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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. Four to the Weld County
Retirement Plan (As Amended and Restated Effective July 1, 2000) was adopted by Resolution
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of the Weld County Board of Retirement on the .�t day of FACE./ , 2003.
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IN WITNESS WHEREOF, we have hereunto affixed our names this ill- day of
V(.i , 2003.
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2004-3477
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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 and;
WHEREAS,the Plan has been further amended by Amendment Nos. One,Two
and Three; 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. Four effective June 16,
2003.
(2) Amendment No. Four, copies of which have been presented to the
Retirement Board at this meeting, be and it hereby is approved and adopted effective as
of June 16, 2003.
(3) The Retirement Board be and it hereby is authorized to execute forthwith
Amendment No. Four effective June 16, 2003, and to do all other acts and things
necessary and proper to keep the Plan and its Retirement Fund in full force and effect and
to make such amendments and changes, if any, as may be necessary to maintain the
qualification of the Plan and Retirement Fund under the applicable sections of the
Internal Revenue Code of 1986, as amended from time to time.
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AMENDMENT NO. FOUR 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 June
16, 2003, as follows:
1. Section 2.3(a) of the Plan is amended in its entirety to read as follows:
"(a) `Accrued Benefit' means the sum of a Member's Pre-June
16, 2003 Rules Accrued Benefit under Section 7.1(a) and the Member's
Post-June 15, 2003 Rules Accrued Benefit under Section 7.1(b), subject to
the limit in Section 7.1(c), expressed in the form of payment described in
Section 7.4 commencing at Normal Retirement Date If a Member is
entitled to a benefit under Section 7.1(a) and 7.1(b), the benefit under
Section 7.1(a) shall be converted to the actuarial equivalent of a life
annuity before it is added to the Section 7.1(b) benefit."
2. Section 2.3 is amended by the addition of the following two subsections:
"(r.1) `Post-June 15, 2003 Rules Benefit' means a Member's Plan
benefit determined by applying the rules of Sections 2.3, 6.2, 7.1, 7.2, 7.4,
8.1, 8.4, and 10.3 that became effective June 16, 2003, to the Accrued
Benefits of the Member that are attributable to the Member's Credited
Service commencing with any date of hire or rehire on or after June 16,
2003.
"(r.2) `Pre-June 16, 2003 Rules Benefit' means a Member's Plan
benefit determined by applying the rules of Sections 2.3, 6.2, 7.1, 7.2, 7.4,
8.1, 8.4, and 10.3 in effect prior to June 16, 2003, to the Accrued Benefits
of the Member attributable to the Member's Credited Service (excluding
service commencing with any date of hire or rehire on or after June 16,
2003)."
3. Section 6.2 is amended in its entirety to read as follows:
"Section 6.2 Early Retirement.
(a) Regular Early Retirement. A Member who has attained the
age of 55 years and has completed at least five (5) years of Credited
Service shall be eligible for Regular Early Retirement as of the first day of
any calendar month.
(b) Special Early Retirement.
(1) A Member entitled to a Pre-June 16, 2003 Rules
Benefit 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 with
respect to such benefit.
(2) A Member entitled to a Post-June 15, 2003 Rules
Benefit who has attained the age of 55 years and has completed at
least twenty years of Credited Service shall be eligible for Special
Early Retirement as of the first day of any calendar month with
respect to such benefit.
(c) Rule of 75 Early Retirement. A Member entitled to a Pre-
June 16, 2003 Rules Benefit shall be eligible for the Rule of 75 Early
Retirement as of the first day of any calendar month if his employment
terminates after he has attained the age of 55 and the sum of his age plus
his Credited Service at termination equals 75 or more with respect to such
benefit.
(d) Thirty Year Early Retirement. A Member entitled to a Post-
June 15, 2003 Rules Benefit who has attained the age of 55 years and has
completed at least thirty years of Credited Service shall be eligible for
Thirty Year Early Retirement as of the first day of any calendar month
with respect to such benefit following his termination of employment."
4. Section 7.1 is amended in its entirety to read as follows:
"Section 7.1 Normal or Delayed Retirement.
(a) Pre-June 16, 2003 Rules Accrued Benefit. Upon retirement
at or after his Normal Retirement Date, a Retired Member shall be entitled
to a Pre-June 16, 2003 Benefit consisting of a monthly Retirement Benefit
for ten years certain and life thereafter, equal to 2.75% of such Member's
Final Average Monthly Compensation multiplied by the total number of
years of the Member's Credited Service (including fractional years).
