HomeMy WebLinkAbout20002822.tiff 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, 2000) was adopted by Resolution of the Weld County Board rf
Retirement on the Vej day of_Antamh+., 2000 .
ad
IN WITNESS WHEREOF, we have hereunto affixed our names this 3 _ day of
ki/60 2_, 2041x.
WELD COUNTY BOARD OF RETIREMENT
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WITNESS:
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RESOLUTION OF THE
WELD COUNTY BOARD OF RETIREMENT
WHEREAS, the Weld County Retirement Plan (the "Plan") has heretofore been created
by Resolution of the Weld County Board of Retirement hereafter referred to as the "Retirement
Board": and
WHEREAS, the following anrended and restated Plan is believed to he 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 I, 1994 and has been amended several times .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, he and it
hereby is approved and adopted effective as of July 1, 2000.
(3) The Retirement Board he and they hereby are autliorized 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 he necessary to mairtain
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 tl;e Plan and this resolution to Ilie Internal
Revenue Service in support of a request for a letter of determination that the Plan and [Lublin,/
Agreement continue to qualify under Sections 401(a) and 501(a) of the Internal Revenue Code of
1986, as amended from time to tine.
WELD COUNTY RETIREMENT PLAN
(As Amended and Restated Effective July I, 2000)
Weld County Retirement Plan
(As Amended and Restated Effective July 1, 2000)
TABLE OF CONTENTS
Peke No.
ARTICLE I Purpose I- 1
ARTICLE II Definitions I I- I
2. I Name IT l
2.2 Retirement Board II- I
2.3 Definitions II- I
ARTICLE III Membership III- l
3. l Employees on Jan]y 1, 1969 III-
3.2 Employees Hired After January 1. 1969 Ill- I
3.3 Termination 11I-3
3.4 Withdrawal 111-2
ARTICLE IV Credited Service Iv. !
4. 1 Credited Service IV- I
42 Prior Service I"-
4.3 Current Service
4.4 Limitations on Credited Service
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- t
5. 1 Member Contributions V- I
5.2 County Contribution, V. 2
5.3 Application of Forfeitures V-2
ARTICLE VI Retirement Dates
6. I Normal Retirement V l-
6.1 Early Retirement VI- I
6.3 Delayed Retirement
6.4 Disability Retirement V
6.5 Retirement Date VI- 3
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TABLE OF CONTENTS
(continued)
Palle No,
ARTICLE VII Retirement Benefits VII-I
7.1 Normal or Delayed Retirement VII-1
7.2 Early Retirement VII- I
7.3 Disability Retirement VII-''
7.4 Payment of Benefits VII-?
7.5 Minimum Periodic Payment VII
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
ARTICLE VIII Optional Benefits . VIII-
8.1 General VIII-t
8.2 100% Joint and Survivor_Benefit VIII-
8.3 50f' Joint and Survivot_Benefit . VIII-
8.4 Life and Term Certain_Benefit VIII-2
8.5 Single Lifer Benefit VIII
8.6 Spousal Consent for_Retirement Benefit VIII-?
8.7 Limitations VIII
ARTICLE IX Death Benefits IX-
9. I Death of an Active Member Before
Normal Retirement Date IX-I
9.2 Death of a Vested Member Before Payments Commence IX- I
9.3 Death of an Active Member Between Normal
and Delayed Retirement Dates IX-?
