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HomeMy WebLinkAbout1991-46 Amending the Plan Document of the Town of Vail Employees' Pension Plan~ ~ ~ ORDINANGE NO. 46, Serles of 1991 AN ORDINANCE AMENDING THE PLAN DOCUMENT OF THE TOWN OF VAIL EMPLOYEES' PENSION PLAN; AND SETTING FORTH DETAILS IN REGARD THERETO, WHEREAS, the Tawn of Vail has adapted an Employees' Pension Plan, the effective date of whict~ was January 1, 1983; and, WHEREAS, the Town of Vail has previously adopted five amendments to the Employees' Pension Plan; and, WHEREAS, the Tawn of Vail wishes to again amend the Employee Pension Plan. NOW THEREFORE, 13E IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIr_, COLORADO: 1. The sixth amendment to the Employees' Pension Plan document which is attached to this Ordinance as Exhibit A and incorporated herein by reference is hereby adopted by the T~swn Council of the Town of Vail. 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 ordinancr?; 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. 3. The Town Council hereby finds, determines, and declares that this ordinance is necessary and proper for the Health, safety, and welfare of the Tawn of Vail and the inhabitants thereof. 4. The repeat or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail 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hereof, any prosecution commenced, nor any other action or proceedings as commenced undor or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 5. All bykaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the ex#end only of such inconsistency. This repealer shall not be construed to revise any bylaw, order; resolution, or ordinance, or part thereof, theretofore repealed. 1 ~. • • INTRODUCED, READ AND APPROVED ON FIRST READING this 19th day of November, 1991, and a public hearing shall be held on this Ordinance on the 3rd day of December, 1991, at 7:30 p.rrr. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Ordered published in full this 19th day of November, 1991. ATTEST: ~~~~~~ ~ Pamela A. Brandmeyer, Tawn Clerk ~P~2'v~ 'J ~1 Kent R. Rose, Mayor INTRODUCED, READ, AND APPROVED ON SECOND READING AND ORDERED PUBLISHED l,y title only this 3r~day of December , 1991. ATTEST: Pamela A. Brandmeyer, Town Clerk C:IOHD,46 / ~~..C.t-~--~'~-~~~ ~.~ • Vet- ~i~~ Margar~i~ A. Osterfoss, Mayor ~ 7 ~x~i1a1~ ~~xTff nMa~l~nMl;rrr ~~r~ Tav~u a~' v~cL ENI>?Lt)YEIa,"a! ~'~:N~IbN PLAN TfFZS ~'lf?N17NiIsNT i.s made by thr~ Tow1Y of? Va.i~. (fxc.rs~.r3~- sa~tez raft~zre~d tsa a~ the '+EmpioyerTMj . Wilfi:kZf3Ab, tine ~mplayer adopted th4 z'own at Vail. famplbyec~ra+ Pension F?:lar~ (herei~af:tex~ x•e~errod l-.a a~ thci "P~.a~xi"y afi'eal.ive January ~., ~.St83; and Wf{ER)Al1, the F.'~.r1rr ~ya~tr~T.i.d(e~es a1: l3aal:iory E~.1 acs ~rsll.eswsa: s'Th~: >~mp~.oy~r may 2jET1tC'F3d, mc~d~.~y ar texma.nate the 1~'7.an...'