HomeMy WebLinkAbout870722.tiff RESOLUTION
RE: APPROVAL OF AMENDMENT NO. TWO TO THE WELD COUNTY RETIREMENT
PLAN, AS RESTATED EFFECTIVE 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, 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
affective July 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 , 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 1986 , 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 is , amended to reflect Amendment
No. Two contained in the Resolution of the Weld County Board of
Retirement which amendment was passed on July 21 , 1987 , by action
of that Board, a copy of said amendment is attached hereto and
incorporated herein by reference.
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�" '1� [S? „ ) 870722
Page 2
RE: AMENDMENT NO. 2 - RETIREMENT PLAN
The above and foregoing Resolution was , on motion duly made
and seconded, adopted by the following vote on the 22nd day of
July, A.D. , 1987 .
BOARD OF COUNTY COMMISSIONERS
ATTEST: at..44.4Ci.tvtot_hr✓ WELD CO TY LO DO
Weld County dierk and Recorder
and Clerk to the Board Go d-' C'. Lac , airman
BY: about /.l it C.W. irby, Pro-T7[i
Deputy County lerk
APPROVED- AS TO FORM: ene R. Bra tner
C^MVL O G 'ct J J h s
County Attorney
Frank Yamaguchi
870722
CERTIFICATE
Weld County
1, 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. Two
of the Weld County Retirement Plan was adopted by Resolution of the Weld
County Board of Retirement on 21st day of July , 19 87
I further certify that the Resolution and Amendment No. Two 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 22nd day of July,
19 87 .
(SEAL)
State of Colorado j Mall (�'/ivvv�T-�-
QK in/
ss.
County of Weld )
County C erk
By e1N'u-ti
AMENDMENT NO. TWO
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 July 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 1986, as amended, 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;
NOW, THEREFORE BE IT RESOLVED THAT the Plan be, and hereby, is amended as
follows:
1. Amend Section 1.2(j) in its entirety as follows:
(j) "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.
2. Amend Section 6.4 by replacing the second paragraph with the following to
read as follows:
Payment of a Disability Retirement Benefit shall commence as of the
first day of the month 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.
(AMENDMENT NO. TWO)
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870722
3. Amend Section 7.3 in its entirety to read as follows:
Section 7.3 Disability Retirement. A Member who is Disabled, as
defined herein, shall be 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 (including the period of his
Disability) . The Disability Retirement Benefit shall be payable in
accordance with Section 7.1.
4. Amend Article VII by adding a new Section 7.8:
Section 7.8 Increased Benefits for Retired Members. Terminated
Vested Members and Beneficiaries as of July 1. 1987. Effective July 1,
1987, the monthly benefit to Retired Members and Beneficiaries whose
payments commenced prior to July 1, 1987, and the Vested Accrued Benefits
of Vested Members who terminated employment prior to July 1, 1987, but
whose payments have not commenced, shall be increased by the greater
of 5%, or $5.00 per month.
The foregoing resolution was, upon duly made and seconded, adopted by the
Weld County Board of Retirement, at Greeley, Colorado, on the (-2 / day
of � j/tip, , 19e'' ').
ATTEST: WELD COUNTY BOARD OF RETIREMENT
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(AMENDMENT NO. TWO)
268p
870722
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