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Home My WebLink About690298.tiffRESOLUTION OF THE ,`WELL) COUI?TY BOARD CF RE I ,, r.NT I;THEREAS, Chapter 111 Colorado Revised Statutes (1963) , as amended, Article 9, Section 1 authorizes any county to establish and maintain a general plan or system of retirement benefits for its elected or appointed officers and its employees, and WHEREAS, by resolution passed November 1, 1967, the Board of Weld County Commissioners did create, in the office of the County Treasurer, the Weld County Officials' and Employees' Re- tirement Fund and did cause said funds to be allocated for de- posit to the credit of the Weld County Retirement System, and WHEREAS, by resolution passed November 1, 1967, the Board of Weld County Commissioners did create the Weld County Board of Retirement to implement and maintain a Weld County Retirement System, and WHEREAS, this Weld County Board of Retirement hereby finds and determines that the following retirement plan resolution should be passed in order to effectuate and place in operation the Weld County Retirement System for the best interests of the County, its employees, and the taxpayers of the County; NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: Section 1. Name of the Plan 1.1 Name of the Plan. The Retirement Plan of the Weld County Retirement System as set forth in this Resolution shall be known as the"WELD COUNTY RETIREP'ENT PLAN (hereinafter re- ferred to as the "Plan"). 690298 Section 2. Definitions 9.1 Definitions. :ihenever used in the Plan, the following terms shall have the respective meanings set forth below unless the context clearly indicates otherwise: (a) "Effective Date of the Plan" shall mean January 1, 1969. (o) "County" shall mean Weld County, State of Colorado. (c) "Employee" shall mean any elected or appointed County officer or deputy and any person employed by the County on a permanent, full-time basis. An employee shall be considered to be employed on a permanent, full-time basis if his customary employ- ment exceeds twenty hours a week and five months a year. flan f�• r-� and n>>.r;�os^ � � thi^ c..._l oycc3 $x" the t.tc:.d County Welfar,2 iDopar menit chall -not, con£idered 2$ �2 eli;a.b'_e : cmbcrohip in this Plan. (d) "Member" shall mean any person included in the mem- bership of the Plan as provided in Section 3 hereof. (e) "Board" or "Retirement Board" shall mean the Weld County Board of Retirement as established heretofore, by resolution passed November 1, 1967, by the Board of County Commissioners of Weld County, Colorado, to implement, maintain and manage the Weld County ar ti'^ennent. tem.- "Compensation" shall mean the regular periodic co:.n- penation paid to the Employee, reflecting the (f) normal regular salary or hourly wage rate, before a..- payroll deductions for income tax, Social Security, group insurance, or any other purpose, but excluding bonuses, extra pay, overtime pay, contributions by the County under this Plan, or for Social Security, group insurance, retainers' fee under contract, or the like. (g) "Continuous Service" shall mean service which is uninterrupted, or which is interrupted only by permissible breaks in service as provided in Section 4. 5. (h) "Prior Service" shall mean the period of service rendered by an Employee prior to the Effective Date of the Plan for which credit is allowed. "Current Service" shall mean the period of service rendered by an Employee as a P.ember for which credit is allowed. "Credited Service" shall mean the sum of any Prior Service and any Current Service, as further defined in Section L; hereof. (i) (J) (k) "Plan Year" shall mean the calendar year starting January 1 and ending on December 31. (1) "aetirement Benefit" shall mean any retirement benefit provided for in Section 7 hereof. "Accumulated contributions" shall mean the sum of a Kember'j°-, contributions to this Plan together 2Z, withwithiiXtereSt thereon at the rate Oir. 3�,�� per annum caopounded annually. (n) "Retired Member" shall mean a former Member whose employment has terminated by reason of retirement and who is receiving or is entitled to receive, or whose beneficiary or estate is entitled to receive, benefits under this Plan. "Vested Member" shall mean a former Member whose employment has terminated and who is entitled to receive the deferred Retirement Benefits as pro- vided in Section 1C.3 hereof. (p) °,beneficiary" shall mean the person or persons who are so designated by the Member, in the latest written notice which the Member has filed with the Retirement Board, to receive any payment to which a beneficiary may become entitled under this Plan. "Trustee" shall mean the trustee referred to in Section 12 as may be selected by the Retirement Board. (r) "Insurance Company shall mean the insurance com- pany referred to in Section 12 as may be selected by the Retirement Board. (c) "Fund" or "Retirement Plan Fund" shall mean the fund, as specified in Section 12 hereof, to be (O) (q) - R - used for the p rpose of providing the benefits under this Plan. (t) "Actuarial Equivalent" shall mean a benefit of equivalent value when computed at the rate of interest and on the basis of mortality and other tables last adopted by the Retirement Board. (u) The masculine pronoun wherever used shall be interpreted to include the feminine, and singu- lar words to include the plural. Section 3. Membership 3.1 Employees Eligible on Effective Date. Every Employee as of January 1, 1969 shall be eligible for membership in the Plan on that date and may become a Aember of the Plan on that date by properly filing with the Retirement ent Board prior to March 1, 1969 the form of membership agreement furnished for that pur- pose. Any such Employee who does not file the form of membership agreement prior to March 1, 1969 may thereafter file such member— ship agreement and become a Member on the first day of the month coincident with or next following the filing of such membership arg;regiment; but in such event, such Member shall not be given Credited Service for any service prior to becoming a Member. 