HomeMy WebLinkAbout20003231.tiff WILLIAM M.
MERCER
December 11, 1999
Via Certified Mail
Return Receipt Requested
EP Determinations
Internal Revenue Service
P.O. Box 192
Covington, Kentucky 41012-0192
Subject: Weld County Retirement Plan ("Plan")
Dear Sir or Madam:
Enclosures
Enclosed are the following items with respect to the application for a Gust II letter of
determination for the above-referenced Plan:
1. Form 8717, User Fee for Employee Plan Determination Letter Request
and attached check in the amount of$700.00;
2. Form 5300, Application for Determination for Employee Benefit Plan
(and OCR Data Sheet) and Schedule 1;
4. Form 2848, Power of Attorney and Declaration of Representative:
5. a copy of the Notice to Interested Parties;
6. a copy of the April 5, 1988 and the September 23, 1985 determination
letters;
7. a copy of the Plan document which incorporates the amendments since
the last determination letter; and
8. Weld County Retirement Pension Trust adopted March 15, 1989 and the
first through fifth amendment ("Trust").
These documents are submitted to you under the determination letter program of
Revenue Procedures 2000-6 and 2000-27, for the purpose of obtaining a determination
that the Plan and Trust, continue to qualify under Sections 401(a) and 501(a) of the
Internal Revenue Code, as amended by the Tax Reform Act of 1986, Pub. L. 99-514
(TRA '86), the Omnibus Budget Reconciliation Act of 1986, Pub. L. 99-509 (OBRA
'86), the Omnibus Budget Reconciliation Act of 1987, Pub. L. 100-203 (OBRA '87),
William M.Mercer,Incorporated Phone 303 376 0800
370 17th Street,Suite 4000
Denver,
ow og,yd o92,-,A 2000-3231
WILLIAM M.
MERCER
EP Determinations
Internal Revenue Service
December 11, 2000
Page 2
the Technical and Miscellaneous Revenue Act of 1988, Pub. L. 100-647 (TAMRA '88),
the Omnibus Budget Reconciliation Act of 1989, Pub. L. 101-239 (OBRA '89), the
Uniform Compensation Amendments of 1992, Pub. L. 102-318, (UCA '92), Family and
Medical Leave Act of 1993 (FMLA '93), Pub. L. 103-3, the Omnibus Budget
Reconciliation Act of 1993, Pub. L. 103-66, (OBRA '93), the Uniformed Services
Employment and Reemployment Rights Act of 1994, Pub. L. 101-353 (USERRA), the
Uruguay Round Agreements Act, Pub. L. 103-465 (GATT), the Small Business Job
Protection Act of 1996,Pub. L. 104-188 (SBJPA '96), the Taxpayer Relief Act of 1997,
Pub. L. 105-34 (TRA '97); and the Internal Revenue Service Restructuring and Reform
Act of 1998, Pub. L. 105-206 (IRS Act).
If you have any questions regarding this submission, please contact us. If further
information is needed, please do not return the entire filing, but instead, contact me at
(303) 376-0800. Any request for additional information will receive our immediate
attention. Please stamp the enclosed copy of this letter to indicate receipt of the
submission and return it to us in the enclosed, pre-addressed stamped envelope.
Sincerely,
Alf/Aet 7?/
Sandra K. Murphy
SKM:CJW:oo
Enclosures
Copy: Bruce Barker, Esq. (w/enclosures)
Mr. Claud Hanes (w/enclosures)
Mr. Don Warden (w/enclosures)
Mr. Art Willis (w/enclosures)
Mr. Lee Gold (w/enclosures)
Ms. Cynthia Walls (w/o enclosures)
p:\practiceVegal\weld\letters\rs53001tr doc
Fpnn 8717 User Fee for Employee Plan SAN S0330
For IRS Use Only
(Rev.September 1997) Determination Letter Request Control number _
Department of the Treasury Amount paid
Intemal Revenue Service ► Attach to determination letter application. User fee screener
1 Sponsor's name(employer if single-employer plan) 2 Sponsor's employer identification number
Weld County 84 6000813
3 Plan name 4 Plan number
Weld County Retirement Plan 001
Request for Letter Covering Average Benefit Test and/or Any General Test Fee
5a ❑ Form 5300 5a $1,250
b ❑ Form 5303 5b 1,250 -
c ❑ Form 5307 5c 1,000 _
d ❑ Form 5310 5d 375 _
e ❑ Multiple employer plans (Form 5300):
(1) 0 2 to 10 employers 5e(1) 1,250
(2) 0 11 to 99 employers , 5e(2) 2,000 _
(3) 0 100 to 499 employers 5e(3) 3,500 _
(4) ❑ Over 499 employers 5e(4) 6,500 _
Request for Letter Not Covering Average Benefit Test or Any General Test Fee
6a ® Form 5300 6a $ 700
b 0 Form 5303 6b 700 _
c 0 Form 5307 6c 125 _
d ❑ Form 5310 6d 225 _
e 0 Form 6406 6e 125 _
f ❑ Multiple employer plans (Form 5300):
(1) 0 2 to 10 employers 6f(1) 700 _
(2) 0 11 to 99 employers 61(2) 1,400 _
(3) 0 100 to 499 employers 6f(3) 2,800 _
(4) 0 Over 499 employers 6f(4) 5,600 _
g 0 Volume submitter specimen plan 6g 1,500 _
(1) 0 Non-model amendments 69(1) 400 _
h ❑ Form 4461 or Form 4461-A(regional prototype plan) 6h 1,500 _
(1) 0 Non-model amendments , 6h(1) 400 _
i ❑ Form 4461-B (adopter of mass submitter regional prototype plan) 6i 100 _
j 0 Group trust 6j 750 _
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MGA Form 8717 (Rev.9-47)
Form 5300
OCR Data Sheet
Approval Number 50030
1 . < 5300 >
2 . < 7/98 >
3 . < Weld County >
4 . < 846000813 >
5 . < P.O. Box 458 >
6 . < Greeley >
7 . < CO >
8 . < 80632 >
9 . < Sandra K. Murphy William M. Mercer, Incorporated >
10 . < 370 17th Street, Suite 4000 >
11 . < Denver >
12 . < CO >
13 . < 80202 >
14 . <
15 . < 2 >
16 . < X >
17 . < >
18 . <
19 . <
20 . <
21 . < X >
22 . <
23 . < X >
24 . <
25 . <
26 . < X >
27 . < Weld County Retirement Plan >
28 . < 001 >
29 . < 1231 >
30 . < 1, 181 >
31 . < 1 >
32 . < >
33 . < 2 >
34 . < 2 >
35 . < 1 >
SAN 50030
< 5300 > Application for OMB No. 1545-0197
<Rev e v 7/98> Determination for Employee Benefit Plan For IRS Use Only
Department of the Treasury (Under sections 401(a)and 501(a)of the Internal Revenue Code) File folder number ►
Internal Revenue Service Attach user fee and Schedule 0 to this application.(See What To File.) Case number ►
You must file both the substitute OCR data sheet and page 1 of this application.The OCR data sheet is read by the computer
and all the information filled in must be typed in either 10 pitch type, Elite type, Courier 12 type, or Titan 12 type.
Review the list of Procedural Requirements on page 3 before submitting this application.
la Name of plan sponsor(employer if single-employer plan) 1b Employer identification number
<Weld County > < 84-6000813
Number,street.and room or suite no.(If a P.O.box,see instructions.) 1C Employer's tax year ends-Enter N/A
<P.O.Box 458 > or(MM) 12
City State ZIP code 1d Telephone number
<Greeley > < CO > < 80632 > ( 970 ) 353-3845
2 Person to be contacted if more information is needed. (See instructions.) (If the same
as line la, leave blank.) (Complete even if a Power of Attorney is attached):
Name Sandra K Murphy
<William M.Mercer,Incorporated �>
Number,street,and room or suite no.(If a P.O.box,see instructions.)
<370 17th Street,Suite 4000
City State ZIP code Telephone number
<Denver > < CO > < 80202 > ( 303 ) 376-0800
3a Determination requested for(enter applicable number(s)at left and fill in required information).
(See instructions.)
G > Enter 1 for Initial Qualification—Date plan signed
G 2 > Enter 2 for a request after initial qualification—Is complete plan attached?
(See instructions.) Yes < X > No <
Date amendment signed 11/03/2000 Date amendment effective 7/01/2000
< > Enter 3 for Affiliated Service Group status(section 414(m))—Date effective
< > Enter 4 for Leased Employee Status
G > Enter 5 for Partial termination—Date effective
b Has the plan received a determination letter? If "Yes,"submit a copy of the latest letter . Yes < X > No < .>
c Have interested parties been given the required notification of this application? (See
instructions) Yes < X > No <
d Does the plan have a cash or deferred arrangement,or employee or matching contributions
(section 401(k) or @m))? Yes < > No G X >
Name of Plan:
4a < Weld County Retirement Plan
< 001 > b Enter plan number(3 digits) 1969 d Enter year plan originally effective
< 1231 > c Enter date plan year ends (MMDD) G 1,181 >e Enter number of participants in plan
5a If this is a defined benefit plan, enter the appropriate number in box at left.
< 1 > Enter 1 for unit benefit Enter 3 for flat benefit
Enter 2 for fixed benefit Enter 4 for other(specify)b If this is a defined contribution plan,enter the appropriate number in box at left.
G > Enter I for profit sharing Enter 4 for target benefit
Enter 2 for stock bonus Enter 5 for ESOP
Enter 3 for money purchase Enter 6 for other(Specify) ._
6a Is the employer a member of an affiliated service group?
< 2 > Enter 1 if "Yes" Enter 2 if "No" Enter 3 if "Not Certain"
b Is the employer a member of a controlled group of corporations or a group of trades or businesses under common control?
< 2 > Enter 1 if "Yes" Enter 2 if "No"
7 Enter type of plan:
< 1 > Enter 1 if governmental plan Enter 4 if section 412(i) plan
Enter 2 it nonelecting church plan(i.e.an election Enter 5 if other
under section 410(d)has not been made)
Enter 3 if multiple employer plan (described in section 413(c)). Enter number of participating employers ► _
Under penalties of • • , declare that I have examine this application,including accompanying statements,and to the best of my knowledge and belief,it is true,
correct,and c• • :e. /
Signature ritle ► a. /Ai'/!7gd isl/eEJe— Date ► // A/ tan _
For Paperwork Reduction Act Notice,see page 1 of separate instructions. Form 5300 (Rev.7-98)
Form 5300(Rev.7-98) Page 2
Yes No
8a Do you maintain any other qualified plan(s)? (See instructions.) X.
If "No," skip to line 6d. '?.,
b Do you maintain another plan of the same type (i.e., both this plan and the other plan are defined contribution plans
or both are defined benefit plans) that covers non-key employees who are also covered under this plan? . .
If yes,when the plan is top-heavy,do the non-key employees covered under both plans receive the required top-heavy
minimum contribution or benefit under:
(1) This plan?
(2) The other plan? -...
c If this is a defined contribution plan, do you maintain a defined benefit plan (or if this is a defined benefit plan, do you
maintain a defined contribution plan)that covers non-key employees who are also covered under this plan? . . .
If yes, when the plan is top-heavy, do non-key employees covered under both plans receive: >sx..n�:•:�-:!a:?<
(1) the top-heavy minimum benefit under the defined benefit plan?
(2) at least a 5% minimum contribution under the defined contribution plan?
(3) the minimum benefit offset by benefits provided by the defined contribution plan?
(4) benefits under both plans that, using a comparability analysis, are at least equal to the minimum benefit? (See Va""ke >I`'
instructions.)
d Does the plan prevent the possibility that the section 415 limitations will be exceeded for any employee who is(or was)
a participant in this plan and any other plan of the employer?See Regulation sections 1.415-7 and 1.415-8. . . . X •
General Eligibility Requirements(Complete all lines.)
