HomeMy WebLinkAbout1994-27 Adopting a New Town of Vail Police and Fire Employees' Pension Plan Subject to Approval by 65% of the Town's Police and Firemen
ORDINANCE NO. 27
Series of 1994
AN ORDINANCE ADOPTING A NEW TOWN OF VAIL
POLICE AND FIRE EMPLOYEES' PENSION PLAN
SUBJECT TO APPROVAL BY SIXTY-FIVE PERCENT (65%}
OF THE TOWN'S POLICE AND FIREMEN;
AND SETTING FORTH DETAILS IN REGARD THERETO.
WHEREAS, the Town of Vai! has adopted a Police and Firemen's Pension Plan, the
effective date of which was January 1, 1983 and has adopted a first, second, third, fourth, fifth,
and sixth amendment to said plan, the effective dales of which were September 20, 1983, May
2, 1984, December 4, 1984, June 18, 1985, August 17, 19$8, and August 7', 1990, respectively;
and
WHEREAS, the Police and Fire employees of the Town of Vail now wish to adopt a new
Town of Vail Police and Fire Employees' Pension Plan, as attached hereto and incorporated by
reference; and
WHEREAS, such new plan must be approved by the Town Council of the Town of Vail;
and
WHEREAS, the new Town ofi Vail Police and Fire Employees' Pension Plan has been
approved by 65% of the police and fire employees of the Town of Vail.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
VAIL, COLORADO:
1. The Town of Vail Police and Fire Employees' Pension Plan which is attached
hereto and incorporated herein by reference is hereby approved by the Town Council as has
been approved by sixty-fve percent (65%) of the police and fire employees 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 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.
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.
4, The repeal 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 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.
5. All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent
herewith are repealed to the extent only of such inconsistency. This repealer shall not be
construed to revise any bylaw, order, resolution, or ordinance, or part thereof, heretofore
repealed.
INTRODUCED, READ AND APPROVED ON FIRST READING this/5th day of
~hP~Y , 1994, and a public hearing shall be held on this Ordinance on the ~ ~h day
of , 1994 at 7:30 P.M. in the Council Chambers of the Vail Municipal Building,
Vall, Colorado.
Ordered published in full this /5th day of /1f4~/'YL~~ , 1994.
Margaret`~-. Osterfoss, Mayor
A T:
Hotly McCutcheon, Town Clerk
READ AND APPROVED ON SECOND READING AND ORDERED PUBI~ISHED
ill ft fie this ~ ~t1.
ATTEST:
~~ ~~
Holly I~cCutcheon, Town Clerk
day of _ ~~lx.~..P~ , 1994.
L~
Marg et A. Osterfoss, Mayor (/
., w • •
TOWN OF VAIL
POLICE AND FIRE EMPLOYEES' PENSION PLAN
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TABLE OF CONTENTS
ARTICLE I
NAME AND PURPOSE OF PLAN
ARTICLE II
ARTICLE III
ARTICLE IV
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DEFINITIONS
Section 2.1 -- "Admin.istrator" .
Section 2.2 -- "Anniversary Date" .
Section 2.3 -- "Beneficiary"
Section
2.4 -- .
"Break in Service" .
Section 2.5 -- "Code"
Section 2.6 -- "Compensation" .
Section 2.7 -- "Effective Date" .
Section 2.-8 -- "Employee"
Section 2.9 -- "Employer" .
Section 2.10 -- "Employment Anniversary
Date"
Section 2.11 -- "Full--Time Regular Employee" .
Section 2.12 -- "Highly Compensated
Employee"
Section 2.13 -- "Recreation District"
Section
2.14 -- .
"Retirement Board" .
Section 2.15 -- "Total. Disability"
Section 2.16 -- "Trustee" .
Section 2.17 -- "Trust l=and"
Section 2.18 --- "Year" and "Flan Year"
Section 2.x.9 -- "Year of Service" .
PARTICIPATION nF EMPLOYEES
Section 3.1 -- Eligibility .
Section 3.2 -- Participation of Non-Full-Time
Regular Employees
Section 3.3 -- Retirement Board to Determine
Participants
CONTRIBUTIONS AND LTMITATIONS ON ALLOCATIONS .
Section 4.1 -- Contributions by the Employer
for Full-Time Regular Employee s
Section 4.2 -- Contributions for Non-Full-Time
Regular Employees
Section 4.3 -- Voluntary Contributions by
Participants
Section 4.4 -- Return of Employer
Contributions
Section 4.5 -- Limitations on Allocations .
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Section 4.& -- Limitation on Benefits and
Contributions When an Employee
Participates in Both a Defined Benefit
and a Defined Contribution Plan of the
Employer . 9
Section 4.7 -- Contribution Percentage Test
for Matching and Employee Contributions 10
ARTICLE V
ARTICLE VI
ARTICLE VIT
DETERMINATION AND VESTING OF PARTICIPANTS' INTERESTS 11
Section 5.1. -- Allocation of Employer
Contribut ions 11
Section 5.2 -- Allocation of Earnings, Losses
and Chang es in Fair Market Value of the
Net Asset s of the Trust Fund 12
Section 5.3 -- Participaz~a Accounts 12
Section 5.4 -- Valuation of Accounts 13
Section 5.5 -- Vesting of Participants'
Interests 13
Section 5.& - - Determination of Years of
Service far Vesting Purposes 15
Section 5.7 - - Leaves of Absence; Military
Service 15
Section 5.8 - - Vesting Upon Termination of
Plan or Discontinuance of Contributions
to the Plan 16
RETIREMENT DATE -- DETERMINATION_ r1F R~'NEFTCTARY 16
Section 6.1 -- Retirement Date 16
Section 6.2 -- Determination of Beneficiary 16
D I S'I'R I BUT I ON FROM TRUST FUND, ~. 7
Section 7.1 -- When Interests Become
Distributable and Effect Thereof 17
Section 7.2 - - Notification of Trustee and
Transfer of Interest to Segregated
Account 17
Section 7.3 -- Time of Distribution ~.8
Section 7.4 -- Required Distribution
Commencement Date 19
Section 7.5 --- Manner of Distribution . 19
Section 7.6 - - Limitation on Duration of
Payment s 2 0
Section 7.7 -- Special Rules for Distributions
After the Participant's Death 20
Section 7.8 -- Withdrawals 21
Section 7.9 -- Spendthrift Provisions 21
Section 7,x.0 -- Insurance Contracts 22
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Section 7.11 --- Authorization of Loans to
Participants 22
Section 7.12 -- Hardship Distributions 23
Section 7.13 -- Claims Procedures 24
ARTICLE VIII
CONTINTTANCE. TERMINATION AND AMENDMENT OF PLAN AND TRUST 25
Section 8.1 --- Continuance of Plan by
Successor Government 25
Section 8.2 -- Distribution of Trust Fund on
Termination of Plan 25
Section 8.3 -- Amendment or Termination of
Plan and 'Trust Agreement 25
ARTICLE IX
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MISCELLANEOUS 26
Section 9.1 -- Transfers Between Qualified
Plans 26
Sectian 9.2 -- Benefits to be Provided Solely
from the Trust Fund 27
Section 9.3 -- Notices from Participants to be
Filed with Retirement Board 28
Section 9.4 -- Agent for Service of Process 28
Section 9.5 -- Text to Control 28
Sectian 9.6 -- Law Governing and
Severability 28
Section 9.7 --- Employer's Obligations 28
Section 9.8 - - Plan for Exclusive Benefit of
Participants; Reversion Prohibited 29
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TOWN OF VAIL
POLICE AND F7RR EMPLOYEES' PENSION PLAN
THTS RESTATED PENSION PLAN is adopted by the Town of Vail
(hereinafter referred to as the "Employer").