+; and WlflaftEllS, the rmp~.oyer previously am+~nQnc~ the L'1an in c.e~rt:as.1_t~ te?eshrt~.aa1. r~a~:f~ec:ts and rrnw dE!51.~'t3~ to 1?ssrl:.hpx• amend the ~'l.ars t:a t~c~c~ ac~di#:i,onaf, empl.ayee~ tra the coverage ni' the Flan; NbW, '1'~~PSkL~~U~tC, i.tre >~mp~.oy+ax daes hereby amend the 1']..I~31 ~.rt ttre ~bllawing paf~iaulazs. ldtT~CLE :~ Axticx~.e z2z of L-lse Plan .1_s leareksy ~mend~:d by acidr~axy i:lre i's~liowis~g sect~l.ocr to tlrrz ~IICI of? suCl1 x~x1~i~:~.~: "3 . G Part~,c.in~ti~~~ oL Non--~'P.rma~zet,~ EmtalpVCas- Ariy e~mp:E.ay~e wino is tint a permanpa~t er~~ployee :~IYCi as a r_e~~xlh is rust an e~..ig:ible elnplc~yes in ~J ~ L~~ ~ s~c~r ~C."..~ L-f~~~~ ! 1 ~ ~ •. 7 aoanrrt~t]cc w,~.l~!y ~~c:t",~~an 3.1 ntYa~4.1 >,a al.igi.b~.+~ to ~7:]rt:i.r;i.pat:~ .!_tk the I':Lan o:a n 13.x~i.tad basis ti;i px:~ctvidecl. i.n Sent:irn] A . 17~ }~~_e~,Lw. Such Par. t:.#.-- c::i.pt]t.ion slknl.l 1'te ~~'~~Glrivc c"i,3 OF thE* :Lat'ex• ~1: ~7~.k].y 1, ~5~91. o]- such ncyx~a-pcz'agcttl~~i~l: eiapluxee'e3 data of ~1np:l.n,yknF:;rkt:. TTC'T.R T'r' ~--» ~ slew :i~pt~c7l] 4 . ~.A is~ hQrebg i.7nserter~ i~amodiate~.y Yt~llowing 5wctioi] ~ . t ~~ t:tis Plan, such 5ac:1:~.nn to read in itg dntirei;y ~s fcsll.aws: !! . ~~, Cant~cilautlons for Non-Perman.h~tt~ .~U.~.~.'uscs . (a } F~ralayer (',c:;ntx-:i but3c]n~., ?'ctk~ ~aaYx P]_ran Xe~~:r, t:he ~:-uY~lUycr e;h~al.l ~:o;+X:1C.Lk,tat:o t_ta tlxe Pt.~:k tv ttie credit ar iwh~~ lali~ ~:l.uyt~r Coc]tra.- Lul;i,c~rk ,lS.cc:c~unt= t~!'_ each 1~srE. ~.c;:~t~nrkl' wha is not c]thox•wi. as tin e].ig f.t~ln any#y~.oy~a, 21Tk ~]tnaunt: c?r~u~]1_ t.o 1.51 of his; al_i.cli.I~i.ie t~c;mpc~r:~;at;iork. '.L'l~e t:n1~~r:i;;ul.xan df tl~a Lmp:Loyr?r ~c]x any Plan Yr?~t1 shall ba tt:ade nc] laL:er than 2-1~2, niaxil_•Ir~, fra~.~r~wikrtcl I:ike end o~ the P].~t] '~Ce~ax. (la} 1'vmcloy~e Contzibuti.onc~, ~~kcL cmp~.oyee who in ~ !]~x~~i~igatrt but not atYtarwi€~~; ara cl.i.c~i.l7'Le otu~rloyee atir]Z.i ]sr? a:equir~d t',a ~.t;t;t~ribuLe G~ of hi_~ s~r~;m~~e~~:;al:aon ~.a ttie pl_mtt ~r~x- c~a~.}k ta~.un Year, p3:s ~ri,cie:~i tlratr Lcar the Plan }~e~,r ~nct3.tkc~ Cl~ce;~~i~e.r" ~~_, 3.99:L, suc:l- contributions aY]ul:L bc: i"egtxlr. erg only ai'#:er. ;drily 1, 1991. (c) 1;malnvPr. ZJ.i.c;15.3~~ Cositr.ibutia]~s. Tt~~ ~mY]7_nyen ryonNx~~.h1]t:.].on af' eaaki partir~iparak wf]a i.s nat ot_1terw.ir,s Rx•i E~:1.~ir~ib:L+6 r?uyp:loyee r;1~:]:I.:I. kira ntHClr~ by ~hile k~;m}>_iA~CY ~lnc~ tieriur_l.:c-+ci '~•c1m t.llra r_.p~pal7~8t1r7t] C)t.}lt~r~Wl.a,~." paid to i:~ae e3~~~~1cay~e far all ~c~Eai-c:~~~sat:ic~n paid to niu~2- c~mt~loyee ~,~ ar a1~L:ex' Novambsr 2C1, x.99:1. SuoY~ coist:r3.iaut.+.r~n sha11. be cars-- s~.~~xcci ~Go be ~7i_c:1~ tier r:c~tl~:ri.ka:.it3.ons undetc t:ho t:.erms of Ser:ta.an ~ =.8 (tk~ ta£ the a=:]tnr- na~_ ~tever]u~ 4ada o~ 19#~~. Such. part.~,ca.- _~_ .