3.2 Employees Eligible after the Effective Date. For each u,Ployee who becomes such after January 1, 1969, membership in the Plan shall be a condition of employment, and such Employee :hall be amired co: :tm.rmef membershipa:aem—t e time ofe a: em;ew:ty: or appintment. Such Employee shall b:a aMemwe oh the first dayoft' calendar month coincident with or next following enoloyment, election or appointment. .3 Termination of MembershLP. Membership in the Plan shall terminate upon retireme..0 or upon any earlier termination of employment. 3.4 Withdnaalf m : ems « Once an Employee hasawome a Gem er of the Plan. ne :cam t withdraw from r m erSh:g in the San unless he ceases be el:w'for memhershipowbecomes o: :y for benefitsunGzuz man. mew. «. Seaye &.1 Prior Service. was Services ll include y period of ct: os service, not exceeding 5 yea , rendered by a rr,eas an :,:«the Ocu:;y prior to the Date of the Plan, excall such service prior totem first day of t m -th coincident with_:next followingemployment, t o 92 sopplrement andoxclu. tU 2 service by anyMember whow. Employee as or Janua 1, and who faed to file a ec- sevLe Srvi shall csistoall while a: :zed:the 3,n. . Crejited Service, bee.. Secs (i) ...._ill be thea„ service on the basis which i_,. s _..._e Flan 7ipte2minel. The Creal e.. Service of a Member shall D determined by ''o Retirement Board __. a non-discriminatory manner as _`r'0V'_QeCl herein. 4.4 Limitations on Credited Service. No period of Credited Service shall be deemed to be increased or extended by overtime. Credited Service shall not include any period of service .'urine Which the ..encer is covered under any other retirement or 'P@..^a 1011 plan :, other than federal C!Ci k'+' -L@ Security and Disability -..surance, une Con makes contributions. Credited Service shall not _include any period of time during `o which the Member 13 on. an =_oproved leave of absence or interruption of service as provided in Sect -on -..5. In dete m n9nv Credited Service, service fcr fractional years _ shall be all.oried on tee basis of one -twelfth of one year for each full calendar month of such service. 4.5 Breaks in Service. 'r any break or breaks shall occur in the service of a !':ember, none of his service prior to the last h C: ee teeth__ P-^ 0r Service or Curren., Service, shall be __.:l uded in his Credited Service. The Retirement Board shall have tne power to determine when a break or breaks in service shall have occurred an.. such determination shall -�^ �r �� -i be made in a n0*_1-diS- The Lalia.:_n_ shAll rot be considered as a break in service: (a) A :e"_ _r lay -c`_'_ because of an illness or for pe_ - econom/, or dismissal, followee re -e _ 'R': or re-'-rc's _-..m_e t rei ,o., _ _:sal leave of a�..,_.-ce followed bytat..- . re-.. pl - ._nt or r _ - _ntment within - 7._r; one year after termination of the leave of absence (c) A leave of absence on account of entering into the military service of the United States, followed by a return to the service of the County within 90 days after the time when a discharge from such military service was first available to such Member. (d) A failure to gain re-election in the case of an elected County official, followed by election to any office of the County or employment by the County within eight years. (e) A failure to gain reappointment in the case of an Joi "ted official appointed ;�_iLC ial or deputy followed by appoint- ment to any office the "`ensO-- �- O�. th_ County or employment by the County within eight years. In the event that a Member does not return to the service of the County within the time specified by a leave of absence, such leave of absence shall be considered a break in service. Section 5. Contributions 5.1 Member Contributions. Every Member shall, during his period of Current Service in the Plan, contribute to tho Plan by means of payroll deductions an amount equalto four percent (4,,) of his monthly Compensation plus two percent (2;i) of that portion of suon monthly Compensation which is in excess of Four Hundred Dollars (40n), No Member shall be required or permitted to make contribu- tions to this Plan during any period of employment for which be is not receiving credit for Current Service. 5.2 County Contributions. The County will, on a monthly basis, make contributions to the Fund in an amount equal to the monthly contributions of the Members. In addition, the County will, from time to time, make contributions to the Fund to the e::tent necessary to finance on a sound actuarial basis the prior service benefits provided by the Plan. The County expects to continue such contributions to the Flan, but assumes no responsi- bility to do so and reserves the right to suspend or reduce contributions at any time. Notwithstanding an -.7y other provisions hereof or any amendment hereto to 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 benefits of Members, Retired Members, Vested Members• or their Beneficiaries under the Plan, except such funds which upon termination of the Plan .'1 an in excess of the amount required to fully fund the and are due to erroneous actuarial calculations. 