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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.. • ~} ~ ~~ 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any prosecution commenced, nor any other action ar pro- ceedings as camnienced under or by virtue of the provision repealed or repealed and reenacted, The repeal of any provision hereby shall not revive any provision ~~'~ ~~~~~ ordinance previously repealed or superseded unless expressly stated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. • • • 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 -2- ~~ 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 -3- • ~ ~, n t7 _~ 3 '. m h 't} u~ i c. ~~ ~``~ ~a r` ~ ~ -« ~ o ~~ (D n O CT ~ ci7 o ~~- o n Cz. U - . (l .J m C~_ a ~ Q O ~ O a ~~ ~ ~; o- ~.~'i [2 O '~' ~ ~ ~ ~ -o O Q z z =~ ~, s ~- Q C s ~ (D a m ~o O m ~N f.] ~It _ Q O c 6 4 0 O Q Q O ~- V ~ ~ i 5 ~- c ro O Q Q Q_ Q m Cl N n m -~ ~o~~=^nQ~-~ ~ O ~ ~ Q C p 0 O~=-~ a ~ ~ Q NQQ~_.~~Q~m ~_ ~ o~-«m~~~"Q~c ~ -Cr v, ~ QQ~OOOa-. 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