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Home My WebLink About20241896.tiffAMENDMENT NO. TWO TO THE WELD COUNTY RETIREMENT PLAN (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2022) 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, 2022) (the "Plan") is hereby amended, as follows: Article II DEFINITIONS, Section 2.8 Covered Employee, is amended, effective July 1, 2024, as follows: 2.8 Covered Employee means, in accordance with Weld County Human Resources Policies and Procedures: (i) any Employee employed by the County on a full-time basis, and (ii) any Employee classified as a part-time "Working Retiree." Article II DEFINITIONS, Section 2.11 Current Service, is amended, effective July 1, 2024, as follows: 2.11 Current Service means the period of service rendered by a Covered Employee as a Member for which credit is allowed. Current Service will cease when a Member's service as a full-time Employee terminates or when a Member's service as a part-time "Working Retiree" ceases, as the case may be. Article V CONTRIBUTIONS, Section 5.1 Member Contributions, is amended by the addition of the following paragraph at the end of the Section, effective July 1, 2024, as follows: Notwithstanding the foregoing provisions of this Section 5.1, any Member classified by the County as a part-time "Working Retiree" before July 1, 2024 shall not be required or permitted to make contributions to this Plan, and the County shall not make contributions for such Member, for the period in which such Member retains the classification of part-time "Working Retiree." Article X BENEFIT APPLICATION AND LIMITATIONS, Section 10.2 Reemployment of Retired Members, is amended, effective July 1, 2024. as follows: 10.2 Reemployment of Retired Members; Working Retirees. (a) Reemployment of Retired Members. Except as provided in paragraph (b) of this Section 10.2, if a Retired Member is reemployed by the County as a full-time Covered Employee, no retirement payments shall be made during the period of such reemployment. Upon the subsequent termination of employment by such a Member, the Member shall be entitled to receive a Retirement Benefit based on their total Credited Service prior to the date of their previous Retirement, during COtnrytAAfl( Cali oYl S CC lag rtccPno), an (co CC) (B?4lM), Ao(ss),-=T(RR) asiftw 2024-1896 00Ro the period of their reemployment and in the case of a disabled Member, their Credited Service while disabled. In the case of reemployment of a Retired Member who received any retirement payments prior to their reemployment, the Retirement Benefit payable upon their subsequent Retirement shall be reduced by the Actuarial Equivalent of the payments, other than Disability Pension payments, they received. The above restrictions on reemployment of Retired Members shall be subject to special rules on working after retirement for Retired Members who return to work for the County at less than full-time status, as set forth in the Weld County Human Resources Code. (b) Working Retirees. Effective July 1, 2024, a Member who (i) reaches Normal Retirement Date under the Rule of 80, as set forth in Section 6.1, and (ii) is classified as a "Working Retiree" by the County, shall be eligible to commence or continue receiving a Normal Retirement Benefit while continuing employment with the County or return to work with the County without their Normal Retirement Benefit payments being suspended during such period of employment, regardless of full-time or part-time employment status. Such Retired Member, as a Working Retiree, will continue to participate in the Plan, including making Member Contributions to the extent required under Section 5.1 and earning an Accrued Benefit in accordance with applicable provisions of the Plan. However, for these Retired Members who commence receiving a Normal Retirement Benefit under the Rule of 80 while continuing employment with the County or returning to work with the County as a Working Retiree, any Accrued Benefit earned after initial retirement shall be reduced by the Actuarial Equivalent of Retirement Benefit payments received while employed or reemployed after reaching Normal Retirement Date under the Rule of 80. DE 8956080.1 The foregoing Amendment No. Two to the Plan, as submitted to the Weld County Board of Retirement, was duly approved on the 1st day of July , 2024. WITNESS: WELD COUNTY BOARD OF RETIREMENT Jill Scott 0619.2024 1627 MD71 DE 8956080.1 kvittiani William Hertneky (Jul 2, 202415:56 T) JenniferO�l2. 0202 416:41 MDT) Andrew at'aon Irew aragon (Ju19, 20N Z9 MD71 Brig rimm (J , 202416:2fi MDT) Amendment 2 to January 1 2022 Amended and Restated Plan --Rule of 80 Working Retiree Rule(8956080.1) Final Audit Report 2024-07-09 Created: 2024-07-02 By: Ryan Rose (nose@weld.gov) Status: Signed Transaction ID: CBJCHBCAABAAcwcmn58O9Td-zD9S7KS7-BW7BnQPVWgj "Amendment 2 to January 1 2022 Amended and Restated Plan -- Rule of 80 Working Retiree Rule(8956080.1)" History t Document created by Ryan Rose (rrose@weld.gov) 2024-07-02 - 12:57:00 PM GMT- IP address: 204.133.39.9 a Document emailed to William Hertneky (bhertneky56@gmail.com) for signature 2024-07-02 - 1:00:18 PM GMT ,t Email viewed by William Hertneky (bhertneky56@gmail.com) 2024-07-02 - 1:51:07 PM GMT- IP address: 67.177.245.118 6© Document e -signed by William Hertneky (bhertneky56@gmail.com) Signature Date: 2024-07-02 - 9:56:49 PM GMT - Time Source: server- IP address: 67.177.245.118 , Document emailed to Jennifer Oftelie (joftelie@weld.gov) for signature 2024-07-02 - 9:56:52 PM GMT t Email viewed by Jennifer Oftelie (joftelie@weld.gov) 2024-07-02 - 10:40:50 PM GMT- IP address: 204.133.39.9 FSo Document e -signed by Jennifer Oftelie (joftelie@weld.gov) Signature Date: 2024-07-02 -10:41:37 PM GMT - Time Source: server- IP address: 204.133.39.9 7, Document emailed to aaragon@weld.gov for signature 2024-07-02 - 10:41:39 PM GMT 5 Email viewed by aaragon@weld.gov 2024-07-03 - 1:17:16 PM GMT- IP address: 104.28.48.214 Vowercd by Adobe Acrobat Sign ,e Email viewed by aaragon@weld.gov 2024-07-09 - 9:29:07 PM GMT- IP address: 204.133.39.9 4 Signer aaragon@weld.gov entered name at signing as andrew aragon 2024-07-09 - 9:29:40 PM GMT- IP address: 204.133.39.9 4 Document e -signed by andrew aragon (aaragon@weld.gov) Signature Date: 2024-07-09 - 9:29:42 PM GMT - Time Source: server- IP address: 204.133.39.9 D, Document emailed to Brigitte Grimm (bgrimm@weld.gov) for signature 2024-07-09 - 9:29:44 PM GMT ,t Email viewed by Brigitte Grimm (bgrimm@weld.gov) 2024-07-09 - 10:24:19 PM GMT- IP address: 204.133.39.9 4 Document e -signed by Brigitte Grimm (bgrimm@weld.gov) Signature Date: 2024-07-09 - 10:26:23 PM GMT - Time Source: server- IP address: 204.133.39.9 2, Document emailed to Jill Scott (jscott@weld.gov) for signature 2024-07-09 - 10:26:25 PM GMT t Email viewed by Jill Scott (jscott@weld.gov) 2024-07-09 - 10:27:33 PM GMT- IP address: 204.133.39.9 4 Document e -signed by Jill Scott (jscott@weld.gov) Signature Date: 2024-07-09 - 10:27:41 PM GMT - Time Source: server- IP address: 204.133.39.9 o Agreement completed. 2024-07-09 - 10:27:41 PM GMT Powered by Adobe Acrobat Sign Hello