9a Check one box:
(1) 0 All employees
(4 0 Hourly rate employees only
(3) 0 Salaried employees only
(4) ® Other (Specify) See Schedule 1
b Minimum years of service required to participate If no minimum, check ►
c Minimum age required to participate(Specify) If no minimum, check ► ® _
Vesting (Check one box to indicate the regular(non-top heavy)vesting provisions of the plan.)
10a 0 Full and immediate
b 0 Full vesting after 2 years of service
e 0 Full vesting after 3 years of service
d 0 Full vesting after 5 years of service
e ❑ 6 year graded vesting
f 0 3 to 7 year graded vesting
g 0 Other(Attach a statement showing your vesting schedule.) _
Benefits and Requirements for Benefits
11a For defined benefit plans—Method for determining accrued benefit: 133 1/3 percent rule
See
(1) Benefit formula at normal retirement age is Schedule 1
(4 Benefit formula at early retirement age is See Schedule 1 _
(3) Normal form of retirement benefit is Ten year certain and life
b For defined contribution plans—Employer contributions:
(1) Profit-sharing or stock bonus plan contributions are determined under:
❑ A definite formula ❑ An indefinite formula ❑ Both
(4 Money purchase plan—Enter rate of contribution
(3) Target benefit plan—state target benefit formula _
Miscellaneous(See instructions.) _
N/A Yes No
12a Does any amendment to the plan reduce or eliminate any section 411(d)(6)protected benefit? (See instructions.) _
b Are trust earnings and losses allocated on the basis of account balances in a defined contribution plan? . . X
If "No,"attach a statement explaining how they are allocated.
e Is this plan or trust currently under examination or is any issue related to this plan or trust currently pending . °°
before the Internal Revenue Service,the Department of Labor,the Pension Benefit Guaranty Corporation,or any :
court? If"Yes,"attach a statement explaining the issues involved and who is considering them. Do not answer ,2•s:13
"Yes" because the plan has been considered under IRS's Voluntary Compliance Resolution Program . . . X
SCHEDULE 1 TO FORM 5300
WELD COUNTY RETIREMENT PLAN
EIN: 84-6000813
Item 9a(4): General Eligibility Requirements
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 are Members of the Plan, with the exception of leased employees and
employees of the Weld County Health Department.
Item lla: Benefits and Requirements for Benefits
(1) The benefit formula at Normal Retirement Age is equal to 2.75% of the
Member's Final Average Monthly Compensation multiplied by the total
number of years of the Member's Credited Service (including fractional
years).
(2) The benefit formula at Regular Early Retirement is calculated in the same
manner as above considering the Member's Final Average Monthly
Compensation and Credited Service as of his date of retirement. The
amount is reduced by .002083 times the number of months by which the
Member's Early Retirement Date precedes his Normal Retirement Date
(2 '/% per year).
(3) The benefit formula at Special Early Retirement is calculated in the same
manner as above considering the Member's Final Average Monthly
Compensation and Credited Service as of his date of retirement. The
amount is reduced by .002083 times the number of months by which the
Member's Early Retirement Date precedes his 62nd birthday (2 '/s% per
year).
(4) The benefit formula for the Rule of 75 Early Retirement is calculated in
the same manner as above considering the Member's Final Average
Monthly Compensation and Credited Service as of his date of retirement.
The amount is not reduced.
g:\yncticeVegel\weldgovdme\5000schedulet doc
Ram 2848 Power of Attorney OMB No. 1545-0150 _
(Rev.December 1997) and Declaration of Representative For IRS Use Only
Received by:
DepartmentrealRev n the Service
► See the separate instructions. Name
Revenue iTreas to
Telephone
Part I Power of Attorney (Please type or print.)
Function
1 Taxpayer information(Taxpayer(s) must sign and date this form on page 2, line 9.) Date / /
Taxpayer name(s) and address Social security number(s) Employer identification
number
Weld County •
84 6000813
P.O.Box 458
Greeley,CO 80632 Daytime telephone number Plan number (if applicable)
(970)353-3845 001
hereby appoint(s)the following representative(s) as attomey(s)-in-fact:
2 Representative(s) (Representative(s) must sign and date this form on page 2, Part II.)
Name and address Sandra K.Murphy CAF No. 8006-1161811
William M. Mercer,Incorporated Telephone No. (303)376-0800
370 17th Street,Suite 4000 Fax No. (303)376-0087
Denver,CO 80202 Check if new: Address ❑ Telephone No. []
Name and address Mark W.Major CAP No.
William M.Mercer,Incorporated Telephone No. (303)376-0800
370 17th Street,Suite 4000 Fax No. (303)3764)087
Denver,CO 80202 Check if new: Address ❑ Telephone No. [l
Name and address Lee D.Gold CAF No.
William M.Mercer,Incorporated Telephone No. (303)376-080(1
370 17th Street,Suite 4000 Fax No. (303)376-0087
Denver,CO 80202 Check if new: Address ❑ Telephone No. r]
to represent the taxpayer(s) before the Internal Revenue Service for the following tax matters:
3 Tax matters _
Type of Tax (Income, Employment, Excise, etc.) Tax Form Number (1040, 941, 720, etc.) Year(s) or Period(s) _
Ruling and Determination relating to Form 5300
the Weld County Retirement Plan _
4 Specific use not recorded on Centralized Authorization File(CAF).If the power of attorney is for a specific use not recorded
on CAP, check this box. (See instruction for Line 4—Specific uses not recorded on CAE) D. ❑
5 Acts authorized. The representatives are authorized to receive and inspect confidential tax information and to perform any
and all acts that I (we)can perform with respect to the tax matters described on line 3,for example, the authority to sign any
agreements, consents, or other documents. The authority does not include the power to receive refund checks (see line 6
below), the power to substitute another representative unless specifically added below, or the power to sign certain returns
(see instruction for Line 5—Acts authorized).
List any specific additions or deletions to the acts otherwise authorized in this power of attorney:
Note: In general, an unenrolled preparer of tax returns cannot sign any document for a taxpayer. See Revenue Procedure 81-38,
printed as Pub. 470, for more information.
Note: The tax matters partner of a partnership is not permitted to authorize representatives to perform certain acts. See the
instructions for more information.
6 Receipt of refund checks. If you want to authorize a representative named on line 2 to receive, BUT NOT TO ENDORSE
OR CASH, refund checks, initial here and list the name of that representative below.
Name of representative to receive refund check(s) ►
For Paperwork Reduction and Privacy Act Notice,see the separate instructions. MCA Form 2848 (Rev. 12-97)
Form 2848(Rev. 12-97) Page 2
7 Notices and communications. Original notices and other written communications will be sent to you and a copy to the
first representative listed on line 2 unless you check one or more of the boxes below.
a If you want the first representative listed on line 2 to receive the original, and yourself a copy, of such notices or
communications, check this box ► ❑
b If you also want The second representative listed to receive a copy of such notices and communications, check this
box ► ELi
c If you do not want any notices or communications sent to your representative(s), check this box . ►
8 Retention/revocation of prior power(s) of attorney.The filing of this power of attorney automatically revokes all earlier
power(s) of attorney on file with the Internal Revenue Service for The same tax matters and years or periods covered by
this document. If you do not want to revoke a prior power of attorney, check here. . . . . . . . . . . . ► []
YOU MUST ATTACH A COPY OF ANY POWER OF ATTORNEY YOU WANT TO REMAIN IN EFFECT.
9 Signature of taxpayer(s). If a tax matter concerns a joint return, both husband and wife must sign if joint representation is
requested, otherwise, see the instructions. If signed by a corporate officer, partner, guardian, tax matters partner, executor,
receiver, administrator, or trustee on behalf of the taxpayer, I certify that I have the authority to execute this form on behalf
of the taxpayer.
► IF NOT SIGNED AND DATED,THIS POWER OF ATTORNEY WILL BE RETURNED. n
7""se/t �� C.jfAi,mAr /
Signature Date Title (if applicable)
Print Name
Signature Date Title (if applicable)
Print Name
Part II Declaration of Representative
Under penalties of perjury, I declare that
• I am not currently under suspension or disbarment from practice before the Internal Revenue Service;
• I am aware of regulations contained in Treasury Department Circular No. 230 (31 CFR, Part 10), as amended, concerning
the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and others;
• I am authorized to represent the taxpayer(s) identified in Part I for the tax matter(s) specified there; and
• I am one of the following:
a Attorney—a member in good standing of the bar of the highest court of the jurisdiction shown below.
b Certified Public Accountant—duly qualred to practice as a certified public accountant in the jurisdiction shown below.
c Enrolled Agent—enrolled as an agent under the requirements of Treasury Department Circular No. 230.
d Officer—a bona fide officer of the taxpayer's organization.
e Full-Time Employee—a full-time employee of the taxpayer.
f Family Member—a member of the taxpayer's immediate family (i.e., spouse, parent, child, brother, or sister).
9 Enrolled Actuary—enrolled as an actuary by the Joint Board for the Enrollment of Actuaries under 29 U.S.C. 1242 (the
authority to practice before the Service is limited by section 10.3(d)(1) of Treasury Department Circular No. 230).
h Unenrolled Return Preparer—an unenrolled return preparer under section 10.7(c)(viii) of Treasury Department Circular
No. 230.
► IF THIS DECLARATION OF REPRESENTATIVE IS NOT SIGNED AND DATED,THE POWER OF ATTORNEY WILL
BE RETURNED.
Designation—Insert Jurisdiction (state) or Signature Date
above letter (a—h) Enrollment Card No. """
a CO 028198 � 11 -1 / /f/3O /2O0O_
a CO 018563 / //j3o/aata
g 99-5519 v_ /7-3o a000.-
NOTICE TO INTERESTED PARTIES
OF WELD COUNTY RETIREMENT PLAN
1. NOTICE TO: All present employees eligible to participate in the Weld County
Retirement Plan and all other present employees of the employer whose principal place of
employment is the same as the principal place of employment of any employee eligible to
participate.
An application is to be made to the Internal Revenue Service for an advance
determination on the qualification of the following employee pension benefit plan:
2. NAME OF PLAN: Weld County Retirement Plan ("Plan")
3. PLAN NUMBER: 001
4. NAME AND ADDRESS
OF APPLICANT: Weld County
1400 West 17th Avenue
P.O. Box 458
Greeley, Colorado 80632-5317
5. APPLICANT EMPLOYER
IDENTIFICATION NUMBER: 84-6000813
6. NAME AND ADDRESS OF
PLAN ADMINISTRATOR: Weld County
1400 West 17th Avenue
P.O. Box 458
Greeley, Colorado 80632-5317
7. The application will be filed on December 11, 2000 ("Application Date") for an advance
determination as to whether the Plan meets the qualification requirements of Section 401
or 403(a) of the Internal Revenue Code of 1986, as amended ("Code"), with respect to the
Plan's amendment and restatement. The application will be filed with:
EP Determinations
Internal Revenue Service
P.O. Box 192
Covington, KY 41012-0192
8. The employees eligible to participate under the Plan are all employees in covered
employment. Employees include 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. Covered employment excludes leased employees and
employees of the Weld County Health Department.
G:PRACTICE\LEGAL\WELD\GOVTFRNS\INTPARTY doe
9. The Internal Revenue Service has previously issued a determination letter with respect to
the qualification of this Plan.
RIGHTS OF INTERESTED PARTIES
10. You have the right to submit to EP Determinations, at the above address, either
individually or jointly with other interested parties, your comments as to whether this
Plan meets the qualification requirements of the Internal Revenue Code.
You may instead, individually or jointly with other interested parties, request the
Department of Labor to submit, on your behalf, comments to EP Determinations
regarding qualification of the Plan. If the Department declines to comment on all or some
of the matters you raise, you may, individually, or jointly if your request was made to the
Department jointly, submit your comments on these matters directly to EP
Determinations.
