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HomeMy WebLinkAbout1984-30 Amending the Plan Document of the Town of Vail Employee Pension Plan and Setting forth Details in Relation Thereto• ~ • ORDINANCE N0. 30 Series of 1984 AN ORDINANCE AMENDING THE PLAN DOCUMENT OF THE TDWN OF VAIL Eh1PL0YEE PENSION PLAN AND SETTING FORTH DETAILS IN RELATION THERETO. WEIEREAS, the Town of Vail has adopted an Employees' Pension Plan, the effective date of which was January 1, 1983 and has adopted a first amendment to said plan, the effective date of which was May 2, 19$4; and 4~HEREAS, the Town Council wishes to amend the plan document which sets forth the details of said pension plan, a copy of which amendment is attached to this ordinance. NOW, THEREFORE, RE IT ORDAINED E3Y THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, AS FOLLOWS; Section 1. The second amendment to the Employees Pension Plan document which is attached to this ordinance and incorporated herein by reference is hereby adopted by the Tnwn Council 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 Town 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 far 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any prosecution commenced, nor any other action or pro- ceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. INTRODUCED, READ AND APPRDVED ON FIRST READING THIS 13th day of November 1984, and a public hearing shall be held on this ordinance on the 4ti~ day of December 1984, at 7:30 p.m. in the Council Chambers of the Vail Municipal E3uilding, Vail, Colorado. ~ ' 4 * • Ordered published in foil this 4tn day of December 1984. ~~ ~ .~'~ Rodn`e'y E. Slife~, Mayor 0 ATTEST: -~ Pamela A. 8randmeyer~n Clerk INTRODUCED, READ AND APPROVED ON SECOND READING ACID ORDERED PUBLISHED by title only this 4th day of December 1984. ~" C..~ Rodney E. S7if~ r, Mayor ATTEST: Pamela A. Brandmeyer, TownjC7erk • ~ • SrCOND AMENDMENT TO TOS~JN Off' VAIL EMPLOYL;ES' PENSION PLAN TTIZS AMENDMENT is made by the Town of Vail (here- i.naf~.er referred to as the "Employex'") . WTi1JTZEAS, the Employer adopted the Town of Vail £'.mployees' ~'ension Plan {hereinafter referred to as the "Plan") effective ~7anuary 1, 1983; and WiiEREAS, the Plan provides at Section 8.1 as follows: "The' Employer may amend, modify ax' ter- minate the Plan..."; and WTTEREAS, 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. Revez-aue Service upon their review of the Plan; NOW, THEREI'ORE, the Employer does hereby amend the Plan in the following particulars: I~RTICLE I Section 4.2 of the Plan {page 6} is hereby amended by adding the following language to the first paragraph of such Section: "Any contribution made pursuant to this SeCt~on shall be fully vested and non-forfeit-- able for all purposes of the Plan." • • • ARTICLE Iz The Section concerning additional limitation in the case of a defined benefit plan and defined contribution plan far. same employee (page 9) is hereby amended to read in .its entii:ety as follows: "Limitation on Benefits and Contributions When an Employee Participates in Both a Defined Bc~iiefit and a Defined Contribution Plan of the I~mployer . In any year if a Participant in this Plan is or 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) for such Participant far 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 l.Q. For pur- poses of this Section, the limitation year shall be thc~ Plan Year. The defined benefit plan fraction for any Participant shall be the frac- tion, they 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, or {ii) the product of 1.4 multiplied by the percentage limitation set forth under subsection 4I5(b)(1)(B} under the Cade 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 of 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 followa..ng amounts -z- • • 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 Interval Revenue Code for such year, or {ii} the product of 1.4 multiplied by the amount which may be taken into account under subsec- tion 415{c}{1}{B} 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 Plan set forth in Articles I and TI above shall be effective as of January 1, 1983. ARTICLE IV Except as hereinabove amended ~.n Articles I through III, the Employer hereby readopts, reaffirms and redeclares 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 the Par- ticipants, has executed this Amendment as of the day of J.984. TOWN OF VATL By and By Plan Administrators ~3- ~~ ~ ~J ~ Cn ~ ~ ~ Q ~ c~D ~ Q Q O ~p -~~ Q-CJ s n -Ni n a ~ ~ 6 Q ~ ~ D L`~ Q Q~ ~~~Q~(D O rD ~-~, CT ~r ~ ~. ~ C ~~ ro O Q C] ~ O ~ C cCl, Q G ~ ~ ~, 4 c~ ~ ~ Q O ~ ~-a ~ O Q ~, -c co ~ O ~~ ° ~ r-y ro p ~ ~~ cD ~ p ~ Q_~~cOpQ~p J ~ O (D in O Q Q C- Q O~ ~Q.(D ~ ~-~ ~ ~ ^ (p C3 y. (U (D n ~iw r~ G•c~ ~ ro ~ ~ h m ~~oo~~~~~Qo CD C ~ -~ -" ro ~Q7^~~Q~Q_~ ~ ~ --~ rn O Q ~ C~_ ~C -"~ m Q ~ .p 0 .p Q ~ _Q T i-~ c" - r y to ~`- ~ Q QQC ~Ovr(D~nr- O .. C. ~ _ '"7'1 '•~~ O p tip ~ ~ ~ c~D ~ ~ p. O O. ~ ~ ~ I~~ ~ L~a ro ~ Q.ON ~OQ.~ron~ i.~'~. ~. D `` ~ /~ CT ~G cD QQ.~~ ~~ Q ~D Q. 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