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Home My WebLink About830068.tiff 11M§OLUTION RE: APPROVAL OF TVE WELD COUNTY BOARD OF RETIREMENT AMENDMENT TO THE WELD COUNTY RETIREMENT PLAN AVIV AGREEMENT CONVERTING MANDATORY EMPLOYEE CONTRIBUTIONS TO A TAX DEFERRED PLAN. 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 Weld County Retirement plan has heretofore been created by Resolution of the Weld County Board of Retirement, and the Board of County Commissioners of Weld County, Colorado, and WHEREAS, the actuaries for the aforesaid plan have recommended an amendment which is believed to be in the best interest of the present and future members of the plan, said amendment to be effective January 1, 1984, and WHEREAS, said amendment is believed to be non-discriminatory and in conformance with Section 401(a) and other applicable portions of the Internal Revenue Code of 1954, as amended, and WHEREAS, Section 4I4(h) of the Internal Revenue Code provides that State and Local Governments with IRS Qualified Retirement Plans may elect to pay all future employee mandatory contributions to the Plan for all participating employees and reduce the employees' gross incomes by the amount of the mandatory contribution, and NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County that the County will as of January 1, 1984, pay the mandatory employee contributions to the Retirement Plan and reduce the employees' gross incomes by such amount as permitted under Section 414(h) of the Internal Revenue Code and that the Weld County Retirement Plan be, and hereby is amended to reflect the amendment contained in the Resolution of the Veld County Board of Retirement which Resolution was passed on October 18, 1983 by action of the Weld County Board of Retirement, a copy of said Resolution setting out said amendment is attached hereto and incorporated herein by reference. • $3006! Acrvv/_ The above and foregoing resolution was, on motion duly made and seconded, adopted by the following vote on the 24thday of OctOber , A.D., 1983. BOARD OF COUNTY COMMISSIONERS ATTEST - - - - WELD COUNTY, COLORADO Weld County Clerk and Recorder and Clerk to the Board Chuc Carlson, Chairman 9Y:�. Q J3 Martin,� T -Intt County Cler Approved a to form: Gene Brantner �`✓ te. C�..r--, u C Norman Carlson County Attorney Ja quel e Johns RESOLUTION OF THE WELD COUNTY BOARD OF RETIREMENT AMENDING THE WELD COUNTY RETIREMENT PLAN WHEREAS, The Weld County Retirement Plan has heretofore been created by resolution of the Weld County Board of Retirement; and WHEREAS, the actuaries for the aforesaid Plan have recommended amendments which are believed• to be in the best interest of the present and future members of the Plan, such amendments to take effect on January 1, 1984; and WHEREAS, all of said amendments are believed to be nondiscriminatory and in conformance with Section 401(a) and other applicable provisions of the Internal Revenue Code of 1954, as amended, and WHEREAS, Section '+14(h) of the Internal Revenue Code provides that State and Local Governments with IRS Qualified Retirement Plans may elect to pay all future employee mandatory contributions to the Plan for all participating employees and reduce the employee's gross income by the amount of the mandatory contribution, and NOW, THEREFORE BE IT RESOLVED THAT The Weld County Retirement Plan be, and hereby is amended as follows: 1. Amend Section 2. 1(f) in its entirety to read: (f) "Compensation" shall mean 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 contribu- tions 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 deferred under Sections 403(b) , 414(h) or 457 of the Internal Revenue Code. - 1 - 2. Amend Section 2. 1(v) in its entirety to read: (v) "Final Average Annual Compensation" means a Member' s total Compensation received during the 36 consecutive calendar months of Credited Service within the last 120 months of Credited Service, divided by three. 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. 3. Amend Section 5.1 in its entirety to read: 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. 4. Amend Section 6.2 in its entirety to read as follows: "6.2 Early Retirement Date. A Member who has attained the age of fifty-five (55) years and has completed six years of Credited Service may elect to retire as of the first day of any calendar month." 5. Amend Section 7.2 in its entirety to read: 7.2 Early Retirement Benefit. A Member eligible for Early Retirement and retiring with less than eight years of Credited Service may elect to have his payment commence as of his Early Retirement Date. The monthly payment shall be equal to the vested portion of the Retirement Benefit earned to the date of his retirement as determined under Section 10.3 and reduced by .20833 of - 2 - 1% times the number of months by which his Early Retirement Date precedes his Normal Retirement Date (2.5% per year) . A Member eligible for Early Retirement and retiring with eight or more years of Credited Service may elect to have his payments commence as of his Early Retirement Date. The monthly payment shall be equal to the Retirement Benefit earned to his date of retirement as determined under Section 7. 1 and reduced by .20833 of 1% times the number of months, if any, by which his Early Retirement Date precedes his 62nd birthday (2.5% per year) . 6. The effective date of these amendments shall be January 1, 1984. The foregoing resolution was submitted and duly approved by the County Board of Retirement on the [th day of © , 1983. ?7Z4�✓/ r� Cf**--r1-4a) &11/12.4 COUNTY BOARD OF RETIREMENT OF WELD COUNTY, COLORADO - 3 - r „- . .. P F.> -^cne ( ' ) 35E 3) t . ( ( O GREELEY, ('010 +ll0 f f l . � ; L.2 - JOLO ,ADO RE: RESOLUTION OF THE WELD COUNTY BOARD OF RETIREMENT AMENDING THE WELD ODUNTY RETIREMENT PLAN - DATED OCT. 18, 1983 STATE OF COLORADO) COUNTY OF WELD ) I , Mary Ann Feuerstein , County Clerk and Ex-officio Clerk of the Board of County Commissioners in and for the County of Weld , State of Colorado, do hereby certify that the above and foregoing order io truly copied from the records of the proceedings of the Board of County Commissioners of said Weld County, now in my office. I: WITNESS WHEREOF , I have hereunto set my hand and affixed the seal of said County , at Greeley , Colorado, this 23 day of January , A. D. , 19 84 • 4- - C00::TY CLERK 1 S 'IGa -( Y: G -��✓ � �-� / I 1 . � Deouty County CYer-K— SEAd Hello