ARTICLE I
NAME AND PURPOSE OF PLAN
The Employer established a qualified money purchase pension
plan for its employees who qualify as participants and their
beneficiaries known as the Town of Vail Palice and Fire Employees'
Pension Plan (hereinafter referred to as the "Plan"), for the
purpose of providing retirement benefits for its police and fire
employees. The Plan was created and is maintained for the
exclusive benefit of the Employer's eligible employees who qualify
as participants and their beneficiaries. The Plan was initially
adopted effective January 1, 1983 and has been amended from time to
time since that date. The Employer by this document restates the
Plan to incorporate all prior amendments and other changes required
by law. Unless governed by X2.7, the provisions of the Plan
restated effective January 1, 1994 shall supersede any and all
provisions of the Plan in effect prior to December 31, 1993.
Participants who terminate employment prior to January 1, 1994
shall have their benefit under the Plan determined in accordance
with the provisions of the Plan in effect on the date of
termination of employment. Any Participant who was a Participant
in the Plan on December 31, 1993 shall continue as a Participant in
the Plan under this amended and restated Plan. The Plan is
intended to qualify under the applicable provisions of Section
401(a) of the federal Internal Revenue Code and the Trust created
in conjunction with the Plan is intended to be exempt under Section
501{a) of such Code and all provisions of this Plan shall be
construed in accordance with this intention. Since this is a
government plan, it is not intended that the Plan or Trust comply
with any provision of the Employee Retirement Income Security Act
of 1974, as amended, except to the extent the requirements of such
Act are specifically applicable to government plans.
ARTICLE II
DEFINITIONS
When used herein, the following words shall have the following
meanings, unless the context clearly indicates otherwise:
Section 2.1 -- "Administrator" means the Retirement Board as
defined at Section 2.x.4. '
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Section 2.2 -- "Anniversary Date" means the last day of the
plan year, which is currently December 31.
Section 2.3 -- "Beneficiary" means the person or entity who,
pursuant to Article VI of this Plan, becomes entitled to receive a
Participant's interest upon the Participant's death.
Section 2.4 -- "Hreak in Service" means any twelve (12)
consecutive months of service ending on the Employment Anniversary
Date during which an Employee fails to earn a Year of Service for
vesting purposes.
Section 2.5 -- "Code" means the Internal Revenue Code of 1986,
as amended. References to a section of the Cade shall mean the
section in effect at the date of adoption of the Plan, or the
corresponding provision, or the provision that is equivalent in
purpose and effect, of any subsequent federal tax law.
Section 2.6 -- "Compensation" means the base salary paid by
the Employer to a Participant for services rendered to the
Employer, excluding bonuses, overtime pay, severance pay, shift
differentials, longevity pay, and any other form of compensation,
insurance premiums, pensions and retirement benefits, and all
contributions by the Employer to the within Pension Plan, to any
health, accident or welfare fund or plan, to any deferred
compensation plan, to any other qualified retirement plan or
simplified employee pension plan, or any similar benefit, an.y
amount received as cash under a profit-sharing plan cash option
provision, and any other amounts which receive special tax
benefits, provided that compensation reductions pursuant to the
Employer pick-up of employee contributions pursuant to Cade Section
414 (h) shall not be excluded as compensation except for the purpose
of applying the limitations on allocations and benefits under Code
Section 415. Further, compensation shall not include any amounts
realized on the transfer of property rights from the Employer. The
annual compensation of any Participant taken into account under the
terms of the Plan for any Plan Year shall not exceed ,One Hundred
and Fifty Thousand Dollars ($150,OOfl), as adjusted for changes in
the cost of living as provided by law or regulation.
Section 2.7 -- "Effective Date" of this Plan is January 1,
1994, provided that each change to this Plan which is required for
compliance with the Tax Reform Act of 1986 or subsequent
legislation or regulations shall be effective as of the required
date of such provision if before January 1, 1994.
Section 2.8 -- "Employee" means any full-time paid sworn
police officer or firefighter now or hereafter in the employ of the
Employer. Tn addition, a leased employee who is a sworn police
officer ar firefighter, within the meaning of Section 414(n)(2} of
the Code, shall be considered an employee of the Employer, provided
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that if such leased employee constitutes less than twenty percent
(200) of the Employer's non.-highly compensated work force within
the meaning of Section 414 (n) of the Code, the term "Employee"
shall not include any leased employees covered by a Plan described
in Section 414(n)(5) of the Code.
Section 2.9 -- "Employer" means the Town of Vail, a Lawn
within the State of Colorado. Any action to be taken or
determination to be made by the Employer shall be by action of the
Town Council of the Town of Vail except to the extent such
authority is delegated by the Town Council of the Town of Vail.
Section 2.10 --- "Employment Anniversary Date" means the last
day of the twelve (12) month period beginning on an Employee's date
of hire and the same date in subsequent years. For this purpose,
an Employee's date of hire is the first day in which an Employee
completes an hour of employment.
Section 2.11 -- "Full--Time Recrular Employee" means an Employee
who it is anticipated will work at least 1,000 hours per year i.n a
position which does not have a definite duration of less than six
(6} months.
