HomeMy WebLinkAbout962438.tiff cFRTIFICATF
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. Three to the Weld County
Retirement Plan (As Amended and Restated Effective January 1, 1994) was adopted by
s
Resolution of the Weld County Board of Retirement on the L r 0cro6E2 day of
1996.
IN WITNESS WHEREOF,we have hereunto affixed our names this / 1 day of
DC 6 4e , 1996.
WELD COUNTY BOARD OF RETIREMENT
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WITNESS:
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19y 8
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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 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;
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.
Three to the amended and restated Plan.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
(I) That the Plan be amended effective January 1, 1996, unless otherwise provided
therein.
(2) Amendment No. Three to the 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. 1996.
(3) The Retirement Board be and they hereby are authorized to execute forthwith
Amendment No. Three to the Plan 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
14 CLIE%T '.:E`PD924D(C
Fund under the applicable sections of the Internal Revenue Code of 1986, as amended from time
to time.
(4) Announcement shall be made to all employees covered by the Plan concerning the
adoption of said Amendment No. Three to the Plan and the provisions thereof.
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AMENDMENT NO. THREE 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, 1996, unless otherwise provided
therein, as follows:
1. Amend Section 2.3(b). in its entirety, effective October 1. 1996, to read as follows:
"(b) 'Accumulated Contributions' means the sum of the Member's contributions to
this Plan (but excluding contributions (and interest thereon) used to purchase service credit
under Section 4.7 of the Plan). together with interest thereon at such rate as may be deemed
reasonable and proper by the Retirement Board in light of the actual earnings of the
Retirement Fund."
2. Amend Section 2.3(f), in its entirety, to read as follows:
"(f) `Compensation' means the total regular compensation paid to the Employee,
reflecting the normal regular salary or hourly wage rate,before any payroll deductions for
income tax, Social Security, group insurance, or any other purpose, a yrliliting bonuses, extra
pay, overtime pay. worker's compensation, single sum payments received in lieu of accrued
vacation and sick leave upon termination of employment or during the course of
employment, required contributions by the County under this Plan,or for Social Security.
group insurance, retainers' fees under contract,or the like, but including any compensation
that is reduced or deferred under Sections 125, 401(k),403(b), 414(h) or 457 of the Internal
Revenue Code. The amount of Compensation for purposes of the Plan during any Plan Year
commencing after December 31, 1988, shall not exceed$200,000 subject to cost-of-living
adjustments in accordance with Code Section 415(d) as amended and then in effect.
In addition to other applicable limitations set forth in the Plan. and notwithstanding
any other provision of the Plan to the contrary, for Plan Years beginning on or after January
1, 1996. the annual compensation of each Noneligible Member' taken into account under the
Plan shall not exceed the OBRA '93 annual compensation limit. The OBRA '93 annual
compensation limit is $150,000. as adjusted by the Commissioner for increases in the cost of
• living in accordance with Code Section 401(a)(17)(B). The cost-of-living adjustment in
• effect for a calendar year applies to any period. not exceeding 12 months, over which
H CLIEwTw•wE6P0024 DIN'
compensation is determined (determination period) beginning in such calendar year. If a
determination period consists of fewer than 12 months, the OBRA '93 annual compensation
limit will be multiplied by a fraction. the numerator of which is the number of months in the
determination period, and the denominator of which is 12. A `Noneligible Member' is any
Member who first became a Member in the Plan during a Plan Year beginning on or after
January 1, 1996.
In determining the Compensation of a Member for purposes of this limitation,the
rules of Code Section 414(q)(6) shall apply, except in applying such rules,the term family
shall include only the spouse of the Member and any lineal descendants of the Member who
have not attained age 19 before the close of the year. If, as a result of the application of such
rules the adjusted annual Compensation limitation is exceeded then the limitation shall be
prorated among the affected individuals in proportion to each such individual's Compensation
as determined under this Section prior to the application of this limitation."