5.3 Application of Forfeitures. Any amount forfeited because of the te2lcination of employment of a Member prior to his having ir'ed a fully vested light to Retiromenec Benefits, becau*e of the death of any 'i.7embcr, or for any other reason, shall not ):Vied to increase Sne benefits which would ot,tor'.!9 so be - 10 - to any other Member. The amounts so forfeited shall be applied as soon as oossible to reduce the c2ctributions required to be made by the County. Section 6. Retirement Dates 6.1 Normal Retirement Date. The Normal Retirement Date cf a Member shall be the first day of the calendar month coinci- dent with or next following his 665th. birthday, but not before July 1, 1969. 6.2 Early Retirement Date. A Member who has attained the age of fifty-five (55) years and has completed 1O years of first Service may elect to retire as of the day of any calendar month. 6.3 Delved Retirement Date. Every Member upon reaching his Normal Retirement Date must retire unless the County requests that he delay retirement until a Delayed Retirement Date. If such a Delayed Retirement Date is requested by the County and the Member elects to do so, he may remain in service until such Delayed Retirement rate upon such terms as may be arranged. His "Delayed Retirement Date" shall be the first day of the month coincident with or next following the date of his actual retire- ment. As a condition pre?Sedent to continuance in employment beyond the Normal Retirement Date, the I (ember shall file with the Retirement Board a 41.ri.tte\"1 designation of a Beneficiary, whether or not the Member electone of the optional benefits in aooe _..n -e . Soct'_o o 3.2. J .'r Disability Retirement Date. Upon written application to the Retirement Board, a Member with at least 10 years of Credited Service and who has become permanently incapacitated for the performance of duty from any cause shall be granted a Disability Retirement. The Disability Retirement Date shall be the first day of a month coincident with or next following the date upon which the disability is determined by the Retirement Board to have occurred. The Retirement Board shall have the soole author =t" to made the factual determination of eligibility of a Member for a Disability Retirement, but such determination shall be made in a non-discriminatory manner and with competent medical advice. b.5Retirement Date. A Member's "Retirement Date" shall be his Normal Retirement Date, his Early Retirement Date, his • Delayed Retirement Date, or his Disability Retirement Date, whichever is applicable. Section, 7. Retirement Benefits a; 7.1 Normal or Delayed Retirement Benefit. Upon retirement or after his Normal Retirement Date, each hired Member. shall receive a monthly Retirement Benefit for ten years certain any life thereafter, equal to one -twelfth. the sum of the following: -r_,y JS S o the s_7. of (1 _ perce:n: (1t. of his ave. _iunual Compensation received dui' ::ti'1 three yeorn service prior to JaI:ua_y 1, 1`a' or C'.".i^inc the period. of service prior to January 1, 1969, if less than three years, (2) one-half of one percent (1/2',) of that portion t_.on of such average annual Compensa- tion F of t1C_". in excess of .)4,Gvu.0o. Info-<.p._et0T,On�.�"1S shall be excluded from the computation of averaRe annual Compensation under this suhpara?raph (a) (b) For Current Service: (1) one re' 1e n:; (l o) of his Cone n- sat_on dur =r each year of Current Service credited to }�_• 1 1 n one -•1f of o'e -.er (1/2(t) that - :a� , �C ha.__ _ y7.^'.i'" L` t-�Go of t. por- tion of such Compensation 1n excess of ::;4,800.co. Far ar. fractional year or Currant Sere:_..: the benefit a:n.!-n com- puted hereunder shall equal the sum of: (i) one percent (l'y) of 'ml: Como nsF tion for such fractional peg: (ii) one-half of one percent (1/2) of that portion of such Compensation for such fractional year as shall exceed. the product of ama the number of months cf such fractional year. 7.2 Early Retirement Benefit. A Member retiring prior to his Service _ or \t 1c. -c ' hall en-Itierl to a _,.duce1 Retire_me t .;hick 0 :.! 1 be the Actuarial Equi valvnt oP the Normal Dint Behefit •1 -oh I:; base on 11_c "CC - d'1 to the __. ;4 ., O! ._.�. ot_. _.. ., 7_ which .• .. been hpv,Ihici to '_G. iii.: - 13 - 7.3 Maximum Retirement Benefit. mhe mo ier?ly Retirement Benefits as determined in Section._ 7.1 and 7.2 shall not exceed seventy percent (70) of the Me2ter's highest average monthly Compensation during any period of five consecutive years within the ten years immerriately preceding his retirement date, minus the primary uncial Security benefits, if any. 7.4 Disability Retirement Benefit. A Member who has become disabled as stated in Section 6.4 but has less than 10 years of Credited Service on the date on which the disabling event occurs, shall receive a refund of his Accu.. ui -,rt8:.' Contributions. A I:ember who becomes disabled as stated in Section 6.4 and has at least :. 