9.4 Death of a Retired Member IX-2
9.5 Death of a Retired Member Before
Contributions Recovered
9.6 Uniform Simultaneous Death Act IX-'
9.7 Designation of Beneficiary IX
ARTICLE X Severance Benefits X-1
10.1 Coverage X-1
10.2 Less Than Five Years of Service X-I
10.3 Five or More Years of Service N-
10.4
Non-reelection N
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TABLE OF CONTENTS
(continued)
P e N(,
ARTICLE: XI Administration of Plan XI-1
11.1 Retirement Board XI-I
11.2 Management of the Plan XI-I
11.3 Control, Amendment and Termination XI
11.4 Miscellaneous XI-2
ARTICLE XII Method of Funding XII-'
12.1 Funding XII- I
12.2 Assets X11- I
12.3 Duties of the Funding Agent XII-I
12.4 Investment Powers
ARTICLE XIII Retirement Benefit and Rights Inalienable XIII- i
13. 1 Inalienability XIII-
ARTICLE XIV Modification or Termination of Plan XIV- I
14.1 Expectation XIV- I
14.2 Amendment XIV-I
14.3 Approval Under the_Internal Revenue Code XI\ - I
14.4 Discontinuance XIV
14.5 Termination XIV
14.6 Distribution XIV--'
ARTICLE XV Limitations - - X\
15.1 Limitation of Benefits X\-I
15.2 Consolidation or Merger X\--I
ARTICLE XVI Direct Rollovers - XV:.-I
16. 1 General XV I- I
16.2 Definitions XVI-I
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ARTICLE I
Purpose
Effective as of July 1, 2000, the Weld County Board of Retirement adopted the untended
and restated Plan, as set forth herein, to continue and replace the Plan previously it effect Tl-e
Plan and Retirement Fund are intended to meet the requirements of Sections 401(a) and 501(a)
of the Internal Revenue Code of 1986, as amended (' Code").
The Plan and the separate related Retirement Fund forming a part hereof were establisaed
and shall be maintained for the exclusive benefit of the eligible einployees 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, in any way, affect tie rights of
former Employees who participated in said Plan and who either retired or otherwise terminated
their employment prior to July 1, 2000. The rights, if any, of such former Employees and l�f
their beneficiaries and the amounts of their benefits, if ally, shall continue to he 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 he Heir, or us
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 he known as the Weld Count y
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 be vested in a Retirement Board consisting of five members, one of whom shall he I he
County Treasurer, two of whom shall be nonelected County employees, and two of whom ;hall
be registered electors of the County not connected with County government, to he appointed by
the Board of County Commissioners of Weld Count). Such Board of Retirement ,hall by :ts
own rules establish staggered four-year teens and its Board members and their successors sha I
he 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 he 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. I
of the Plan, expressed in the form of a monthly life annuity with a rninimunt 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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(h) "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 he received under different manners of payment
based on interest rate and mortality assumptions as defied 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 for single-sum payments.
Effective for the calendar year beginning on January 1, 1984, and for each
calendar year following sequentially thereafter, the interest rate used for
purposes of computing single-sum payments shall be the immediate
annuity rate (subject to adjustment as required for deferred annuities; used
by the Pension Benefit Guaranty Corporation as of the January 1
coincident with or preceding the date as of which the amount of the
alternative form of benefit is being determined hereunder.
(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, 50'4
female, taken from the 1994 Group Annuity Mortality Tahlt. Said
mortality assumption shall he 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.
(t) "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, but 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 a;
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 detenninat ion period consists of fewer than 12 montlis,
the OBRA '93 annual compensation limit will be inultiplied by a fraction, rite
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 I,
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 auto tg
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.
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(j) "Current Service" means the period of service rendered by an
Employee as a Member for which credit is allowed. Current Service will cease
when a Member's service as a full-time Employee terminates.
(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.
(1) "Effective Date of this Plan" means January I, 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 (20%) of the
County's nouhiglily compensated workforce within the meaning of Section
414(n)(1)(C)(ii) of the Code, then the term "Employee" will not include these
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 he 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.
(q) "Insurance Company" mean any insurance company :m 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 I, 1969, for which credit is allowed pursuant to
Article IV, Section 2.
(t) "Plan Year" means the calendar year.
(u) "Retired Member" means a former Member whose employment
terminated by reason of retirement or Disability and who is receiving or is emit led
to receive, or whose Beneficiary or estate is entitled to receive, benefits under this
Plan.
(v) "Retirement Benefit" means any retirement benefit provided for lu
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 Mar_
(x) "Trustee" means the trustee referred to in Article XII as may be
selected by the Retirement Board under the tenns 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 o
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 11I
Menibersliip
Section 3.1 Employees on January 1, 1969. Every Employee of Weld County or
January 1, 1969 was eligible for membership in the Plan on such date.
