HomeMy WebLinkAbout750464.tiff RESOLUTION OF THE WELD COUNTY BOARD OF RETIREMENT
AMENDING THE WELD COUNTY RETIREMENT PLAN
WHEREAS, the Weld County Retirement Plan has heretofore been created by
resolution of the Weld County Board of Retirement, and
WHEREAS, the actuaries for said plan have recommended 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, 1976, and
WHEREAS, all of said amendments are believed to be non-discriminatory 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 7. 2 in its entirety to read as follows:
"7.2 Early Retirement Benefit. A Member retiring prior to
his Normal Retirement Date shall be entitled to a reduced
Retirement Benefit which shall be the Normal Retirement
Benefit which is based on his Credited Service prior to his
actual retirement and which would have been 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."
2. Amend Section 10 in its entirety to read as follows :
"Section 10. Severance Benefits
10. 1 Coverage. Benefits shall be paid under this Section
for severance of employment of a Member only for reasons
other than retirement or death.
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750464
10.2 Less than Ten Years Service. In the event that a
Member shall resign or be discharged from the service of
the County prior to his Normal Retirement Date, and has
less than ten (10) years of Service, the only benefits to
which he shall be entitled under this Plan shall be the
refund of his Accumulated Contributions. However, in
order to receive the refund of his Accumulated Contributions
the Member must sign the application form that is provided
by the Retirement Board for this purpose. The Accumulated
Contributions shall be refunded to the Member within sixty
(60) days after the Member signs the application form.
10.3 Ten or More Years Service. In the event that a Member
shall resign or be discharged from the service of the County
prior to his Normal Retirement Date, and has ten (10) or more
years of Service, he may elect either (a) to leave his Ac-
cumulated Contributions on deposit in the Fund and become
a Vested Member, or (b) to receive, in lieu of all other bene-
fits, 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
Benefit equal to the Retirement Benefit earned to the date
of the termination of his membership. Such deferred Retirement
Benefit shall be payable at the Vested Member's Normal Retire-
ment Date.
A Vested Member may elect, at any time prior to his Normal
Retirement Date, to receive, in lieu of all other benefits,
a refund of his Accumulated Contributions as of the date of
refund.
10.4 Non-re-election. In the event that a Member who is an
elected officer of the County is not re-elected to the same
office or elected to another County office or is not employed
by the County within thirty (30) days after his term of office
expires, then the provisions of Section 10. 3 shall apply to
him, except that the minimum of ten (10) years of Service shall
not be required.
All of said amendments to take effect on January 1, 1976, provided, however, that
said amendments are contingent upon approval by the Internal Revenue Service,
and in the event any of said amendments would serve to disqualify this Plan,
then the amendments 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 the
County Board of Retirement on the / S day of •./L• 1c/ , 192r
/70/ . . 1,C.L
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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 on the day o£ 19`l
7Th
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BOARD OF COUNTY COMMISSIONERS OF
WELD COUNTY, COLORADO
ATTEST:Cate* -
WELD COUNTY CLERK & RECORDER
AND CLERK TO THE BOARD
C BY f % ` ( � lac
/ DEPUTY COUNTY CLERK
APPROVED—AS TO FORM:
(>4--/COUNTY ATTORNEY
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