HomeMy WebLinkAbout952079.tiff RESOLUTION
RE: APPROVE PERIODIC PAYMENTS OPTION RIDER FOR 457 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 has been presented with a Periodic Payments Option Rider for the
457 Plan between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and the Great-West Life and Annuity Insurance Company, with
terms and conditions being as stated in said rider, and
WHEREAS, after review, the Board deems it advisable to approve said rider, 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 Periodic Payments Option Rider for the 457 Plan between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,
and the Great-West Life and Annuity Insurance Company be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chairman be, and hereby is, authorized
to sign said rider.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 4th day of October, A.D., 1995.
BOARD OF COUNTY COMMISSIONERS
,,,A_.a WELD COUNTY, COLORADO
�G�2et
? FXCIISFI� r1ATF OF SIrNINC; (AYE).1.` -"w I = i, ' DaleA(. Hall, Chairman
WeTd ynt Clerk to the Board x
/Barb ya J. Kirkmeyer, PrwTem
BY
Deputy Cle k o the Board// < -/ ,
GeorgKE. Baxter
APPROVED AS TO FORM: ��-4? 12�, ��,,
l Constance L. Harbert
ounty orne 1 ,
/ .� L (2&t -
W. H. ebster
952079
PE0014
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PERIODIC PAYMENTS OPTION RIDER - 457 PLANS
ATTACHED TO AND FORMING PART OF THE GROUP ANNUITY CONTRACT
WHEREAS, the Group Policyholder has previously entered into a Group Annuity Contract ("Contract")with Great-West
Life & Annuity Insurance Company (hereinafter referred to as "the Company"),
AND WHEREAS,the Group Policyholder and the Company desire to make the Periodic Payment Option available under
the Contract,
NOW THEREFORE, the Group Policyholder and the Company agree that the following provisions will be added to the
Contract as of the date executed below.
Election of Periodic Payment Option Periodic Payment Options Available
If the Participant has separated from service with the The Group Policyholder,on behalf of a Participant,must
Group Policyholder or has attained age 70 1/2, the elect one of the three payment options listed below. If
Group Policyholder,on behalf of a Participant,may elect the Participant dies prior to the time any payments have
to apply all or a portion of the Participant Annuity been made, the Group Policyholder, on behalf of the
Account to a Periodic Payment Option. The entire Beneficiary, must elect one of the first two payment
Participant Annuity Account must be applied to a options listed below. (Minimum Distribution Payments
Payment Option under which substantially equal are not available to Beneficiaries.) Payments must he
payments are made as required by Sections 457(d) and elected over a period of at least 36 months.
401(a)(9)of the Internal Revenue Code. Once payments
have begun, they cannot be changed or stopped. 1. Payments for a Specified Period. The period over
which payments will be made is elected. The
If the Participant wishes to take a partial withdrawal, amount of each payment will be substantially equal
such withdrawal must be taken prior to the selection of but may vary slightly depending upon investment
a Periodic Payment Option, and will be subject to any performance. The duration period may not he
applicable charges. changed and must result in a dollar amount which
meets the minimum distribution requirements.
Payments to a Beneficiary 2. Payments of a Specified Amount. The dollar amount
If the Participant is receiving Periodic Payments, any of each payment is elected. The dollar amount may
Periodic Payments remaining to be paid as of the not be changed and must meet the minimum
Participant's date of death will be paid to the distribution requirements. Based on the amount
Participant's beneficiary. The Beneficiary will receive elected, the duration of the payments may van.
payments remaining under the payment option in effect 3. Minimum Distribution Payments. Payments will he
as of the date of the Participant's death unless a lump made as required to meet the minimum distribution
sum is elected on the death claim. requirements of Internal Revenue Code section
401(a)(9).
If the Participant dies prior to the time payments have
commenced, the Group Policyholder may elect to apply Payments will cease when the Annuity Account Value is
the entire Participant Annuity Account to a Periodic zero.
Payment Option for the Beneficiary. All payments to a
Beneficiary must comply with the distribution Frequency and Amount of Payments
requirements of Sections 457(d) and 401(a)(9) of the The Request must specify:
Internal Revenue Code.
1. the payment frequency of either 12-, 6-, 3-, or 1-
month intervals;
•
2. the payment amount; a minimum of$50 is required:
3. the month, day and year on which payments are to
begin; and
4. the payment option.
PPO I-94-DC 1
952C7c
PERIODIC PAYMENTS OPTION RIDER - 457 PLANS (continued)
The amount of each payment will be prorated across all Operation of Participant Annuity Account
Variable and Guaranteed Sub-Accounts in proportion to While periodic payments are being received:
the assets in each sub-account unless the fund from
which the periodic payments are to be made is 1. no contributions may be made;
designated. Once a selected fund has been depleted, any 2. no partial withdrawals may be made except in the
amounts remaining to be paid by the Company will be event of an Unforeseeable Emergency;
prorated across all sub-accounts as described above, I current Guaranteed and Variable Sub-Accounts
unless another fund has been selected. may be continued or changed as allowed under the
•
contract; and
4. charges and fees under the Contract, if applicable,
continue to apply, except that the Contingent
Deferred Sales Charge does not apply to a Periodic
Payment Option of a minimum of 36 months.
Signed for Great-West Life &Annuity Insurance Company on the Issue Date.
07 / 2
W.T. McCallum,
President and Chief Executive Officer
Signed for the Group Policyholder on the 4TH day of OCTOBER , 1995
Group Policyholder Name WELD COUNTY. COLORADO
DALE K. HALL (Signature) - rL
CHAIRMAN, WELD COUNTY N'+�j� +
Group Policy Number BOARD OF COMMISSIONERS J
PPO 1-94-DC
952979
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