~. . !.F _ ~ ;'..:. .. ~ , ,ti ~, r• . • a pants srsal.i. trot Y1a~te the option o~ wliethex' or nc~t~ suer c:antributians shall bra tr~at~d as emplc~ycsx~ ~ii.ak-rap csr~lyt~'ibrrtians . ~lRTI~~,~ ~r~ gootio~ 6..2 0l' tlre~ ]~1an is he~'eby amended by addizig i,h+~ Pnl~.c~wing ~ub~eotinn to the eiid o.1T the Plan: (e) Y~~~i.i3g._._-.~.ul„....,~ t'~.. Nan~Permanent ]i,4nCt"1gyQaa. l~tra CUnL-.~•ibutioir made pursuant to :~ectinxY 4..1.11 by ar_ Fcrx' airy parl_lci.p~.nk~ wl~e~ iG tS~•st, t'al:tic3rw.i.~e ~+n pli,gibl.e w_xnplayoe, wliethar the ront~ ilautiotj~ are Made key the parta.ai~aant er 1.-sy tha en:p~.a~ra1^, shall box l:ully vested and nan-- t'ar~%ltable fez al.~. purposes, ,I1I7,T~CLIa; lV Tire amaridi~ertl:r tea t.tae Plan yet Forth in Art~,a~,a~s ~ tlrrrrugh TTl tsbavEa elxal~, kse al:teal.ive ae~ o~ duly ~.~ 199:L. AR'1'TCLIj+' V Exe~pt as h~rc~~,nabav~x aan~n.ded irr Ax 1:i41es l thrprtgh IV abova~, tlt~ ~mplnyer 1-arc~ksy a~e~.dapts, ~-~-ai~~Exrms arrd x'r~[7c]c'=:l.ar~ra ~~a~:L ana evar•y prnv~,s:iorr of the ~lazz. ~N Wl'~Nia~~3 1~11EREQ1.~ , the Employer, at the a~.areation ot~ i~i~ t~~,t;y Ccrurrcil and with the cau~ent or the participants, t~a~ ~axe~:rrt+~cl t•hi ~: Amenc~m~ltir as of l_Ite day yr , 1991. TOWI+t OF' VArZ, Sy -~- ~c n a ~~ ro w ~.;s '•.~ • a _ p ypp4 ~~~~~ ~ ~ ~i c~ ~ ~ ~ A==-ca'm ~C~Q ~ Q n~ ~~ c~ z m° m~~~•po~a~ a ~ C) ~ ~ m ~ ~ ~ ~ ~~m ~ ~ ~ f~ ~ h i6 < m g~ ~:c a~ ~ ~ o ~ ~ ~ Q ~ ~ Q~m~~c~m~~ ~ ~ ,~~ p ~ ~ ~ ~~ ~ o o~o~Q~-poQO ~~~ o m o ~ o o~~~~~-a~ ~ S ~ ~ c-~ ~ ~ ~. 4fl~~Q~'m ~Y d O -[ ~ ~, .~ ~ Od7~?p0~~ ice, ~ Q ~-' ~ ~ E ~$ <_.(~~ ~ 7 ~ ~. = H m yAryry p Q ~ ~ 0 ^ Q. Om ~ j cD ~. p. ~ ~ ~ ~ ~~~3oa?mp ~^ ~ m _ 7 m -C `~ ~.~~a`x°3anm -~ '~ ~ ~ m c ~ ~@ ocof ~ ,~ o ~ ~ ~ ~ s o~ ;~~~ ~o$ g a, m ~ -- 'st f""" Z ! • Public Notice ORDINANCE NO, 38 Series o1 4907 AN ORDINANCE AMENDING THE PLAN DOCUMENT OF TWE TOWN OF VAIL EMPLOYEES' PENSION PLAN; AND SETTING FORTH D~TAIL5 IN REGARD THERETO. WHEREAS, tha Town a7 Vai! has adopted an Ent+loyeas' Pens'~an Plan, Ifb vlladiva dale of which was January 1, 198: and, WHEREAS, thn Tarn of Vaii has previoWty adopted five amondmenls to tha Enployeei pension Plan: and. WHfFaEAS. rho lawn of Vail wishes to again amend the Errployee Pension Plan. Now, 7HEREFCRE, BE IT ORDAINED 0Y TF1E TOWN COUNCIL OF ~i= TOWN OF VAIL. COLORA00: SECTION 1. The sixth amendment to the Enployaaa' Pension PEan document which is a1- tachnd to tl+is Ordinance as ExhibA A and inuor- paralad herein by relerarlce is hereby adopted by 4hn Towq Councl of the Town a1 VaJ. SECTICN 2. 