HomeMy WebLinkAbout890253.tiff RESOLUTION
RE : APPROVAL OF AMENDMENT TO THE WELD COUNTY 401 (K) PLAN AND
AUTHORIZE CHAIRMAN TO SIGN
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 , a change is required to comply with the Tax Reform
Act of 1986 by adoption of Model Amendment No . 1 , pursuant to
I .R.S . Notice 88-131 , and
WHEREAS, the Board has been presented with the required
Amendment, a copy of which is attached hereto and incorporated
herein by reference .
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County, Colorado , that the aforementioned
Amendment to the 401 (K) Savings Plan , be and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chairman be , and
hereby is, authorized to sign said Amendment.
The above and foregoing Resolution was , on motion duly made
and seconded, adopted by the following vote on the 15th day of
March, A.D. , 1989 .
0/14 ti • ' BOARD OF COUNTY COMMISSIONERS
ATTEST: ° �� WELD COUNTY, COLORADO
T
Weld County Clerk and Recorder li 2A,/"•G
and Clerk to the Board C.W. Kirby, Chairman
B . D ufl 1 c-ct' t ( C�)-.e.[�J
�a u e o ns Pro-Tem
P Y Y tr iGY
APPROVED AS TO FORM: ene R. Brantner
�
. George Kenn ; ,y
1'2,,-. ( 4 c-.. Z_ L
founty Attorney //f1r vr God Last), ',
-Pc_ c'r I 890253
CGS1767 _ 66-383
WELD COUNTY 401(K) SAVINGS PLAN
Funded Under GA 66947
CHANGE TO COMPLY WITH THE TAX REFORM ACT OF 1986,
THE OMNIBUS RECONCILIATION ACT OF 1986 AND
THE OMNIBUS RECONCILIATION ACT OF 1987 (COLLECTIVELY, TRA '86)
BY ADOPTION OF MODEL AMENDMENT NO. 1 PURSUANT TO I.R.S. NOTICE 88-131
The Plan described above gives the undersigned the right to amend or change
it at any time. According to that right, the Plan is changed by adopting
the Model Amendment set forth below, effective as of the later of the
date this amendment is adopted or the last day of the last Plan Year
beginning before January 1, 1989.
"In addition to other applicable limitations which may be set
forth in the plan and notwithstandng any other contrary provision of
the plan, compensation taken into account under the plan shall not
exceed $200,000, adjusted for changes in the cost of living as
provided in section 415(d) of the Internal Revenue Code, for the
purpose of calculating a plan participant' s accrued benefit. (including
the right to any optional benefit provided under the plan) for any
plan year commencing after December 31, 1968. However, the accrued
benefit determined in accordance with this provision shall not be less
than the accrued benefit determined on the later of the date this
amendment is adopted or the last day of the last plan year beginning
before January 1, 1989, without regard to this provision.
"Notwithstanding the preceding sentence, the accrued benefit of
any plan participant who is a highly compensated employee, within the
meaning of section 414(q) of the Code, is reduced to the extent a
benefit has accrued with respect to compensation in excess of $200,000
during the 1989 plan year before the later of the adoption or
effective date of this provision."
The second paragraph is not adopted if the effective date of this amendment
is after May 31, 1989.
Executed this 15th day of March , 1989.
For the EMPLOYER
By r
Title Chairman _Board of Weld County Commissioners
ATTEST: *7977 t�'A �
,.$Y: LB/
De uty County Clerk
890253
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