereof,
the benefits provided by the County contributions for Members described in
Section 15.2 herein shall be subject to the following conditions:
(a) Payment in full shall be made of such benefits which have
been provided by County contributions not exceeding the larger of the
following amounts: (i) $20,000; or (ii) an amount equal to 20% of
the first $50,000 of the Member' s average regular annual Compensation
multiplied by the number of years between the date of the establish-
ment of this Plan and ( 1) the date that the Plan terminates or (2) if
benefits become payable to a Member described in Section 15.2 herein
within ten years after the date of the establishment of this Plan,
the date the benefits of such Member first become payable (if before
the date of termination of this Plan) or (3) if benefits become
payable to a Member described in Section 15.2 herein after the Plan
has been in effect for ten years and if the full current costs of the
plan for the first ten years have not been met or if the full current
costs have not been met on the dates referred to in ( 1) or (2) above,
the date of the failure to meet the full current costs;
(b) If ( 1) this Plan is terminated within ten years after its
establishment or (2) the benefits of any of the Members described in
Section 15.2 herein become payable within ten years after the estab—
lishment of this Plan or (3) the benefits of any of such Members
become payable after this Plan has been in effect for ten years and
at the time such benefits become payable the full current costs for
the first ten years have not been met, the benefits which any of such
Members may receive from the County contributions shall not exceed
the benefits set forth in paragraph (a) of this section. This
limitation shall cease to be effective at such time, at or after the
expiration of ten years from the date of the establishment of this
Plan, as the full current costs of the Plan have first been met;
(c) If a Member described in Section 15.2 herein leaves the
employ of the County or his Current Service in this Plan terminates,
the benefits which he may receive from County contributions shall not
at any time, within the first ten years after the establishment of
this Plan, exceed the benefits set forth in (a) herein, if, at the
end of ten years after the date of the establishment of this Plan the
full current costs of the first ten years have not been met, the
benefits such Member may receive from County contributions shall not
exceed the benefits set forth in (a) herein until the first time that
the full current costs of this Plan have been met;
XV-1
(d) These conditions shall not restrict the full payment of any
benefits on behalf of a Member who dies while this Plan is in full
effect and its full current costs have been met;
(e) These conditions shall not restrict the current payment of
full Retirement Benefits called for by this Plan for any Retired
Member while this Plan is in full effect and its full current costs
have been met;
(f) This section is intended to conform to the requirements of
Treasury Regulation, Secton 1.401-4(c) and shall cease to be effec-
tive at such time as the provisions of Treasury Regulation 1.401-4(c)
or any substitute therefore are no longer effective or applicable.
Section 15.2 Members Affected by Section 15. 1. The Members referred to
in Section 15.1 herein shall be limited to those whose anticipated annual
benefit hereunder shall exceed $1,500 and who at the Effective Date hereof are
among the twenty-five highest paid employees of the County, whether or not
initially eligible for membership.
Section 15.3 Amendment of Plan. If the Plan is amended to increase
benefits which would substantially increase the extent of possible discrimi-
nation as to contributions or as to benefits upon termination of the Plan, the
restrictions set forth in Section 15. 1 shall be applied to the Plan as if it
were a new plan established on the date of such change.
XV-2
ARTICLE XVI
Limitations
Section 16.1 Limitation of Benefits. Notwithstanding any other
provision contained herein to the contrary, the benefits payable to an
Employee from this Plan provided by Employer contributions (including contri-
butions picked up by the Employer under Section 5. 1) , shall be subject to the
limitations of Code 415 in accordance with ( 1) and (2) below:
(1) Defined Benefit Plan Only: Any annual Pension payable to an
Employee hereunder shall not exceed the lesser of:
(a) $90,000 or, if greater, the amount of straight
life, or qualified joint and survivor, annuity accrued by
the Employee as of January 1, 1983, adjusted for increases
in the cost of living, as prescribed by the Secretary of
the Treasury or his delegate, if such adjustments are
permissible under Regulations, Revenue Rulings, or
announcements prescribed by the Trearury or Secretary or
his delegate, or
(b) 100% of the Employee' s average earnings for the
three consecutive calendar years, while a participant in
the Plan, in which his earnings were the highest. For
purposes of this subsection (b) , earnings for any calendar
year shall be the Employee' s earned income, wages,
salaries, and fees for professional services, and other
amounts received for personal services actually rendered in
the course of employment with the Employer (including, but
not limited to, commissions paid salesmen, compensation for
services on the basis of a percentage of profits, commis-
sions on insurance premiums, tips and bonuses) , provided
such amounts are actually paid or includible in gross
income during such year. Earnings shall exclude the
following:
(i) Employer contributions to a plan of
deferred compensation which are not included in
the Employee' s gross income for the taxable year
in which contributed or Employer contributions
under a simplified employee pension plan to the
extent such contributions are deductible by the
Employee, or any distributions from a plan of
deferred compensation; and
XVI-1
(ii) Other amounts which received special
tax benefits, or contributions made by the
Employer (whether or not under a salary reduction
agreement) towards the purchase of an annuity
described in Section 403(b) of the Code (whether
or not the amounts are actually excludable from
the gross income of the Employee) .