Notwithstanding the foregoing, in determining the Pre-June 16, 2003
Rules Benefit, Credited Service attributable to periods of employment
commencing with a hire or rehire date on or after June 16, 2003 shall not
be considered.
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(b) Post-June 15, 2003 Rules Accrued Benefit. Upon
retirement at or after his Normal Retirement Date, a Retired Member shall
be entitled to a Post-June 15, 2003 Rules Benefit consisting of a monthly
Retirement Benefit for his life 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). Notwithstanding
the foregoing, in determining the Post-June 15, 2003 Rules Benefit,
Credited Service attributable to any periods of employment beginning
prior to June 16, 2003 shall not be considered.
(c) A Retired Member's complete Normal Pension determined
by combining the benefits under(a) and(b) above, as applicable, shall not
be more than 82.5% 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 $25
multiplied by the Member's Credited Service."
5. Section 7.2 of the Plan is amended in its entirety to read as follows:
"Section 7.2 Early Retirement.
(a) Regular Early Retirement. A vested 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 the sum of: (i) that portion of his Accrued Benefit as of his date of
retirement, as determined pursuant to Sections 7.1(a) and 10.3,reduced
by .002083 times the number of months by which his Early Retirement
Date precedes his Normal Retirement Date (2 '/2% per year),plus (ii) that
portion of his Accrued Benefit as of his date of retirement, as determined
pursuant to Section 7.1(b) and 10.3, reduced by .004167 times the number
of months by which his Early Retirement Date precedes his Normal
Retirement Date (5%per year).
(b) Special Early Retirement. A vested 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 the sum of: (i)that portion of his Accrued Benefit as of his date of
retirement, as determined pursuant to Section 7.1(a), reduced by .002083
times the number of months, if any, by which his Early Retirement Date
precedes his 62nd birthday (2 '/2% per year),plus (ii) that portion of his
Accrued Benefit as of his date of retirement, as determined pursuant to
Section 7.1(b), reduced by .002083 times the number of months, if any,by
which his Early Retirement Date precedes his Normal Retirement Date (2
1/2% per year).
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(c) Rule of 75 Early Retirement. A Member who meets the
requirements for a Rule of 75 Early Retirement Pension shall receive a
monthly amount computed as for a Normal Pension under Section 7.1(a)
considering his Credited Service to the date of his actual retirement,
payable without reduction for early commencement with payments to
commence as of his Rule of 75 Early Retirement Date.
(d) Thirty Year Early Retirement. A Member who meets the
requirements for a Thirty Year Early Retirement Pension shall receive a
monthly amount computed as for a Normal Pension under Section 7.1(b)
considering his Credited Service to the date of his actual retirement,
payable without reduction for early commencement with payments to
commence as of his Thirty Year Early Retirement Date."
6. The first paragraph of Section 7.4 is amended to read as follows:
"Section 7.4 Payment of Benefits. The basic monthly Retirement Benefits,
computed as set forth above, shall be paid in equal monthly payments commencing one
month after the Retirement Date, and with respect to a Retired Member's Pre-June 16,
2003 Rules Benefit(except a Retired Member who also is entitled to a Post-June 15,
2003 Rules Benefit), continuing at monthly intervals for a period of 119 additional
months and for the Retire Member's lifetime thereafter. With respect to Retired Members
entitled to a Post-June 15, 2003 Rules Benefit,payments shall continue at monthly
intervals for the Retired Members' lifetime."
7. Section 8.1 is amended by the addition of the following sentence at the end
thereof:
"A Member's or Vested Member's entire benefit shall be paid in one form
regardless of whether such Member has basic Retirement Benefits in more than one form
under Article VII."
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8. Section 8.4 is amended in its entirety to read as follows:
"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, 10, 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."
9. The last sentence of Section 10.3 is amended to read as follows:
"The reduction shall be determined as provided under Section 7.2 (a) or(b),
whichever is applicable."
The foregoing Amendment No.Four to the Plan, as submitted to the Weld
County Bgard of Retire ent, was duly approved by the following vote on
the a day of � 2003.
WITNESS:�a , �p� D CO F RETIREMENT
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