HomeMy WebLinkAbout851360.tiff 3 er
RESOLUTION
RE: DEFERRED COMPENSATION PLAN
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, on September 26 , 1983 , the Board of County
Commissioners approved National Plan Coordinators (NPC) as the
Deferred Compensation Plan Administrator, Masoud Sharazi as
Broker, and the investment medias of Great West, Empire Savings,
and Compass-MFS, and
WHEREAS, the Deferred Compensation Program was coordinated
with the State of Colorado' s Deferred Compensation Program, and
WHEREAS, the State of Colorado' s cancellation of the NPC
plan administrator' s contract has adversely impacted Weld
County, and
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WHEREAS, the Director of Finance and Administration and the
Deferred Compensation Board has arranged to administer the
Deferred Compensation Plan dealing directly with the broker and
Great West funding media, and
WHEREAS, a revised Deferred Compensation Plan, in
accordance with Internal Revenue Service Section 457 , has been
prepared for submission to the Internal Revenue Service.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County that the Chairman is hereby
authorized to sign the revised Deferred Compensation Plan and
said plan is hereby authorized to be submitted to the Internal
Revenue Service.
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The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 23rd day of
January, A.D. , 1985.
�] . /J �/ .} BOARD OF COUNTY COMMISSIONERS
ATTESTS: �f ain. 7 e;" WELD COUNTY, COLORADO
Weld County Clerk and Recorder o .y
and Clerk to the Board J-Jnt'tc'B&S,
!ue ne Jo on, Chairman
B Pro-Tem
De uty County C rk
APPROVED AS TO FORM: C.W. Ki ?�
e9ace, a�
County Attorney
F ank Ya ' gu.''
jl
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1A
DEFERRED COMPENSATION PLAN
OF THE COUNTY OF WELD, STATE OF COLORADO
I, INTRODUCTION
In accordance with the provisions of Section 24-52-101, et.
seq. , CRS, 1973, and as provided in Section 457 of the Internal
Revenue Code of 1954, as amended, the County of Weld hereby
establishes the Deferred Compensation Plan of the County of Weld,
hereinafter referred to as the "Plan". Nothing contained in this
Plan shall be deemed to constitute an employment agreement between
any Participant and the County of Weld and nothing contained herein
shall be deemed to give a Participant any right to be retained in the
employ of the County of Weld.
II. DEFINITIONS
2.01 "Administrator" shall mean the person, persons or entity
appointed by the Employer to administer the Plan pursuant to
Section 3.02 or appointed pursuant to Section 3.05, if any,
but shall not include any company which issues policies,
contracts, or investment media to the County of Weld or in
respect of a Participant, as such.
2.02 "Beneficiary" shall mean the persons or entities designated
by a Participant pursuant to Section 5.05.
2.03 "Code" shall mean the Internal Revenue Code of 1954, as
amended, or any future United States internal revenue law.
References herein to specific section numbers shall be deemed
to refer to Treasury regulations thereunder and to
corresponding provisions of any future United States internal
revenue law.
2.04 "Compensation" shall mean all payments made to an Employee by
the Employer as remuneration for services rendered, including
salaries and fees.
2.05 "Deferred Compensation" shall mean the amount of Compensation
not yet earned which the Participant and the Employer
mutually agree will be deferred.
2.06 "Employee" shall mean any employee or independent contractor
(including an elected or appointed official) who performs
services for and receives any type of compensation from the
Employer (or any agency, department, subdivision or
instrumentality of the Employer) for whom services are
rendered.
2.07 "Employer" shall mean the County of Weld in the State of
Colorado.
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2.08 "Includible Compensation" shall mean, for purposes of the
limitation set forth in Section 4.02, Compensation for
services performed for the Employer that is currently
includible in the Participant's gross income for Federal
income tax purposes, determined without regard to any
community property laws. Includible Compensation thus does
not include Compensation excludable from the Participant's
gross income under Section 457 of the Code as a result of
deferrals under this Plan or under other provisions (for
example, Sections 105(d) , 403(b) , and 911) of the Code.