10 year's of Credited Service shall be entitled, as of his date of disability as determined by the Retirement Board, to the Actuarial Equivalent of the vested portion of his Normal Retirement Benefit which is based on his Credited Service prior to the date of his disability and which would have been _payable to him at his Normal Retirement Date. After considering the Member's needs, the Retirement Board shall determine whether the Member is to receive such Actuarial Equivalent computed as of the date of such disability, as follows: (a) as a Retirement Benefit payable monthly for the Member's life, or a: a Retirement Benefit payable monthly until death or the exo.ry of a stated number of years, which- ever occurs first, s , or (b) O as a Retirement 7le•.e't payable in a stared number of monthly payments, or (d) as a single lump sum payment, or (e) as one of the other forms of payments provided in Section 8.2. Section 8. Payment of Benefits 8.1 Retirement Benefit Payments. Unless optional Retire- ment Benefit payments are applicable, the Retirement Benefit as provided in Section 7.1 shall be paid in equal monthly install- ments and the first such installment shall be paid on the first day of the month next following the month in which the Retirement Date Occurs and continuing at monthly intervals for a period of 119 additional months and for the Retired Member's lifeti me thereafter. The last benefit payment shall be made on the first day of the month of the Retired Member's death, unless payments have been made for fewer than 120 months in which event they shall be continued to his named Beneficiary, ceasing when a total of 120 monthly payments have been made to the Retired Member and his Beneficiary, combined. 8.2 Optional Retirement Benefit Payments. Subject to such uniform rules and re ulations as the Retirement Board may prescribe, a Member may, in lieu of the Retirement Benefit payments provided' In Section 8.1, elect one of the following forms of Optional Re- t_rement Benefits, which shall be the Actuarial Equivalent of the bunefit to which he would otherwize be entitled. The [Member ..just - 15 - make any election of an optional benefit in writing, and such election must be filed with the Retirement Board at least 90 days prior to the due date of the first payment of Retirement Benefits under the Plan. The election of an option may be changed at any time prior to 90 days preceding the due date of the first payment of Retirement Benefits under the Plan. (a) Join's and Survivor Benefit Option. A benefit which proldes reduced monthly Retirement Benefit payments during the Retired Member's life, and upon his death after retirement, continues payments in the same or a lesser ammvnt to a designated Beneficiary during the life of sub Beneficiary. (b) Life and Term Certain Benefit Option. A benefit which provides an adjusted monthly Retirement Benefit payment during the Retired Member's life, and upon his death after retirement within a specified term certain (such term to be 5, 15 or 20 years as elected by the Member), continues pay- ments in the same amount for the balance of such term certain to a designated Beneficiary. (c) Social Security Adjustment Option. A benefit paya- ble to the Retired Member during his lifetime but with such payments adjusted so that, together with the monthly payment of the primary insurance amount expected to become payable to him under Title lI of the Federal Social Act as in force on the date - .0 - (a) of such request, they will form, as nearly as is practicable, a uniform series of payments. The Retired Member's Retirement Benefit under this option will be adjusted by increasing the amount of each monthly payment becoming payable to him before he is expected to receive such Social Security benefits and by decreasing the amount of his monthly payment becoming payable to him there- after. Lifetime Benefit Option. A benefit which provides increased monthly Retirement Benefit payments only during the Retired Member's life. 8.3 Minimum Monthly Payments. If the monthly benefit to which any Member or Beneficiary shall become entitled under the Plan shall he less than $25.00, the Retirement Board shall have the riht to direct that the Actuarial Equivalent of such benefit shall be paid in a lump sum or in installments at such intervals as will result in each payment amounting to at least $25.00. 8.4 Beneficiary. The Member may designate as his Benefi- ciary, in writing, his spouse or any of his children, either natural or adopted, parents, brothers or sisters. If the desig- nated Beneficiary dies prior to the due date of the first payment of Retirement Benefits under the Plan and no new Beneficiary hus, been designated, Retirement Benefit: shall be paid as though. no optional benefit had been elected. - 17 - Section 9. Death Benefits 9.1 Dea\h of a Member Before Normal Retirement Date. In the event that a ?lember of the Plan dices prior to his Normal Retirement Date, there shall be ,paid to the Beneficiary desig- nated by him, if said Beneficiary be living, otherwi3S.e to his estate, the amount of his Accumulated Contributiont as oy true date of his death. 9.2 Death of a Member Between Normal and Delayed Retirement Dates. In the event that a Member continues in the County's employment after his Normal Retirement Date, and dies before actually retiring, then, for purposes of this Plan, he shall be deemed to have retired on the first day of the calendar month in which he dies. If an election of an optional benefit provided for in Section 8.2 is then in effect, the payments, if any, provided by such optional benefit shall be made to the Beneficiary designated by the Member. If no election of an optional benefit provided for in Section 8.2 is then in effect, such Member shall be deemed to have elected the benefit provided 120 for in Section 8.1 and themonthly payments shall be made to the Beneficiary designated by the Member as required in Section. 