REQUESTS FOR COMMENTS BY THE DEPARTMENT OF LABOR
11. The Department of Labor may not comment on behalf of interested parties unless
requested to do so by the lesser of ten (10) employees or 10 percent of the employees who
qualify as interested parties. The number of persons needed for the Department to
comment with respect to this Plan is 10. If you request the Department to comment, your
request must be in writing, must specify the matters upon which comments are requested,
and must also include:
(a) the information contained in items 2 through 5 of this Notice; and
(b) the number of persons needed for the Department to comment.
A request to the Department should be addressed as follows:
Deputy Assistant Secretary
Pension and Welfare Benefits Administration
ATTN: 3001 Comment Request
U.S. Department of Labor
200 Constitution Avenue, N.W.
Washington, D.C. 20210
G:'PRACPICELL.EGALW ELD\GOV TFRMSV N PPARTY.,k,c
COMMENTS TO THE INTERNAL REVENUE SERVICE
12. Comments submitted by you to EP Determinations must be in writing and received by
them by January 25, 2001. However, if there are matters that you request the Department
of Labor to comment upon on your behalf, and the Department declines, you may submit
comments on these matters to EP Determinations to be received by them within fifteen
(15) days from the time the Department notifies you that it will not comment on a
particular matter, or by January 25, 2001, whichever is later, but not after February 9,
2001. A request to the Department of Labor to comment on your behalf must be received
by it by December 26, 2000 if you wish to preserve your right to comment on a matter
upon which the Department declines to comment, or by January 5, 2001, if you wish to
waive that right.
ADDITIONAL INFORMATION
13. Detailed instructions regarding the requirements for notification of interested parties may
be found in Sections 17 and 18 of Revenue Procedure 2000-6. Additional information
concerning this application (including, where applicable, an updated copy of the Plan and
related Trust; the application for determination; any additional documents dealing with
the application that have been submitted to the Service; and copies of Section 17 of
Revenue Procedure 2000-6) are available at the Plan Administrator's office during
regular business hours for inspection and copying. (There may be a nominal charge for
copying and/or mailing).
THIS NOTICE, IF MAILED, MUST BE MAILED NOT LESS THAN TEN (10) NOR MORE
THAN TWENTY-FOUR (24) DAYS PRIOR TO THE APPLICATION DATE. IF POSTED,
THIS NOTICE MUST BE POSTED NOT LESS THAN SEVEN (7)DAYS NOR MORE THAN
TWENTY-ONE (21)DAYS PRIOR TO THE APPLICATION DATE. IF MAP PD, THIS
NOTICE MAY BE DEPOSITED IN THE U.S. MAIL, MRST CLASS, AND PROPERLY
ADDRESSED.
GAPRACTICELLEGAL\W ELDCOVTFRMSU NTPARTY doe
Internal Revenue Service Department of the Treasury
-tlistrirt flirnrtnr
1100 COMMERCE STREET
DALLAS, 10 5 PPR 1988
Employer IdentL6ieation Number:
Date: 84-6000813
File Folder Number:
WELD COUNTY 840001884
C/O DONALD MAZANEC Pennon to Contact:
MERCER MEIDINGER HANSEN INC EP TECHNICAL ASSISTOR
1100 LINCOLN STREET SUITE 3300 Contact Telephone Number:
DENVER, CO 80203 (214) 761-1204
Plan Name:
WELD COUNTY RETIREMENT PLAN
Plan Number: 001
Dean Applicant
Based on the in6on.mation supplied, we have made a 6avarable determination
on your application identi6ied above. Please keep this letter in gout perma-
nent records.
Continued quali6ication o6 the plan wilt depend on its e66ect in operation
under its present 6otm. (See section 1.401-1 (6 ) ( 3) 06 the Income Tax Regula-
tions. ) The status o6 the plan in operation will be reviewed pen.iodicatl_y.
The enclosed document dtoan).bes the impact o6 Notice 86-13 and some events
that could ocean a6ter you receive this letter that would automatically nulti6y
it without specL6ic notice 6rom us . The document also explains how operation
o6 the plan may a6bect a 6avorable determination letter, and contains in6orma-
tion about 6i.ling requirements .
This letter relates only to the status o6 your plan under the Internal
Revenue Code. It is not a determination regarding the e66ect 06 other Federal
or local statutes.
This determination expresses an opinion on whether the amendment(s ) , in
and o6 itsel6 (themselves ) , a66ect(s ) the continued quali6ied status 06 the
plan under Code section 401 and the exempt status 06 the related trust under.
section 501 (a) . This determination should not be construed as an opinion on
the quali6ication 06 the plan as a whole and the exempt status o6 the related
trust as a whole.
We have sent a copy o6 this letter to gout representative as indicated in
the power 06 attorney.
Your plan does not provide 6or contribution on behal6 06 participants not
employed on the at?oca,ti.on_ date. The provision may, in operation, discriminate
in 6avor 06 employees who ate stochholdenA , o66Lcens or highly compensated.
16 this disc&LminatLon oceans , your plan wilt not remain quali6ied. (See Rev.
Rut. 76-250, 1976-2 C.B. 124. )
-2-
WELD COUNTY
Ib you have any queatLona concetnLng thin matters, please contact the
petaon whoae name and telephone numbers ate ahown above.
Sinceaely youta ,
Glenn Cagle
ViAtntct Di&ecto&
Enctoa urea :
Publication 794
OPWBP 515
-3-
WELD COUNTY
Th.ie detertmLnatLon £ettea Le applicable bon the amendments adopted on July
21, 1987 and Jay 22, 1987.
Department of the Treasury
Internal Revenue Service
1100 COMMERCE ST . CODE 431 In reply refer to : 75140054
DALLAS, TX 75242 SEP . 23 , 1985 LTR 835AU
84-6000813P Y
01172
WELD COUNTY
% DONALD R MAZAHEC
OHE UNITED BANK CENTER
1700 LINCOLN STREET STE 3303
DENVER, CO 80203
District Office Code and
Case Serial Humber : 845135010 EP
Name of Plan: Weld County Retirement Plan
Application Form : 5300
Date Amended : Dec 26 1984
Employer Identification Humber : 84-6000813
Plan Number : 001
File Number : 840001884
Dear Applicant :
Based on the information supplied , we hate made a favorable
determination on your application identified above . Please keep
this letter in your permanent records .
Continued qualification of the plan will depend on its effect in
operation under its present form . (See se ;tion 1 . 401-1 (b) ( 3) of the
Income Tax Regulations . ) The status of tie plan in operation will be
reviewed periodically .
The enclosed document describes some events that could occur after
you receive this letter that would automatically nullify it without
specific notice from us . The document also explains how operation of
the plan may affect a favorable determination letter , and contains
information about filing requirements .
This letter relates only to the status of your plan under the
Internal Revenue Code . It is not a determination regarding the
effect of other Federal or local statutes .
f •
CEP ,'
A.
Department of the Treasury
Internal Revenue Service 75140054
SEP . 23 , 1985 LTR 835AU
84-6000813P
01173
WELD COUNTY
DONALD R MAZANEC
ONE UNITED BANK CENTER
1700 LINCOLN STREET STE 3303
DENVER, CO 80203
Your plan does not consider total compensation for purposes of
figuring benefits . The provision may, in operation, discriminate in
favor of employees who are stockholders , officers , or highly
compensated . If this discrimination occurs , your plan will not remain.
qualified . (See Rev . Rul . 69-503, 1969-2 C . B . 94 . )
If you have any questions , please contact E P Tech Assistor at
214-767-1204 .
4-incereri- Ours ,
Glenn Cagle
District Director
Enclosures :
Publication 794
LMSA 645
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 the Weld County Retirement Plan (As Amended
and Restated Effective July 1, 20gq0��0) was adopted by Resolution of the Weld County Board of
ied
Retirement on the-) day of /l/Oliem , 20Qc1.
IN WITNESS WHEREOF, we have hereunto affixed our names this. day of
! _, 20(k.
WELD COUNTY BOARD OF RETIREMENT
ILL • : _ (.
WITNESS:
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 following amended and restated Plan is believed to be in conformity
with provisions of Section 401(a) and other applicable provisions of the Internal Revenue Code
of 1986, as amended from time to time; and
WHEREAS, the Plan has previously been amended and restated by action of the
Retirement Board, effective January 1, 1994 and has been amended several tunes since then; 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 amended and restated Plan be effective July 1, 2000.
(2) The Weld County Retirement Plan (As Amended and Restated Effective July 1,
2000), copies of which have been presented to the Retirement Board at this meeting, be and it
hereby is approved and adopted effective as of July 1, 2000.
(3) The Retirement Board be and they hereby are authorized to execute forthwith the
Weld County Retirement Plan (As Amended and Restated Effective July 1, 2000) 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.
(4) The proper officers of the Retirement Board are hereby authorized to submit, or
have submitted, executed, verified counterparts of the Plan and this resolution to the Internal
Revenue Service in support of a request for a letter of determination that the Plan and Funding
Agreement continue to qualify under Sections 401(a) and 501(a) of the Internal Revenue Code of
1986, as amended from time to time.
WELD COUNTY RETIREMENT PLAN
(As Amended and Restated Effective July 1, 2000)
Weld County Retirement Plan
(As Amended and Restated Effective July 1, 2000)
TABLE OF CONTENTS
Page No.
ARTICLE I Purpose I-1
ARTICLE II Definitions II-I
2.I Name II-I
2.2 Retirement Board II-1
2.3 Definitions II-I
ARTICLE III Membership III-1
3.1 Employees on January 1, 1969 III-I
3.2 Employees Hired After January 1, 1969 III-1
3.3 Termination Ill-2
3.4 Withdrawal III-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
4.7 Purchase of Service Credit Relating to
Noncovered Employment IV-4
ARTICLE V Contributions V-1
5.1 Member Contributions V-I
5.2 County Contributions V-2
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-2
6.5 Retirement Date VI-3
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TABLE OF CONTENTS
(continued)
Pace No.
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-Z
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
7.8 Increased Benefits for_Disabled Members VII-3
ARTICLE VIII Optional Benefits VIII-1
8.1 General VIII-1
8.3 100% 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 Spousal Consent for Retirement Benefit VIII-2
8.7 Limitations 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-2
9.4 Death of a Retired Member IX-2
9.5 Death of a Retired Member Before
Contributions Recovered IX
9.6 Uniform Simultaneous Death Act IX-2
9.7 Designation of Beneficiary IX-3
ARTICLE X Severance Benefits X-1
10.1 Coverage X-1
10.2 Less Than Five Years of_Service X-1
10.3 Five or More Years of Service X-1
10.4 Non-reelection X-2
g practice legal'wel8hnaldcc amo5rs12000 doc
TABLE OF CONTENTS
(continued)
Pave No.
ARTICLE XI Administration of 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 Benefit 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 Intental Revenue Code XIV-1
14.4 Discontinuance XIV-2
14.5 Termination XIV-2
14.6 Distribution XIV-2
ARTICLE XV Limitations XV-1
15.1 Limitation of Benefits XV-1
15.2 Consolidation or Merger XV-4
ARTICLE XVI Direct Rollovers XVI-1
16.1 General XVI-l
16.2 Definitions XVI-1
g`practLce\egarweltl\Ilnaldoc'amntls12000 doc
ARTICLE I
Purpose
Effective as of July 1, 2000, 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 50I(a)
of the Internal Revenue Code of 1986, as amended ("Code").
The Plan and the separate related Retirement Fund forming a part hereof were established
and shall be maintained tin-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 he 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, hi any way, affect the rights of
former Employees who participated in said Plan and who either retired or otherwise terminated
their employment prior to July I, 2000. The rights, if any, of such former Employees and of
their beneficiaries and the amounts of their benefits, if any, shalt continue to be governed by the
provisions of the Plan as it was in effect on June 30, 2000, or the date, if earlier, of their
retirement or termination of employment, unless specifically provided for otherwise herein, or as
the result of future amendments to this restated Plan.