2.09 "Normal Retirement Age" shall mean with respect to each
Participant, the latest of:
(a) The age designated by the Participant between
(i) the earliest age at which the Participant has the
right to retire under the Employer's basic
retirement plan without the Employer's consent and
to receive immediate retirement benefits without
actuarial or similar reduction because of early
retirement, and
(ii) age 70-1/2, or
(b) The age at which the Participant terminates his service
with the Employer;
Provided, however, that a Participant's election to defer
amounts in excess of the maximum deferral allowed by Section
4.02 but within the limited catch-up permitted by Section
4.03 shall constitute a designation of an age pursuant to
subsection (a) ; and provided further, that if a Participant
does not designate an age pursuant to subsection (a) , he
shall be deemed to have designated the age specified in
subsection (a) (i).
2.10 "Participant" shall mean any Employee who executes a
Participation Agreement with the Administrator assenting to
the provisions of this Plan, once the Agreement has been
approved by the Administrator. Except for purposes of
Articles IV, VII, and XV, "Participant" shall include former
Participants. The Administrator, if he or she is otherwise
eligible, may participate in the Plan.
2.11 "Participation Agreement" shall mean the agreement executed
and filed by an Employee with the Employer pursuant to
Section 4.01, in which the Employee elects to become a
Participant in the Plan.
2. 12 "Plan Year" shall mean the calendar year.
2.13 "Total Amount Deferred" shall mean, with respect to each
Participant, the sum of all Compensation deferred under the
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Plan, plus income or less loss thereon (including amounts
determined with reference to life insurance policies)
calculated in accordance with Section 4.08 by the method
designated in the Participant's Participation Agreement(s)
under which such Compensation was deferred and in any
subsequent election(s) to change methods, less the amount of
any expenses or distributions authorized by this Plan.
2.14 "Unforeseeable Emergency" shall mean severe financial
hardship to a Participant resulting from a sudden and
unexpected illness or accident of the Participant or of a
dependent (as defined in Section 152(a) of the Code) of the
Participant, loss of the Participant's property due to
casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the
control of the Participant. The need to send a Participant's
child to college or the desire to purchase a home shall not
constitute Unforeseeable Emergencies. The Administrator
shall determine in his, her or its sole discretion whether a
hardship to a Participant constitutes an Unforeseeable
Emergency. See Article VI.
III. ADMINISTRATION
3.01 This Plan shall be administered by the Administrator, who
shall represent the Employer in all matters concerning the
administration of this Plan.
3.02 Appointment and Termination of Administrator:
The Director of Finance and Administration of Weld County
shall be the Administrator. The rights, powers, privileges,
and duties of the Administrator shall pass to each successor
Director of Finance and Administration of Weld County.
3.03 Subject to any applicable laws and any approvals required by
the Employer, the Administrator shall have full power and
authority to adopt rules and regulations for the
administration of the Plan, and to interpret, alter, amend,
or revoke any rules and regulations so adopted.
3.04 Every action taken by the Administrator shall be presumed to
be a fair and reasonable exercise of the authority vested in
or the duties imposed upon him, her, or it. The
Administrator shall be deemed to have exercised reasonable
care, diligence and prudence and to have acted impartially as
to all persons interested, unless the contrary be proven by
affirmative evidence. The Administrator shall not be liable
for amounts of Compensation deferred by Participants or for
other amounts payable under the Plan.
3.05 Subject to any applicable laws and any approvals required by
the Employer, the Administrator may delegate any or all of
his, her or its powers and duties hereunder to another
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person, persons, or entity, and may pay reasonable
compensation for such services as an administrative expense
of the Plan, to the extent such compensation is not otherwise
paid.
3.06 Any company which issues policies, contracts, or investment
media to the Employer or in respect of a Participant is not a
party to this Plan and such company shall have no
responsibility, accountability, or liability to the Employer,
any Participant, or any Beneficiary with regard to the
operation or adequacy of this Plan, including any future
amendments made thereto.
IV. PARTICIPATION IN THE PLAN
4.01 Enrollment in the Plan:
(a) An Employee may become a Participant by executing a
Participation Agreement. Compensation will be deferred
for any calendar month only if a Participation Agreement
providing for such deferral is executed by the
Participant and approved by the Administrator before the
beginning of such month.
