HomeMy WebLinkAbout1984-29 Amending the Town's Police and Fire Pension Plan Document Subject to Approval by 65% of the Town's Police and Firemen.. •
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ORDII~iA~ECE N0. 29
Series of 1934
AN ORDINANCE AMENDING THE TOWN'S POLICE AND
FIRE PENSION PLAN DOCUMENT SUBJECT TO APPROVAL
6Y SIXTY-FIVE PERCENT (65%) OF THE TOWN'S POLICE
AND FIREMEiV AND SETTING FORTH DETAILS IN RELATION
THERETO.
WHEREAS, the Town Council has adopted a Police and ;`icemen's Pension Plan,
the effective date of which was January 1, 1983 and has adapted a first and
second amendment to said plan, the effective dates of which were September. 20,
19I33 and htay 2, 198, respectively; and
WHEREAS, the Police and Fire employees of the Town of Vail now wish to
amend the Police and Fire Employees Pension Plan a third time as set forth in
the amendment attached hereto and incorporated by reference; and
WHEREAS, such amendment must be approved by the Town Council of the Town of
Vail.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL,
T~IAT
Section 1. The third amendment to the Police and Fire Employees Pension
Plan Document which is attached hereto and incorporated herein by reference is
hereby approved by the Tawn Council subject to the approval of sixty-five percent
(65%) of the police and fire employees of the Town of Vail.
Section 2. If any part, section, subsection, sentence, clause, or phrase
of this Ordinance is for any reason held to be invalid, such decision shall not
affect the validity of the remaining portions of this Ordinance; and the Tawn
Council hereby declares it would have passed this Ordinance, and each part,
section, subsection, sentence, clause or phrase thereof, regardless of the fact
that any one or more parts, sections, subsections, sentences, clauses or phrases
be declared invalid.
Section 3. The Town Council hereby finds, determines and declares that
this Ordinance is necessary and proper for the health, safety and welfare of the
Town of Vail and the inhabitants thereof.
Section 4. The repeal or the repeal and reenactment of any provision of the
Vail Municipal Code as provided in this Ordinance shall not affect any right
which has accrued, any duty imposed, any violation that occurred prior to the
effective date hereof, any prosecution commenced, nor any other action ar pro-
ceedings as camnienced under or by virtue of the provision repealed or repealed
and reenacted, The repeal of any provision hereby shall not revive any provision
~~'~ ~~~~~ ordinance previously repealed or superseded unless expressly stated herein.
• •
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INTRUUUCED, READ AND APPRUVED ON FIRST READING THIS 13th day of
November 1984, and a public hearing shall be held on this
ordinance on the 4th day of December 1984, at 7:30 p. m. in the
Council Charrrbers of the Vail Municipal Building, Vail, Colorado.
Ordered published in full this 13th day of November
~, (~
Rodney E. S~Tifer,`'hlayc~~`
ATTEST:
,._.~
~~~ ~,~~
Pamela A. Brandmeyer, To Clerk
1984.
INTRODUCED, READ AND APPRUVED ON SECUND READING AND ORDERED PUBLIS~fED
by title only
1984.
this 4th day of December
~ ~~
_ _ ..~
Rodney E. Slifer, Mayo
ATTEST
v~ i
Pamela A. Brandmeyer, Towr~ Clerk
• •
THIRD AMENDMENT
TO
TOWN OF VAIL
POLICE AND FIRE EMPLOYEES'
PENSION PLAN
TI3IS AMENDMENT is made by the Tawn of Vail (here-
inafter referred to as the "Employer").
WHEREAS, the Employer adopted the Town of Vail
Police and Fire tJmployees' Pension Flan (hereinafter refer-
red to as the "Plan") effective January 1, 1983; and
WHEREAS, the Plan pxovides at Section 8.1 as
follows:
"The Employer may amend, modify ox ter-
minate the Plan upon approval of such amend-
ment, modification or termination by 6.50 of
the active Participants..."; and
WHEREAS, the Employer previously amended the Plan
in certain technical respects and now desires to further
amend the Plan to incorporate certain suggestions made by
the Internal Revenue Service upon their review of the Plan;
NOW, WHEREFORE, the Employer, with the consent of
sixty-five percent (65s) of the active Participants, does
hereby amend the Plan in the following particulars:
ARTICLE I
Section 4.2 of the Plan (page 8) is hereby amended
by adding the following language to the first paragraph of
such Section:
''Any contribution made pursuant to this
Section sha11 be fully vested and non-forfeit-
able for all purposes of the Plan."
• s ~.
11RTICLE II
The Section concerning additional limitation in
the case of a defined benefit plan and defined contribution
plan for same employee {page 11) is hereby amended to read
in its entirety as follows:
"Limitation on Benefits and Contributions
[rThen an Employee Participates in Both a Defined
Benefit and a Defined Contribution Plan of the
Employer.
In any year if a Participant in this Plan
is ar ever has been a Participant in a defined
benefit plan maintained by the Employer, then
the sum of the defined benefit plan fraction
and the defined contribution plan fraction (both
as prescribed by law) fox such Participant for
such year shall not exceed 1.0. In any year
if the sum of the defined benefit plan fraction
on behalf of a Participant would exceed 1.0,
then the allocation under this plan shall be
reduced to the extent necessary so that the sum
of such fractions does not exceed 1.0. For pur-
poses of this Section, the limitation year shall
be the Plan Year. The defined benefit plan
fraction for any Participant shall be the frac-
tion, the numerator of which is the projected
annual benefit of the Participant under the
Plan (determined as of the close of the year),
and the denominator of which is the lesser of
(i) the product of 1.25 multiplied by the maxi-
mum dollar limitation for benefits set forth in
subsection 415(b}(1)(A) of the Internal Revenue
Code for such year, ar (ii) the product of i.4
multiplied by the percentage limitation set forth
under subsection 415(b)(l)(B) under the Code with
respect to such Participant for such year. The
defined contribution plan fraction shall be the
fraction, the numerator of which is the sum of
the annual additions to the Participant's account
as caf the close of the year for such year and
all prior years, and the denominator of which
is the sum of the lesser of the following amounts
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s
determined for such year and for each prior year
of service with the Employer: (i) the product
of 1.25 multiplied by the dollar limitation in
effect under subsection 415(c)(1)(A} of the
Internal Revenue Cade for such year, ar (ii)
the product of 1.4 multiplied by the amount
which may be taken into account under subsec-
tion 415 (c} (1} (~3) of the Code with respect to
such individual under such plan for such year
with respect to dollar limitations."
ARTICLE III
The amendments to the Flan set forth in Articles
I and II above shall be effective as of January 1, 1983.
ARTICLE IV
Except as hereinabave amended in Articles I
through ZII, the Employer hereby readopts, reaffirms and
redec.Lares each and every provision of the Plan.
IN WITNESS WHEREOF, the Employer, at the direc-
tion of its City Council and with the consent of sixty~-
five percent (650} of the active Participants, has executed
this Amendment as of the day of 1984.
TOWN OF VAIL
By
By
and
plan Administrators
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