HomeMy WebLinkAbout770485.tiff ppgEnerafaH
RE: APPROVAL OF THE PC LADME::TS TO THE W7LD Cule.TY PrE: 716USR1 RtAY.
WHEREAS, the Board of County Corariissioners of Weld Coancv,
Colorado, pursuant to Colorado statute and the Weld Count Met /.
Rule Charter, is vested with the authority or adrinistering the
affairs of Weld County, Colorado, and
WHEREAS, the Weld County Retirement Plan has heretofore
been created by Resolution of the Weld County :oars of Retirement ,
and the Board of County Commissioners of bold County, Colorado, -.- .
WHEREAS, the actuaries for the aforesaid ?la.n. h:':e recor:.-
mended amendments which are believed to be in the hest interest or the
present and future members of the plan. The first sin (6) .... _n-1r,ents
went into effective on January 1, 1976, and the last two (2) Year in-
to effective on July 1, 1977, and
WHEREAS, all of said amendments are believed to be non-
discriminatory and in conformance with Section 401 (a) and other
applicable portions of the Internal Revenue Code of 195-1 , as
amended.
. -
NOC:, THEREFORE, DP. IT F.E SOLCFD that the '.. .o1_ _o d.n'-,• : __ . .._
ment Plan Amendments, be, and nei,ahy $fe, iparafef Fefoi
of County Commissioners, after havin, been ao roped i._ the
Board of Retirement of Weld County, Colorado or. the 9t.- t- -
September, 1977. A coat; of the Rcscllitica et the .__t Ccnr.'r-;
Pentt
of Retirement Amending the Weld County Aetirecaot P--1= is ottt.-`rh-
hereto and incorporated herein by reference.
BE IT FURTHER RESOLVED that the Board of County Cuariss_oears
be, and hereby is, authorized to sign the Weld County Hoard
or Rs-
tirement Resolution acknowledging its approval thereof.
The above and foregoing Resolution was, on rotion IO.i id .:,
and seconded, adopted by the followinn vote on th- `-'}_ ddv
October, A.D. , 1977, nunc pro tunc as heretofore described.
:CATD OF COUNTY OfFT;:SS_OPERS
WT D CCLIF- .C c OiZ. "
TT ATTES : Q.to _.
Weld Count! Clerk and Recorder / �
and Clerk to the ctd / / C2l� (/lSG�✓�
N_ e 1—°1 :- 77O485
Dcpur. Urn i, cle
APPP. ;ED ) FQP".1:
G2.4 Q-/
-_- Date Presented: October 3 . 1977
I:ESO!,lJTiO', CT 111E i I.LU r.u;l`:1Y I•`.')Aid1 OF I(I.'i'1!7C1,.1J
A.+i;ND1: 'fill! WELD COW:II Ri''I'llli'?1ilA . PI AN
1.III:RFAS, He Weld County Rot irceortt flan has heretofore boon (-reared by
resolution of the Weld County hoard of Bet ircmcnt ; and
WHEREAS, the actuaries for the aforrsnid Plan have rccoi:oF nded arlcndments
which are believed to be in tine best interest of the present and future members
of the Plan, the first six of such amendments to take effect on January 1 , 1976,
the last two vnenchnen: :: to he cf fee i_tve July 1 , 1977; and
IV'IICRILAS, rill of said m:xnd:Rents arc hetievcd to be Rend Ise rim he;tocc and
• conformance with Section 101(a) and other applieal;le prom,iHMIs of the Internal
Revenue Code of 194, as amended.
NOh', 'I'III!REFORII ImIl IT RESOLVED THAT 'the field County Ret i rement. Plan be, and
hereby :is emended as fol .'
1 . Amend Section 6.4 hn' restc.tin ); the first two phr,r>oc of the First
sentence of I ho_third I' ! :r_'I' i to read :
" IF the Disabled ilenh.•r' s Ilisabi1 t ceases prior to his
tlo:rrra1 Retirement Pato, and he is not .reemployed bylire County
and if he has riot time requirements for b:nly Rctircment. or a
deferred vested Rcecirenrent Benefit as of the date his Di salmi 1ity
ceased, . . ."
2. Amend Section 10. 5 by adding a pa ra r rlrh folic- iin:, the tabl o to reac!
fellow:;
A Vested ifer.lr.r may elect in receive a reduced monthly Rotirer:.�r.t.
I?r:aeI it br,,i�'.ni n;; oil the flirt. day of :Mn; month Lin er his ntta •
in-
eeuL of aro hf , lire A'c.:tcd tiemkc'r' s nod: hiy° Retirement I'..•nefiI
shall Ic reduced ns proeitied in Section 7. 2 for farly ILi t. l rr:arc n; .
a. Amend Sect ion I :1 by drl et. inp, au.�_il,l.i... l_ti. ` :
4 . Amend Sect 11 . 9 by restating the .first pea rase of time fir t sent ;ncc
to read :
"Ln the event of ❑ Partial or cory'Icte termination of the Plan, . . .
5. Auunl _; by ; 'c' l ion Id la mull :
ction I I uhlin .`
This-, I'lun slial I not lie merged or (minim iid;lti l a:ith not slrlll any
assets or li.ahilit:ICS he transferred to any other plan, unless the
benefits payable to each F the Plan were terr:Hi:attici inr:u,li-
ately after such acti(Ii would he eyua1 to or groat or tl;c;: for
benefits to which such Member would hive heist tat i t led if this Mx,
had been t n t immed iste 1 hci in action.