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ARTICLE II
Definitions
2.1 Name. The retirement plan as set forth herein shall be known as the Weld County
Retirement Plan and is hereinafter referred to as the Plan.
2.2 Retirement Board. The management of the retirement system set forth in this
Plan shall he 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 registered electors of the County not connected with County government, to he 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
such member may be reimbursed for reasonable expenses incurred in connection with his duties
as a member of the Board.
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 amtuity with a minimum of
120 monthly payments commencing at Normal Retirement Date, based on the
Member's Credited Service and Final Average Monthly Compensation at the date
of determination.
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(b) "Accumulated Contributions" means the sum of the Member's
contributions to this Plan (but excluding contributions (and interest thereon) used
to purchase service credit under Section 4.7 of the 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.
(c) "Actuarial or Actuarially Equivalent" means equality value of the
aggregate amounts expected to be received under different matmers of payment
based on interest rate and mortality assumptions as defined below unless
otherwise specifically provided in the plan:
(1) Interest rate assumption for alternative periodic benefits.
The interest rate used for purposes of computing alternative periodic forms
of benefits shall be 8% effective July 1, 2000.
(2) Interest rate assumption fin single-sumpavments.
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.
(3) Mortality assumption. On and after July 1, 2000, 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 1994 Group Annuity Mortality Table. 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
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insurance, retainers' fees under contract, or the like, hut including any
compensation that is reduced or deferred under Sections 125, 401(k), 403(h),
414(h) or 457 of the Code.
The amount of Compensation for purposes of the Plan during any Plan
Year commencing after December 31, 1988, shall not exceed $200,000 subject to
cost-of-living adjustments in accordance with Section 415(d) of the Code as
amended and then in effect.
In addition to other applicable limitations set forth in the Plan, and
notwithstanding any other provision of the Plan to the contrary, for Plan Years
beginning on or after January 1, 1996, the annual compensation of each
'Noneligible Member' taken into account under the Plan shall not exceed the
OBRA '93 annual compensation limit. The OBRA '93 annual compensation limit
is $150,000, as adjusted by the Commissioner for increases in the cost of living in
accordance with Section 401(a)(17)(B) of the Code. The cost-of-living
adjustment in effect for a calendar year applies to any period, not exceeding 12
months, over which compensation is determined (determination period) beginning
in such calendar year. If a determination period consists of fewer than 12 months,
the OBRA '93 annual compensation limit will be multiplied by a fraction, the
numerator of which is the number of months in the determination period, and the
denominator of which is 12. A 'Noneligible Member' is any Member who first
became a Member in the Plan during a Plan Year beginning on or after January 1,
1996.
Effective for Plan Years commencing prior to January 1, 1997, in
determining the Compensation of a Member for purposes of this limitation, the
rules of former Section 414(q)(6) of the Code shall apply, except in applying such
rules, the term family shall include only the spouse of the Member and any lineal
descendants of the Member who have not attained age 19 before the close of the
year. If, as a result of the application of such rules the adjusted annual
Compensation limitation is exceeded then the limitation shall be prorated among
the affected individuals in proportion to each such individual's Compensation as
determined under this Section prior to the application of this limitation. For Plan
Years commencing on or after January 1, 1997, the family aggregation limits set
forth in this paragraph shall not apply.
(g) "County" means Weld County.
(h) "Covered Employment" means the employment category for which
the Plan is maintained excluding leased employees as defined in Section 2.3(m)
and excluding Employees of the Weld County Health Department.
(i) "Credited Service" means the sum of any Prior Service and Current
Service rendered by an Employee as a Member, for which credit is allowed.
11-3 9 aot e.lesal-.weJd'naJdocarnd&rst2000doc
(j) "Current Service" means the period of service rendered by au
Employee as a Member for which credit is allowed. Current Service will cease
when a Member's service as a full-tine Employee terminates.
(k) "Disability" means a physical or mental condition which renders a
Member totally and permanently disabled, as determined by eligibility for and
receipt of disability benefits under the County's long-term disability insurance
contract.
(I) "Effective Date of this Plan" means January 1, 1969. This restated
Plan is effective as of July 1, 2000.
(m) "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. Included as Employees are
leased employees within the meaning of Section 414(n)(2) of the Code, except
that if such leased employees constitute less than twenty percent (207) of the
County's nonhighly compensated workforce within the meaning of Section
414(n)(1)(C)(ii) of the Code, then the term "Employee" will not include those
leased employees covered by a plan described in Section 414(n)(5) of the Code
unless otherwise provided by the teens of this Plan.
(n) "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. If a Member takes an unpaid
leave of absence that is required under the Family Medical Leave Act of 1993
during any part of a calendar month, such month shall not be considered in
determining the Member's Final Average Monthly Compensation.
(o) "Funding Agent" means any insurance company or trustee
appointed by the Retirement Board as provided in Article XII.
(p) "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.
(41 "Insurance Company" mean any insurance company or companies
appointed by the Retirement Board as provided in Article XII.
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(r) "Member" means any person included in the membership of this
Plan as provided in Article III hereof.
(s) "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.
(t) "Plan Year" means the calendar year.
(u) "Retired Member" means a fonner 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.
(v) "Retirement Benefit" means any retirement benefit provided for in
Article VI hereof.
(w) "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.
(x) "Trustee" means the trustee referred to in Article XII as may be
selected by the Retirement Board under the terms of the Trust Agreement.
(y) "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 tiling 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 tile 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 in Covered
Employment 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 in Covered Employment shall become a Member on his date of
employment, election or appointment.
Effective December 16, 1991, all then current Employees of the Weld County Human
Resources Department who were previously excluded from the Plan became Members of the
Plan and began receiving Current Service credit.
Any individual who agrees with the County that the individual's services are to be
performed as a leased employee or an independent contractor shall not be eligible to participate
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in this Plan, regardless of any classification as a common-law employee by the Internal Revenue
Service or any other govenmiental agency, or any court of competent jurisdiction.
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 it
Section 4.4.
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 2.3(i) 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 rendered by a
Member as an Employee 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 he
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.
IV-1 9'v,actse'legarweieboaldooamd&rst000 eu
" 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 under Section 4.5(c) and periods of absence during which a Member is
receiving worker's compensation pursuant to law will he 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) Effective December 12, 1994, a leave of absence on account of a
period of"qualified military service" in the uniformed services of the United
States (within the meaning of Section 414(u)(5) of the Code, followed by a return
to the service of Weld County within the time period required under federal rules
(i.e., 14 days for a leave of less than 181 days, 90 days for a leave of more than
180 days). Notwithstanding any provision of this Plan to the contrary,
contributions, benefits and service credit with respect to qualified military service
will be provided in accordance with Section 414(u) of the Code.
(d) A failure to gain reelection in the case of an elected County
official, followed by election to any County office or employment as an
Employee by the County within eight years.
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(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.
(t) A leave of absence pursuant to the Family and Medical Leave Act
of 1993. Except, as otherwise provided in Section 4(c) above, 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, except as provided by
Section 4.7.
Upon incurring a Break in Service and receiving a distribution of his Accumulated
Contributions, a Member shall lose all his prior Credited Service. If a Member returns to service
as an Employee prior to 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 he 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 termination 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 Ins 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 Retirement shall he reduced by the Actuarial
Equivalent of the payments, other than Disability Pension payments, he received.
IV-3 s'wa=eoevegarwemvioamoeanear:t2000 doe
Section 4.7 Purchase of Service Credit Relatinc to Noncovered Employment.
(a) A Member may purchase up to ten (10) years of service credit for
any period of full-time, nonvested previous employment with any public or
private employer in the United States or its territories, subject to the following
conditions:
(1) The Member is an Employee on October 1, 1996;
(2) The irrevocable election to purchase service credit must be
made by December 15, 1996;
(3) The Member must provide certification from the previous
employer as to the dates of employment;
(4) The Member must provide certification from any
retirement program covering such employment that the service credit to be
purchased has not vested with that prop*ram; and
(5) The Board shall establish appropriate rules by which a
Member may purchase service credit where certification cannot be
obtained, such as an employer no longer being in existence.
(b) One month of service credit may be purchased for each full month
of full-time, nonvested, noncovered employment.
(c) For purposes of the lump sum death benefits provided under
Article IX, the accumulated value in the separate contribution account and pick-
up account (described in Sections 4.7(e)(1)(B) and (e)(2)(A)) shall he in addition
to the amounts provided under Article IX.
td) For purposes of the refund of his Accumulated Contributions for a
Member who meets the requirements for a deferred Retirement Benefit under
Section 10.3, the accumulated value in the separate contribution account and pick-
up account (described in Sections 4.7(e)(1)(B) and (e)(2)(A)) shall be in addition
to the amounts provided under Section 10.3.
(e) A total of ten (10) years of service credit may be purchased in the
following manner at the election of the Member:
(1) Up to five (5) years of service credit may be purchased by
lump-sum payment. Payment for lump-sum service credit purchases must
he made with after-tax contributions and received in full by December 31,
1996. Service credit purchased by lump-sum payment shall be credited to
the Member upon receipt of such lump-sum payment.
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(2) Up to ten (10) years of service credit, or ten (10) years less
the amount of service credit otherwise purchased under Section 4.7(e)(I),
may be purchased by pick-up contribution. The cost to purchase one
month of service credit by pick-up contribution shall be 9% of monthly
Compensation, detennined at the time each pick-up contribution is made.
All such contributions shall be picked up and paid by the County pursuant
to a binding agreement entered into with the Member, and as provided in
Section 414(h) of the Code. The Member's gross income will be reduced
by the amount of the contributions picked up by the County. Each
Member contribution picked up by the County shall be allocated to the
Member's pick-up account (described in Section 4.7(e)(2)(A)) in the same
manner as if it had been paid directly to the Plan by the Member.
Service credit purchases made under Section 4.7(e)(2) shall
be subject to the following:
(A) A separate Member pick-up account shall be
established for each Member who elects to make service credit
purchases under this Section 4.7(e)(2).
(B) Purchased service credit shall be credited to the
Member as pick-up contributions under this Section 4.7(e)(2) are
made. If a Member becomes disabled, or leaves Covered
Employment prior to completion of the service credit purchase, he
shall receive service credit only to the extent installment payments
have been made, in accordance with Section 4.7(e)(2).
(C) Upon the death of a Member prior to completion of
the service credit purchase, the Beneficiary may only receive death
benefits based on the Member's Credited Service, including the
purchased service under this Section 4.7(e)(2) at the time of his
death. Spousal consent must be obtained for any nonspouse
beneficiary.
(D) Purchased service credit, once credited to the
Member, shall be treated as Credited Service for all purposes
except for vesting as determined under Article X, and eligibility
for Early Retirement under Section 6.2.
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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%c 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. After December 31, 1986, every Member shall, during his period of
Current Service in the Plan, contribute to the Plan an amount equal to 6`Je 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 he allocated to the Member's Contribution Account in the same manner a.; 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.
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Section 5.2 County Contributions. The 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, 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 he recoverable by the County or be used tbr, 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.
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 he applied to
increase the benefits provided by the Plan unless such benefits are increased by appropriate
amendment, as provided in Article XIV.
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•
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 five (5) years of Credited Service shall he
eligible for Regular Early Retirement as of the first day of any calendar month.
(h) Special Early Retirement. A Member who has attained the age of
55 years and has completed at least eight years of Credited Service shall he
eligible for Special Early Retirement as of the first day of any calendar month.
(c) Rule of 75 Early Retirement: A Member shall he 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.
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. Distribution of a Member's Accrued Benefit must be made or
must commence no later than the Required Beginning Date. The Member's Required Beginning
Date is April 1 of the calendar year following the later of the calendar year in which (a) the
member attains age 70'h or (h) retires.
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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.
Payment of a Disability Retirement Benefit shall commence as of the first day of the
month next following the Normal Retirement Date, or if later, the first day of the month
following the date payments cease under the County's long-term disability insurance contract.