3. The first seatence following Section 4.5(f) is amended to read as follows:
"Credited Service shall not include the time during which a Member is not in active
service of the County for any of the reasons stated in this Section 4.5, except as provided for
by Section 4.7."
4. New Section 4.7 is added, in its entirety. effective October 1, 1996,to read as follows:
"Section 4.7 purchase of Service Credit Relating to Noncovered Employment
(a) A Member may purchase up to ten(10)years of service credit for any period
of full-time. nonvested previous employment with any public or private employer in the
United States or its territories. subject to the following conditions:
(1) The Member is an Employee on October 1, 1996;
(2) The irrevocable election to purchase service credit must be made by
December 15, 1996;
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(3) The Member must provide certification from the previous employer as
to the dates of employment;
(4) The Member must provide certification from any retirement program
covering such employment that the service credit to be purchased has not vested with
that program; and
(5) The Board shall establish appropriate rules by which a Member may
purchase service credit where certification cannot be obtained, such as an employer
no longer being in existence.
(b) One month of service credit may be purchased for each full month of full-
time, nonvested, noncovered employment.
(c) For purposes of the lump sum death benefits provided under Article IX, the
accumulated value in the separate contribution account and pick-up,account(described in
Sections 4.7(e)(1)(B)and(e)(2)(A)) shall be in addition to the amounts provided under
Article IX.
(d) For purposes of the refund of his Accumulated Contributions for a Member
who meets the requirements for a deferred Retirement Benefit under Section 10.3,the
accumulated value in the separate contribution account and pick-up account(described in
Sections 4.7(e)(1)(B) and (e)(2)(A)) shall be in addition to the amounts provided under
Section 10.3.
(e) A total of ten (10) years of service credit may be purchased in the following
manner at the election of the Member:
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(1) Up to five(51 years of service credit may be purchased by lump-sum
payment. Payment for lump-sum service credit purchases must be made with after-
tax contributions and received in full by December 31, 1996. Service credit
purchased by lump-sum payment shall be credited to the Member upon receipt of
such lump-sum payment.
However, in the event such lump-sum payment would violate the limitation of
Section 415 of the Internal Revenue Code, the Member shall instead make installment
payments, using after-tax contributions, over the shortest period of time possible to
avoid violation of such limitation. The Member shall not be charged interest on
installment payments which are made under this Section 4.7(e)(1). Service credit
purchased by installment payments under this Section 4.7(e)(1) shall be credited to
the Member in prorated increments as each installment payment is received. After
installment payments are completed. they may not be withdrawn.
Service credit purchases made under this Section 4.7(e)(1) shall be subject to
the following:
(A) The cost to purchase one month of service credit for
noncovered employment shall be 9% of monthly Compensation, determined
as of October 1, 1996.
(B) A separate contribution account shall be established for each
Member who elects to make a service credit purchase under this Section
4.7(e)(1). The lump sum payment and/or the installment payments shall be
credited to this separate contribution account. Interest shall be credited on the
same basis as it is to the Member's Accumulated Contributions.
•
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(C) If a Member becomes disabled or leaves Covered Employment
prior to completion of the service credit purchase, he shall receive service
credit only to the extent installment payments have been made, in accordance
with this Section 4.7(e)(1).
(D) Upon the death of a Member prior to completion of the service
credit purchase, the Beneficiary may only receive death benefits based on the
Member's Credited Service. including the purchased service under this
Section 4.7(e)(1) at the time of his death. Spousal consent must be obtained
for any nonspouse Beneficiary.
(E) Purchased service credit, once credited to the Member, shall be
treated as Credited Service for all purposes except for vesting as determined
under Article X, and eligibility for Early Retirement under Section 6.2.