Every Employee of Weld County on January I, 1969 could become a Member of the Plan
on such date by properly filing with the Retirement Board prior to March I, 1969 the form of
membership agreement furnished for that propose. Any such person who did not file the form of
membership agreement prior to Mauch 1, 1969 may thereafter file such membership agreemen
and become a Member of the Plan on the first day of he month coincident with or lbltowing the
filing of such agreement hut in such event the Member shall not he given Credited Service ander
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 I, 1969. membership in the Plan shall be a
condition of employment, except as hereinafter provided, and such Member shall he required ti
complete the form of membership agreement at the time of employment, election Cr
appointment. Such Employee in Covered Employment shall become a Member or. lus 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 he
performed as a leased employee or an independent contractor shall not be eligible to participate
III-1 g.P amcelegal wed r ramec arcs st2o[
in this Plan, regardless of any classification as a common-law employee by the Internal Revenue
Service or any other governmental agency, or any court of competent jurisdiction.
Section 3.3 "Termination. Membership of any Member shall terminate if and when he
shall cease to he an Employee, as defined herein, for any reason, except as provided in
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 he 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 he the only service on the basis of
which benefits under this Plan shall be determined. The Credited Service of a Mtmther slain he
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 I, 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.
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Credited Service shall not include any period of time during which the Member is on in'
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 be included as Credited Service.
Section 4.5 Breaks in Service. A Member shall incur a Break in Service if his service
as an Employee terminates and lie does not return to service as an Employee withir twelve 12
mouths 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 shill
he considered a break in service. The Retirement Board shall have the power to determine whci�
a Break in Service shall have occurred, and such determination shall he made in a
nondiscriminatory manner. However, the following shall not be considered as a Break iii
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 cif
absence.
(c) Effective December 12. 1994, a leave of absence on account
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 ruler
(i.e., 14 days for a leave of less than 181 days, 90 clays 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 t 12)
months of rehire, any amounts received because of his prior termination with interest pursuant to
Section 2.2(h) from the date received to the date of repayment, the prior Credited Service for
which such amounts were received shall be restored.
Section 4.6 Reemployment of Retired Members. If a Retired Member is reemployed
by the County as a full-time Employee, no retirement payments shall be made during the lien id
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 his reemployment and in the
case of a disabled Member, his Credited Service while disabled. In the case of reemployment of
a Retired Member who received any retirement payments prior to his reemployment, the
Retirement Benefit payable upon his subsequent Retirement shall he reduced by the Actuarial
Equivalent of the payments, other than Disability Pension payments, he received.
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Section 4.7 Purchase of Service Credit Relating to Noncovered Employment.
(a) A Member may purchase up to ten (10) years of service credit for
any period of full-time, nonvested prey ious employment with any public Ca
private employer in the United States or its territories, subject to the following
conditions:
(l) 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 prev row:
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 he
purchased has not vested with that program: and
(5) The Board shall establish appropriate rules by which a
Member may purchase service credit where certification cannot he
obtained, such as an employer no longer being in existence.
(b) One month of service credit may he purchased for each full mont
of hill-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.
(d) For purposes of the refund of his Accumulated Contributions tot 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 m the
following manner at the election of the Member:
(1) Up to five (5) years of service credit may he 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 ::;1
1996. Service credit purchased by lump-sum payment shall be credited to r
the Member upon receipt of such lump-sum payment
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however, in the event such lump-sum payment would violate the
limitation of Section 415 of the Code, the Member shall instead make
installment payments, using after-tax contributions, over the shortest
period of time possible to avoid violation of such limitation. The Member
shall not he charged interest on installment payments which are made
under this Section 4.7(e)(1). Service credit purchased by installment
payments under this Section 4.7(e)(1) shall he credited to the Member in
prorated increments as each installment payment is received. After
installment payments are completed, they may not be withdrawn.
Service credit purchase; made under this Section 4.7(e)(1) shall be
subject to the following:
tA) The cost to purchase one month of service credit Hr.
noncovered employment shall be 9(4, of monthly Compensation,
determined as of October 1, 1996.