Section 2.12 -- "Hicrhly Compensated Employee" means highly
compensated active employees and highly compensated former
employees determined in accordance with the following rules:
(1) Active Emblovees. A highly compensated active
employee includes any employee who performs service far the
Employer during the determination year and who:
(a) received compensation from the Employer during
the look-back year in excess of $75,000 {as adjusted pursuant to
Section 415 (d) of the Cade);
(b) received compensation from the Employer during
the look--back year in excess of $50, 000 (as adjusted pursuant to
Section 415(d) of the Cade) and was a member of the top paid group
for such year (the highest 200 of the employees of the Employer in
the order of compensation};
(c) was an officer of the Employer during the look-
back year and received compensation during such year that a.s
greater than 500 of the dollar .limitation in effect under Section
415 (b) (1) (A) of the Code; and
(d) was a 5 0 owner at any time during the look-back
year or determination year.
The term "highly compensated employee" also includes
employees who are both described in the preceding paragraphs if the
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term "determination year" is substituted for the term "look-back
year" and the employee is one of the 100 employees who received the
most compensation from the Employer during the determination year.
(2) Highest Paid Officer. Sf no officer has satisfied
the compensation requirement of (1)(c) of this Section during
either a determination year or lank-back year, the highest paid
officer for such year shall be treated as a highly compensated em-
ployee.
(3) DefiPrminat-~nn var. For the purposes of this
Section, the determination year shall be the Plan Year. The look-
back year shall be the twelve month period immediately preceding
the determination year.
(4) Former Emolovees. A highly compensated former
employee includes any employee who separated from service (or was
deemed to have separated) prior to the determinatian year, performs
no service for the Employer during the determination year, and was
a highly compensated active employee for either the separation year
or any determination year ending on or after the employee's 55th
birthday.
(5) Familv Members. Tf an employee is, during a
determination year or look-back year, a family member of either a
50 owner who is an active or farmer employee or a highly
compensated employee who is one of the 1.0 most highly compensated
employees ranked on the basis of compensation paid by the Employer
during such year, then the family member and the 5% owner ar top 10
highly compensated employees shall be aggregated. In such case,
the family member and 50 owner or top 10 highly compensated
employee shall be treated as a single employee receiving
compensation and Plan contributions or benefits equal to the sum of
such compensation and contributions or benefits of the family
member and 50 owner or top 10 highly compensated employee. For.
purposes of this Section, family member includes the spouse, lineal
ascendants or descendants of the employee or former employee and
the spouses of such lineal ascendants or descendants.
(6) Rules of Construction. The determination of who is
a highly compensated employee, including the determinations of the
number and identity of employees in the top-paid group, the top 100
employees, the number of employees treated as officers and the
compensation that is considered, will be made in accordance with
Section 414 (q) of the Code and the regulations thereunder.
Section 2.1.3 -- "Recreation District" means Vail Metropolitan
Recreation District, a special governmental district within the
State of Colorado.
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SAWI52084192679.2
• • •
Section ?.,14 -- "Retirement Board" means the Trustees
appointed pursuant to Article VII of the Trust Agreement of the
Town of Vail Police and Fire Employees' Pension Plan dated
effective January 1, 1983, and restated in its entirety the day
of 2994.
Section 2.15 --- "Total Disability" means a disability which
permanently renders a Participant unable to perform satisfactorily
the usual duties of the Participant' s employment with the Employer,
as detex'mined by a physician selected by the Retirement Board, and
which results in the Participant's termination of service with the
Employer. A finding of disability by the federal Social Security
Administration shall be conclusive evidence of disability.
Section 2.16 -- "Trustee" means the Trustee or Trustees of the
Trust Fund established in conjunction with this Plan and any duly
appointed and qualified successor or additional Trustees;
additionally referred to as Retirement Board.
Section 2.17 ---- "Trust Fund" means the assets of the Trust
established in conjunction with this Plan out of which the benefits
of this Plan shall be paid and shall include all income of whatever
nature earned by the Fund and all increases in fair market value.
Section 2 . 18 -- "Year" and "p} an YP~r" mean the fiscal year of
the Trust established pursuant to this Plan. The Plan Year begins
on January 1 and ends on December 31.
Section, 2.19 -- "Year of Service" means a twelve (12) con-
secutive month period ending on an Employment Anniversary Date
during which the employee is a Full--Time Regular Employee
throughout such period.
ARTICLE III
PARTICIPATION OF EMPLOYEES
Section 3,7 -- E1;rgibility.
Each Full-Time Regular Employee of the Employer sha11 become
a Participant in the Plan on the date of employment or, if later,
the date on which the Employee becomes a Full-Time Regular
Employee.
Section 3.2 -- Participation of Non-Full-Time Regular
Employees.
Any sworn police officer or firefighter who is not a Full-Time
Regular Employee and as a result is not eligible in accordance with
section 3.3 shall be eligible to participate in the Plan on a
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limited basis as provided in Section 4.2 below. Such participation
shall be effective as of such employee's date of employment.
Section 3.3 -- Retirement Board to Determine Participants.
The Retirement Board shall have the duty and responsibility of
determining when an employee becomes a Participant and when a
Participant is eligible to share in the Employer's contribution.
The determination of the Retirement Board as to the identity of the
respective Participants and as to their respective interests shall
be binding upon all employees, all Participants and all
beneficiaries of the Participants..
ARTICLE IV
CONTRIBUTIONS AND LIMITATIONS ON ALLOCATIONS
Section 4.1 -- Contributions by th;P Employer for F>>.11-Time
Regular Employees.
The Employer shall contribute and pay into the Trust Fund for
each pay period to the credit of the Employer Contributions Account
of each Participant who is a Full-Time Regular Employee an amount
equal to 11.15% of such Participant's compensation for such pay
period during the first year of employment and 16.15% of such
Participant's compensation thereafter. Notwithstanding the
foregoing, the rate of contribution of any such employee whose date
of employment with the Employer was prior to June 1, 1986 will
remain at 17.60. The Employer shall make payment of its
contribution for each pay period in one sum as soon as practical
after the end of such pay period. Such contribution shall~be made
in cash. The contribution provided above far any employee shall be
reduced by the amount of taxes. paid by the Employer on behalf of
such employee pursuant to the federal Social Security Act or any
amendment thereto. Such contribution reduction shall be effective
at the same time as any such payroll tax mandated by the Social
Security Act or any amendment becomes effective.
Section 4.2 -- Contributions far Non-FullWTime Rec7u]ar
Employees.
(a) Employer Contributions. Far each Plan Year, the
Employer shall contribute to the Plan to the credit of the Employer
Contribution Account of each Participant who is not a Fu11-Time
Regular Employee, an amount equal to 1.50 of the Participant's
eligible compensation. The contribution of the Employer for any
Plan Year shall be made no later than 2-1/2 months following the
end of the Plan Year.