6.3. In the event that no designated beneficiary is living at aeatn of a Member ::'rile continuing in the County's employment after his Normal Retirement Date, such Member shall be deemed so have elected the benefit provided for in Section 8.1, and oaoh of 120 monthly payments shall be discounted at the interest rate last adopted by the Retirement 3oard and the su-n of the discounted payments will be paid in one sum to the estate of the Member. 9.3 Death of a Retired Member. In the event that a Retired [•:ember who has been receiving Retirement ,3enefit payments under Section 8.1 or Section 8.2, Option Co), dies before he has received payment of monthly installments for the term certain, his Benefi- ciary, if living, shall receive monthly installments of the same amount for the balance of such term certain. In the event that no Beneficiary is living at the death of such Retired Member, each of the monthly installments for the balance of the term certain will be discounted at the interest rate last adopted by the Retirement Board and the sum of the discounted payments will be paid in ber. If at the death of the death of the Retired one sum to the estate of the Retired the last last surviving Beneficiary following Member, monthly installments have not yet been paid for the term certain, each of the installments for the balance of the term certain will be discounted at the interest rate last adopted by the Retirement Board and the sum of the discounted payments will he paid in one sum to the estate of the last surviving 3eneficiary. In the event that a Retired Member who has been receiving benefit payments under the provisions of Section 8.2, Option (a) , dies, the Beneficiary, if living, shall receive payment of the Retirement Benefit determined by such optional form commenc_n„ on the first day of the month following lowing the death of the Retired f e:nber and continuing during the remainin!. liretime of the 3eno-- fi.iary terminating with the last: payment due prior to the crate - 19 - of the death of the Beneficiary. If, at the death of the Retired :ember, the Beneficiary is no longer living, no further benefit payments will be made, except as provided in Section 9.4. At the death of a Retired Member who has been receiving Retirement Benefit payments under Section 8.2, option (c) or option (d), no further benefit payments will be made, except as provided in Section 9.4. 9.4 Death of a Retired Member Before Contributions Recovered. In the event that at the termination of Retirement Benefit payments following the death of a Retired Member, the total of such payments made to the Retired Member and his Beneficiary (if any) is less than the amount of the Accumulated Contributions of the Retired Member at his Retirement Date, the difference shall be paid in one sum to the Beneficiary, if living, or to the estate of the last survivor of the Retired Member or his Beneficiary. pry. 9.5 Death of a Vested Member Before Normal Retirement Date. In the event that a Vested Member dies prior to his Normal Retirement Date, there shall be paid to the Beneficiary mated by him, if living, otherwise to his estate, the amount of his Accumulated Contributions at the time of his death. 9.6 Uniform Simultaneous Death Act. The provisions of any law of this State providing for the distribution of estates under tho Uniform Simultaneous Death Act, when applicable, shall govern c.he distribution of money payable under this Plan. 20 - Section,10. Severance Benefits 10.1 Coverai;e . Benefits shall be pad under this Section for severance of emplcyme,nt of a iember, only for reasons other than retirement cr death. 10.2 Less than Ten Years Credited Service. In the event that a Member shall resign * be discharged from the service of the County prior to his Xormal Retirement Date, and has less than ten (10) years of Credited Serlvice, the only benefits to which he shall be entitled under this Plan shall be the refund of his Accumulated Contributions. 10.3 T/n or More Years Credited Service. In the event that a Member shall resign or be discharged from the service of the County prior to his Normal Retiremertt Date, and has ten (10) or ;.rare years of Credited Service, he maw elect either (a) to leave his Accumulated Contributions on deposit in the Fund and become a Vested Member, or (b) to receive, in lieu of all other benefits, a refund of his Accumulated Contributions. If such a Member fails to elect either (a) or (b) within ninety days after his date of termination from the Plan, then he shall be deemed to have elected to leave his Accumulated Contributions on deposit and to become a Vested Member. A Vested Member shall be entitled to a deferred Retirement enefit which shall be the vested portion (as shown in the table below) of the Retirement Benefit earned to the date of the termina- tion of his membership. Such deferred Retirement Benefit shall payaole ..ti the Vested .ember': iicr..L'1 2,etiraient Da , ..vide howl �e„that the .o -'.:n. r ... - `, c.._p �.l_ amount or Retirement D`_'n<''_t shall no no less .hart the benefit which his Accumulated Coni; iu_itions at his : crma1 Reairement Date would provide. Completed Years of Credited Service 10 11 12 13 16 17 lu 19 Perceht of Earned Ben5tfit Vested 500 55 60 65 70 75 60 85 90 95 20 and over 90 A Vested icombor nay elect, At any time prior to his normal Thetirement Date, to receive, is lieu of all other benefits, a refund of his Accumulated Contributions as of the date of refund. 