B) A separate contribution account shall he established
for each Member who elects to make a service credit purchase
under this Section 4.7(e)(1). The lump sum payment and/or the
installment payments shall be credited to this separate contributi ni
account. Interest shall he credited on the same basis as it is to the
Member's Accumulated Contributions.
IC) If a Member becomes disabled or leaves Covered
Employment prior to completion of the service credit purchase, lie
shall receive service credit only to the extent installment payments
have been made, in accordance with this Section 4.7(0(1).
(D) Upon the death of a Member prior to completion or
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)(1) at the time of his
death. Spousal consent must he obtained for any nonspouse
Beneficiary.
(E) 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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(2) 1lp to ten (10) years of service credit, or ten (10) years less
the amount of service credit otherwise purchased under Section 4.7(e)( 1 i.
may he purchased by pick-up contribution. The cost to purchase one
month of service credit by pick-up contribution shall he 9%r, of moatlily
Compensation, determined at the time each pick-up contribution is nladt
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(1) 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 he allocated to the
Member's pick-up account (described in Section 4.7(e)(2)(A)) in the saint
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
he subject to the following:
(A) A separate Member pick-up account shall he
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 it
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 he 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.
IV-6 g9pradlccevlegalveWVlnaldoc amo&rs120o0•
ARTICLE V
Contributions
Section 5. 1 Member Contributions. During his period of Current Service in the Plan
prior to January 1, 1984, every Member shall contribute to the Plan by means of payroll
deductions an amount equal to 4% of his monthly Compensation plus 2% of that portion of such
monthly Compensation which is in excess of$400.
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
Cun'ent Service in the Plan, contribute to the Plan an amount equal to 6%r of his monthly
Compensation. All such contributions after December 31, 1983, shall he picked up and p;.id by
the County as provided it 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 be allocated to the Member's Contribution Account in the same manner as if it
had been paid directly to the Plan by the Member.
No Member shall he 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.
V-1 gvpracticeAlega[wed finaldoc arn ret)oA0 loc
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 or the
Members, less any benefit payments payable pursuant to the County's qualified governmental
excess benefit arrangement as provided by Section d 15(n) of the Code. The County expects lo
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 f ,I
diverted to, purposes other than for the exclusive benefit of Members, Retired Members, Vest:d
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 ternunaticar
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.
V-2 grpraeeceAegarerved.tinaldcc arc i&ret20.ro loo
ARTICLE VI
Retirement Dates
Section 6.1 Normal Retirement. The Nonnal Retirement Date of a Member shall he
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 at
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 worth.
(c) Rule of 75 Early Retirement: A Member shall he eligible lbr the
Rule of 75 Early Retirement as of the first day of any calendar month if Iris
employment terminates after he has attained the age of 55 and the sum of Iris 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 bey' rid
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 Men fiber'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 70r/ or (b) retires.
VI-1 g pracliceAegal,we•dlinaltlocau,V.rst20Y.0i
6.4 Disability Retirement. If it is established by the Retirement Board that a Memhet
is disabled, as defined herein, then such Member shall be eligible for a Disability Retirement
Benefit. The Disability Retirement Date shall he 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 dale 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 he entitled to
receive, commencing on the first day of a month following his Norval 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 be 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).
VI-2 g0pram,aevegaiweI,nnnamocamexrsiao(,, i,x.
Section 6.5 Retirement Date. A Member's "Retirement Date" shall be his Normal
Retirement Date, his Early Retirement Date, his Delayed Retirement Date, or his Disability
Retirement Date, whichever is applicable.
VI-3 ypraotaevegaIweleo„aldocad,,,A,_Qno.)i) la
ARTICLE VII
Retirement Benefits
Section 7. Normal or Delayed Retirement. Upon retirement at or after his Normal
Retirement Date, each Retired Member shall receive a monthly Retirement Benefit for ten year
certain and life thereafter, equal to 2.75%4 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 he more than 82.5(7; 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 Earle
Retirement Date. The monthly payment shall be equal to his Vested Accrued
Benefit as of his date of retirement, as determined pursuant to Sections 7. 1 and
10.3, reduced by .002083 times the number of months by which his Early
Retirement Date precedes his Normal Retirement Date (2 1/2% per year).