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 requirements 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
Monthly 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 termination or
Retirement shall he determined in accordance with the provisions of Section 7.1 hereof, based on
his Final Average Monthly Compensation and his Credited Service at termination or Retirement
(including Credited Service for the period of his Disability).
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Section 6.5 Retirement Date. A Member's "Retirement Date" shall he his Normal
Retirement Date, his Early Retirement Date, his Delayed Retirement Date, or his Disability
Retirement Date, whichever is applicable.
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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 2.75% 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 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.
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. I 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).
(h) 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).
(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 fin a Normal Pension 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.
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Section 7.3 Disability Retirement. A Member who is disabled, as defused herein, shall
be entitled to a Disability Retirement Benetit equal to his Accrued Benefit, as determined
pursuant to Section 7.1, based upon his Final Average Annual Compensation on his Disability
Retirement Date, and Credited Service which such Member would have accrued had he remained
in the employment of the County until his Normal Retirement Date. The Disability Retirement
Benefit shall be payable in accordance with Sections 6.4 and 7.1.
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
Benetit 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 previous plan benefits, if ally, in the course of payment by the Funding Agent under said
previous plan, to any person on January 1, 1994, shall be continued by the Funding Agent under
the Funding Agreement turning 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
June 30, 2000 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 July 1, 2000, shall be determined under the
provisions of this Plan.
Section 7.7 Increased Benefits for Retired Members and Beneficiaries. The
Retirement Board may from tune to time, but not more often than diurnally, 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 I
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, 1989, or (b) the date used in the last adjustment under this Section, to the
same index as of October 1 of the 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.
Section 7.8 Increased Benefits for Disabled Members. As of January I, 1994, all
Disabled Members who have not begun receiving retirement benefits from the Plan will have
their Accrued Benefit increased by 39 for each full year the Member's date of disability
precedes January I, 1994.
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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 30 days prior to the due date of the first payment of
Retirement Benefits under the Plan. The election of an optional benefit may be changed at any
time prior to 30 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`7c 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 Tenn
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 tern certain elected may not exceed the life expectancy of
the Member and his designated Beneficiary.
Section 8.5 Simile 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 Spousal Consent for Retirement Benefit. If a Member or Vested Member
is married at the time his Retirement Benefits commence, and he elects any form of benefit other
than the 5097c Joint and Survivor Benefit option with his spouse named as Beneficiary, such
election will not become effective unless his spouse (if he has a spouse who can he located)
consents in writing to such election, acknowledges the effect of such election and has such
consent and acknowledgment witnessed by a Plan representative or a notary public. A properly
completed benefit election form (furnished by the Retirement Board) must he returned to the
Retirement Board at least 30 days prior to the Member's benefit commencement date. If the
Member files another election form, after the earlier form and prior to his benefit commencement
date, the earlier form shall be deemed annulled. Once benefit payments have commenced under
any optional joint and survivor form of benefit, the designated Beneficiary may not be changed.
However, the designated Beneficiary may be changed after payments have commenced tinder the
basic foram of benefit or under the optional Single Life Benefit form.
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Section 8.7 Limitations. Notwithstanding anything herein to the contrary, if the
actuarial value of a Member's benefit under any above option where the Beneficiary is not his
spouse, is fifty percent (50%) or less of the value of the otherwise payable to the Member, the
optional benefits shall be adjusted so that the value of the Member's benefit under the option will
be equal to more than fifty percent (50%) of the value of the benefit otherwise payable to the
Member.
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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 he payable:
(a) If such member is married at his death, one of the following death
benefits shall be payable to his spouse, at her sole option.
(1) Two (2) times the amount of his Accumulated
Contributions as of the date of death, payable immediately; or
(2) A monthly benefit payable for life in an amount equal to
75% of the Member's Accrued Benefit on his date of death. Such death
benefit shall commence on the first day of the month coincident with or
following the Member's death.
(h) If such Member is not married at his death, there shall be paid to
the Beneficiary designated by him if said Beneficiary is living, or otherwise to the
Member's estate, two (2) times the amount of his Accumulated Contributions as
of his 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, the following death
benefits shall be payable:
(a) If such Vested Member is married at his death, one of the
following death benefits shall be payable to his spouse, at her sole option.
(I) Two (2) times the amount of his Accumulated
Contributions as of the date of death, payable immediately: or
A monthly benefit payable for life in an amount equal to 75% of the
Vested Member's Accrued Benefit on his date of death. Such death
benefit shall commence on the first day of the month coincident with or
following the Vested Member's death.
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(h) If such Vested Member is not married at his death, there shall be
paid to the Beneficiary designated by him if said Beneficiary is living, or
otherwise to the Vested Member's estate, two (2) times the amount of his
Accumulated Contributions as of his date of death.
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 with spousal
consent as provided under Section 8.6, a Member, who is married, shall he deemed to have
elected payment pursuant to Section 8.3. A Member, who is not married, shall be deemed to
have elected payment pursuant to Section 7.4.
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 fonu
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 he less than the amount of the
Member's Accumulated Contributions at the date his Retirement Benefit payments commenced,
the difference shall he 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 the State
of Colorado providing for the distribution of estates under the Uniform Simultaneous Death Act,
when applicable, shall govern the distribution of money payable under this Plan.
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Section 9.7 Designation of Beneficiary. If the Member or Vested Member is married
and designates any person other than his spouse as the Beneficiary for any death benefit, such
designation will not become effective unless his spouse (if he has a spouse who can be located)
consents in writing to such designation, acknowledges the effect of such designation and has
such consent and acknowledgment witnessed by a Plan representative or a notary public. Such
designation shall be made on the form furnished by the Retirement Board, and may at any time
and from time to time be changed or revoked without notice to the Beneficiary or Beneficiaries
(except as required with respect to the Member's spouse under the preceding sentence), and shall
not be effective unless and until filed with the Retirement Board.
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ARTICLE X
Severance Benefits
Section 10.1 Coveraee. Benefits shall he 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 Five Years of Service. In the event a Member terminates
employment prior to his Normal Retirement Date, and he has less than five (5) years of Credited
Service, the only benefit to which he shall be entitled under this Plan shall he 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 or more than 90 days after the
Member's last date of employment, unless the Member waives the 30 day period pursuant to
Section 16.2(e).
Section 10.3 Five or More Years of Service. In the event a Member terminates prior to
his Normal Retirement Date, and he has five (5) 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 he 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 5 0%
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 Retirement Board, in its discretion may
pay the Vested Member, as of the date of his termination, a single sum equal to the Actuarial
Equivalent of such deferred Retirement Benefit. Such single sum payment shalt 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 begimtinu 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-reelection. In the event that a Member who is an elected officer of
the County is not reelected 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 five (5) years of
Service shall not be required.
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ARTICLE XI
Administration of 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 1, Title 24, Article 54,
Colorado Revised Statutes, as amended, as such Retirement Board is established 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 nistration 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 heroine 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 benefits under the Plan and payment of Plan expenses.
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(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.
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.
(j) 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 11.3 Control, Amendment and Tennination. The Retirement Board shall have
the powers set forth in Part 1, Title 24, Article 54, Colorado Revised Statutes, as amended, and
any powers set forth in Articles XII and XIV herein.
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, personal representatives, administrators and
assigns and upon all other persons whomsoever. Neither the establishment of this Plan nor any
modifications thereof or any action taken thereunder or any omission to act, by the Retirement
Board or its members shall he 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.
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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 teens 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 he 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.
(h) 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.
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(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.
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ARTICLE XIII
Retirement Benefit and Riehts Inalienable
Section 13.1 Inalienability. 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 the 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 toils of said Members, Retired Members, Vested Members or Beneficiaries, nor be
liable to attachment, execution, or other legal process. Notwithstanding the foregoing, effective
January 1, 1997, payments shall he made under a domestic relations order to an alternate payee
in accordance with the appropriate Colorado Revised Statutes, and such payment shall not he
deemed to be a prohibited alienation of benefits.
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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 indefinitely, but continuance of the Plan is
not assumed as a contractual obligation of the County.
Section 14.2 Amendment. The County Commissioners and the Retirement Board
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 Retirement Board 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 Plan after satisfaction of all
liabilities with respect to Members. Retired Members, Vested Members and Beneficiaries under
the Plan and which 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 Section 401(a) of the Code as now
in effect or hereafter amended, and any modification or amendment of the Plan may be made
retroactive, as necessary or appropriate, to establish and maintain such compliance.
XIV-1 9.0.act,ce legal weld Lnaldoc art aarsl2aoo coo
Section 14.4 Discontinuance. The County Commissioners reserve the right at any tune
mid 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 he 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 Accunwlated 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.
(h) 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 Plan 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, and 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 withdrawn by the
Retirement Board from the Fund for the account of the County.
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ARTICLE XV
Limitations
Section 15.1 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 purchase of service credit contributions picked up by the County wider
Section 4.7 and Member contributions picked up by the Employer under Section 5. 1), shall be
subject to the limitations of Section 415 of the Code in accordance with (a) and (b) below:
(a) Defined Benefit Plan Only: Any annual pension payable to an
Employee hereunder shall not exceed the lesser of:
(1) $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 Treasury or Secretary or his delegate, or
(2) For calendar years beginning prior to January 1, 1995,
100% of the Employee's average earnings for the three (3) consecutive
calendar years, while a participant in the Plan, in which his earnings were
the highest. For purposes of this subsection (2), earnings for any calendar
year shall he 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, commissions 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:
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(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
(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(h) 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 Member whose annual pension under this Plan is less than $10.000 if
such Member has not at any time participated in any defined contribution
plan maintained by the Employer. In the event that a Member has been
credited with less than ten (10) years of participation in this Plan and
predecessor plans hereto, the dollar limitation in paragraph (1) above
under this Section shall he reduced by multiplying such limitation by a
fraction, the numerator of which is the number of such Member's years of
Plan participation (or part thereon), but never less than (1), and the
denominator of which is (10). This paragraph shall, to the extent required
by the Secretary of the Treasury, he applied separately to each change in
the benefit structure hereunder. Effective for calendar years beginning on
and after January 1, 1995, in the event that a Member has been credited
with less than ten (10) years of Credited Service, the dollar amount
otherwise applicable under the first sentence of this paragraph shall he
reduced by multiplying each by a fraction, the numerator of which is the
number of such Participant's years of Credited Service (or part thereof),
but never less than one (1), and the denominator of which is ten (10). For
calendar years beginning on and after January 1, 1995, this reduction shall
not apply to a benefit paid under the Plan as the result of the Member
becoming disabled by reason of personal injuries or sickness, or amounts
received by beneficiaries, survivors or the estate of the Member as the
result of the death of the Member.
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 is in a different form, the amount thereof shall he adjusted to he
the actuarial equivalent of a single life annuity and the limitations shall he
applied to such adjusted amount. If payment commences before age 62,
XV_2 g pzceceIegal weld hnaldoc am f&rsf2000eoc
the foregoing limitations shall he 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 conunences after age 55, or below the actuarial equivalent of
$75,000 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 assumption for
purposes of determining actuarial equivalency under this paragraph shall
he the interest rate otherwise used for purposes of computing optional
forms of income payable under the Plan, but the rate shall not he less than
577 annually if benefits commence before age 62 and shall not exceed 59i
annually if benefits commence after age 65.
For calendar years beginning before January 1, 2000, the interest
rate and mortality table to he used to determine such actuarial equivalent
amount in this Section shall be the rate specified in the Plan in effect at
that time. Effective for calendar years beginning on or after January 1,
2000, the actuarial equivalent adjustments in this Section shall be
determined using the prevailing commissioner's standard table (described
in Section 807(d)(5)(A) of the Code, without regard to any other
subparagraph of Section 807(d)(5) of the Code, used to determine reserves
for group annuity contracts issued on the date as of which the payment is
being determined.