10. -,on-_ o -election. In the event that a Member who is an elected officer of the County is not re-elected to the came office Of elected to another County office or is no\ employed by t'he 'nin th._,. gib, (30) days after his term of office expire t eu the :rovislon: of Section 10.3 shall apply to himy except fol_e..s: L-1 Tho min ('J) ,,ears of Credited Service shall net be rol Sarno- Benefit . wed shall be loss of the number of "Com?leted'!ears of Credited Service." Section 11. Administration of the Plan 11.1 Retirement Board. By Resolution passed November 1, 1967, the Board of Weld County Commissioners created a Retirement Board to be com used of five (5) members. One of said members shall be the Count " Treasurer; two of said members shall be non -elected County emsloyees, elected by said Employees; and t:!^. of said members shall be qualified electors of the County, not and appointed by the Board of connected with County government �. County Commissioners. The .a term of office of the Board members shall Pe staggerecj four-year terms as determined by the Board. e Board shall prepare 'by-laws for its own government and for selectio of its own officers. No member of the Board shall receive compensation for his service on the Board, but a member may be reimbursed for reasona- ble expenses incurred in connection with his duties as a member of the Board. 11.2 Retirement Board Powers. The Retirement Board shall have all cowers necessary to supervise the administration of the Plan and to control its operations in accordance with its terms, _nclu-.._n: but noo'by way of limitation, the following: J To interpret the proud isions of the Plan and to determine at „ questions arising under the Plan. c_ _._ connection with the administration or (c) 70 acter.:':ne all _ o_..,_...:ratior_s affecting the of ^77,7 to be or become a Member Oi the ._an. To determinethe amount of the Member's contribu- tions to be withheld by the County in accordance with the Plan and to maintain such records of Accumulated Contributions as are necessary under said Plan. (d) To determine the Credited Service of any -ember and to co:-:o_the amount of Retirement Benef- or other sum, nayablo under the Plan to any person. (e) To authorize and direct all disbursements d �u;^se^Ents of Ret__ o...._.... Benefits and other sums under the Plan. (f) To employ such counsel and acrents and to obtain such clerical, medical, legal and actuarial ser- vices as it may deem necessary or appropriate in carrying out the provisions of the Plan. (c) -.11th the advice of its actuary, to adopt from time to time, for purposes of the Plan, such mor- tality and other tables as it may deem necessary or a:nuronriate for the operation of the Plan. ^n tuake valuations and acor'a_sals of the assets ho, fn t.._ Fund under the Plan, and ;litc. the advEce of an actuary to determine the abi.__ties af Plan. To oeate •.ez from sdoh asset: for any Decisions and .let e_.:inat'on of the Retirement Board not t with of the Plan shall be binding _._C OnS S �e?'-� the provisions OtlS _ a � and conclusive on a-i interested per sons. Section 12. Retirement Plan Fund 12.1 Purpose of the Retirement Plan Fund. The Retirement P'_ :^: Fund shall be the sole purnose of enabling the Retirement :Gard to provide for the raymente required under the Retirement _ _an and to na:r necessary erne nses of administration. All monies and other oroperty deposited or made a part of said Fand are herebydeclared to be held in the Fund for the sole use and purpose sayment of benefits provided by this Resolution an: all expenses incurred by the Retirement Board in the admin- istration _ration of this Plan, and said Fund is hereby declared to irrevocable, except in accordance with the terms of this , Re solution. be 12.2 _;ethod of Funding. The Trustee or Insurance Company the be appointed by the Retirement Board Retirement Board ;_ remove the Trustee or resolution. The _i._„_re:a-__... may time by the terms .LZ?:i'J'-"anC? �C^",1JI1'tly at anyauponnotice .._ -.:..., T mst : _.,_.._o...; C." the G-^ou_ Annuity Contract, and upon a_ o�tho osi,nat'-on of any, Trustee or In,-. __1ce -p"'1y, the Retirement Boa=,,. 1a;, iesiunate that the funds ere to be held U;,� a successor Trustee Or Insurance Company. Subject to the aporo-val of the Retirement Board, the Trustee or Insurance Company shall be compensated for expenses out of the Fund to the extent that the Board of County Commissioners does not appropriate such additional funds to cover these expenses. 12.3 Trustee. A corporate trustee, herein referred to as the Trustee, acting under a Trust Agreement, may selected -t and may be chg ge• from time 'o�� the Retirement Board, ., n��•_l _ �_m«. to time by the Retirement Board. The duties of the Trustee shall be set forth n the Trust f'[ cement. 12.4 Insurance Company. Any insurance company authorized to do business in the State of Colorado, heuein referr od to as the Insurance Company, acting )-finder a Group Annuity Contract, may be selected by the Retirement Board and may be changed from time to time the Retirement Boerd. The duties of the Insu_- - 'J Co :a�% nshall l be sot forth in the Group Annuity Contract. Section 13. letirener c Benefits and Rights Inalienable l - lIral - l _y• ..r Retired Ilem erg Vested em- he Plan hereby restraincd rwise _.s` )`tin :, ar n their PLetilflement ' ;enefit s, o_'_ reotiv'o Benefits or any the rights or interests under the Plan and any attemnt to ant_cip e or otherwise ate, assign, pledge, n .._S_:Os`.', of the same shall be void. Said Retirement Benefits, :ospecti9e Retirement Benefits ,d.rights n a:�' and interests o� said Members, Retired Members, Vested Members or Beneficiaries es 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. 13.2 BanInintoy. If any Member, Retired Member Vested :G'n, }b.e_„ or Ben`12Sia?