(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 of75 Early Retirement Pension shall receive a monthly-
amount computed as fir a Normal Pension considering his Credited Service to time
date of his actual retirement, payable without reduction for early commencement
with payments to commence as of his Rule of 75 Early Retirement Date.
VII-1 g'creoticevegal .ar„m«r2C cin JOG
Section 7.3 Disability Retirement. A Member who is disabled, as defined herein, shall
he entitled to a Disability Retirement Benefit 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 lie retnaincd
in the employment of the County until his Normal Retirement Date. The Disability Retirement
Benefit shall he 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 he 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 he paid to any Retired Member
during or for ally period of employment subsequent to his actual Retirement Date during which
he is receiving Compensation and is considered an Employee of the County.
Section 7.5 Minimum Periodic Payment. If the amount of the monthly Retirement
Benefit payable to a Retired Member is less than $100.00, the Retirement Board, in its
discretion, may make Actuarially Equivalent Retirement Benefit payments quarterly, semi.
annually, annually or in a single sum.
Section 7.6 Accrued Credits and Vested Benefits Under the Previous Plan Preserved.
The restatement of the previous plan by this Plan shall not operate to exclude, diminish, limit .0
restrict previous plan benefits, if any, in the course of payment by the Funding Agent under said
previous plan, to any person on January 1, 1994, shall he continued by the Funding Agent under
the Funding Agreement forming a part of this Plan, in the same manner, undiminished,
preserved, and fully vested under this Plan, except as provided in Section 7.7 herein.
VII-2 gw,aenoevegal rye dnnaidocamfsest?C,o me
The eligibility for, and amount of, any benefit of any kind, payable conunencing alter
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 time to time, but not more often than annually, adjust benefit
payments to retired Members and Beneficiaries as increases and decreases occur in the Bureau of
Labor Statistics Consumer Price Index for the United States City Average li>r Urban Waae
Earners and Clerical Workers, all items. Such adjustment shall be effective as of the January 1
coincident with or following such determination by the Retirement Board. Such adjustment shall
not be construed as being retroactive to the Member's Retirement Date. The adjustments shal I
not exceed a maximum determined by multiplying die current i ninthly benefit by the percent.tge
change (to the nearest one-half of one percent) in such Average Consumer Price Index lion thit
later of: (a) October I, 1989, or (h) 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 he 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 1, [994, all
Disabled Members who have not begun receiving retirement benefits from the Plan will have
their Accrued Benefit increased by 3% for each full year the Member's date of disability
precedes January 1, 1994.
VII-3 g vp,actice'egalweld t nalldoc,and L,e@EDC foc
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 Benefit:,
provided in Article VII, elect one of the following forms of Retirement Benefits which shall he
the Actuarial Equivalent of the benefit to which he would otherwise he entitled. The Member 'u
Vested Member must make any election of an optional benefit in writing, and such election nws!
he 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 he 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% 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 Iris 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.
VIII-1 9 w,am'cevegai weld.ra,aldoo arT da rst2000
Section 8.4 Life and Term Certain Benefit. The Member may elect a Life and Term
Certain Benefit which provides an adjusted monthly Retirement Benefit payment during the
Retired Member's life, and upon his death after retirement within .5 or 15 years, as elected by the
Member, continues payments in the same amount for the balance of such term certain to a
designated Beneficiary. However, the term certain elected may not exceed the life expectancy of
the Member and his designated Beneficiary.
Section 8.5 Single Life Benefit. The Member may elect a Single Life Benefit which
provides increased monthly Retirement Benefit payments during the Retired Member's life, and,
upon his death after retirement, no additional payments will be made.
Section 8.6 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 50% 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 undct
any optional joint and survivor form of benefit, the designated Beneficiary may not he changed.
However, the designated Beneficiary may be changed after payments have commenced under the
basic form of benefit or under the optional Single Life Benefit form.
VIII-2 g?p racticevegal welch"naldocvama3's@000
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 he adjusted so that the value of the Member's benefit under the option v, itI
he equal to more than fifty percent (50%) of the value of the benefit otherwise payable to the
Me tuber.