(b) Employee Contributions. Each employee who is a
Participant but not a Full-Time Regular Employee shall be required
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to contribute 60 of the Participant's compensation to the Plan for
each Plan Year.
(c) Employer Pick-Ub
tribution of each Participant
Employee shall be made by the
compensation otherwise paid to
shall be considered to be pick u
Section 414 (h) of the Internal RE
pants shall not have the o
contributions shall be treated
Contributions. The employee con-
who is not a Fu11--Time Regular
Employer and deducted from the
:he employee. Such contributions
~ contributions under the terms of
venue Code of 1985. Such Partici-
>tion of whether or not such
s Emplnyer pick-up contributions.
Section 4.3 -- Vol~a.n.r.~rv C"~nfiributions by Particiaants,
Each Participant may make voluntary non-deductible
contributions to the Trust Fund for each year in which he ar she is
a Participant in such amounts as the Participant may elect in the
Participant's sale discretion, provided that the total of such
amounts, when combined with the Participant's nondeductible
employee contributions to any other qualified retirement plan
maintained by the Employer, subject to the limitations of
Section 4.5 below, may not exceed the following percentages of the
Participant's compensation for such year. If Employer contribution
is:
17.50, then 7.4%;
16.150, then 8.850;
1.1.150, then 13.85%.
A Participant may make a contribution for any year at any time or
times during such year or within thirty (30} days after the end of
such year, provided such contributions will be credited to the
Participant's account no later than the last day of such year. The
amount, if any, which a Participant contributes to the Trust Fund
may vary from year to year and may be contributed in one sum or in
installments, provided, that no contribution in any amaunt less
than ten dollars ($10.00? may be made by the Participant at any one
time. Such contribution shall be made in cash. A11 contributions
shall be made to the Trustee. No Participant shall have any
obligation to make any contribution. Deductible voluntary
contributions are not permitted.
Section 4.4 -- Return of Emolover Contributions.
Notwithstanding the provisions of Article IX below, a
contribution made by the Employer may be returned to the Employer
if the contribution is made by reason of a mistake of fact. The
amaunt which may be returned to the Employer is the excess of (i)
the amaunt contributed over (ii} the amaunt that would have been
contributed had there not occurred a mistake of fact. The feturn
to the Employer of the amount involved must be made within one year
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of the mistaken payment of the contribution or disallowance of the
deduction as the case may be.
Section 4.5 -- ,imitations on Allocations.
{a} General Rule. Yn no event may a Participant receive
an allocation for any year which, when combined with the
Participant's allocation under any other defined contribution plan
established by the Employer, exceeds the lesser of twenty-five
percent (25%} of the Participant's compensation for such year or
Thirty Thousand Dollars ($3a,aaa}, provided such figure shall
change to conform with any adjustment for changes in the cost of
living after the enactment of the Tax Equity and Fiscal
Responsibility Act of 1982 or for any other reason, as provided by
law or regulation. For the purpose of applying the foregoing
limitation, the limitation year shall be the Plan Year. If a short
limitation year is created as a result of a change in the
limitation year, the dollar limitation far such short limitation
year sha11 be the dollar limitation set forth in this subsection
multiplied by a fraction, the numerator of which is the number of
months in such short limitation year and the denominator of which
is twelve (12}
(b} Allocations. For the purpose of applying the
limitations of this section, the allocation to the Participant
shall include the following amounts allocated to the account of a
Participant for a limitation year: {i} Employer contributions,
{ii} forfeitures, and (iii} non-deductible contributions made by
the Participant. For the purpose of applying Limitations of this
Section, compensation from and allocations received under any
retirement plan maintained by any other employer which is a common
member with the Employer of either a controlled group of businesses
or an affiliated service group, as prescribed by law or regulation,
shall be counted.
(c} Excluded Amounts. Any amount not mentioned in
subparagraph (b} shall not be considered an allocation. The
amounts not considered as allocations include deductible
Participant contributions, rollover contributions and transfers
from other qualified plans allocated to the account of a
Participant.
{d} Treatment of Excess. In the event an allocation
would otherwise exceed the Limitations of this section, any non-
deductible voluntary contribution by the Participant which is
counted as part of such allocation shall be returned to such
Participant to the extent necessary to reduce such allocation to a
level in compliance with the limitations of this section. If after
such return of contributions there still remains an excess, the
excess over such limitations shall be held in a suspense account
until such amount can be applied to reduce the next contribution of
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the Employer. If the Employer maintains more than qne qualified
defined contribution plan, the excess shall be considered to have
first occurred in the plan to which the contribution of the
Employer is discretionary, and if there is no such plan, the excess
shall be treated as having occurred in all defined contribution
plans on a pro rata basis based upon the Employer contribution to
each of the plans. If this plan is terminated when there is an
amount held in such suspense account, the amount held in such
account which cannot be allocated to Participant without exceeding
the foregoing limits shall be returned to the Employer..
(e) Comr~ensation. For the purpose of this Section and
Section 4.5, compensation shall mean compensation as defined in
Section 2.5, provided that any taxable compensation excluded under
such Section shall be included as compensation.
Section 4.6 --- Limitation on Benefits and Contributions When
an Emplovee Particiuates in Both a _n_Pfine_d BP_nP_f_it- ~nc~. a Defined
Contribution Plan of the Emnlover. ~ ~~
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 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. Far purposes of this Section, the limitation
year shall be the Plan Year. The defined benefit plan fraction for
any Participant shall be the fraction, 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
maximum dollar limitation for benefi~.s 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 section 415 (b){1){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 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 following
amounts 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 Code for such year, or ( ii } the product of ~.. 4
multiplied by the amount which may be taken into account under
subsection 415 (c) (1) {B ) of the Code with respect to such individual
under such plan for such year with respect to dollar limitations.
snw~szoaa~9z6~9,x
-9-
Section 4.7 -- Contribution Percentage Test for Matchingr and
Emr~lovee Contributions.
(a} GPnPral. The Average Contribution Percentage in any
year of all Participants who are Highly Compensated Employees may
not exceed the greater of the following amounts:
(1) 1250 of the Average Contribution Percentage for
such Year of all Participants who are not Highly Compensated.
Employees; or
(2} The Average Contribution Percentage for such
Year of all Participants who are not Highly Compensated Employees,
plus two percentage points (20), limited to two times the Average
Contribution Percentage for all such Participants.
