HomeMy WebLinkAbout790533.tiff RESOLUTION
RE: APPROVAL OF THE WELD COUNTY BOARD OF RETIREMENT INCREASING
BENEFITS IN PAYMENT UNDER THE WELD COUNTY RETIREMENT PLAN,
EFFECTIVE JANUARY 1, 1980.
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado, and
WHEREAS, the Weld County Retirement Plan has heretofore
been created by Resolution of the Weld County Board of Retire-
ment and the Board of County Commissioners of Weld County,
Colorado, and
WHEREAS, the actuaries for the aforesaid plan have recom-
mended an increase in benefits in payment which is believed to
be in the best interest of the present and future members of
the plan, said increase to be effective January 1, 1980, and
WHEREAS, said increase is believed to be nondiscriminatory
and in conformance with Section 401(a) and other applicable por-
tions of the Internal Revenue Code of 1954, as amended.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Com-
missioners of Weld County, Colorado that benefits in payment
pursuant to the Weld County Retirement Plan be increased pursuant
to the Resolution of the Weld County Board of Retirement, which
Resolution was passed on August 16, 1979 by action of the Weld
County Board of Retirement, a copy of said Resolution setting out
said increase in benefits in payment is attached hereto and
incorporated herein by reference.
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 20th day of
August, A.D. , 1979.
>_ BOARD OF COUNTY COMMISSIONERS
ATTEST: Ql- n , w.k v WELD COUNTY, COLORADO
Weld County Clerk and Recorder /'Ar., _ '•- a. .—
and Clerk to the Board Norman Carlson, Chairman
Deputy County C1ebk Lydia Dunbar
APPROVED AS TO
FORM: - t i. . 1-7/
C. W. Kirby
County Attorney I_ .
Leonard L. Roe
cne 6. Stelnnark --
n -_r 9FSr.•?r..^: AUGUST 20, 1979 790333
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 the aforesaid Plan have recommended amendments
which are believed to be in the best interest of the present and future
members of the Plan, such amendments to take effect on January 1, 1981; and
WHEREAS, all of said amendments are believed to be nondiscriminatory 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(v) in its entirety to read:
(v) "Final Average Annual Compensation" means a
Member's average compensation during his last three full
consecutive calendar years of Credited Service. If a
Member has less than three full consecutive calendar years
of Credited Service, his Final Average Annual Compensation
shall be his average annual compensation during all full
successive calendar years of Credited Service, not to
exceed three years.
2. Amend Section 7.1 in its entirety to read:
7.1 Normal or Delayed Retirement Benefit. Upon
retirement at or after his Normal Retirement Date, each
Retired Member shall receive a monthly Retirement Benefit
for ten years certain and life thereafter, equal to
one-twelfth of the following:
1 3/4% of the Member's Final Average Annual
Compensation multiplied by the total number
of years of Credited Service.
The minimum monthly Retirement Benefit determined above
shall not be less than $12 per year of Credited Service.
3. Amend Section 7.2 in its entirety to read:
7.2 Early Retirement Benefit. A Member retiring
prior to his Normal Retirement Date shall be entitled to a
reduced Retirement Benefit, based on his Credited Service
prior to his actual retirement, equal to 1 3/42 of the
Member's Final Average Annual Compensation multiplied by
the Member's Credited Service, and then reduced by .250 of
1% times the number of months by which his Early Retirement
Date precedes his Normal Retirement Date.
However, the minimum monthly Early Retirement Benefit
determined above shall not be less than $12.00 times the
Member's years of Credited Service, reduced by .250 of 1%
times the number of months by which his Early Retirement
Date precedes his Normal Retirement Date.
4. The effective date of these amendments shall be January 1, 1981.
IN ADDITION TO THE PRECEDING AMENDMENTS, the County Board of Retirement of
Weld County, Colorado elects, pursuant to Section 7.6 of the Plan, to increase
pension benefits being paid to retired Members and their beneficiaries on
December 31, 1980 by five percent (5%), such increased pensions to be payable
on and after January 1, 1981;
AND, the County Board of Retirement of Weld County, Colorado elects,
pursuant to Section 2.1(m) of the Plan, to increase interest to be credited to
Members' Accumulated Contributions to 6% per annum compounded annually, such
increased interest to be credited on and after January 1, 1981.
The above foregoing resolution was submitted and duly approved by the
County Board of Retirement on the ,,_th day of , -/ , 1980././� u. :. ` ' /
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COUNTY BOARD OF RETIREMENT OF
WELD COUNTY, COLORADO
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