VIII-3 g:vpramicevegahweIdfir,aidocarnrArsraouo lOC
ARTICLE IX
Death Benefits
Section 9.1 Death of all 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 he 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 :or life in an antount equal to
75%, of the Member's Accrued Benefit on his date of death. Such deatl,
benefit shall commence on the first day of the month coincident with of
following the Member's death
(h) If such Member is not married at his death, there shall he 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 conunencement 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.
(1) 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 Members death.
IX-1 e.w,adioeaegal weld finaldocamiarst20ID boo
(h) If such Vested Member is not married at his death, there shall he
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. hi 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 i f
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 he 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 fore
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 be paid in a single sum to the Beneficiary, if living, or to the estate of the last
survivor of the Member or his Beneficiary.
Section 9.6 Uniform Simultaneous Death Act. The provisions of any law of 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.
IX-2 g:ApraciceAlegalAweed linaldoc arnd.irst2C DD Inc
Section 9.7 Designation of Beneficiary. It 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 he located)
consents in writing to such designation, acknowledge s the effect of such designation and. has
such consent and acknowledgment witnessed by a Plan representative or a notary public. Suci
designation shall he made on the firm furnished by the Retirement Board, and may at and imc:
and from time to tune he 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 he effective unless and until filed with the Retirement Board.
IX-3 9.,pr actce,leg,,Fwefd finaldno arrv11.rst2o'0 loo
ARTICLE X
Severance Benefits
Section 10. 1 Coverage. Benefits shall be paid to a Member under this Article if las
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 be a refund of his
Accumulated Contributions as of the date of such termination. The Accumulated Contributions
shall he refunded to the Member in not less than 30 clays or more than 90 days after the
Member's last date of employment, unless the Member waives the 30 day period pursuant i_o
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 ol Credited Service, he may elect
either (a) to leave his Accumulated Contributions on deposit in the Fund and become a Vested
Member, or (h) to receive, in lieu of all other benefits, a refund of his Accumulated
Contributions. If such a Member fails to elect either (a) or (h) within 90 days after the date of
termination, he shall he deemed to have elected to leave his Accumulated Contributions on
deposit and to become a Vested Member. A Vested Member shall be entitled to a deferred
Retirement Benefit which shall be the vested portion (as shown iii the following table) of lus
Accrued Benefit on the date of the termination.
X-1 9'practice Vegarwe d f'oxmoc ernj.,rst21 Jo hoc
Completed Years Percent of Accrued
Of Credited Service Benefit Vested
Less than 5 0%
or inure 100%
Such deferred Retirement Benefit shall he payable at the Vested Member's Normal Retirement
Date.
If the deferred Retirement Benefit to which a Vested Member will he entitled at his
Normal Retirement Date is less than $100 per month, the Retirement Board, in its discretion mac
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 shall he in lieu of all
monthly benefit payments.
A Vested Member may elect, at any time prior to his Normal Retirement Date, to receive, in
lieu of all other benefits, a refund of his Accumulated Contributions as of the date of the refund.
In lieu of receiving the deferred Retirement Benefit upon his Normal Retirement Date,
the Vested Member may elect to receive a reduced Retirement Benefit beginning upon the firs[
of any month subsequent to his attainment of age 55. The reduction shall he 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 he required.
X-2 g.,pramlcevegel,wehf"aimcaniaaretzom lac
ARTICLE XI
Administration of Plan
Section 11.1 Retirement Board. The management of the retirement system shall he
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 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 protect k n
of the Funds.
(h) To interpret the provisions of the Plan and to determine any and all
questions arising under the Plan or in connection with the administration ation there(if
A record of such action and all other matters properly coming before the Board
shall he kept and preserved.
(c) To determine all considerations affecting the eligibility of any
employee to he or become a Member of the Plan.
(d) To determine the amount of the Member's contributions to be
withheld by the County in accordance with the Plan and to maintain such records
of Accumulated Contributions as are necessary under the Plan.
(e) To determine the Credited Service of any Member and to compute
the amount of Retirement Benefit, or other sumo, payable under the Plan to any
person.