6. Amend ;i:,ction 15 by add lam Section I5, I 1 , read :
15. 6 I,iri tat ion on h'enefits 'the aiiiinal benefit in the forr;l
of it straight Lie annuity (with no an:ii] Lary benefit s) provided
by County contributions for a Member with ten or more years of
CredlLed Service at 1.i Normal let irenlcrt Data: shall nest exceed
tit. lessen of $73, 0n(I (ti!. adios _ it for cost of l it i inertias: . by
t ho Secret ivy of thr Treasury) or Iiirr1 of li:a ncr' acer; ,.
eo:_f l.5 t. ito for his highest pa id tii rec. iVi crl.end:1r y. rs .
Rep .sic :+._ of his ,r.m ra ;e: comp:Teal t an aloxial. t o , top
or less payable to such Member under this and ❑11 other aifincd
benefit plans of the County shall not he claci.ioocl to he a violation
of this Sect ion if such PIembc:r has not part ic 1pa t ea at tiny time in
a dell nod cony r but ion 1 iitn Jill Inta l ned by the ( e'.111 t 11' Me die r Mei
rehires with Ie:i; than ten years of Credited, Sacicr witht t11:. Caulnty ,
tie $7;,000 1iuli tat ion on annual bene `i is eei dad by County contri
lot,ions sha II be reduced by mutt iplyin,e be maximum annual her •Fit
ahoee by a fraction, the nuraerrt ,t of a '1 I lie nincitiii of a rs
of Crexlit- d S,et„iee the lusher has had with the County and the d. ii I-
nator of which is ten. Lf the benefits of a iitmlicr are payable hoL e
age 55, such hearth shall be ad justed to the :Atititatint Equiv.!' f
cut o
Si ;
a hear it corr�cnclnl, at age ,., for I�urpo..o� of ..I,I, lyin alai_; 1 ;,r..d t:ni oii.
the County shall 'lithe no contribution on hehalF of any Mrmbar which
would cause such Member' s annual belie fit to exceed such I_surit:e1i :ions
as provided in the Internal Rubdnni; Code of 1951, as : i.:ended, and
accompanyin,. regulations. For purposes of this. Se tinn the linlitatill
year shall be the Plan year.
7. Amend Section 7. 1 by restating the final sentence to reld :
The miniuum monthly Pet.' remeat Benefit detvrmincd above For nIicr:;
rutiring after .lure 3n, 19[7, sit] lI nil lie la. than S7. 00 I'er. year
of Crcdl Led service.
S. Amend Sect ion 7 byaid fnv Soo) ion l G _tc lelle! :
At any t after Jnnc 3(1, 1977, the I' tIleni II. hoard nay Ron I i,rc
to time, h11t not tune ofton tluln annually , adjust bend It payment s to
retired noihrrs and belie I'i_ciaries a:: inerca e:: and decreases o_.cur in
the tareail of labor Si at stirs Cow:it:air Price Index: ; or the Ilnited
Sinter. Cite A':erage For Wuhan l Ig. Va. ne Is ;lice! (:1rn ent bones al
Items. Such ad jusun:'ut slim] 1 Is' CH cctlru as of the t;',1 -Fy I
eidcnl I;Iti or ftIIOW;JO, such der, on by the het lion rd.
Such adlu':tr.nrnt shat I not be cons[ rued : hOiny. r� iruV:cl cc to Liii'
Member' s Ret ireiient Dote. The 0djustuents shrill not exceed a m:c:iir,:el
detcrtiined by :.u:ltiplyin}', the curr,nt coati:ly ho:;nfit by the percc ;:taye
el,:!n:,e (to the nearest one-half of one percent) in such :Aronc fo:i:ua:.•r
Price ! n!ox fees the late: of: (a) Uetobsr I , I !:7a, or (h) The ''csn' r's
year of rotir.eticnt or (c) the year usc.l in Ih:: Iast adjii=t:.u' it undo'
this Suction, to the s:;:r. indu.c for th_ Culrn_',n' ) cvr laic ,:r:iin tier
effective datiH of the current adj:c:lris;,, . All ndjil.ttrents shrill be
made only upon the advice ni' the actuary rnploy,d by the. Renard provided,
ho.:e'cr, that all adjustments shall ha sul,jcct to the availability of
fun:: for that purpose and thnt no decrease shall rcdocu any benefit
bole;: the amount detel'mincd as of n bleiiber' s RotIrrr:cat li:,tc.
The first six of s.; ii :.::cne!r,,oi1:s to he uff: ,:titic on Jnrmary I , 1976 and ti:c laic[
ti-;o of said ❑ircniiiii.cnts to be c ic,:1. icu .July 1 , 1977 , hrnciclo.
said aisondr:cnts arc coat i nr,nnt. upon approval by the Jut , ran l P t c rue Sorc l c c,
and in the eve ti any of said mncndrents ioalci serve to disqualify this Pl: l,
then the amendments shall not ho in foi . c anal i_ffuct. and the Plan shall rc::taiii
as it wait prior to amendment .
3 -
The nboco Foiu ini, resolution .:'tis s.itiLitUiii u.;,! duly ajtprucc,l by Hu: County
Bonin' of Rot i rcncnt oil Lltc,C y du,' of A { 1977.
(lanta-tAlS; Cie
COu:;1 l 1lC,ARlt OF RL F] Rli'i!L , f CI:
Prl;l,ll (;CIrJY, 1:01.0it1UC
Ibis TCS0l ition vco= duly nluprovcd by tli: H):.r.l of County Co;ilis,sinncrs or U;. 1.t
County, t'•+lo tin'o cut Lilo 3rd day (pi' October , 1977.
W.,
ATTEST:
Gf
.I3e4d County Clerk and Recorder /
and Clerk to the o rd 4./ f-
Byr. ; (i - 2ALLIever
i D= utt' Count " erk
'
A•PRO D AS TO FORM: da/J
`+--
County At ':rney 0140%441. P. et
BOAR') OF COUNTY CU}CIIDSIU`;I.R> OD
IchhLII COUNTY, COLORADO
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