Far purposes of the foregoing, the Average Contribution
Percentage is the average of the sum of the matching contributions
allocated to the accounts of the applicable Participant plus such
Participant's voluntary non-deductible contributions, divided by
the total compensation of such Participant for each such
Participant. If the amount to be contributed by the Employer
and allocated to the accounts of Participants who are Highly
Compensated Employees exceeds the foregoing limitations, then the
amount so allocated shall be reduced, pro-rata among such
Participants, to the extent necessary to satisfy such limitation
and such excess amount, together with earnings thereon, shall be
distributed to such Participants no later than 2-1/2 months after
the end of the Plan Year in which such contributians were made.
(b) Adjustment of Contribution Percentage. The Employer
may in its discretion make contributions to the Plan which shall be
designated as additional matching contributions and which shall be
allocated to the accounts of Participants who are not Highly
Compensated Employees, in order to increase the Average
Contribution Percentage of such Participants.
(c) Excess Aacrreaate Contributions. Matching
contributians and employee contributians in excess of the
Limitations of this Section are excess aggregate contributions.
(d) Disposition of Excess Aggregate Contributions.
(1) General. Notwithstanding any other provision
of this Plan, Excess Aggregate Contributions, plus any income and
minus any loss allocable thereto, shall be forfeited, if forfeit-
able, or if not forfeit- able, distributed no later than the last
day of each Plan Year to Participants to whose accounts such Excess
Aggregate Contributions were allocated for the. preceding Plan Year.
Excess Aggregate Contributions shall be allocated to Participants
who are subject to the Family Member aggregation rules of Section
saw~szasa~n6~9.z
-~a-
41(q)(6) of the Code in the manner prescribed by the regulations.
If such Excess Aggregate Contributions are distributed more
than 2-I/2 months after the last day of the Plan Year in which such
excess amounts arose, a I.0% excise tax will be imposed on the
employer maintaining the Plan with respect to those amounts.
Excess Aggregate Contributions shall be treated as annual additions
under the Plan.
(2} Determination of Income or Loss. Excess
Aggregate Contributions shall be adjusted for any income or lass up
to the date of distribution. The income or loss allocable to
Excess Aggregate Contributions is the sum of: (i) income or loss
allocable to the Participant's Employee Contribution Account,
Matching Contribution Account, if applicable, Qualified Non-
Elective Contribution Account for the Plan Year multiplied by a
fraction, the numerator of which is such Participant's Excess
Aggregate Contributions for the year anal the denominator of which
is the Participant's account balance(s) attributable to Contribu-
tion Percentage Amounts without regard to any income or loss
occurring during such Plan Year; and {ii) 1~0 of the amount
determined under (i) multiplied by the number of whale calendar
months between the end of the Plan Year and the date of
distribution, counting the month of distribution if distribution
occurs after the 15th of such month.
(3) Forfeitures of Excess Aaareaate Contributions.
Forfeitures of Excess Aggregate Contributions shall be applied to
reduce Employer contributions.
{.4} Accounting for Excess Ag_rsr+~c7afiP rnn_trihutions.
Excess Aggregate Contributions ,shall be forfeited, if forfeitable
or distributed on a pro-rata basis from the Participant`s Employee
Contribution Account, Matching Contribution Account, and Qualified
Matching Contribution Account (and, if applicable, the
Participant's Qualified Non-Elective Contribution Account).
ARTICLE V
DETERMINATION AND VESTING OF PARTICIPANTS' INTERESTS
Section 5.1 -- Allocation of Emplover Contributions.
The contribution made by the Employer to the credit of the
account of each Participant eligible to participate in the
allocation of the Employer's contribution pursuant to the
provisions of Section 4.1 above shall be allocated to the Employer
Contributions Account of each such Participant not less frequently
than monthly. Any allocation shall be subject to the limitations
set forth in Section 4.5 above.
SA1V\52084192fi79.2
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•
Section 5.2 -- Allocation of Earnings, Losses and Chancres in
Fair Maxket Value of the Net Assets of the Trust Fund.
(a) General Rule. Earnings and losses of the Trust Fund
and changes in the fair market value of the net assets of the Trust
Fund shall be allocated to the Participants as of each regular
valuation date, in the ratio which the total dollar value of the
interest of each such participant in the Trust Fund bears to the
aggregate dollar value of all of such interests of all such
Participants as of the last previous regular valuation date.
(b) Special Rule When There Are Seareaated Accounts.
For the purpose of the foregoing allocations, the amount of each
Participant's interest in the fund, if any, that is held in a
segregated account pending distribution pursuant to Article VII
below, and the earnings and losses resulting thereto, shall be
excluded. The segregated account of a Participant shall alone
participate in the income, gains or losses of the property so
segregated and alone be liable upon contracts made for its benefit
or liabilities arising from such investment. Any extraordinary
expenses resulting from the investments made at the direction of
the Participant shall be borne solely by such Participant's
segregated account.
Section 5_~ -- pa_rticinant Accounts.
The following accounts shall be maintained for the
Participants in the Plan:
(a} Employer Contributions Account. This account shall
show the dollar value of the Participant's current interest in the
Trust Fund resulting from all Employer contributions.
(b) Part i.r'~_nant rnnr~-~hutions Account. This account
shall show the dollar value of the Participant's current interest
in the Trust Fund resulting from all contributions made by the
Participant.
(c) FPPA Individual Accounts. FPPA means {a) the Town
of Vail Employees' Retirement Plan, or {b) the Fire and Police
Pension Association. Any Participant who was an Active Participant
under FPPA on December 31, 1982, shall have two (2} beginning
balances under this Plan comprised as follows:
{1) the ending balance in his Employer Contribution
Account under FPPA as of December 31, 1982, plus
one-half any excess amount refunded by FPPA,
allocated as described below; and
(2) the ending balance of his Mandatory Participant
Contribution Account under FPPA as of December 31,
-12-
s~v~nszaaa~9z6~9.2
~ ~ ~
1982, plus one-half any excess amount refunded by
FPPA, allocated as described below.
Any excess amount refunded by FPPA shall be allocated to each
Participant whow as an Active Participant on December 31, 1982, in
the FPPA in proportion to his Mandatory Participant Contribution
Account balance under FPPA as of December 31, 1982, as a percentage
of such total excess amaunt. One-half such amount for each such
Participant shall be allocated to the ending balance of his
Employer Contribution Account under FPPA as of December 31, 1982.
The other one-half shall be allocatd to the ending balance of his
Mandatory Participant Contribution Account under FPPA as of
December 31, 1982.