(b) In signing the Participation Agreement, the Participant
elects to participate in this Plan and consents to the
deferral by the Employer of the amount specified in the
Participation Agreement from the Participant's gross
compensation for each pay period. The deferred amount
much equal at least $25.00 per pay period.
4.02 Deferral Limitations: Except as provided in Section 4.03,
the maximum that may be deferred under the Plan for any
taxable year of a Participant shall not exceed the lesser of
(a) $7,500 or
(b) 25% of the Participant's Includible Compensation,
each reduced by any amount excludable from the Participant's
gross income for that taxable year under Section 403(b) of
the Code on account of contributions (including contributions
pursuant to salary reduction agreements) made by the Employer
or any other employer.
4.03 Limited Catch—up: For one or more of the Participant's last
three taxable years ending before the taxable year in which
Normal Retirement Age under the Plan is attained, the maximum
deferral shall be the lesser of
(a) $15,000, reduced by any amount excludable from the
Participant's gross income for that taxable year under
Section 403(b) of the Code on account of employer
contributions, or
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(b) the sum of
(i) the limitations established for purposes of
Section 4.02 of the Plan for such taxable year
(determined without regard to this Section 4.03),
plus
(ii) so much of the limitation established under
Section 4.02 of the Plan, or established in
accordance with Treasury Regulation Section
1.457-2(e) (1) under an eligible state deferred
compensation plan (within the meaning of Section
457 of the Code and the regulations thereunder)
sponsored by an entity other than the Employer and
located in the County of Weld, for prior taxable
years (beginning after December 31, 1978 and
during all or any portion of which the Participant
was eligible to participate in this Plan or such
other plan, respectively) as has not theretofore
been used under Sections 4.02 or 4.03 hereof or
under any other plan;
Provided, however, that this Section 4.03 shall not apply
with respect to any Participant who has previously utilized
in whole or in part the limited catch-up under this Plan or
under any other eligible state deferred compensation plan
(within the meaning of Section 457 of the Code and the
regulations thereunder) .
4.04 The Employer or Administrator shall have the right to modify
or disallow the periodic deferral of Compensation elected by
the Participant:
(a) In excess of the limitations stated in Sections 4.02 and
4.03;
(b) In excess of the Participant's net Compensation for any
pay period;
(c) Upon any change in the length of pay period utilized by
Employer. In such case the periodic deferral shall be
adjusted so that approximately the same percentage of
pay will be deferred on an annual basis;
(d) In order to round periodic deferrals to the nearest
whole dollar amount;
(e) To reduce the future deferrals in the event that the
amount actually deferred for any pay period exceeds, for
any reason whatsoever, the amount elected by the
Participant. In the alternative, such amount of excess
deferral may be refunded to the Participant. No
adjustment in future deferrals shall be made if a
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periodic deferral is missed or is less than the amount
elected, for any reason whatsoever; or
(f) If the deferral elected for any pay period is less than
the minimum amount specified in Section 4.01(b) ;
Provided, however, that the Employer and the Administrator
shall have no liability to any Participant or Beneficiary
with respect to the exercise of, or the failure to exercise,
the authority provided in this Section 4.04.
4.05 A Participant may modify the Participation Agreement with
respect to future amounts once during each enrollment period
authorized by the Administrator.
4.06 A Participant may at any time revoke his agreement to defer
Compensation by filing a written request for revocation with
the Administrator on a form approved by the Administrator at
least 30 days prior to the effective date of the revocation.
However, his Total Amount Deferred shall be distributed only
as provided in Articles V and VI and will be subject to the
terms and provisions of the affected investment option. A
Participant's request for a distribution in the event of an
Unforeseeable Emergency shall in addition be treated as a
request for revocation of deferrals as of a date determined
by the Administrator.
4.07 A Participant who revokes his Participation Agreement as set
forth in Section 4.06 above may again become a Participant by
executing in an enrollment period authorized by the
Administrator a new Participation Agreement to defer
Compensation not yet earned.
4.08 Choice of Investments: Income will be accrued on amounts
deferred under the Plan in accordance with the following
procedure.
(a) The Employer will in its sole discretion select certain
investment options to be used to determine income to be
accrued on deferrals. These investment options may
include specified life insurance policies, annuity
contracts, or investment media issued by an insurance
company.
