HomeMy WebLinkAbout982262.tiff RESOLUTION
RE: APPROVE AMENDMENT#4 TO THE WELD COUNTY RETIREMENT PLAN AS
RESTATED JANUARY 1, 1994
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, 1999, and
WHEREAS, Section 14.2 permits the Plan to be amended by the Weld County Board of
Retirement, and
WHEREAS, the amendment to Section 5.2 amends the County Contribution to the Plan,
and the County Contribution amendment needs to be approved by the Board of Weld County
Commissioners.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Weld County Retirement Plan and County Contribution to the
Plan be, and hereby are, amended to reflect the amendment contained in the resolution of the
Weld County Board of Retirement which amendment was passed November 13, 1998, 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 the foregoing resolution was, upon duly made and
seconded, adopted by the Board of County Commissioners of Weld County, Colorado on the
23rd day of November, 1998.
et: Pt 982262
PE0001
AMENDMENT#4 TO THE WELD COUNTY RETIREMENT PLAN
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 23rd day of November, A.D., 1998.
11 BOARD OF COUNTY COMMISSIONERS
.4 6 / WE COUNTY, COLORAD
it , ,l Constance L. Harbert, Chair
W ��� C 7k-Yd the Board fpli
�s `�� a W. Ft Webs er, Pro-Tem
BY: �_.
Deputy Clerk to the Board
GeorgetBaxter -
APPROVED Aj TO FORM:
Dal D . H
(/
O6unty Attor ey
/Barbara J. Kirkmeyer
982262
PE0001
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. Four
to the Weld County Retirement Plan (As Amended and Restated Effective January
1, 1994) was adopted by Resolution of the Weld County Board of Retirement on
the /"3 z day of `/4".n."--;, ..(1-( , 1998.
IN WITNESS WHEREOF, we have hereunto affixed our names this 'day
of , 1998.
WELD COUNTY
BOARD OF RETIREMENT
L54)
WITNESS:
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BAR(oig
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";
WHEREAS, the following amendment is believed to be 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;
WHEREAS, the Plan has previously been amended and restated by action of
the Retirement Board, effective January 1, 1994; 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. Four to the amended and restated Plan.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
(1) That the Plan be amended effective January 1, 1999.
(2) Amendment No. Four 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 January 1, 1999.
(3) The Retirement Board be and they hereby are authorized to execute
forthwith Amendment No. Four to the Weld County Retirement Plan (As Amended
and Restated Effective January 1, 1994) 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 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.
J:\LEGAL\WELD\FlNALDOC\RES4.DOC
AMENDMENT NO. FOUR TO THE
WELD COUNTY RETIREMENT PLAN
(AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 1994)
Pursuant to the authority of the Weld County Board of Retirement and the
provisions of Section 14.2 of the Weld County Retirement Plan (As Amended and
Restated Effective January 1, 1994) (the "Plan"), the Plan is hereby amended,
effective January 1, 1999, unless otherwise provided therein, as follows:
1. Section 5.2 is amended to read as follows:
"Section 5.2 County Contributions. The County will, from time to
time, at least annually, make contributions to the Fund in an amount equal
to the contributions of the Members, less any benefit payments payable
pursuant to the County's qualified governmental excess benefit arrangement
as provided by Section 415(m) of the Internal Revenue Code. The County
expects to continue such contributions to the Plan, but assumes no
responsibility to do so and reserves the right to suspend or to reduce
contributions at any time.
Notwithstanding any other provisions hereof or any amendment
hereto the contrary, at no time shall any assets of the Fund revert to, or be
recoverable by the County or be used for, or diverted to, purposes other
than for the exclusive benefit of Members, Retired Members, Vested
Members, or their Beneficiaries under the Plan except such funds which
upon termination of the Plan are in excess of the amount required to fully
fund the Plan and are due to erroneous actuarial calculations."
9YXo
2. Section 7.1 is amended 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
2.5835% 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
76% 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 Services, or less than $25 multiplied by the Member's
Credited Service."
3. Section 13.1 is amended, effective January 1, 1997, to read as follows:
"Section 13.1 Inalienability. Members, Retired Members, Vested
Members and their Beneficiaries under the Plan are hereby restrained from
selling, transferring, anticipating, assigning, hypothecating, or otherwise
disposing of their Retirement Benefit, prospective Retirement Benefit, or
any other rights or interest under the Plan, and any attempt to anticipate,
assign, pledge, or otherwise dispose of the same shall be void. Said
Retirement Benefit, prospective Retirement Benefit and the rights and
interests of said Members, Retired Members, Vested Members or
Beneficiaries shall not at any time be subject to the claims of creditors or
liabilities or torts of said Members, Retired Members, Vested Members or
Beneficiaries, nor be liable to attachment, execution, or other legal process.
Notwithstanding the foregoing, effective January 1, 1997, payments shall be
made under a domestic relations order to an alternate payee in accordance
with the appropriate Colorado Revised Statutes, and such payment shall not
be deemed to be a prohibited alienation of benefits."
The foregoing resolution and Amendment No. Four, as submitted by the Weld
County Board of Retirement, was duly approved by the following vote on the
it -day of /67
l'y:'t 1,� , 1998.
WITNESS: WELD COUNTY BOARD OF RETIREMENT
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