11 any part, section, subseclron, snntsnce, clause or phrase of this ordinance e for any reason held to he inval'd, such decision sha11 nd allact lhs validity d the remaining por- ix~ns of this ordinance; and the Town Council hurnby declares it would have passed this ordinance, aM each part, sedian, subsection, sentence, clause or phrase 117erad, regardless d the tad that any one or more laarix, aadiana, aubseaiom, snnlnncea, clauaaa ar phrases be declared invalid. SECTION ~. The Tawn Coundl hereby finds, dalsrmintn and dsclarea that the ordinance is nncaasary and proper for the heahh, safely and welters d the Sown al VaiS and Iha inhabilanta flltlreof. SECTION 4. Thn repeat pr the repeat and roanaament o! any provision of the Muniapa7 Coda al the Town of Vail as provided in Ibis or- dinance sha13 not aHad any right vrhidt hm accrued, any duly imposed, any violation that oC curved prior l0 1he elioclive date hereof, arty prosoculbn commenced, nor any other adios or proceedings as commenced under W by tirtue of Iha provision repealed ar repealed and rannadad, Ths repeat of any provsion hereby shall not revive any provision a any a[dinanae previously repealed nr wperseded unties ex- pressly slated herein. SECTION 5. All bylaws, orders, roaolutkr7s and ordinance or pan lhereol, inconsistent herewith are repeated fa the extent only of euaA incansialancy. This repealer shalt not be oon- slrund lorevis~ any bylaw, order, resolution m ar- dinanco 4r part thereof, theretofore rapeabd. INTRODUCEp. READ ANO APPROVED ON F3R57 READING ANp ORDERED PUHL45HE0 ONCE IN FULL this 79th day of November, 1991, and a public hearing shall be held an the Or• dinunca on rho 3rd day of December, 1991 a1 7'.SO p.m, in the Council Chamhan o! Iha Vail Municipal 8vilding, Vail, Gobrado. ' TOYJN OF VAIL Kent R, Rwe Mayer ATTEST; pamula A. Drandmeyei Town Clerx E%HlfllT A SIXTH AMENDMENT TO THE TOWN OF VAlL EMPLOYEES' PENSION PLAN THiS AMENDMENT is made by the Town o1 Vag (hnreinn#ter rderrod to u Tha 'fnlpbyer'1. WHEREAS, Tha Empoyer atlopted the Tawn of Vail Enployeus' Pension Ptan {hareinaNer toler- rod to :!s the •Plnn'1 eNedrva January 1, 1983; and WHEREAS, the Plan provides at Section 8,1 7oliovn: 'The Enpbynr may amend, modify or terminals Iho Plan...': and WHEREAS, Iha Ertployar previously amended Ihu Pkan in certain lochnical respeda and now desires to lurlhar amend the Plan to add add6 lional enpbysea l0 1he coverage of Tha P3ur NUW, 7HFREFOHE. the Errpioynt does hereby amend the Plan in Iha following particulars: APTlCLF 4 ARTICLE I Adlcle 131 of the Plan is hereby omonded by ed• ding Iha lolbwing section to iha end of such Article: .. "3.6 pariidpalion of Non•Parmanent Empbyees. Any arrplayee who ks rx)t a permanent errployea and az a resell is not an eligible employee in ac cordanca with Section 3.1 shall bn eligible to par- ticipate in the Plan on a kimited basis az provided in Sedion 4,1A bebw. Suoh participation shall ba eiledive as of the later of July 1, 1491 or suah nan~permananl emQbyee's dale al empbymenL ARTICLE li Anew Sedion 4,tA is hereby inserted im• mediatey fallowing Section 4.1 of the plan, such Sedion to read in hs entirety as fdlovs: 4,1A Con[ribuiions for Non-Potmaaen! Employees. la} Empbyer