(b) Each Participant will designate on his Participation
Agreement the investment that will be used to determine
the income to be accrued on amounts deferred by him. If
the investment chosen by the Participant experiences a
gain, the Participant's benefits under the Plan likewise
will reflect income for that period. If the investment
chosen by a Participant experiences a loss, or if
charges are made under such investment, the
Participant's benefits under the Plan likewise will
reflect such loss or charge for that period. No
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Participant shall have any right, title, or interest in
the assets so invested, however. See Article XII.
(c) The Employer may from time to time change the investment
options under the Plan. If the Employer eliminates a
certain investment option, all Participants who had
chosen that investment will select another option; the
Participants will have no right to require the Employer
to select or retain any investment option. To the
extent permitted by and subject to any rules or
procedures adopted by the Administrator, a Participant
may from time to time change his choice of investment
option. Any change with respect to investment options
made by the Employer or a Participant, however, will be
subject to the terms and conditions (including any rules
or procedural requirements) of the affected investment
options and may affect only income to be accrued after
that change.
4.09 For convenience and to facilitate the orderly administration
of the Plan, the Administrator shall maintain or cause to be
maintained a deferred compensation ledger account or similar
individual account for each Participant. Each Participant's
account shall be credited with the amount of any Compensation
deferred or amounts transferred pursuant to Section 14.01;
debited with any applicable administrative or investment
expense, allocated on a reasonable and consistent basis;
credited or debited with investment gain or loss, as
appropriate; and debited with the amount of any distribution.
At least once a year each Participant will be notified in
writing of his Total Amount Deferred.
V. DISTRIBUTIONS
5.01 Conditions for Distribution:
(a) Subject to Sections 5.02 and 5.03, the Total Amount
Deferred for a Participant shall be distributed:
(i) Upon the Participant's actual retirement on or
after attaining Normal Retirement Age, to the
Participant; or
(ii) Upon the Participant's other separation from
service as defined in Section 402(e) (4) (A) (iii) of
the Code, to the Participant; or
(iii) Upon the Participant's death prior to the
commencement of the distribution of his benefits,
to his Beneficiary or Beneficiaries.
(b) If a Participant dies after benefit payments have
commenced, his Beneficiary or Beneficiaries shall be
entitled to benefits, if any, determined by the
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settlement option agreed to in writing by the
Participant and Administrator, subject to Section
5.03(d) .
5.02 Conditions for Distribution:
(a) Distribution of benefits to a Participant or Beneficiary
shall commence on the first day of the second month
following the Participant's actual retirement described
in Section 5.01(a) (i) , other separation from service
described in Section 5.01(a) (ii), or receipt by the
Administrator of proof of the Participant's death, as
relevant. However, with the consent of the
Administrator, the Participant may elect to defer
commencement of benefit payments pursuant to Section
5.01(a) (i) or (ii) and the Beneficiary may elect to
defer commencement of benefit payments pursuant to
Section 5.01(a) (iii) until a fixed or determinable date
subsequent to the commencement date specified in the
preceding sentence. Such election must be made at least
30 days prior to such commencement date and shall be
irrevocable. Benefit payments may be further deferred
if, at least 30 days prior to an elected commencement
date, the Participant or Beneficiary irrevocable elects
to defer such payments until a fixed or determinable
date subsequent to any previously elected commencement
date. In no event, however, shall benefit payments
commence later than 60 days after the close of the Plan
Year in which the Participant attains or would have
attained Normal Retirement Age or separates from service
with the Employer, whichever is later.
(b) Notwithstanding any other provision of this Plan, any
amount payable to a Participant who is or was an
independent contractor shall not be paid prior to the
expiration of the contract (or, in the case of more than
one contract, all contracts) under which services are
performed for the Employer, provided that such
expiration constitutes a good faith and complete
termination of the contractual relationship.
Circumstances where there is not a good faith and
complete termination of the contractual relationship
include, without limitation, the following:
(1) The Employer anticipates a renewal of the
contractual relationship or the employment of the
independent contractor; or
(ii) The Employer intends again to contract for the
services provided under the expired contract(s)
and neither the Employer nor the independent
contractor has eliminated the independent
contractor as a possible provider of services
under any such new contract. The Employer is
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considered to intend again to contract for such
services if such contract is conditioned only upon
the Employer's incurring a need for such services,
or the availability of funds, or both.