The amounts so transferred to the Plan at its inception shall
be maintained in individual accounts on behalf of each such
Participant.
Section 5.4 -- Valuation of Accounts.
(a) Regular Valuation. The regular valuation dates of
the Trust Fund shall be the last day of each calendar quarter
(March 3~., June 30, September 30 and December 31} at which time the
Retirement Board shall determine the value of the net assets of the
Trust Fund, i.e., the value of all, of the assets of the Trust Fund
at fair market thereof, less all liabilities, both as known to the
Trustee, and the value of contributions by the Employer for such
year. In the event that distribution is made to a Participant or
an annuity is to be purchased far the Participant's benefit, the
valuation of such Participant's account shall occur as of the end
of the quarter prior to such distribution or the purchase of an
annuity. In no event shall valuation take place prior to the end
of the quarter in which distribution is requested by the
Participant.
Section 5.5 -- Vesting of parr;rinants' Interests.
(a) Participant's Contributions. A Participant's
interest in the FPPA Individual Accounts and the contributions made
by him, if any, and the earnings, losses and changes in fair market
value thereof, shall be fully vested at all times.
(b) Contributions for Full -T~ me RPCrul~r F`mplo~ees Hired
Before July 1. 1986. In the case of a Participant who is a Full-
Time Regular Employee whose date of employment with the Employer is
prior to July 1, 1985, such Participant's vested percentage in
Employer contributions made on the Participant's behalf pursuant to
Section ~.1 at any time shall be determined according to the
following schedule, based upon years of service:
-13-
SA W 152084192679.2
1 F
i
Years of Service
Less than 1
1
2
3
4 or more
•
Vested Percentacre
0 °s
~~.5 0
$5 0
92.5°s
1QQo
(c) Contributions far Full-Time Regular Em~lovees Whose
Date of Emblovment is After June 30. 1986. In the case of a
Participant who is a Full-Time Regular Employee whose date of
employment with the Employer or the Recreation District is after
June 3fl, 1986, such Participant's vested percentage in Employer
contributions made on the Participant's behalf pursuant to Section
4.1 at any time shall be determined according to the following
schedule, based upon the Participant's years of service:
Years of Service
Vested Percentacse
Less than 1 0%
1 2Q°,
2 X00
3 600
4 800
5 or more 1000
(d} Vesting for Cnr~t.ributions for Nan-Full-Time Regular
Employees. The contribution made pursuant to Section 4.2 by or for
any Participant who is not a Full-Time Regular Employee, whether
the contributions are made by the Participant or by the Employer,
shall be fully vested and nonforfeitable for all purposes.
(e) Lav-Off. Notwithstanding the schedules of vesting
set forth in paragraphs {b) and {c) above, any employee who is laid
off by the Employer prior to the time at which he has completed at
least one year of service, such employee shall be considered to
have one year of service for vesting purposes at the time he
terminates employment as a result of such lay off.
(f) Death or Attai,nmerlr ~~ Nnrmal Retirement Aae. The
vested percentage of a Participant sha11 be 10Qo in the event the
Participant dies or attains his or her normal retirement age whale
still employed by the Employer.
(g} Forfeitable Interests. Any portion of the interest
of a Participant which shall not have become vested shall be a
forfeitable interest. A forfeiture shall occur on the earlier of
the distribution of the vested account balance of the Employer
Contributions Account ar Break in Service. All forfeitures,
including earnings thereon, shall be applied to pay the expenses of
the Plan and Trust and if any forfeitures remain after paying such
SAW152064142674.2
_1~_
•
expenses, such 'remaining forfeitures shall be applied to reduce any
subsequent contribution of the Employer as determined by the
Retirement Board.
Section 5.6 -- Determination of Years of Service for Vestincr
Purposes.
1n determining a Participant`s years of service for vesting
purposes, all of the Participant's service with the Employer and
Recreation District shall be taken into account subject to the
following limitations:
{a) A Year of Service far vesting purposes means a
twelve (12) consecutive monthly period ending on an Employment
Anniversary Date during which the employee is a Fu11-Time Regular
Employee throughout such twelve-month pex-iod and is employed on the
Employment Anniversary Date. Notwithstanding the foregoing, any
employee who is laid off or is terminated by the Employer prior to
the time at which he has completed at least one Year of Service,
such employee shall be cansidered to have one Year of Service for
nesting purposes at the time he terminates employment as a result
of such lay off ar termination.
{b) ~f a Participant incurs a Break in Service, service
prior to such Break in Service shall be counted in determining the
Participant's vested interest in Employer contributions made after
he returns to the employ of the Employer.
(c) All service with the Recreation District shall be
counted for vesting purposes as if it were service with the
Employer.
Section 5.7 -- Leaves of Absence: Military Service.
A leave of absence not in excess~of one year granted by the
Employer for purposes other than military service shall not be
considered as a Break in Service or a termination of employment.
The Employer may, from time to time, extend such leave of absence
for additional periods of not in excess of one year each in
accordance with the personnel rules and regulations of the
Employer.
Any employee or Participant who has entered or enters -the
Armed Farces of the United States shall be presumed to be on a
leave of absence, regardless of the length of such service, and
such leave of absence shall not be cansidered as a Break in Service
or a termination of employment, provided such leave is in
compliance with the personnel rules and regulations of the
Employer.
SA W152084192679.2
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• ~ ~
~ 5
A Participant shall, nit be credited with service during any
period during which he is an a leave of absence or in military
service, as provided above unless he receives or is entitled to
receive compensation from the Employer for such period.
Section 5.8 -- VPSti_nc~ TT~on T?rmination of Plan ar
Discontinuance of Contributions to the Plan.
Upon the termination, or partial termination, of the Plan or
the complete discontinuance of contributions under the Flan to the
Trust, the interests of all affected employees shall become fully
and completely vested and non-forfeitable for all purposes.
ARTICLE VI
RETIREMENT DATE -- DETERMINATION OF BENEFICIARY
Section 6.1 --- Retirement Date.
The normal retirement age for each Participant shall be sixty
{60) years. An employee may elect to retire voluntarily after
attaining the age of fifty (50) years, provided the Participant has
completed four (4} years of Service (as determined pursuant to
Section 2.x.6) prior to such retirement. A Participant shall be
entitled to retire voluntarily an or after the Participant's normal
retirement date. Until actual retirement, a Participant shall
continue to participate in the Plan.
Section 6.2 -- Determination of RPneficiarv.
