HomeMy WebLinkAbout730688.tiff RESOLUTION OF THE WELD COUNTY
BOARD OF RETIREMENT
AMENDING THE WELD COUNTY RETIREMENT PLAN
WHEREAS, the Weld County Retirement Plan has hertofore been
created by resolution of the Weld County Board of Retirement, and
WHEREAS, the consulting actuaries for said plan have recom-
mended amendments which are believed to be in the best interests of the
present and future members of the plan, such amendments to take effect
on January 1 , 1973, and
WHEREAS, all of said amendments are believed to be non-dis-
criminatory and in conformance with Section 401 (a) and other applicable
provisions of the Internal Revenue Code of 1954, as amended.
NOW, THEREFORE, BE IT RESOLVED that the Weld County Retirement
Plan be and hereby is amended as follows:
1 . Amend Section 2.1 (m) in its entirety to read as follows:
"(m) 'Accumulated Contributions' shall mean the sum of
the Member' s contributions to this Plan, together with
the interest thereon at the rate of 31/2% per annum com-
pounded annually, or at such other rate as may be deem-
ed reasonable and proper by the Retirement Board in the
light of the actual earnings of the Fund. "
2. Amend Section 2.1 by adding the following new sub-section (v) :
"(v) 'Final Average Annual Compensation' means a Mem-
ber's average compensation during the five consecutive
730688
calendar years of Credited Service out of his last
ten years of Credited Service, which will produce
the highest average annual compensation. If a Mem-
ber has less than five complete calendar years of
Credited Service, his Final Average Annual Compen-
sation shall be his average annual compensation
during all full calendar years of Credited Service."
3. Amend Section 5.3 in its entirety to read as follows:
"5.3 Application of Forfeitures. Any amount forfeited
because of termination of employment of a Member prior
to his having acquired a fully vested right to Retire-
ment Benefits, because of death of any Member, or for
any other reason, shall not be applied to increase the
benefits provided by the Plan unless such benefits are
increased by appropriate amendments, as provided in
Section 14.2 hereof."
4. Amend Section 7.1 in its entirety to read as follows:
"7.1 Normal or Delayed Retirement Benefit. Upon re-
tirement at or after his Normal Retirement Date, each
Retired Member shall receive a monthly Retirement Ben-
efit for ten years certain and life thereafter, equal
to one-twelfth of the following: 1% of the Member's
Final Average Annual Compensation plus 3/4 of 1% of
such Final Average Annual Compensation in excess of
$4800. , multiplied by the total number of years of
Credited Service. The minimum monthly Retirement Ben-
efit determined above shall not be less than $5.00
per year of Credited Service."
5. Amend Section 7.2 inpt entirety to read allows:
"7.2 Early Retirement Benefit. A Member retiring
prix{ to Normal Retirement Bate shall be entitled
to a reduced Retirement Benefit which shall be the
vested portion of his Normal Retirement Benefit which
is based on his Credited Service prior to his actual
retirement and which would have keen payable to him
at Normal Retirement Date. but reduced by one-fifteenth
for each of the first five years and one-thirtieth for
each additional year -by which the Early Retirement
Date precedes his Normal Retirement Date. "
6. Amend Section 7 by adding the following new Sub-Section 7.3:
"7.3 Increased Benefits for Retired Members. All re-
tired Members who retired prior to January 1 , 1973
shall receive as of the effective date of this amendment
the increased benefits set forth in this Section.
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Ciernla
COP,PaAU
A. The normal form of monthly retire-
ment benefit computed under the Plan
in effect as of the member' s actual
retirement date shall not be less
than $5.00 per year of Credited
Service.
B. The monthly benefit, after the appli-
cation of the minimum set forth in A
above shall be increased as follows:
(i ) five percent for each year the
Member has been retired, plus
(ii ) three percent for each year of
Credited Service at the time of
retirement."
7. Amend Section 9.1 in its entirety to read as follows:
"9.1 Death of a Member before Normal Retirement Date.
In the event that a Member of the Plan dies prior to
his Normal Retirement Date, the following death bene-
fits shall be payable:
(a) In the event a Member dies prior to being eli-
gible for Early Retirement, there shall be paid
to the Beneficiary designated by him, if said
Beneficiary be living, otherwise to his estate,
the amount of his Accumulated Contributions as
of the date of death.
(b) In the event that a Member of the Plan dies
while eligible for Early Retirement but prior
to his Normal Retirement Date, a monthly bene-
fit shall be paid to his surviving spouse, if
any, in an amount equal to one-half of the
monthly Retirement Benefit earned by the Mem-
ber prior to his date of death, based on his
Credited Service and Final Average Annual Com-
pensation prior to such date. If said Member
does not have a surviving spouse, there shall
be paid to the Beneficiary designated by him,
if said Beneficiary be living, otherwise to his
estate, the amount of his Accumulated Contribu-
tions as of the date of death."
8. Amend Section 16 by adding the following new Sub-section 16.2.
"16.2 If the Plan is amended to increase benefits which
would increase substantially the extent of possible dis-
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criminacion as to contributions sand as to benefits
upon termination of the Plan, the restrictions sot
forth in Section 15.1 shall be applied to the Plan
as if it were a new plan established on the date of
such change. "
All of said amendments to take effect on January 1 , 1973, provided, how-
ever, that said amendments are contir ,nt upon approval by the Internal
Revenue Service, and in the event any of said amendments would serve to
disqualify this Plan, then the amens nts shall not be in force and effect
and the Plan shall remain as it was prior to amendment.
The above and foregoing resolution was submitted and duly approved by
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the County Board of Retirement on the . .�'"'�i. day of 'r'(2�/ / Y �[[
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COUNTY BOARD OF RETIREMENT OF
WELD COUNTY, COLORADO
This resolution was duly approved by the Board of County Commissioners of
Weld County, Colorado, by the followin vo`e on the day of .
&g osJ.—
^7',.6-?Y-77F Y /C
BO D 0 COUNT 0 MMIS I S 0NERS OF
WELD COUNTY, COLORADO
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