HomeMy WebLinkAbout860911.tiff RESOLUTION
RE: APPROVAL OF AMENDMENTS TO THE WELD COUNTY 401K SAVINGS PLAN
AND AUTHORIZATION FOR THE CHAIRMAN TO SIGN SAME
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado, and
WHEREAS, the Board of County Commissioners of Weld County
approved a 401 (K) Savings Plan on October 29 , 1984 , to be
effective January 1 , 1985 , and
WHEREAS, the 401 (K) Savings Plan was submitted to the
Internal Revenue Service for a determination letter, and
WHEREAS, the Internal Revenue Service indicated in a letter
dated September 12, 1986 that in order to process Weld County' s
request, certain amendments to the 401 (K) Savings Plan , being
attached hereto and incorporated herein by reference, must be
made, and
WHEREAS, staff has made said amendments and recommends the
Board' s approval of said amendments.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County, Colorado, that the aforementioned
amendments to the 401 (K) Savings Plan be, and hereby are,
approved.
BE IT FURTHER RESOLVED by the Board of County Commissioners
that the Chairman be, and hereby is , authorized to sign same.
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 22nd day of
September, A.D. , 1986 .
/� w / BOARD OF COUNTY COMMISSIONERS
(tt ATTEST . 4CAit" tin! WELD COUNTY, COLORADO
Weld County Clerk and Recorder \, • \,�, ,,� due
and Clerk to the Board Ja qu n-o Chairman
• iYtce Go • . ':`a:, ac'+', f•.-Tem
D uty County lerk
APPRO ED TO FORM: G6 R., Bra tner
County Attorney
Fran Yamagu T
AMENDMENTS TO WELD COUNTY, COLORADO
401 (K) SAVINGS PLAN
The following are adopted amendments to the Weld County, Colorado 401 (K)
Savings Plan formally adopted October 29, 1984, that became effective
January 1, 1985.
Amendment to Section 1.02 -- PERIOD OF SEVERANCE:
The following is added to the last paragraph under definition of
"Period of Severance":
"A vested participant, or a non-vested participant whose prior
service cannot be disregarded under IRC410(a) (5) , will participate
immediately on his re-employment commencement date."
Amendment to Section 6 -- OPTIONAL FORMS OF DISTRIBUTION:
The following sentence is added to the end of the first sentence of
Section 6.02, OPTIONAL FORMS OF DISTRIBUTION:
"A vested participant who retires may elect not to take joint and
survivor annuity only with the spouse's consent."
Amendment to Article VII -- TERMINATION OF PLAN:
The following paragraph is added after the end of the last current
paragraph:
"In the case of a merger or consolidation with, or transfer of
assets or liabilities to, any other plan, each participant shall
(if the plan is terminated) receive a benefit immediately after
the merger or consolidation, which is equal to or greater than the
benefit he or she was entitled to immediately before the merger or
consolidation, as if the plan had not been terminated."
Amendment to Section 3.04(b) -- SALARY DEFERRAL LIMITATION:
The last paragraph of Section 3.04(b) , which reads as follows, is
hereby deleted:
"If one of the above tests is not met for any Plan Year,
Contributions for Highly Compensated Employees shall be limited on
a nondiscriminatory basis until one of the tests is met. Unless
such Employee elects to receive these Contributions in a single
sum, they will be considered Voluntary Contributions according to
the provisions in the VOLUNTARY CONTRIBUTIONS SECTION of Article
III. However, if such limited Contributions and Voluntary
Contributions in combination would be more than the amount of
Voluntary Contributions permitted under this Plan, the excess
limited Contributions shall be returned to such Employee in a
single sum."
Amendment to Section 5.03 -- RETIREMENT BENEFITS:
The fourth paragraph of Section 5.03, which reads as follows, is hereby
deleted:
"A Participant must elect and receive any distribution of his
Vested Account before he again becomes an Employee."
The above and foregoing amendments are hereby approved by the Board of Weld
County Commissioners, effective upon execution.
Executed this 22nd day of September, 1986.
WELD COUNTY
BY.
Ch irma Board f eld
// my Commissioners
ATTEST:11/4-mi ��)J lIw.v&*4A v
Weld County Clerk and Recorder
and Clerk to the Board
(
B, C71Li Lc c A_a)
D uty County Cler
By executing this Plan, the Primary Employer acknowledges having
counseled to the extent necessary with selected legal and tax advisors
regarding the Plan's legal and tax implications.
Executed this 29th day of October, 1984.
WELD COUNTY
BY.
Cha rman Board f eld
�� ty Commission s
ATTEST: yy4t4. Q
Weld County Clerk and Recorder
and Clerk to the Board
jJ
By 47�1�u.vJ
De uty County Cler
PLAN EXECUTION 39 (66947)
Hello