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To Don Warden, Clerk to the Board February 19, 1991
COLORADO Fmm Mike Loustalet, Chairman, Retirement Board
Subject; Amendment No. One -- Weld County Retirement Plan
Please find attached for your file a signed copy of
Amendment No. One to the Weld County Retirement Plan.
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CERTIFICATE
Weld County
We, the members of the Retirement Board for the County of Weld, State of
Colorado, do hereby certify that a true and correct copy of Amendment No. One to the
Weld County Retirement Plan (As Amended and Restated Effective January 1, 1990) was
adopted by Resolution of the Weld County Board of Retirement on the aday of
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IN WITNESS WHEREOF, we have hereunto affixed our names this a day of
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WELD COUNTY BOARD OF RETIREMENT
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(SEAL)
RESOLUTION OF THE
WELD COUNTY BOARD OF RETIREMENT
WHEREAS, the Weld County Retirement Plan (the "Plan") has heretofore been
created by Resolution of the Weld County Board of Retirement hereafter referred to as
the 'Retirement Board'; and
WHEREAS, the following amendment is believed to be nondiscriminatory and in
conformity with provisions of Section 401(a) and other applicable provisions of the
Internal Revenue Code of 1986, as amended from time to time; and
WHEREAS, the Plan has previously been amended and restated by action of the
Retirement Board, effective January 1, 1990; and
WHEREAS, Section 14.2 permits the Retirement Board and the County
Commissioners to amend the Plan from time to time, and this amendment is hereby
designated Amendment No. One to the restated Plan.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
(1) That the Plan be amended effective January 1, 1991.
(2) Amendment No. One to the Weld County Retirement Plan, copies of which
have been presented to the Retirement Board at this meeting, be and it hereby is
approved and adopted effective as of January 1, 1991.
(3) The Retirement Board be and they hereby are authorized to execute
forthwith Amendment No. One to the Weld County Retirement Plan (As Amended and
Restated Effective January 1, 1990) and to do all other acts and things necessary and
proper to keep the Plan and its Retirement Fund in full force and effect and to make
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such amendments and changes, if any, as may be necessary to maintain the qualification
of the Plan and Retirement Fund under the applicable sections of the Internal Revenue
Code of 1986, as amended from time to time.
(4) The proper officers of the Retirement Board are hereby authorized to
submit, or have submitted, executed, verified counterparts of the Plan and this resolution
to the appropriate District Director of the Intemal Revenue Service in support of a
request for a letter of determination that the Plan and Funding Agreement continue to
qualify under Sections 401(a) and 501(a) of the Code.
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AMENDMENT NO ONE TO THE
WELD COUNTY RETIREMENT PLAN
(AS AMENDED AND RESTATED EFFECTIVE JANUARY 1. 1990)
Pursuant to the authority of the Weld County Board of Retirement and the
provisions of Section 14.2 of the Plan, the Weld County Retirement Plan (As Amended
and Restated Effective January 1, 1990) (the "Plan") is hereby amended, effective
January 1, 1991, unless dated to the contrary herein, as follows:
1. Section 6.2(a) is restated to read as follows:
"(a)Regular Early Retirement. A Member who has attained the age of
55 years and has completed at least five years of Credited Service shall be eligible
for Regular Early Retirement as of the first day of any calendar month."
2. Section 7.1 is restated in its entirety to read as follows:
"Section 7.1. Normal or Delayed Retirement. Upon retirement at or after
his Normal Retirement Date, each Retired Member shall receive a monthly
Retirement Benefit for ten years certain and life thereafter, equal to 2.25% of the
Member's Final Average Monthly Compensation multiplied by the total number of
years of the Member's Credited Service (including fractional years). However,
such Normal Pension shall not be more than 75% of the Member's Average
Monthly Compensation during the 12 highest-paid consecutive calendar months of
Credited Service within the last 120 months of Credited Service, or less than $25
multiplied by the Member's Credited Service."
3. Section 9.1 is restated in its entirety to read:
"Section 9.1. Death of an Active Member Before Normal Retirement Date.
In the event a Member of the Plan dies prior to his Normal Retirement Date
while accruing Current Service, the following death benefits shall be payable:
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(a) If such member is married at his death, one of the following
death benefits shall be payable to his spouse, at her sole option.
(1) Two (2) times the amount of his Accumulated
Contributions as of the date of death, payable immediately; or
(2) A monthly benefit payable for life in an amount equal
to 70% of the Member's Accrued Benefit on his date of death. Such
death benefit shall commence on the later of: (i) the first day of the
month coincident with or following the Member's death; or (ii) the
first day of the month coincident with or following the Member's
55th birthday.
(b) If such Member is not married at his death, there shall be
paid to the Beneficiary designated by him if said Beneficiary is living, or
otherwise to the Member's estate, two (2) times the amount of his
Accumulated Contributions as of his date of death."
4. Section 9.2 is restated in its entirety to read as follows:
"Section 9.2. Death of a Vested Member Before Payments Commence. In the
event that a Vested Member dies prior to the commencement of his Retirement
Benefit, the following death benefits shall be payable:
(a) If such Vested Member is married at his death, one of the following
death benefits shall be payable to his spouse, at her sole option.
(1) Two (2) times the amount of his Accumulated Contributions as of
the date of death, payable immediately; or
(2) A monthly benefit payable for life in an amount equal to 70% of
the Vested Member's Accrued Benefit on his date of death. Such death
benefit shall commence on the later of: (i) the first day of the month
coincident with or following the Vested Member's death; or (ii) the first day
of the month coincident with or following the Vested Member's 55th
birthday.
(b) If such Vested Member is not married at his death, there shall be paid
to the Beneficiary designated by him if said Beneficiary is living, or otherwise to
the Vested Member's estate, two (2) times the amount of his Accumulated
Contributions as of his date of death."
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