HomeMy WebLinkAbout861169.tiff RESOLUTION
Re: Approval of the Weld County Board of Retirement Amendment No. One to the
Weld County Retirement Plan as restated January 1 , 1984.
WHEREAS, the Board of County Commissioners of Weld County, Colorado
pursuant to Colorado Statute and the Weld County Home Rule Charter, is vested
with the authority of administering the affairs of Weld County, Colorado; and
WHEREAS, the Weld County Retirement Plan (the "Plan") has heretofore been
created by Resolution of the Weld County Board of Retirement, and the Board of
County Commissioners of Weld County, Colorado; and
WHEREAS, the actuaries for the aforesaid Plan have approved the Amendment
which is believed to be in the best interest of the present and future Members
of the Plan, said Amendment to be effective January 1, 1987; and
WHEREAS, Section 11.3 permits the Plan to be amended by the Weld County
Board of Retirement with the approval of the Board of County Commissioners of
Weld County; and
WHEREAS, said Amendment is believed to be nondiscriminatory and in
conformance with Section 401(a) and other applicable portions of the Internal
Revenue Code of 1954, as amended;
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Weld County Retirement Plan be, and hereby
amended to reflect the Amendment contained in the Resolution of the Weld
County Board of Retirement which amendment was passed on October 28, 1986,by
action of the Weld County Board of Retirement, a copy of said Amendment is
attached hereto and incorporated herein by reference.
(AMENDMENT NO. ONE)
226p: 2
861169
The foregoing resolution was, upon duly made and seconded, adopted by the
Board of County Commissioners of Weld County, Colorado, on the 10th day
of December 1986.
/
ATTESTQ . ( ,.,,,�`"i?aAAn.o�('!mi BOARD OF COUNTY COMMISSIONERS OF
WELD COUNTY, COLORADO
j////
^n
(AMENDMENT NO. ONE) .
226p:3
RESOLUTION OF THE WELD COUNTY BOARD OF RETIREMENT
AMENDING THE WELD COUNTY RETIREMENT PLAN
WHEREAS, The Weld County Retirement Plan has heretofore been created by
resolution of the Weld County Board of Retirement; and
WHEREAS, the actuaries for the aforesaid Plan have approved amendments
which are believed to be in the best interest of the present and future
Members of the Plan, such amendments to be effective on January 1, 1987; and
WHEREAS, all of said amendments are believed to be nondiscriminatory and
in conformance with Section 401(a) and other applicable provisions of the
Internal Revenue Code of 1954, as amended, and
WHEREAS, Section 11.3 permits the Plan to be amended by the Weld County
Board of Retirement;
NOW, THEREFORE BE IT RESOLVED THAT the Weld County Retirement Plan be, and
hereby, is amended as follows :
1. Amend Section 5. 1 in its entirety to read :
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 Current Service in the
Plan, contribute to the Plan an amount equal to 6% 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
Internal Revenue Code with the Member' s gross income being reduced by the
amount of the contributions picked up by the County.
For purposes of the Plan, the Member' s contribution picked up by the
County under this Section 5. 1 shall be allocated to the Member' s
Contribution Account in the same manner as if it had been paid directly to
the Plan by the Member.
(AMENDMENT NO. ONE)
226p:4
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.
2. Amend Section 6.2 by adding the following Subsection (c) :
(c) Rule of 80 Early Retirement : A Member shall be eligible for the
Rule of 80 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 80 or more.
3. Amend Section 7.1 by substituting "2. 1%" for "2%."
4. Amend Section 7.2 by adding the following Subsection (c) :
(c) Rule of 80 Early Retirement : A Member who meets the requirements
for a Rule of 80 Early Retirement Pension shall receive a monthly amount
computed as for 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 80 Early
Retirement Date.
The foregoing Resolution as submitted by the Weld County Board of
-/
A
Retirement was duly approved on this ?Si,a day of . -�l�,�r���j' / - >
1986.
ATTEST: WELD COUNTY BOARD OF RETIREMENT
/ > /
4
(AMENDMENT NO. ONE) •
rM
226p:5
CERTIFICATE
Weld County
I, Mary Ann Feuerstein , County Clerk and Ex-Officio Clerk of the
Board of County Commissioners in and for the County of Weld, State of
Colorado, do hereby certify that a true and correct copy of Amendment No. One
of the Weld County Retirement Plan was adopted by Resolution of the Weld
County Board of Retirement on the 28th day of October , 1986.
I further certify that the Resolution and Amendment No. One of the Weld
County Board of Retirement was duly adopted by Resolution of the Weld County
Board of County Commissioners and that the attached Resolution is a true copy
from the records of the proceedings of the Board of County Commissioners of
said Weld County, now in my office.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
said County, at Greeley, Colorado this 10th day of December
1986.
(SEAL)
State of Colorado )
) ss. a..,.,
i/
County of Weld ) j/-•-`*4..;•
County Clerk°
Depaty County Clerk
(AMENDMENT NO. ONE) ^.
226p: 1
Hello