(t) To authorize and direct all disbursements of Retirement Benefits
and other benefits under the Plan and payment of Plan expenses.
X1-1 9 w,acticelegalwe'tl finaldoc urn l.rs120J0 !on
(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
Plait, and, with the advice of the actuary, to determine the liabilities of the Plan-
(i) To create reserves from such assets tin 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 Termination. The Retirement Board shall hacc
the powers set Ibrth 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 he conclusive and binding upon any
and all employees, officers, former employees and officers, Members, Retired Members, Vested
Members, their Beneficiaries, heirs, distrihutees, personal representatives, administrators and
assigns and upon all other persons whomsoever. Neither the establishment of this Plan nor ar y
modifications thereof or any action taken thereunder or any omission to act, by the Retiremerr.
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.
XI-2 g+praclice.egaIrweld,nnatrlocan i&rnt'{IC iDC
ARTICLE XII
Method of Funding
Section 12 1 Funding. The Retirement Board shall contract with an insurance
company, a trustee or such other funding vehicle, as authorized by Colorado law to hold and
invest the Retirement Fund. The Retirement Board shall have the power to change such funding
at any time upon notice required by the terms of the Funding Agreement.
Section 12.2 Assets. All of the assets of the Plan shall be held by the Funding Agent
acting under a Funding Agreement for use in providing the benefits under the plan. No part c
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 'he
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 rot he limited to the following:
(a) It shall receive from the County, the County's and the Members
contributions to the Fund herein established.
(b) It shall receive all of the income from the Fund
(c) It shall pay out of the Fund, upon written instructions from the
Retirement Board, the funds required for payments under the Plan.
XII-1 g:'prac',ce'egoVweid 'naldocarn
(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 ieports thereof, as may be required from [line
to time by the Retirement Board.
Section 12.4 Investment Powers. The investment of the corpus of the Fund shall he
made according to the powers and limitations set forth in the Funding Agreement. Such
investment shall be in accordance with Colorado Revised Statutes.
XII-2 g practicev egnI veld finaldoL.am i&rst:n tic mc
ARTICLE XIII
Retirement Benefit and Rights 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 01 interest under the Plan. and any attempt to anticipate,
assign, pledge, or otherwise dispose of the saute shall he void. Said Retirement Benefit,
prospective Retirement Benefit and the rights and interests of said Members, Retired Meinhet s,
Vested Members or Beneficiaries shall not at any time he subject to the claims of creditors or
liabilities or torts of said Members, Retired Members, Vested Members or Beneficiaries, nor he
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.
X III—I gdpracM1oe'egalAweltlflnaldocramd&rsteOOC doc
ARTICLE XIV
Modification or Termination of Plan
Section 14. I 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 he
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 he 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 Cody_. The Plan is intended to
comply with the requirements of the applicable provisions of Section 401(a) of the Code as nr v
in effect or hereafter amended, and any modification or amendment of the Plan may he made
retroactive, as necessary or appropriate, to establish and maintain such compliance.
XIV-1 9Tract eiega!,welefinaIdooa ndst2C,
Sectiion 14.4 Discontinuance. The County Commissioners reserve the right at any time
and for any reason to discontinue permanently all contributions by the County under this Plan
Such discontinuance shall he deemed to he a complete termination of the Plan.
Section 14.5 Termination. In the event of a partial or complete termination of the Plain,
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 Accumulated Contributions which would
he payable to the Members, Retired Members, Vested Members or Beneficiaries
she uld their deaths occur on the date of the termination of the Plan.
(h) An ainount 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 he 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 he withdrawn by the
Retirement Board from the Fund for the account of the County.
XIV-2 9w,ao''oe'egalvweldl[naldooa'n]Rrspin0 roc
ARTICLE XV
Limitations
Section 15. I Limitation of Benefits. Notwithstanding any other provision contained
herein to the contrary, the benefits payable to an Employee from this Plan provided by EmploNei
contributions (including purchase of service credit contributions picked up by the County under
Section 4.7 and Member contributions picked up by the Employer under Section 5. I), shall he
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) 590,000 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 1 or 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 fi r
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:
XV-1 gfpracticeVegalweldtinaldoc am0&rsr20u0. DC
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 ar
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(b) of the Code (whether or not the
amounts are actually excludable from the gross income of the
Employee).