(a) Desianatian of RPriaf;r;aries. A Participant shall
have the right to designate a beneficiary or beneficiaries and one
or more contingent beneficiaries to receive the Participant`s
interest in the Trust Fund upon his death, such designation to be
made on the form prescribed by and delivered to the Retirement
Board. The Participant shall have the right to change ar revoke
any such designation from time to time by filing a new designation
ar notice of revocation with the Retirement Board, and no notice to
any beneficiary nor consent by any beneficiary shall be required to
effect any such change or revocation.
(b) Determination of PPnpf;ciarv When There is no
Designated Beneficiary. If a Participant shall fall to designate
a beneficiary before the Participant's death, or if all designated
beneficiaries ar contingent beneficiaries should die, cease to
exist or disclaim their interests prior to distribution, the
Retirement Board shall pay the Participant's interest in the Trust
Fund to the Participant's surviving spouse, if any, or if none,
then to the personal representative of the Participant's estate.
If, however, no personal representative shall have been appointed,
and the actual notice thereof given to the Retirement Board within
one hundred twenty (120) days after the Participant's death, the
SAW15208A192679.2
-~.6-
• ~ •
r
Retirement Board may pay the Participant's interest to such person
or persons as may be entitled thereto under the laws of the state
where such Participant resides at the date of the Participant's
death, and in such case, the Retirement Board may require such
proof of right or indemnity from such person or persons as the
Retirement Board may deem necessary.
(c) Insurance Policies. The beneficiary of any
insurance contract on a Participant's life shall be determined and
designated as provided in the Trust Agreement established in
conjunction with this Plan.
ARTICLE VTT
DISTRIBUTION FROM TRUST FUND
Section 7.1 -- Wh_.P_n rnfi.erP~t.s 13QCc~tnP_ nistributab~P end Effect
Thereof.
When a Participant dies, suffers total disability, retires or
terminates his or her employment for any other reason, the
Participant's vested interest in the Trust Fund shall thereupon
became distributable as hereinafter provided in this Article.
Distribution shall not be permitted prior to the occurrence of one
of the foregoing events other than to comply with the distribution
commencement date requirements of Section 7.4.
Section 7.2 -- Notification of Trustee and Transfer of
Interest to Searecrated Account.
(a) Notification of Trustee. As soon as possible after
a Participant's vested interest shall have become distributable,
the Retirement Board will determine the Participant's address, the
amount of the Participant's vested interest which has become
distributable, the reason for its having become distributable and
the manner of distribution in accordance with the Plan.
{b) Transfer to SearPa~fiPd Account. The Retirement
Board may transfer a Participant's distributable interest from the
general Trust Fund into a segregated account within the Trust Fund
to the credit of such Participant. If such interest is not
transferred, the Retirement Board shall make such distribution, in
cash or in kind, directly from the general Trust Fund.
(c) Seareaated Account for Particit~ants Who Attain the
Aae of Fiftv X50? When a Participant who has a one hundred
percent (100%) vested interest in his or her Employer Contribution
Account attains the age of fifty {50), he shall have the option to
direct the Retirement Board to establish a segregated account
within the Trust Fund to which will be allocated the entire balance
-i~-
SAW152064192679.2
•. 3
to the Participant`s credit attributable to bath employee and
Employer contributions. Such option shall be exercised by a
written election filed with the Retirement Board at ].east three (3}
months in advance of the date on which the segregation will take
place. Once such an election has been filed, it shall be
irrevocable and all future contributions to the Plan shall be made
to such ,segregated account. The assets of the segregated account
attributable to the employee and the Employer contributions will.be
invested as provided in subparagraph {d} below.
(d) Investment of Seareaated Account. Any segregated
account maintained for a Participant's interest shall be invested
by the Retirement Board in any one or more of the investments
authorized in the Trust Agreement. Notwithstanding any other
provisions of this Plan, the segregated account of a Participant
shall alone participate in the income, gains or losses of the
property so segregated and alone shall be liable upon contracts
made for its benefit or liabilities arising from the investment of
such account. Any expenses resulting from the investments made for
the benefit of such account shall be borne solely by such
Participant's account, unless otherwise determined by the
Retirement Board. Anticipated earnings or interest on any such
investments shall be taken into account in determining the amount
of the equal installments to be paid to the Participant or the
Participant's beneficiary.
Section 7.3 -- Time of Distribution.
(a) Distribution Upon R__erirPmPnt- nr Disability. If a
Participant retires nn or after the Participant's normal retirement
age or becomes totally disabled, his interest shall be distribu-
table cammericing no later than the earlier of sixty (64} days after
the close of the Plan Year in which the Participant's termination
of employment occurs, or the required distribution commencement
date set forth in Section 7.~, subject to the consent requirements
of subsection (e) of this Section.
{b) Distribution Unon Death. Tf a Participant dies,. the
Participant's interest sha11 be distributable commencing no later
than sixty {64) days after the close of the Plan Year in which the
Participant's death occurs.
{c) Distribution Unon Other Termination of Emolovment.
rf a Participant terminates his or her employment for any reason
other than retirement after attaining normal retirement age,
disability or death, the Participant's interest shall be
distributable commencing no later than sixty .(60) days after the
Participant incurs a Break in Service, or, if later, within sixty
(64) days after the regular valuation as of the end of the Plan
Year is completed, subject to the consent requirements of
subsection (e} of this Section.
5AW152084192679.2
--18-
a
(d) Distribution of Participant's Interest in Employer's
Contribixti~n. fir YPa:C' of Termination. The vested interest of the
Participant in the Employer's contribution for the year of
termination shall be distributed to the Participant or his or her
beneficiary as soon as practicable after the end of such year by
the allocation of such interest to the Participant's account.
(e) Participant Consent and Deferral Election. No
distribution under this Plan may be made to a Participant whose
vested interest exceeds Three Thousand, Five Hundred Dollars
(53,500) prior to the later of the Participant's normal retirement
age, or the Participant's sixty--second (s2nd) birthday without the
Participant's written consent. A Participant may elect, with the
consent of the Retirement Board, to have the commencement of the
Participant's benefit deferred until a date later than the date
specified in subsection (a), (b) or (c) of this Section 7.3, but
in no event shall the commencement of distribution be later than
the required distribution commencement date specified in Section
7.4. Any election under this subsection shall be made by
submitting to the Retirement Board a written request, signed by the
Participant which describes the benefit and the date on which the
payment of such benefit shall commence.
