HomeMy WebLinkAbout871583.tiff RESOLUTION
RE: APPROVE AMENDMENT NO. THREE 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 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 , 1988 , 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 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. Three contained in the Resolution of the Weld County Board of
Retirement which amendment was passed on December 15 , 1987, by
action of the Weld County Board of Retirement, a copy of said
amendment is attached hereto and incorporated herein by reference.
BE IT FURTHER. RESOLVED by the Board that the Chairman be, and
hereby is, authorized to sign said Amendment.
871583
Page 2
RE: AMENDMENT NO. THREE - RETIREMENT PLAN
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 23rd day of
December, A.D. , 1987.
/ /61,440:44/1_44,4,6 q BOARD OF COUNTY COMMISSIONERS
ATTEST: ` gf � WELD COUNTY, COLORADO
Weld County erk and Recorder EXCUSED
and Clerk to the Board Gordon E.
Lacy, Chairman
BY: 7/ E C.W Kirby, Pr -Tom
Deputy(County 'Zerk
EXCUSED
APPROVED AS TO FORM: Gene R. Brantner
VJ. .=ue e Jo ns p
4-,4 County Attorney
Frank Yamaguchi
871583
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. Three of the Weld County Retirement Plan was
adopted by Resolution of the Weld County Board of Retirement on
the 15th day of December, 1987.
I further certify that the Resolution and Amendment No. Three
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 23rd day of
December, 1987.
STATE OF COLORADO )
ss.. $.-
COUNTY OF WELD ) g /1 -
c/e�p c# ' Irene L'L.�fi°L,94, .,..
Weld County Clerk and Recorder
and Clerk to the Bid
By: 721,,/l!/�
Deputy ;County C , `k
871583
AMENDMENT NO. THREE
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, 1988; 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. Restate subsection (d) of Section 2.3 in its entirety to read:
(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. If the Member or Vested Member is
married and designates any person other than his spouse as the
Beneficiary for any death benefit, such designation will not become
effective unless his spouse (if he has a spouse who can be located)
consents in writing to such designation, acknowledges the effect of such
designation and has such consent and acknowledgment witnessed by a Plan
representative or a notary public. Such designation shall be made on the
form furnished by the Retirement Board, and may be changed or revoked at
any time without notice to the Beneficiary or Beneficiaries (except as
required with respect to the Member's spouse under the preceding
sentence), and shall not be effective unless and until filed with the
Retirement Board.
2. Amend Sections 4.6 and 6.3 by adding a final sentence to each to read:
(AMENDMENT NO. THREE) 871583
However, notwithstanding any provision of this or any other section of
the Plan to the contrary, Retirement Benefits shall commence not later
than April 1 of the calendar year following the calendar year in which
the Member attains age 70 1/2.
3. Amend Section 7.1 by substituting "2.2%" for "2.1%."
4. Amend Section 7.4 by adding a final sentence to read:
However, notwithstanding any provision of this or any other section of
the Plan to the contrary, Retirement Benefits shall commence not later
than April 1 of the calendar year following the calendar year in which
the Member attains age 70 1/2.
5. Amend Section 8.6 by adding at the beginning of the first sentence the
words, "Subject to the provisions of Section 8.7 hereof,".
6. Amend Section 8.7 in its entirety to read:
Section 8.7 Restrictions on Election of Optional Benefits. Any
optional benefit elected hereunder (other than a Joint and Survivor
Benefit option with the Member's spouse) shall, if necessary, be adjusted
so that the value of the Member's benefit under the option will be equal
to more than 50% of the value of the total benefit payable to the Member
and his Beneficiary. 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 be 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 be returned to the Retirement Board within the 90
days prior to the Member's benefit commencement date. If the Member
files another election form, after the earlier form and prior to his
benefit commencement date, the earlier form shall be deemed annulled.
Once benefit payments have commenced under any optional joint and
survivor form of benefit, the designated Beneficiary may not be changed.
However, the designated Beneficiary may be changed after payments have
commenced under the basic form of benefit or under the Single Life
Benefit optional form.
7. Amend Section 11.2 by adding subsection (j) and restating subsection (f)
in its entirety to read:
(f) To authorize and direct all disbursements of Retirement
Benefits and other benefits under the Plan and payment of Plan expenses.
(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.
(AMENDMENT NO. THREE)
277p
871583
8. Amend Article XI by deleting the final paragraph of Section 11.3 in its
entirety.
9. Amend Section 14.6 by substituting "and" for "provide that" in the first
sentence.
10. Amend the last sentence of the paragraph following Section 16.1(1)(b)(ii)
to read:
In the event that a Member has been credited with less than ten years of
Credited Service, the maximum annual Pension allowable under this Section
shall be reduced by multiplying such maximum annual Pension by a frac-
tion, the numerator of which is the number of such Member's years of
Vesting Service, but never less than one, and the denominator of which is
ten. This paragraph shall, to the extent required by the Secretary of
the Treasury, be applied separately to each change in benefit accrual
rate hereunder.
11. Amend Section 16.1 further by adding a final paragraph to Section 16.1(1)
to read:
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 Code Section 415 limitations then in
effect as of December 31, 1982, or as of December 31, 1986, whichever is
greater (disregarding any plan changes or cost-of-living adjustments
occurring after July 1, 1982, as to the 1982 accrued amount, and May 5,
1986, as to the 1986 accrued amount).
The foregoing resolution was, upon motion duly made and seconded, adopted
by the Weld County
Board of Retirement, at Greeley, Colorado, on the /5—
day of ar 1 , 19C
ATTEST: WELD COUNTY BOARD OF RETIREMENT
By C
(AMENDMENT NO. THREE) 871583
277p
Hello