In no event shall a Member's maximum annual pension allowable
under this section he less than the annual amount of pension (including
Early Retirement Benefits and qualified joint and survivor annuity
amounts) duly accrued by such Member under Section 415 of the Code
limitations then in effect as of December 31, 1982, or as of December 31,
1986, whichever is greater (disregarding any plan changes or
cost-of-living adjustments occurring after July 1, 1982, as to the 1982
accrued amount, and May 5, 1986, as to the 1986 accrued amount).
(b) Defined Benefit and Defined Contribution Plans: Effective as of
January 1, 2000, the limitations set forth in this subsection (b) shall not apply. If,
in any calendar year a Member also participates in one or more defined
contribution plans maintained by the Employer, then for such calendar year, the
sum of the Defined Benefit Plan Fraction and Defined Contribution Plan Fraction
(as described below) for such calendar year shall not exceed one. The Defined
Benefit Fraction for any calendar year shall mean a fraction (1) the numerator of
which is the projected annual benefit of the Member under the Plan (determined
as of the close of the calendar year), and (2) the denominator of which is the
lesser of 125% of the dollar limitation under Section 415(h)(1)(a) of the Code or
l407c of the percentage limitation under Section 415(h)(1)(B) of the Code for the
year of determination (taking pinto account the effect of Section 235(g)(4) of the
X y—3 g practcelegal weld lmaldoc arr0&rsp000 doc
Tax Equity and Fiscal Responsibility Act of 1982). The Defined Contribution
Fraction for any calendar year shall mean a fraction (1) the numerator of which is
the sum of the annual additions (as defined in Section 415(c)(2) of the Code) to
the Member's accounts under all defined contribution plans maintained by the
Employer as of the close of the calendar 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 (2) the denominator of which is the sum
of the lesser of 125% of the dollar limitation under Section 415(c)(1)(A) of the
Code or 140% of the percentage limitation under Section 415(c)(1)(B) of the
Code, for such calendar year and for all prior calendar years during which the
Employee was employed by the Employer (provided, however, at the election of
the Retirement Board , the denominator shall be increased by using for calendar
years ending prior to January 1, 1983, an amount equal to the denominator in
effect for the calendar year ending in 1982, multiplied by the transition fraction
provided in Section 415(e)(6)(B) of the Code).
If, in any calendar year, the sum of the Defined Benefit Plan Fraction and
Defined Contribution Plan Fraction for a Member would exceed one without
adjustment of the amount of the maximum anmual pension that can be paid to such
Member under paragraph (a) of this Section, than the amount of the maximum
annual pension that can be paid to such Member 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 Member
to one, or the Retirement Board may take such other actions as will cause the
sum to equal one or less.
Section 15.2 Consolidation or Mercer. 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 he
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.
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ARTICLE XVI
Direct Rollovers
16.1 General. This Article applies to distributions made on or after January 1, 1993.
Notwithstanding any provision of the Plan to the contrary that would otherwise limit a
Distributee's election under this Article, a Distrihutee may elect, at the time and in the manner
prescribed by the Retirement Board, to have any portion of an Eligible Rollover Distribution
which exceeds $200 paid directly to an Eligible Retirement Plan specified by the Distributee in a
Direct Rollover. If a Distributee's Direct Rollover Distribution is less than $500, the Distrihutee
may only elect to Direct Rollover 100% of the Eligible Rollover Distribution.
16.2 Definitions.
(a) "Eligihle Rollover Distribution": An Eligible Rollover
Distribution is any distribution of all or any portion of the balance to the credit of
the Distrihutee, except that an Eligible Rollover Distribution does not include:
any distribution that is one of a series of substantially equal periodic payments
(not less frequently than annually) made for the life (or life expectancy) of the
Distributee or the joint lives (or joint life expectancies) of the Distrihutee and the
Distributee's designated Beneficiary, or ter a specified period of ten years or
more; any distribution to the extent such distribution is required under Section
40l(a)(9) of the Code; and the portion of any distribution that is not includible in
gross income (determined without regard to the exclusion for net unrealized
appreciation with respect to employer securities).
(b) "Eligible Retirement Plan": An Eligible Retirement Plan is an
individual retirement account described in Section 408(a) of the Code, an
individual retirement annuity described in Section 408(b) of the Code, or a
qualified trust described in Section 401(a) of the Code, that accepts the
Distributee's Eligible Rollover Distribution. However, in the case of an Eligible
Rollover Distribution to the surviving spouse, an Eligible Retirement Plan is an
individual retirement account or individual retirement annuity. An Eligible
Retirement Plan does not include a Roth IRA, a SIMPLE IRA, or an education
IRA.
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(c) "Distributee": A Distributee includes an Employee or former
Employee. In addition, the Employee's or former Employee's surviving spouse
and the Employee's or former Employee's spouse or former spouse who is the
alternate payee under a qualified domestic relations order, as defined in Section
414(p) of the Code, are Distributees with regard to the interest of the spouse or
former spouse.
(d) "Direct Rollover": A Direct Rollover is a payment by the Plan to
one Eligible Retirement Plan specified by the Distributee.
(e) Waiver of 30 Day Notice. If a distribution is payable under
Section 7.5, Article IX, or Article X, such distribution may conunence less than
thirty (30) days after the notice required under Section 4.11(a)-I l(c) of the
Income Tax Regulations is given, provided that:
(1) the Retirement Board informs the Distributee that the
Distributee has a right to a period of at least thirty (30) days after receiving
the notice to consider the decision of whether or not to elect a distribution
— (and, if applicable, a particular distribution option), and
(2) the Distributee, after receiving the notice, affirmatively
elects a distribution.
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The foregoing Weld County Retirement Plan(As Amended and Restated Effective July
1, 2000) as submitted by the County Board of Retirement was duly approved by the following on
the '2`;day of it-4,✓Cia, 20.6≤,
WELD COUNTY?3OARD OF RETIREMENT
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AMENDED
WELD COUNTY
RETIREMENT PENSION TRUST
Dated
WHEREAS, the Weld County Board of Retirement established the Weld County
Retirement Pension Trust (hereinafter referred to as the "Trust") dated
Meiz 1-, x4 G , to carry into effect the provisions of the Weld County
Retirement Plan (hereinafter referred to as the "Plan"; and
WHEREAS, the Weld County Board of Retirement reserved the power under
Paragraph 11.1 to amend the Trust in whole or in part; and
WHEREAS, the Weld County Board of Retirement does desire to amend said
Trust in whole;
NOW, THEREFORE, the Weld County Board of Retirement does by this
instrument hereby amend the said Trust in its entirety as follows:
1.00 - TRUS1'F. AND TRUST FUND.
1.01 The Greeley National Bank, Greeley, Colorado, a National Banking
Association, is hereby designated as Trustee of the Trust, and Greeley
National Bank hereby accepts the trust herein created, and will take, hold,
invest, administer and distribute, in accordance with the following
provisions, all contributions paid to it pursuant to the Plan.
1.02 The assets at any time held hereunder by the Trustee are
hereinafter referred to as the "Fund." All right, title and interest in and
to the assets of the Fund shall at all times be vested exclusively in the
Trustee.
2.00 - PLAN.
2.01 The Board shall deliver to the Trustee a copy of the Weld County
Retirement Pension Plan and of each amendment thereto, for convenience of
reference, but the rights, powers, titles, duties, discretions and immunities
of the Trustee shall be governed solely by this instrument without reference
to the Plan.
3.00 - RETIREMENT BOARD.
3.01 The plan provides for the appointment of a Retirement Board
(hereinafter referred to as the "Board") to administer the Plan. The County
shall notify the Trustee of the names of the initial members of the Board, of
the name of the Secretary of the Board, and of any changes in the membership
of the Board. Until notified of a change, the Trustee shall be fully
protected in acting upon the assumption that the membership of the Board has
not been changed.
3.02 All directions by the Board to the Trustee shall be in writing
signed by at least two members of the Board and by the Secretary, but no
member of the Board or the Secretary of the Board shall be authorized to issue
directions concerning any distribution to be made to himself/herself.
3.03 The County shall furnish to the Trustee a specimen signature of
each Board member and of the Secretary at the time of the appointment.
3.04 The Board shall have complete authority to determine the
existence, non-existence, nature and amount of the rights and interests of all
persons in the Fund.
4.00 - CONTRIBUTIONS.
4.01 The Trustee shall be separately accountable for all contributions
received by it; but shall have no duty to require any contributions to be made
to it, to determine the amounts received comply with the Plan, or to determine
that the Fund is adequate to provide the benefits payable pursuant to the
Plan.
5.00 - PAYMENTS FROM TRUST FUND
5.01 Payments shall be made from the Fund by the Trustee to such
persons, in such manner, at such times and in such amounts as the Board shall
direct. The Trustee shall be fully protected in making, discontinuing or
stopping payments from the Fund in accordance with the directions of the
Board. The Trustee shall have no responsibility to see to the application of
the payments so made or to ascertain whether the directions of the Board
comply with the Plan. When the Board directs that any payment is to be made
only during or until the time that the payee maintains or attains a given
status or only during or until the time that a certain condition exists
regarding the payee, any payment made by the Trustee in good faith, without
actual notice or knowledge of the changed status or condition of the payee,
shall be considered to have been properly made by the Trustee and made in
accordance with the direction of the Board.
5.02 The Trustee shall be reimbursed for its expenses, and shall be
paid such reasonable compxnsation as shall be agreed upon from time to time by
the Board and the Trustee. Such expenses and compensation shall be paid from
the Fund.
5.03 The Trustee is authorized, but not required, to withhold from
distributions to any payee such sum as the Trustee nay reasonably estimate as
necessary to cover federal and state taxes for which the Trustee may be
liable, which are, or nay be, assessed with regard to the amount distributable
to such payee. Upon discharge or settlement of such tax liability the Trustee
shall pay the balance of such sum, if any, to such payee or to his estate.
Prior to making any payment or distribution hereunder the Trustee may require
such releases or other documents from any lawful taxing authority and may
require such indemnity from any payee or distributee as the Trustee shall
reasonably deem necessary for its protection.
5.04 All payments of distributions shall be only on the personal
2
receipt or endorsed check or draft of the person entitled to such
distribution. Except as may be required under applicable law, including any
"qualified domestic relations order," no person entitled to receive
distributions from the Fund shall have any right to assign, transfer,
hypothecate, encumber, commute or anticipate his interest in any payments
under this Trust, and such payments shall not in any way be subject to any
legal process or levy of execution upon or attachment or garnishment
proceedings against the same for the payment of any claims against the person
entitled to payments from the Fund, nor shall such payments be subject to the
jurisdiction of any bankruptcy court, or insolvency proceedings, whether
voluntary or involuntary.
5.05 The Trustee shall pay to or for the account of the Board, upon the
latter's written instructions the funds required for payments under the Plan.
6.00 - INVESTMENT OF FUND.
6.01 The net income and profits of the Fund shall be accumulated, added
to the principal of the Fund and invested and reinvested. The Trustee is
authorized to invest the Fund in such bonds, notes, debentures, mortgages,
preferred or common stocks, or in such other property, including common trust
funds, real or personal, either within or without the State of Colorado, as
the Trustee may deem advisable, but being limited only by such statutes or
rules of court regarding investments by Trustees of retirement funds of this
nature in the State of Colorado, and by such investment policies and
parameters as the Board may formally adopt and communicate to the Trustee.
7.00 - POWERS AND RIGHTS OF TRUSTEE.
7.01 To carry out the purposes of this Trust, subject to any
limitations stated elsewhere, and subject further to such policies as the
board nay from time to time adopt, the Trustee is vested with the following
powers, in addition to any now or hereafter conferred by law:
A. To hold, manage, improve, repair and control all
property, real or personal, at any time forming part
of the Fund; to sell, convey, transfer, exchange,
partition, lease for any term, even extending beyond
the duration of this Trust, and otherwise dispose of
the same from time to time in such manner, for such
consideration and upon such terms and conditions as
the Trustee shall determine; to vote any corporate
stock either in person or by proxy for any purpose;
B. To cause any property of the Fund to be issued, held
or registered in the individual name of the Trustee,
or in the name of its nominee, or in such records the
Trustee shall indicate the true ownership of such
property;
C. To exercise any conversion privilege or subscription
right given to the Trustee as the owner of any
security forming part of the Fund; to consent to, take
any action in connection with, and receive and retain
3
any securities resulting from any reorganization,
consolidation, merger, readjustment of the financial
structure, sale, lease or other disposition of the
assets of any corporation or other organization, the
securities of which may be an asset of the Fund; to
maintain a savings account in the Trustee bank.