-ies shall become bankrupt - or attempt to anticipate, assign or pledge any benefits under the Plan, then, in the discretion of \ne Retirementsuchshall -. �- Board, benefits sha__ cease; and in that event the Retirement Board shall have authority to cause She same, or any ?.rt thereof, to be held or applied u_ v. for the benefit of such Member, his spouse, his children, other dependents, or any of them, in such manner and in such proportions as the etirement Board may deem proper. Section 14. Modification or Termination of Plan 14.1 Continuation of Plan. It is the expectation of the County that it will continue this Plan and the payment of its contributions hereunder indefinitely, but continuance of the Plan not assumed as a con'_actual obligation of the County. 14.2 Power to Amend or Terminate Plan. The County reserves the iyhtalter, r terminate the part _ _� to c._.. _ amend, or ten��''.?L1 �e Plan or any thereof in such manner as it may determine, and such alteration, amendment or termination shall to=Ce effect upon notice thereof from the County to the Trustee or insurance Company; provided that no such alteration or amendment shall provide that the Re- tirement Benefit payable to any Retired Member shall be less than that provided by his Accumulated Contributions or affect the right of any Member to receive a refund of his Accumulated Con- tributions; and provided further that no alteration, amendment or termination of the Plan or any part thereof shall permit any part of the Fund to revert to or to be recoverable by the County or be used for or diverted to purposes other than the exclusive benefits of Members, Retired Members, Vested Members or Benefi- ciaries under the Plan, except such funds, if any, as may remain at termination of the Fund after satisfaction of all liabilities with respect to Members, Retired Members, Vested Members and Beneficiaries under the Plan and are due solely to erroneous actuarial calculations. 14.3 Approva3-Under the Internal Revenue Code. The Plan is intended to comply idith the requirements of the applicable provisions of Section 401(a) of the Internal Revenue Code as now �_. effect or hereafter amended, and any modification or amend - rent of the Plan may be made ret'_'Qactive, as necessary or ar,;;r_riate, to establish and maintain such compliance. - 23 - Notwithstanding any other provision hereof, if ?--zhin one year after submission to the Internal Revenue Service for its approval, the Internal Revenue Service alrall rule that this Plan fails to qualify under the provis_cns of Section 401(a) of the Internal Revenue Code; the Trustee or Insurance Company shall return all contribkons, together with the pro rata share of income, less expenses, to the Members who have contributed the same, and to the. County. Thereupon, this Plan shall terminate. 14.4 Discontinuance of County Contributions. The County reserves the right at any time and for any reason satisfactory to it to discontinue permanently all contributions by the County under this Plan. Such discontinuance shall be deemed to be a omplete termination of the Plan. 14.5 Allocation of Fund Assets Upon Termination. In the event of the complete termination of the Plan, all funds in the custody of the Trustee or Insurance Company shall be converted to cash and allocated to Members, Retired Members, Vested Members an: Beneficiaries or the following basis: (a) An amount equal to the Accumulated Contributions or balance thereof, which would be payable to the Members, Retired Members, Vested Members or Bene- ficiary should death occur on the date of the t' - 29 - (b) An amount of the remaining assets equal to a pro rata portion determined on the basis of the ratio that the actuarial reserve for his accrued benefits minus the amount credited to him in (a) above bears to the total of such actuarial reserves minus the total credited in (a) above. 14.6 Distribution of Fand Assets Upon Terciinatio:,. When the funds in the custody of the Trustee or Insurance Company have been allocated as indicated above, the distribution may be made in the form of cash or annuity contracts as determined by the Retirement Board, provided that any funds remaining after the satisfaction of all liabilities to Members, Retired Members, Vested Members and Beneficiaries under the Plan and due solely to erroneous actuarial calculations may be withdrawn from the Fund by the Retirement Board for the account of the County. Section 15. Miscellaneous Provisions 15.1 Advisement of Terms and Conditions of Plan. Each Member shall be advised of the general provisions of the Plan and upon written request addressed to the Retirement Board shall be furnished with any information requested regarding his status, rights and privileges under the Plan. 15.2 Limitation of Liabil . No Member shall have any right to Retirement Benefits under the Plan, except such rights, any, as may accrue to him upon his retirement from the service of the County under the provisions of the Plan while it is in -30 - effect. All such benefits are payable solely out of the Fund and in no event shall the County, the Trustee, the Insurance Company, or the Retirement Board members be liable therefor. 15.3 Effect of Plan. Neither the establishment of the Plan, the granting of a Retirement Benefit nor any action of the County or the Retirement Board shall be held or construed to confer upon any person any right to be continued as an Employee, nor, upon dismissal, to any right or interest in the Fund other than as herein provided. 