(2) Up to ten(10) years of service credit, or ten(10) years less the amount
of service credit otherwise purchased under Section 4.7(e)(1), may be purchased by
pick-up contribution. The cost to purchase one month of service credit by pick-up
contribution shall be 9%of monthly Compensation.determined at the time each pick-
up contribution is made. All such contributions shall be picked up and paid by the
County pursuant to a binding agreement entered into with the Member, and as
provided in Section 414(h) of the Internal Revenue Code. The Member's gross
income will be reduced by the amount of the contributions picked up by the County.
Each Member contribution picked up by the County shall be allocated to the
N'CLIENTY^WE6/Oal4 DOC 5
Member's pick-up account(described in Section 4.7(e)(2)(A)) in the same manner as
if it had been paid directly to the Plan by the Member.
Service credit purchases made under Section 4.7(e)(2) shall be subject to the
following:
(A) A separate Member pick-up account shall be established for
each Member who elects to make service credit purchases under this Section
4.7(e)(2).
(B) Purchased service credit shall be credited to the Member as
pick-up contributions under this Section 4.7(e)(2) are made. If a Member
becomes disabled. or leaves Covered Employment prior to completion of the
service credit purchase, he shall receive service credit only to the extent
installment payments have been made, in accordance with Section 4.7(e)(2).
(C) Upon the death of a Member prior to completion of the service
credit purchase, the Beneficiary may only receive death benefits based on the
Member's Credited Service, including the purchased service under this Section
4.7(e)(2)at the time of his death. Spousal consent must be obtained for any
nonspouse beneficiary.
(D) Purchased service credit, once credited to the Member, shall be
treated as Credited Service for all purposes except for vesting as determined
under Article X. and eligibility for Early Retirement under Section 6.2."
N:'CUE\TW\WE6PD9C4 DOC 6
5. Amend Section 6.4, in its entirety. effective October 1, 1996,to read as follows:
"Section 6.4 Disability Retirement. If it is established by the Retirement Board that
a Member is disabled,as defined herein, then such Member shall be eligible for a Disability
Retirement Benefit. The Disability Retirement Date shall be the first day of the month
coincident with or next following the date upon which the Disability is determined by the
Board to have occurred, or his date of termination of employment. if later.
Payment of a Disability Retirement Benefit shall commence as of the first day of the
month next following the Normal Retirement Date, or if later, the first day of the month
following the date payments cease under the County's long-term disability insurance contract.
If the disabled Member's Disability ceases prior to his Normal Retirement Date, and
he is not reemployed by the County and if he has met the requirements for Early Retirement
or a Deferred Vested Retirement Benefit as of the date his Disability ceased, he shall be
entitled to receive, commencing on the first day of a month following his Normal Retirement
Date, a Retirement Benefit equal in amount to the Early or Deferred Vested Retirement
Benefit to which he would have been entitled, as of the date his Disability ceased, based on
his Final Average Monthly Compensation on his Disability Retirement Date and his Credited
Service on his date of recovery from Disability(including the period of his Disability).
If Disability ceases before a disabled Member attains his Normal Retirement Date and
the Member is reemployed by the County.the benefit payable upon his subsequent
termination or Retirement shall be determined in accordance with the provisions of Section
7.1 hereof, based on his Final Average Monthly Compensation and his Credited Service at
termination or Retirement (including Credited Service for the period of his Disability)."
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6. Amend the first paragraph of Section 16.1, in its entirety, effective October I, 1996, to read
as follows:
"Section 16.1 I imitation of Benefits. Notwithstanding any other provision contained
herein to the contrary,the benefits payable to an Employee from this Plan provided by
Employer contributions(including purchase of service credit contributions picked up by the
County under Section 4.7 and Member contributions picked up by the Employer under
Section 5.1), shall be subject to the limitations of Code Section 415 in accordance with(a)
and(b) below:"
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The foregoing resolution and Amendment Number Three,as submitted by the Weld County Board
sr
of Retirement,was duly approved by the following vote on the 1 day of DCrU6Etr1996.
'!'NESS: D C OF RETIREMENT
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