D. To employ such agents and counsel as may be reasonably
necessary in managing and protecting the Fund and to
pay them reasonable compensation; to settle,
compromise or abandon all claims and demands in favor
of or against the Fund; to charge any premium on bonds
purchased above par value to the principal of the Fund
without amortization from the income of the Fund,
regardless of any law relating thereto; and
E. In addition to the enumerated powers herein, to do all
other acts in its judgment necessary or desirable for
the proper administration of the Fund.
7.02 The Trustee shall have full power to apply for or otherwise
acquire, deal with and dispose of group annuity or other forms of insurance
contracts, pay premiums, purchase payments, or other forms of consideration
therefor and exercise any and all rights, privileges, options and elections
thereunder, but shall exercise such powers and execute documents pertaining
thereto only in the form and manner and to the extent from time to time
directed by the Board. The Trustee shall have no duty to question the
propriety of any such direction nor to inquire into the terms, provisions or
value of any insurance contracts acquired by or delivered to the Trustee.
Delivery of an insurance contract to the Board or to the person designated by
it shall constitute a full release and discharge of the Trustee.
7.03 No person, including insurance carriers shall be obliged to see to
the application of any money paid or property delivered to the Trustee, nor
shall any such person be required to take cognizance of the provisions of this
Agreement or the Plan, nor to question the authority of the Trustee to do any
act as respects any policy or contract nor the authority of the Trustee to
receive and receipt for any money becoming due and payable under any policy or
contract according to its terms, nor the authority of the Trustee to exercise
any incidents of ownership in any policy, nor be obliged to inquire as to
whether or not the Trustee has secured the direction, consent, or approval of
the Board to any proposed action.
7.04 The Trustee shall be fully protected in taking any action indicated
by this instrument to be within the scope of the authority of the Board in
accordance with any written instrument purporting to be signed by such person
or persons authorized to sign for the Board, or in reliance upon a certified
copy of a resolution of the County Commissioner, any of which the Trustee, in
good faith, believes to be genuine.
7.05 The Trustee may consult with counsel, who may be counsel for the
County, in respect of any of its duties or obligations hereunder and shall be
fully protected in acting or refraining from acting in accordance with the
advice of such counsel.
4
7.06 The Trustee shall incur no personal liability for any act done or
omitted to be done in good faith in the administration of the Trust, and the
Trustee shall be indemnified and saved harmless by the County Commissioners, or
from the Fund, or both, from and against any and all liability to which the
Trustee may be subjected by reason of any such act or conduct, including all
expenses reasonably incurred in its defense, in case the county fails to
provide such defense.
8.00 - ACCOUNTS OF THE TRUSTEE.
8.01 The Trustee shall maintain accurate and detailed records and
accounts of all transactions hereunder, which shall be available at all
reasonable times for inspection or audit by any person or persons designated by
the Board, and the Trustee will be responsible for filing a consolidated annual
report, as well as quarterly updates with the Board.
8.02 The Trustee, at the direction of the Board, shall submit to the
auditors for the County and to the actuary for the Plan such valuations,
reports and other information as they may reasonably require. Valuations of
the Fund shall be made on a cash basis unless the Board otherwise directs.
8.03 Within ninety days followi-g the close of each fiscal year of the
County (or following the close of such other annual period as may be agreed
upon by the Trustee and the Board) the Trustee shall file with the Board a
written account setting forth all transactions affected by it subsequent to the
end of the period covered by its last previous annual account, and listing the
assets of the Fund at the close of the period covered by such account.
8.04 Upon the receipt by the Trustee of the Board's written approval of
any such account, or upon the expiration of one year after delivery of any such
account to the Board, such account (as originally stated if no objection has
been theretofore filed by the Board, or as theretofore adjusted pursuant to
agreement between the Board and the Trustee) shall be deemed to be approved by
the Board except as to matters, if any, covered by written objections
theretofore delivered to the Trustee by the Board regarding which the Trustee
has not given an explanation, or made adjustments, satisfactory to the Board,
and the Trustee shall be released and discharged as to all items, matters and
things set forth in such account which are not covered by such written
objections as if such account had been settled and allowed by a decree of a
court having jurisdiction regarding such account and of the Trustee, the Board,
and all persons having or claiming to have any interest in the Fund. The
Trustee, nevertheless, shall have the right to have its accounts settled by
judicial proceedings if it so elects, in which event the Board and the Trustee
shall be the only necessary parties.
9.00 - RESIGNATION, REMOVAL AND SUCCESSION OF TRUSTEE
9.01 The Board, by resolution, may remove the Trustee and appoint a
successor Trustee, and such removal or appointment shall become effective when
a copy of said resolution certified by the secretary of the Board, and an
acceptance of the Trust signed by the successor so appointed, is delivered to
the Trustee.
5
9.02 The Trustee may resign by delivering to the Board a written
resignation to take effect sixty days after the delivery thereof unless prior
thereto the Board shall have appointed a successor Trustee by resolution and
shall have delivered to the Trustee a copy of said resolution, certified by the
secretary of the Board, and an acceptance of the Trust signed by the successor
Trustee so appointed.
9.03 Any successor Trustee shall be a bank or trust company incorporated
under the laws of the United States of America or some state thereof. All of
the provisions set forth herein with respect to the Trustee shall relate to
each successor Trustee with the same force and effect as if such successor
Trustee originally had been named herein as Trustee.
9.04 Upon the appointment of a successor Trustee the removed or
resigning Trustee after reserving such reasonable amount as it shall deem
necessary to provide for any sums chargeable against the Fund for which it may
be liable. No successor Trustee shall be liable for the acts or omissions of
any prior Trustee or be obliged to examine the accounts, records or acts of any
prior Trustee or Trustees.
9.05 In the event that any corporate Trustee hereunder shall be
converted into, shall merge or consolidate with, or shall sell or transfer
substantially all of its assets and business to another corporation, state or
federal, the corporation resulting from such conversion, merger or
consolidation, or the corporation to which such sale or transfer shall be made,
shall thereupon become and be the Trustee under this Agreement with the same
effect as though originally so named.
10.00 - TERMINATION.
10.01 The Board may at any time notify the Trustee of its intent to
terminate the Trust by delivery to the Trustee a resolution of the Board to
that effect, certified by the secretary. After receipt of such notice the
Trustee shall continue to hold, invest, administer, liquidate and distribute
the Fund pursuant to the provisions of this Trust Agreement. The Trust shall
terminate only when no assets of the Trust remain in the possession of the
Trustee.
10.02 In no event shall any assets be returned to the County except
such, if any which remain as a result of erroneous actuarial computation after
the satisfaction of all fixed and contingent liabilities to persons entitled to
benefits from the Trust.
10.03 The Board may, by resolution, on thirty-day written notice
terminate this manner of funding of its retirement plan and give notice to the
Trustee of its decision by this resolution, including within such resolution, a
direction to the Trustee as to disposition of its funds and a statement,
satisfactory to the Trustee relieving them of further liability.
11.00 - AMENDMENTS.
11.01 The Board shall have the right at any time or times to amend this
Trust Agreement, in whole or in part.
6
11.02 No amendment to this Trust Agreement may be effective
retroactively to a date prior to the beginning of the fiscal year in which it
is adopted by the Board, except amendments which are necessary to establish or
maintain, without interruption, the qualification of the Plan and Trust for tax
exemption under the Internal Revenue Code (as amended from time to time) and
the regulations promulgated thereunder.
11.03 Each amendment to this Trust Agreement shall be made by delivery
to the Trustee of a certified copy of the resolution of the Board which sets
forth such amendment. The certified copy of the resolution shall constitute
the instrument of amendment.
11.04 No amendment shall be made to this Trust Agreement pursuant to the
foregoing provisions which shall:
A. Make it possible, at any time prior to the satisfaction
of all liabilities under the Plan with respect to
employees of the County and their beneficiaries, for
any part of the Fund to be used for, or diverted to,
purposes other than for the exclusive benefit of
employees of the County or their beneficiaries;
B. Increase the duties or liabilities of the Trustee
without its written consent.
12.00 - CONTROLLING LAW AND LEGAL ACTIONS.
12.01 This instrument shall be construed and enforced, and the Trust and
Fund shall be administered according to the laws of the State of Colorado.
12.02 In case any provisions of this Trust Agreement shall be held
illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining provisions of this Trust Agreement, but shall be fully
severable and the Trust Agreement shall be construed and enforced as if said
illegal or invalid provisions had never been inserted herein.
12.03 The Board shall have the authority either jointly or severally to
enforce this Agreement on behalf of any and all persons having or claiming any
interest in the Fund. In any action or proceeding affecting the Fund or the
administration thereof, or for instructions to the Trustee, the Board and the
Trustee shall be the only necessary parties, and no employees or former
employees of the County or their beneficiaries, or any other person having or
claiming to have an interest in the Fund shall be entitled to any notice or
process, and any judgment that may be entered in such action or proceeding
shall be binding on all persons having or claiming to have any interest in the
Fund.
12.04 Any actions required or permitted to be taken hereunder by the
Board, except those which this instrument indicates are to be evidenced by a
resolution.
13.00 - MISCELLANEOUS.
13.01 No person dealing with the Trustee shall be required or entitled
7
to see the application of any money paid or property delivered to the Trustee,
or to determine whether or not the Trustee is acting pursuant to authorities
granted to it hereunder or to authorizations or directions herein required.
The certificate of the Trustee that it is acting in accordance with this
Agreement shall protect any person relying thereon.
13.02 The Trust is hereby designated as constituting a part of a plan
intended to qualify and to be tax exempt under Section 401(a) and Section
501(a) respectively, of the Internal Revenue Code of 1954, as amended from time
to time. Until advised otherwise, the Trustee may conclusively assume that
this Trust is qualified under Section 401(a) (2) of the Internal Revenue Code as
amended from time to time, and that this Trust is exempt from federal income
taxes.
13.03 Neither the creation of this Trust nor anything contained in this
Agreement shall be construed as giving any person entitled to benefits
hereunder or other employees of the County any equity or other interest in the
assets, business, or affairs of the County.
14.00 - EXECUTION.
14.01 This agreement may be executed in any number of counterparts, each
of which shall be considered an original, and no other counterpart need be
produced.
IN WITNESS WHEREOF, the Board, to evidence the establishment of the
Trust, and the Trustee, to evidence their acceptance of the Trust, have caused
this agreement to be signed by their officers this /T day of /Oa< ch ,
A.D., 194 (f.
THE WELD COUNTY BOARD OF RETIREMENT
Ems �lGvil' 7L `�c��y 4-eack,�ti cry e 7
Francis M. Loustal Chairman
BY
THE GREELEY NATIONAL BANK
6v1'1'Nt
( BY r _4. ,
8
Amendment to
Amended Weld County Retirement Pension Trust
Dated March 15 , 1989
The Weld County Board of Retirement and The Greeley National Bank .
now known as Bank One, Greeley, N.A. , Trustee, do hereby amend and
change this Retirement Pension Trust, dated March 15, 1989 on the day
written below as follows:
Strike 1 . 00 - TRUSTEE AND TRUST FUND
and substitute the following:
1. 00 - TRUSTEE AND TRUST FUND
1. 01 Lank One, Greeley, N.A. , (formerly known as The Greeley
National Bank) , Greeley, Colorado, a National Banking Association, is
hereby designated as Trustee of the Trust, and said Bank hereby accepts
the trust herein created, and will take , hold, invest, administer and
distribute, in accordance with the following provisions, all contribu-
tions paid to it pursuant to the Plan.