15.4 Disclaimer of Liability. Neither the establishment of this Plan, nor any modification thereof, nor any action taken thereunder, nor any omission to act, if in good faith and not constituting willful misconduct either by the Retirement Board, or any member thereof, or by the County, its officers, employees and agents, shall be construed as giving to any Member, or other person, any legal or equitable right against the County, or any officer or director thereof, or against the Retirement Board, or 'any member thereof. The Retirement Board or any member thereof, or the County, its officers, employees and agents shall not be liable for any loss or depreciation of the Fund. 15.5 Authorization. and Payment of Benefits. In the event that the Ret'_remer..t 3oard.det,ermines that any Retired Membsr e whom a benefit is payable under the terms of the Plan is unable to care for his affairs because of illness or accident or is other- wise mentally or physically incompetent and unable to give a valid receipt or is deceased, the Retirement Board may ca * se the payment or pay: ^er..s becorli nS cue to such Retired Member (unless prior claim therefor shall have been made by a duly qualified guardian or other legal representative) to be paid to another person for his benefit without responsibility on the part of the Retirement Board to follow the application of such payment. Any such payments shall be payment for the account of the Retired :Member and shall operate as a complete discharge of any liability of the County or the Fund therefor under the Pl an . Section 16. Benefit Limitations on Early Termination 16 1 Temporaa Limitations on Benefits. A. Notwithstanding any other provision of this Plan (except Sections 16.1-0 and 16.1-D), if (i) this Plan is terminated within ..n years after the Effective Date of the Plan, or the benefits of any of the Members. described in Section 16.1.-F become payable within ten years after the Effective Date of the Plan, or (iii) the benefits of any of the Members described in Section 16.1--F become payable after this Plan has been In effect for ten years and at the time such benefits become payable the full current costs of the Plan for the first ten yearc have not beep^. met, - 32 - no benefits provide' by the County's contribution shallbe paid to any Member described in Section 16.1-F in excess of the benefits which can be pro- vided by an amount equal to the larger of the following amounts: (i) 20,000; or (i)) an amount equal to 20 percent of the first $50,000 of the Member's average annual com- pensation during the preceding five years multiplied by the number of years between the Effective Date of the Plan and (1) the :.'ate that the Plan terminates or ( 2) if benefits become payable to a Member described in Section 16.1-F within ten years after the Effective Date of the Plan, the date the benefits of such Member first become payable (if before the date of termination of this Plan) or (3) if benefits become payable to a member described in Section 16.1-F after the Plan has been in effect for ten years and if the full current costs of the Plan for the first ten years have not been met or if the full current costs have not been met on the dates referred to in (a) -01- (2) above, the date of the failure to meet full current costs. ta.__n shall coosa to be effective at ation or ten fears 2f3:1 the Effective Date of this Plan, as the full cvrrent cote of ti:. Plan have first been met. B. If a Member described in Section 16.1-7 leaves the emeloy of the County or withdraws from member- ship in this Plan, the benefits which he may receive shall not at any .__-....', within the first ten years aft she :ffecti:e bats of this Plan, exceed the benefits set forth in Section 15.1-A. ehd of .c._ ;,ears after the Effective Date of this Plan the full current costs of the first ten years have nst been met, the benefits, such Member may 'e `,the benefits set forth _._.,�_. shall net e:iseee _.: Section 16.1-A J 1-A until the first time that the full current costs of this Plan have been met. C The limitations contained in Section 16.1-A shall not restrict the full payment of any benefits to a Beneficiary on behalf of a Member who dies after. retirement a-.: while this Plan is in full effect and its full current costs have been met. D. The limitations contained in Section 16.1-A shall not restrict the current payment of full Retirement . .��G:-.C _ _ o.. called for' 1J f this Planfor any C ti^0�:; :'e!abc,. ,..._l_ this ._an Ls in full effect and Pall : rent cos t.. have been met. E. Ti°; the e -rent of'termination to r-ination of the Plan while the imitations contained in Section 16.1 -Ac are iii F. • effect, ac portion of the assets of the..11und, with respect to those Members described in Section -16.1-F, which is in excess of_the. specified in Section 16.1-A will be apportioned to the other Members, including Retired Members,. .nl.accordance with the provisions contained in Section 14.5 hereof. The`Members referred to in Sections 16.1-A and 16.1-B shall be only those of the 25 highest paid Employees determined as of January 1, 1969, whether or not initialiy'el giale for -Membe sh -p.. whose rlonthl * Retirement Benefit upon Normal_.Retirement Date':-rould oxceed -$12.5. The above and foregoing resolution as sitbmitted by the County Board of Retirement was duly approved by the following vote on the 29th day of January, 19 69. Ave_ GCJivrre./ �iy Aye:. • COi.JNTY;B0AR,1..9 .ETIJ?E+lENT OF WELD. COUNTY, COLORADO This resolution was duly approved by the Board of County Commissioners of Weld County, Colorado, orado, by the following vote on the 29th..day of January, '969. ', 'ire: T= =: BOARD 0^ COUATY COGtc.IISSIOdERS OF WELD COUNTY, COLORADO Hello