5.03 Manner, Form and Period of Distributions:
(a) Subject to Section 5.02, the other subsections of this
Section 5.03, and the Administrator's approval, each
Participant may elect the settlement option and payment
period for each of the distributions specified in
Section 5.01(a) (i) , (ii) , and (iii) from among any
alternatives offered by the Employer. Such election may
be made or modified until the date 30 days prior to the
time that benefit payments are to commence. The
settlement options and payment periods available under
the Plan, which shall be subject to Section 5.03(d) ,
are:
(i) A lump sum distribution;
(ii) Annual or more frequent (but not more frequently
than monthly) installments as nearly equal as
practicable over a definite period; and
(iii) A life annuity.
(b) If the Total Amount Deferred is less than $1,000.00, or
if a Participant has elected a settlement option for
himself or his Beneficiary that requires installment or
annuity payments of less than $25.00 per month,
determined as of the date benefit payments are to
commence, then notwithstanding any election made
pursuant to subsection (a) , the Administrator shall pay
the Total Amount Deferred to the Participant or his
Beneficiary in a single payment on the date payments are
to commence.
(c) If a Participant does not effectively elect a settlement
option and payment period for benefits payable under
Section 5.01(a) (i) or (ii), then such benefits shall be
paid to the Participant in a form consistent with
investment options and Section 5.03(d) .
If a Participant does not effectively elect a settlement
option and payment period for benefits payable under
Section 5.01(a) (iii), then such benefits shall be paid
in the following form:
(i) Benefits payable to the Participant's surviving
spouse shall be paid in the form of a life
annuity;
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(ii) Benefits payable to the Participant's estate shall
be paid in a lump-sum distribution; and
(iii) Benefits payable to any other Beneficiary shall be
paid in the form of a 15-year certain annuity.
Provided, however, that, if the Participant has not
elected the settlement option for benefits payable
pursuant to Section 5.01(a) (iii), then after the
Participant's death but at least 30 days prior to the
date benefit payments are to commence, the Beneficiary
may elect (in the same manner as specified in and
subject to the Administrator's approval and other
restrictions contained in Section 5.03(a)) to receive
benefits in a different form than this subsection
provides.
(d) The settlement option and payment period for any
distribution to a Participant shall in all cases
allocate more than fifty percent of the Total Amount
Deferred to provide benefits payable to the Participant
during his lifetime, determined by use of the expected
return multiples contained in Treasury Regulation
§ 1.72-9 or, in the case of payments under a contract
issued by an insurance company, but use of the mortality
tables of such company. All distributions to the
Beneficiary shall be paid over a period not longer than
(i) the life of the Beneficiary, if the Beneficiary is
the Participant's surviving spouse, or
(ii) 15 years, if the Beneficiary is not the
Participant's surviving spouse.
(e) The Administrator shall take any and all actions
necessary for the distribution of benefits hereunder,
including, without limitation, notifying any issuer
through which such distribution is to be paid (subject
to Article XII) of such distribution and providing such
issuer with other information as it may require relevant
to such distribution.
5.04 With respect to benefits payable under Section 5.01(b) , the
Beneficiary may, at the Administrator's discretion and to the
extent permitted by the settlement option selected by the
Participant, elect to defer commencement of such benefit
payments or elect the settlement option and payment period
for such benefits. Such elections shall be made after the
Participant's death but prior to the time any amounts become
payable to the Beneficiary, and shall be subject to rules
corresponding to those contained in Sections 5.02 and 5.03.
5.05 Beneficiary: Each Participant may designate in his
Participation Agreement a Beneficiary or Beneficiaries to
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receive any amounts which may be distributed in the event of
his death prior to the complete distribution of benefits. A
Participant may change his designation of Beneficiaries at
any time by filing with the Administrator a written notice on
a form approved by the Administrator. If no such designation
is in effect on a Participant's death, or if the designated
Beneficiary does not survive the Participant, his Beneficiary
shall be his surviving spouse, if any, and then his estate.