Investment management of the assets shall done by Banc One
Investment Advisors Corporation, pursuant to the Investment Advisory
Agreement executed and signed on this same date.
1. 02 The assets at any time held hereunder by the Trustee are
herein referred to as the "Fund. " All right, title and interest in and
to the assets of the Fund at all times be vested exclusively in the
Trustee.
IN WITNESS WHEREOF, the Board, to evidence the amendment of this Trust ,
and the Trustee, to evidence its acceptance of this amendment, have
caused this agreement to be signed by their officers this 9th day of
February, A.D. , 1993 .
THE WELD COUNTY BOARD OF RETIREMENT
WITNESS:
BY: "1- 7 P
1 yrr -,L. Bonlenaer, Chair /
BANK ONE,/ GREELEY, N.A. •
WITNESS:
BY: 1 \ 0 PL' fir•,u`/" 1 !/v�.C�7 (/J L���
David E. StTll4van, Senior Vice President l/ /
3033520242
Second Amendment to
Amended Weld County Retirement Pension Trust
Dated March 15, 1989
The Weld County Board of Retirement and Bank One, Greeley, NA
(f/k/a The Greeley National Bank) , Trustee, do hereby amend and change
this Retirement Pension Trust, dated March 15 , 1989 on the day written
below as follows:
Strike 3 . 02 and 3 . 03
and substitute the following:
3 . 02 All directions by the Board to the Trustee shall be in
writing signed by two members of the Board, or by one member of the
Board and by the Weld County Personnel Director, but no Board member or
Personnel Director shall be authorized to issue directions concerning
any distribution to be made to himself/herself.
3 . 03 The County shall furnish to the Trustee a specimen signature
of each Board member and the Weld County Personnel Director, upon which
the Trustee may rely until changed in writing by the County.
IN WITNESS WHEREOF, the Board, to evidence the amendment of this Trust,
and the Trustee, to evidence its acceptance of this amendm , have
caused this agreement to be signed by their officers this av of
August, A.D. , 1993 .
THE WELD COUNTY BOARD OF RETIREMENT
WITNESS :
BY:
r w� yam ' .Lift)
t
�� k+4
^ Mer, Chair /
BANK , GREELEY N.A. , Trustee WITNESS:
BY:
David . Su 11 an, enior Vice President
AMENDMENT TO THE
WELD COUNTY RETIREMENT PENSION TRUST
(AS AMENDED AND RESTATED EFFECTIVE MARCH 15. 1989)
Pursuant to the authority of the Weld County Board of Retirement and the
provisions of Paragraph 11.01 of the Trust, the Weld County Retirement Pension crust
(As Amended and Restated Effective March 15, 1989) (the 'Trust") is hereby amended,
effective November 4, 1994.
1. A new paragraph 6.02 is added to read as follows:
"6.02 Notwithstanding any other provision of this Agreement, the Trustee
may cause any part of the money or property of this Trust Fund to be
commingled with the money or property of trusts created by others by causing
such assets to be invested as a part of any group or common trust fund in which
the Plan's Trust participates, but only as long as such group or common trust
fund remains qualified under Section 401(a), and exempt from taxation under
Section 501(a), of the Internal Revenue Code of 1986, as amended, in
accordance with Revenue Ruling 81-100, and money or property of this Trust
Fund so added to one or more of said Funds at any time shall be subject to all of
provisions of said group or common trust, as amended from time to time, and
said group or common trust is made a part of this Agreement. The Trustee, by
execution of this paragraph, has authorized the participation of the Plan in -1. P
Trust Fund For Retirement Accounts of Pacific Norwest Trust Company, a
majority owned subsidiary of the Crabbe Huson Group, Inc., dated July 1, 1987,
and as may be amended and restated from time to time; and the Scudder Trust
Company Investment Funds for Pension and Profit Sharing Trusts of the
Declaration of Trust, dated September 6, 1989, as amended November 30,
wEINmvu.O WD:i I
1990, as amended and restated August 21, 1991, and as may further be amended
and restated from time to time."
2. A new Paragraph 12 is added to read as follows:
"12.00 - INVESTMENT MANAGEMENT.
12.01 The Board or its duly appointed delegate, including an investment
committee, is hereby given the right and the power to appoint one or more
Investment Manager(s) to manage (including the power to acquire and to dispose
of) those assets so delegated to said Investment Manager(s) pursuant to written
directions from the Board, or its delegate. Such management shall be in
accordance with a written investment management agreement. An Investment
Manager shall mean an investment adviser registered under the Investment
Advisers Act of 1940, a bank (as defined in that Act), or an insurance company
qualified to perform investment management services under State law in more
than one State. The appointment of such Investment Manager(s), and the
continuing use of such appointment shall be determined by the Board, or its
delegate, solely upon consideration of the best interests of the participants and
beneficiaries of the Plan. Any Investment Manager must acknowledge and
accept in writing that such Manager is a fiduciary of this Trust. The Trustee
shall be given copies of the instruments appointing such Investment Manager(s)
and evidencing acceptance thereof. Thereafter, the Trustee shall makt even sa
or investment as directed in writing by the Investment Manager. The Trustee
shall be under no duty to question any such direction of the Investment Manager,
to review any securities or other property held in any such investment account or
accounts acquired by it pursuant to such directions, or to make any
WE6KEW2s.DWD:2 2
recommendations to the Investment Manager with respect to such securities Dr
other property.
12.02 The Board, or its delegate, shall have the right and power in its
sole discretion to direct the Trustee and/or the Investment Manager(s) to ckr.
any of the actions set out in Paragraph 7 hereof. The nonexercise of the right to
direct investments by the Board, or its delegate, shall not be a ground of
individual liability of the Board, or its delegate. The Board, or its delegate, shall
not be liable for any acts or omission of the Trustee and/or Investment
Manager(s) provided that the selection and continuance of said Trustee and/or
Investment Manager(s) meets the statutory requirements of ordinary care.
12.03 Any Investment Manager shall perform all acts within its authority
hereunder for the exclusive purpose of providing benefits to Plan participants and
their beneficiaries and defraying reasonable expenses of administering the Plan
and Trust, and shall perform such acts with the care, skill, prudence, and
diligence under the circumstances then prevailing that a prudent man acting in a
like capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims. Any Investment Manager shall
diversify the investments of the assets under its control so as to minimize the risk
of large losses, unless under the circumstances it is clearly prudent not to do so.
Diversification factors to be considered by an Investment Manager shall include
(1) the purpose of the Plan; (2) the amount of the Plan assets; (3) financial anu
industrial conditions; (4) the type of investment, whether mortgages, bonds or
shares of stock or otherwise; (5) distribution as to geographical location; (6)
distribution as to industries; and (7) the date of maturity. Neither the Trustee
WFo}(Dvt;.oWD:3 3
nor an Investment Manager shall be liable for failure of diversification of
investments separately assigned to another.
12.04 Any one of the fiduciaries referred to above (i.e., Trustee or
Investment Manager) shall be liable for a breach by any other fiduciary
hereunder only if:
(a) the one fiduciary participates knowingly in, or knowingly
conceals, the other fiduciary's breach; or
(b) the one fiduciary fails to comply with the prudent man
standard set forth in ERISA and by such failure, has enabled the other
fiduciary to commit such breach; or •
(c) the one fiduciary has knowledge of the other fiduciary's breach
and does not make a reasonable effort to remedy such breach.
No fiduciary hereunder shall be under any obligation to invest or manage
any of the assets of the Trust Fund which are subject to the management of
another fiduciary. A fiduciary hereunder shall have exclusive control and
management of only those assets assigned separately to such fiduciary in writing
by the Board, or its delegate.
12.05 The Board, or its delegate, shall have the power to remove an
Investment Manager at any time, for any reason. An Investment Manager may
resign by delivering to the Board, or its delegate, a written resignation to cake
effect sixty (60) days after the delivery thereof. All of the provisions set forth
herein with respect to the Investment Manager(s) shall relate to any successor
Investment Manager with the same force and effect as had been applicable to th"
predecessor Investment Manager(s).
Upon the removal or resignation of an Investment Manager, the removed
or resigning Investment Manager(s) shall transfer and deliver the assigned assets
WEn}DVt4.DWD:4 4
to such successor as the Board, or its delegate, shall specify. No successor
fiduciary shall be liable for the acts or omission of any predecessor fiduciar) or
be obliged to examine the accounts, records or acts or any prior fiduciary.
If an Investment Manager should cease to exist, the Board, or its de'ti te.
may appoint a successor Investment Manager in the same manner, and subject to
the same conditions, as described above with respect to removals and
resignations."
3. Old Paragraphs 12 through 14 are renumbered Paragraphs 13 through 15,
respectively, all cross references are changed accordingly.
The foregoing resolution as submitted by the County Board of Retirement was
duly approved by the following vote the Z' day of , 199(C
BARD OFS, EMENT
lit/G Ek
c- --
BANK ONE, GREELEY, N.A.
WITNESS: Now known as BANK ONE, COLORADO, N.A.
11/f . (i/t//J Gaylen R dt,lint ams
nd
/,( )(4)./a)0114,
VV" """ Vice President and Trust Officer
WEoHDV24.DWD:5 5
FOURTH AMENDMENT TO THE
WELD COUNTY RETIREMENT PENSION TRUST
(AS AMENDED AND RESTATED EFFECTIVE MARCH 15, 1989)
Pursuant to the authority of the Weld County Board of Retirement and the
provisions of paragraph 11.01 of the Trust, the Weld County Retirement Pension
Trust (As Amended and Restated Effective March 15, 1989) (the "Trust") is hereby
amended, effective January 1, 1997.
1. Section 1.01 is amended to read as follows:
"1.01 Union Colony Bank, Greeley, Colorado, is hereby designated
as Trustee of the Trust, effective January 1, 1997, and Union Colony Bank
hereby accepts the trust herein created, and will take. hold, invest.
administer and distribute, in accordance with the following provisions. all
contributions paid to it pursuant to the Plan."
IN WITNESS WHEREOF, the Weld County Board of Retirement, to evidence the
amendment of the Trust, and the Trustee, to evidence its acceptance of this Fourth
Amendment, have caused this Fourth Amendment to be signed by their officers
this day of wl4- . . 1998.
WEL,LICOLINTY BOARD OF RETIREMENT
ATTEST:
glcA �?
Secret?
UNION COLONY BANK
WITNESS: B)}÷W--‘--
a
��4yo
T e: U.cz
H cIJ EST W,,.,6,rro dec
FIFTH AMENDMENT TO THE
WELD COUNTY RETIREMENT PENSION TRUST
(AS AMENDED AND RESTATED EFFECTIVE MARCH 15,1989)
Pursuant to the authority of the Weld County Board of Retirement and the provisions of
paragraph 11.01 of the Trust, the Weld County Retirement Pension Trust (As Amended
and Restated Effective March 15, 1989) (the "Trust") is hereby amended, effective
November 1, 1999.
1. Section 1.01 is amended to read as follows:
"1.01 Norwest Bank Colorado, N.A. is hereby designated as Trustee of the Trust,
effective November 1, 1999, and Norwest Bank Colorado, N.A. hereby accepts
the trust herein created, and will take, hold, invest, administer and distribute, in
accordance with the following provisions, all contributions paid to it pursuant to
the Plan."
IN WITNESS WHEREOF, the Weld County Board of Retirement, to evidence
the amendment of the Trust, and the Trustee, to evidence its acceptance of this
Fifth Amendment, have caused this Fifth Amendment to be signed by their
officers this ZL'"day of a ro604 , 1999.
WEL► O ;29 " T1: MENT ATrSecreta
NORWEST BANK
COLD DO, N.A.4
By: l {(n.._/
Title:
WITNESS: 1W� �
Hello