Conlr~butionx. For each Plan Year, the frrlployer shall contnbute to the Plan to the ned'R of the Employer Conlribulicn AccouN of each Pari>cipant who is not otherwise an eiigibb employee, an amount equal to 1,5% of his eligl7sle uronpensalion. The contribution of the Ertplpyer lqr any Plan Year shall bo made no later than 2 7!2 months folbwing the end of Ehe Plan Year. (b) Employee Contritwlions. Each ernpbyee who is a partiaipanl but no3 olhorvvise an al'gibb empbyee ahail be required to contribute 6% of his corrpansarion to the PEan for each Plan Year, provided that for the Plan Year endirsg Deeamber 31, 1991, such conlritsutions shall ha required only aher Juiy 1, 799f. (cJ Employer Pick•Up Cortlributions. The ~ err;abyea aonlnbutioa o1 av3ch particpant who is not otherwise an eligible employee shall ba made by the Er7ybyer and deducted Irom the compen- safion otherwise paid to the ernpbyee for a}i com- pansalion paid to such employee on ar aher November 20, 1991, Such apniribrdion shall t» considered 1o ba pick up oantribufions under the Terms al Section g14(h] of the Internal Revenue Coda d 1996. Such participants shall noE have the opl'on of whether or not such cantrihuliotm shag 6e healed as employer pick-up cpntribuliang. ARTICLE III Section 6.2 d the Pian is hereby amended by ad- ding Iha fc7lowing subsedion ro the end o! the Plan: (e] Vesting for Conlrbutbns for Non-Permanent Errployens. The contriaution made pursuant to Sedion A.kA by or for any participant who is not otherwise an eligible employee, whether the con• Iribulions are made dy Iha participant or by. the erttpbyer, shall ba Tully vested and nondor• tellable for all purposes. ARTICLE IV The amendments to the Plan set forth in Articles I Ihrough Ill above shalt be elieciive as of July 1, 3991, ARTICLE V Except az hereinabove amended in Aside 1 Ihrough IV shave. [ha Employer hereby readopts, real4irms and tedeciares each and every, provision o} the Plan. IN WITNESS WHEREOF, the Employer, a! the disaetbn of its City Council and wish Iha consent of the I'anicipanls, has executed this Arnend• meal as a{ the ~ day of , 1991. TOWN OF VAIL gYt Published in The Vail Trail on Novarrbar 22, 1991 ro .~.-~ " ~ ~ ~+n ~ ~ ry ~ ~~o~~~~~a.~ ~ a t t. sy ~. ~~ ~. o 4~~ ~.~ ~t_ -~ ~ 7L i i. - r ._ h r. :~ ~' ~ ~~~-~- ti. _ ~ ~ d ca ~ y ~' o m ~~,, v~ O L ~, ~G ^~ ~~ ~~ ~~ Q. N --._ ~; ~'~ ~-- 2 ~ ~~ .~~ ~' ° ~ ~, ~ o ~~ ~ ~,~ ~ ~ o 0 0~ ~ ~ ~i. ~b m ~ .. ~ ~ a: ° ~ ~ ~ ~ ~ as $ ~ ~ ~~,~ ~ O ~~ ~ L . G Z ~ '~SS~ c~~ Q~ ~ a T~ '" di O A~~~ ~i~ ~. ~y ~ ~ ~ ~~' {7 !!! ~ ~ CL ° ~i ~ ~m ~~ ~. ~W r ~m° ° a~~" ~`~ ~~O z a ~o. ~~ ` ~u.~°~~ w qQ Tyr, p '~ v o` em ~ ' ~ n ~~ u; ? v q ~E 9G 6~ a 'r q~ a'~Z~n~ ~~ ~ .d ~' . y ~+y ~mp 5 Z to -1~^ (i ~v 4 ~ M mz m~ ~' ~~ ~ ~~ m ~~ O yg~0~°~ 0~ o ~ m ~ <o~ 2~ m~ ~~ f ~. ~ ~~, Z ~ p~p ~p~~C7°m '~S} m~ -~+~YY 2 ~ ,x ~ m0 ~ L?r ~ ~; $ , X a` Fs A. D 2