The foregoing limitations shall not be applicable with respect
to any participant whose annual Pension under this Plan is less than
$10,000 if such participant has not at any time participated in any
defined contribution plan maintained by the Employer. In the event
that a participant has been credited with less than ten years of
Vesting Service, the maximum annual Pension allowable under this
Section shall be reduced by multiplying such maximum annual Pension
by a fraction, the numerator of which is the number of such partici—
pant' s years of Vesting Service and the denominator of which is ten.
The limitations of this Section apply to a straight life annuity
with no ancillary benefits and to an annuity that constitutes a
qualified joint and survivor annuity, provided payment begins between
ages 62 and 65. If payment commences before age 62, the foregoing
limitations shall be reduced so that they are actuarially equivalent
to such a benefit commencing at age 62. However, the reduction of
this paragraph shall not reduce the limitation below $75,000, if
payment commences after age 55, or below the actuarial equivalent of
S75,000 commencing at age 55, if payment commences before age 55. If
payment commences after age 65, the limitation shall be adjusted to
the actuarial limitation commencing at age 65. The interest assump—
tion for purposes of determining actuarial equivalency under this
paragraph shall be the interest rate otherwise used for purposes of
computing optional forms of income payable under the Plan, but the
rate shall not be less than 5% annually if benefits commence before
age 62 and shall not exceed 5% annually if benefits commence after
age 65.
(2) Defined Benefit and Defined Contribution Plans: If, in any
Limitation Year a participant also participates in one or more
defined contribution plans maintained by the Employer, then for such
Limitation Year, the sum of the Defined Benefit Plan Fraction and
Defined Contribution Plan Fraction (as described below) for such
Limitation Year shall not exceed one. The Defined Benefit Fraction
for any Limitation Year shall mean a fraction (a) the numerator of
which is the projected annual benefit of the Participant under the
Plan (determined as of the close of the Limitation Year) , and (b) the
denominator of which is the lesser of 125% of the dollar limitation
under Code Section 415(b)( 1)(a) or 140% of the percentage limitation
under Code Section 415(b)( 1)(B) for the year of determination (taking
into account the effect of Section 235(g)(4) of the Tax Equity and
Fiscal Responsibility Act of 1982). The Defined Contribution
Fraction for any Limitation Year shall mean a fraction (a) the
XVI-2
numerator of which is the sum of the annual additions (as defined in
Section 415(c)(2) of the Code) to the participant' s accounts under
all defined contribution plans maintained by the Employer as of the
close of the Limitation Year (subject to reduction to the extent
permitted under the transition rule in Section 235(g) (3) of the Tax
Equity and Fiscal Responsibility Act of 1982), and (b) the denomi—
nator of which is the sum of the lesser of 125% of the dollar
limitation under Code Section 415(c)( 1)(A) or 140% of the percentage
Limitation under Code Section 415(c)( 1)(B) , for such Limitation Year
and for all prior Limitation Years during which the Employee was
employed by the Employer (provided, however, at the election of the
Committee, the denominator shall be increased by using for Limitation
Years ending prior to January 1, 1983, an amount equal to the denomi-
nator in effect for the Limitation Year ending in 1982, multiplied by
the transition fraction provided in Code Section 415(e)(6)(B)) .
If, in any Limitation Year, the sum of the Defined Benefit Plan
Fraction and Defined Contribution Plan Fraction for a participant
would exceed one without adjustment of the amount of the maximum
annual Pension that can be paid to such participant under paragraph
( 1) of this Section, than the amount of the maximum annual Pension
that can be paid to such participant under paragraph ( 1) of this
section, shall be reduced to the extent necessary to reduce the sum
of the Defined Benefit Plan Fraction and Defined Contribution Plan
Fraction for such participant to one, or the Committee may take such
other actions as will cause the sum to equal one or less.
Section 16.2 Consolidation or Merger. The Plan shall not be merged or
consolidated with, nor shall any assets or liabilities be transferred to any
other Plan, unless the benefits payable to each Member if the Plan were
terminated immediately after such action would be equal to or greater than the
benefits to which such Member would have been entitled if this Plan had been
terminated immediately before such action.
XVI-3
The foregoing resolution as submitted by the County Board of Retirement
was duly approved by the following vote on the X 6.„ day of LeQr-i-e2a4,) ,
198 `].
WELD COUNTY BOARD OF RETIREMENT
Aye: ,L/ccsco i t I
CL-t, J
(SEAL) /� .�`C`, a ,
( 24727/7 /y Oil"tom>
/C: -c..f ' i7a.-i['r-r�‘7;."This resolution was duly approved by the Board of County Commissioners of
•
Weld County, Colorado, by the following vote on the r''/a day of APfinzlet./ ,
1984.
Aye: fi"Yvvt.,_ ( -t- o..-._.__
R
i�/r _
BY ���� 7 il� C.y
C �'y .yC
s
T BOARD OF COUNTY COMMISSIONERS
0 WELD COUNTY, COLORADO
XVI-4
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