VI. FINANCIAL HARDSHIP
Nothwithstanding any other provision herein, in the event of
an Unforeseeable Emergency as defined in Section 2.14 hereof, a
Participant may request that the Administrator pay to him all or a
portion of his Total Amount Deferred to the date of payment. Such a
request shall in addition be treated as a request for a revocation of
deferrals, as provided in Section 4.06. If the application for
payment is approved by the Administrator, payment will be made within
30 days following such approval. Payment shall be limited strictly
to that amount reasonably necessary to meet the situation
constituting the Unforeseeable Emergency, and payments may not be
made to the extent that a hardship is or may be relieved through
reimbursement or compensation by insurance or otherwise, by
liquidation of the Participant's assets (to the extent such
liquidation does not itself cause severe financial hardship), or by
cessation of deferrals under the Plan. Any remaining amounts shall
be paid in accordance with Article V of the Plan.
VII. LEAVE OF ABSENCE
7.01 If a Participant is on an approved leave of absence from the
Employer with compensation, or on approved leave of absence
without compensation for a period of not more than one year,
said Participant shall not have separated from service with
the Employer and his participation in the Plan may continue.
7.02 If a Participant is on an approved leave of absence without
compensation and such leave of absence continues for more
than one year, said Participant shall have separated from
service with the Employer, provided, however, that pursuant
to Section 5.02, said Participant may elect to postpone
commencement of benefit payments until a future date. Upon
termination of leave without pay and return to active status,
the Participant may execute a new Participation Agreement to
be effective when permitted by Section 4.01 of the Plan.
VIII. AMENDMENT OR TERMINATION OF PLAN
8.01 The Employer may at any time terminate this Plan; provided,
however, that no termination shall affect the amount of
benefits which at the time of such termination shall have
accrued for Participants or Beneficiaries, to the extent of
any Compensation deferred before the time of the termination
and income thereon accrued to the date of the termination,
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calculated in accordance with Section 4.08 and their terms
and conditions of the affected investment option. Upon such
termination, each Participant in the Plan will be deemed to
have revoked his agreement to defer future compensation as
provided in Section 4.06 as of the date of such termination.
Each Participant's full Compensation on a non-deferred basis
will thereupon be restored.
8.02 The Employer may also amend the provisions of this Plan at
any time; provided, however, that no amendment shall affect
the amount of benefits which at the time of such amendment
shall have accrued for Participants or Beneficiaries, to the
extent of any Compensation deferred before the time of the
amendment and income thereon accrued to the date of the
amendment, calculated in accordance with Section 4.08 and the
terms and conditions of the investment options thereunder.
8.03 The Administrator shall provide a copy of any plan amendment
to the issuers of any investment options selected pursuant to
Section 4.08.
IX. RELATIONSHIP TO OTHER PLANS
It is intended that, pursuant to Section 457 of the Code, the
amount of Deferred Compensation will not be considered current
compensation for purposes of Federal income taxation. Such amounts
will, however, be included as compensation to the extent required
under the Federal Insurance Contributions Act (FICA). Payments under
this Plan will supplement retirement and death benefits payable under
the Employer's group insurance and retirement plans, if any.
X. TRANSFER IN LIEU OF BENEFITS
Upon the occurrence of any event requiring the payment of
amounts under this Plan, the Administrator may, in his, her or its
sole discretion, elect to honor a request from the Participant to
substitute the transfer in kind and assignment of any asset which the
Employer has acquired in connection with this Plan at fair market
value.
XI. NON-ASSIGNABILITY
It is agreed that neither the Participant, nor his
Beneficiary, nor any other designee shall have any right to commute,
sell, assign, transfer, or otherwise convey the right to receive any
payments hereunder, which payments and right thereto are expressly
declared to be non-assignable and non-transferable; and in the event
of attempt to assign or transfer, the Employer shall have no further
liability hereunder, nor shall any unpaid amounts be subject to
attachment, garnishment or execution, or be transferable by operation
of law in event of bankruptcy, insolvency, except to the extent
otherwise required by law.
XII. ASSETS •
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All amounts of Compensation deferred under the Plan, all
property and rights purchased with such amounts, and all income
attributable to such amounts, property or rights, shall remain (until
made available to the Participant or his Beneficiary) solely the
property and rights of the Employer and shall be subject only to the
claims of general creditors of the Employer.