The foregoing limitations shall not he applicable with respect to
any Member whose annual pension under this Plan is less than $10,00(` 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 ,1
Plan participation (or part thereof), 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, be applied separately to each change iii
the benefit structure hereunder. Effective for calendar years beginning .)11
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 be
reduced by multiplying each by a fraction, the numerator of which is the
number of such Participant's years of Credited Service tor pat theteohl.
but never less than one (1), and the denominator of which is ten (10). Fir
calendar years beginning on acid 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 amour s
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 be
applied to such adjusted anoult. If payment commences before age 62.
XV-2 g'racticevIogalrweldfineldoc arnnA rst1. 0 'oo
the foregoing limitations shall be reduced so that they are actuarially
equivalent to such a benefit commencing at age 62. However, the
reduction of this paragraph shall not reduce the limitation below $75,000.
if payment commences after age 55, or below the actuarial equivalent o
$75,000 commencing at age 55, if payment commences before age 55. It
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 be less thin
5% annually if benefits commence before age 62 and shall not exceed 514
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 he the rate specified in the Plan in effect at
that time. Effective for calendar years beginning on or after January I,
2000, the actuarial equivalent adjustments in this Section shall he
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 !s
being determined.
In no event shall a Member's maximum annual pension allowable
under this section be 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 3
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).
(h) Defined Benefit and Defined Contribution Plans: Effective as of
January 1, 2000, the limitations set forth in this subsection (h) 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 .0
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
140% of the percentage limitation under Section 415(h)(1)(13) of the Code for the
year of determination taking pinto account the effect of Section 235(g)(4 i )f the
XV—3 g."{naceceAlegalwvelcillnaltloc an ai8nslo n roe
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 sun
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 calendai
years ending prior to January I, 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 annual pension that can be paid to such
Member under paragraph (a) of this Section, than the amount of the maximum
annual pension that can he paid to such Member under paragraph (I) of this
section, shall he 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 Merger. The Plan shall not be merged or consolidated
with, nor shall any assets or liabilities he 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.
XV-4 g w,acmeueganweia.f,namoc an,dsrst20,5o,oc
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
Distrihutee's election under this Article, a Distrihutee may elect, at the time and in the planner
prescribed by the Retirement Board, to have any portion of an Eligible Rollover Distribution
which exceeds 5200 paid directly to an Eligible Retirement Plan specified by the Distrihutee in a
Direct Rollover, If a Distrihutee'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) "Eligible 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
Distrihutee or the joint lives (or joint life expectancies) of the Distrihutee and tilt
Distrihutee's designated Beneficiary, or for a specified period of ten years or
more; any distribution to the extent such distribution is required under Section
401(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).
(h) "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
Distrihutee's Eligible Rollover Distribution. However, in the case of an Eligih
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.
XVl—I gapram.oegegaFweidtnaidoca,n.larstc( )O goo
(c) "Distrihutee": 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 in
Conner spouse.
(d) "Direct Rollover": A Direct Rollover is a payment by the Plan it
one Eligible Retirement Plan specified by the Distributee.
(e) Waiver of 30 Day Notice. If a distribution is payable millet
Section 7.5, Article IX, or Article X., such distribution may commence less than
thirty (30) days after the notice requited under Section 4.11(a)-1 I(c) of the
Income Tax Regulations is given, provided that:
(1) the Retirement Board informs the Distributee that the
Distrihutee 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 distrihut,on
(and, if applicable, a particular distribution option), and
(2) the Distributee, after receiving the notice, affirmatively
elects a distribution.
XVI-2 e'pracnceoegaiweid.nnaldoca-nasr.stet,'( Inc
The foregoing Weld County Retirement Plan As Amended and Restated Effective Jul\
1, 2000) as submitted by the County Board of Retirement was duly approved by the folhnving on
J
the_i 1s day of eM4 ,
W. LD COUNTY., BOARD QF RETIREMENT
I
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