XIII. DISCLAIMER WITH RESPECT TO INVESTMENTS
The Employer and the Administrator make no endorsement,
guarantee or any other representation and shall not be liable to the
Plan or to any Participant, Beneficiary, or any other person with
respect to the financial soundness, investment performance, fitness,
or suitability (for meeting a Participant's objectives, future
obligations under the Plan, or any other purpose) of any investment
option offered pursuant to section 4.08 or any investment vehicle in
which amounts deferred under the Plan are actually invested.
XIV. PLAN-TO-PLAN TRANSFERS
14.01 Transfers to the Plan: If a Participant was formerly a
participant in an eligible state deferred compensation plan
(within the meaning of Section 457 of the Code and the
regulations thereunder) sponsored by an entity located within
the State of Colorado, and if such plan permits the direct
transfer of the Participant's interest therein to the Plan,
then the Plan shall accept assets representing the value of
such interest; provided, however, that the Administrator may
require in his, her or its sole discretion that some or all
of such interest be transferred in cash or its equivalent.
Such amount shall be held, accounted for, administered and
otherwise treated in the same manner as Compensation deferred
by the Participant under Section 4.01 except that such amount
shall not be considered Compensation deferred under the Plan
in the taxable year of such transfer in determining the
maximum deferral under Sections 4.02 and 4.03. Income on
such amounts shall be calculated in accordance with Section
4.08 by the method designated by the Participant, including
any subsequent election(s) to change methods, for determining
income on Compensation deferred on the date of the transfer.
14.02 Transfers from the Plan: The Total Amount Deferred by a
former Participant in the Plan may be transferred to another
eligible state deferred compensation plan (within the meaning
of Section 457 of the Code and the regulations thereunder)
sponsored by an entity located within the State of Colorado
and in which the former Participant currently participates,
if such plan provides for the acceptance of such amounts;
provided, however, that if a Participant terminates his
service with the Employer in order to accept employment with
the entity sponsoring such plan and if such plan accepts
transferred amounts, then payment of benefits under the Plan
will not commence, regardless of any other provision of this
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Plan, and the Total Amount Deferred will automatically be
transferred to such plan.
14.03 Administrative Rules: The Administrator shall prescribe such
rules consistent with the provisions of Sections 14.01 and
14.02 concerning plan-to-plan transfers as he, she or it in
his, her or its sole judgement deems desirable for the
orderly administration of the Plan.
XV. EMPLOYER PARTICIPATION
Notwithstanding any other provisions of this Plan, the
Employer may add to the amounts payable to any Participant under the
Plan additional Deferred Compensation for services to be rendered by
the Participant to the Employer during a calendar month, provided:
(a) The Participant has elected to have such additional
Compensation deferred, invested, and distributed
pursuant to this Plan, prior to the calendar month in
which the Compensation is earned, and
(b) Such additional Compensation deferred, when added to all
other Compensation deferred under the Plan, does not
exceed the maximum deferral permitted by article IV.
XVI. INTERPRETATION
16.01 This Plan shall be construed under the laws of the State of
Colorado.
16.02 This Plan is intended to be an eligible state deferred
compensation plan within the meaning of Section 457 of the
Code, and shall be interpreted so as to be consistent with
such Section and all regulations promulgated thereunder.
16.03 Word Usage: Words used herein in the singular shall include
the plural and the plural the singular where applicable, and
one gender shall include the other genders where
appropriated.
16.04 Headings: The headings of articles, sections, or other
subdivisions hereof are included solely for convenience of
reference, and if there is any conflict between such headings
and the text of the Plan, the text shall control.
16.05 Counterparts: This instrument may be executed in several
counterparts, each of which shall be deemed an original, and
said counterparts shall constitute but one and the same
instrument, which may be sufficiently evidenced by the
counterpart.
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PASSED AND ADOPTED this oCZ-day of January, A.D., 1985.
WELD COUNTY, COLORADO
BOARD OF COUNTY COMMISSIONERS
uel Johna n airman
ene Brantne
acy
C.W. Kirby
Frank Yamaguch%InATTEST: 424, W.(.LMttrJ
Weld County I k and Recorder
and Clerk to the Board
BY: W
Deputy Cl
APPROVED AS TO FORM:
w
County Attorney
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