(f ) Distribution of ~ P~.rti_r.i n_ an_t' s Contributions . Any
other provision of this Section 7.3 to the contrary
notwithstanding, a Participant, in the event of the termination of
his or her employment for any reason, shall be entitled to receive
payment in one lump sum of his or her interest in the Trust Fund
represented by the contributions actually made by him, provided he
makes written demand therefor upon the Retirement Board. The
earnings, gains and increases in fair market value of the
Participant's voluntary contributions account shall be distributed
at the same time and in the same manner as the Participant's
interest attributable to Employer contributions.
Section 7.4 -- Recruired Distribution Commencement Date.
Distribution of a Participant`s interest must begin no later
than April 1 of the calendar year following the calendar year in
which takes place the later of the date the Participant attains the
age of seventy and one-half {7D-1/2) or the date the Participant
retires.
Section 7.5 -- Manner of Distribution.
When a Participant's interest shall became distributable, the
Participant shall elect the form and timing of the distribution.
The Participant shall determine the form of distribution by filing
a written election with the Retirement Board. Distribution may be
made in one or more of the following methods:
SAWIS20$4192679.2
.~Ig..
~ ~
(1) Lump Sum Distribution. The Participant's interest
may be paid to the Participant or his or her beneficiary by the
distribution of the total vested balance of the Participant's
account in one lump sum.
(2) Installments. The Participant's interest may be
paid to the Participant or his or her beneficiary in substantially
equal periodic installments (not more frequently than monthly).
Such installments shall not extend over a period exceeding the
Participant's or beneficiary's life expectancy.
. (3) Annuities. The Participant's interest may be
distributed in the farm of a straight-life annuity, an annuity with
a term certain of five (5), ten (10) or fifteen (15) years, or an
annuity with a one-half {1/2) ar two-thirds (2/3rds) survivor
annuity, provided any such annuity contract shall be non-
transferable with respect to such Participant.
Section 7.6 -- Limitation on Duration of Payments.
Whenever an amount becomes distributable to a Participant,
such amount shall be distributed over a period not exceeding the
longer of (i) the longer of the life or the life expectancy of the
Participant, or (ii) the longer of the joint lives or the joint
life expectancies of the Participant and an.individual designated
as a beneficiary by the Participant. To the extent distribution is
made after the Participant attains the age of seventy and one-half
(70-1/2), if not paid in a sump sum, the distribution must be made
in substantially equal periodic installments at least annually over
the period prescribed in this subsection subject to acceleration of
payment at the election of the Participant or beneficiary. The
present value of the benefits payable solely to the Participant
under any elected method must exceed fifty percent (500) of the
total benefits payable to the Participant and his or her benefi-
ciaries, unless distribution is in the form of a qualified joint
and survivor annuity.
Section 7.7 -- Special Rules for Distributions After the
Participant's Death.
{a} Distributions Commencing Prior to Death. If
distribution of a Participant's interest had commenced prior to the
Participant's death in accordance with Section 7.6, the remaining
interest of the Participant sha11 be distributed at least as
rapidly as under the method of distribution being used as of the
date of the Participant's death.
(b) Distributions Commencing After Death. If distri-
bution of a Participant's interest did not commence prior to the
Participant's death, the entire interest of the Participant shall
be distributed within five (5) years after the death of the
sAw~szasa~926~9.2
-ao-
. r
Participant, provided that a distribution commencing within one
(1} year after the Participant's death to or for the benefit of a
designated beneficiary over the longer of the life or the life
expectancy of the designated beneficiary will be treated as having
been distributed within such five (~} year period. If the
surviving spouse of the Participant is the designated beneficiary,
distribution is not required to commence until the date on which
the Participant would have attained the age of seventy and one-half
(70-1/2} and if distribution had not commenced as of the date of
death of such surviving spouse, the provisions of this .paragraph
shall be applied as if such spouse were the Participant.
(c} Beneficiaries. If a Participant should die after
receiving some part, but not all, of his or her account, the
remaining balance thereof shall be distributed to his or her
beneficiary in manner determined pursuant to this Section 7.7. If
the beneficiary of the Participant should die cease to exist ar
disclaim his or her interest prior to the completion of distribu-
tion of the Participant's interest, the remaining distribution
shall be made to the contingent beneficiary designated by the
Participant, if any. Tf any contingent beneficiary should die,
cease to exist or disclaim his or her interest, distribution of the
remainder of the Participant's interest shall be made to the next
contingent beneficiary. In the event there is not a beneficiary or
contingent beneficiary designated by the Participant to receive
distribution of the Participant`s interest, the Participant's
interest shall be distributed in a manner determined pursuant to
this Section 7.7 to the recipient determined pursuant to Article VI
above.
Section 7.8 -- Withdrawals.
(a) Emr~lover Contributions. A Participant may not at
any time withdraw any part of his or her interest in the Employer
contributions and the earnings, losses and changes in the fair
market value thereof.
(b) Participant's Voluntary Contributions. A
Participant may request the withdrawal from his or her voluntary
contributions account of any amount in such account, including
earnings and funds in such account. A Participant desiring such a
withdrawal shall file a written request with the Retirement Board
stating the amount to be withdrawn. The Retirement Board shall
then distribute the amount requested to the Participant. The right
to withdraw such contributions shall be available to all
Participants in a non-discriminatory manner.
Section 7.9 -- Soendthrift Provisions.
Except as otherwise provided hereunder, all amounts payable
hereunder by the Retirement Board shall be paid only to the person
snw~szasai~zsz9.z
-21-
•
,.
ar persons entitled thereto, and all such payments shall be paid
directly into the hands of such person or persans and not into the
hands of any other person c
transfers to other qualif:
retirement accounts at the w~
such payments shall not be
engagements of any such persc
attachment or garnishment c
proceedings; nor shall any su
alienate, anticipate, commutE
payments or the benefits, pro
nothing herein shall affect
setoff, lien or security int
~r corporation whatsoever except for
ed retirement plans or individual
itten direction of a Participant, and
liable for the debts, contracts or
z or persons, or taken in execution by
r by any other legal or equitable
~h person or persons have any right to
pledge, encumber or assign any such
seeds or avails thereof ; provided that
restrict or abridge any right of
'rest which the Trust may have in r.hP
~arC.ac3pant' s interest as a result of its use as security for a
Participant loan to such Participant.
Section 7.1.0 -- Insurance Contracts.
If there has been an investment in a life insurance contract
for the benefit of any Participant whose interest becomes
distributable for any reason other than death, such Participant
may, subject to any limitation set forth elsewhere in this Plan,
obtain an absolute assignment of any such life insurance contract
by informing the Retirement Board of the Participant's election.
If the interest of a Participant electing such an assignment is not
one hundred percent (1.00%} vested, the Participant's vested
interest shall first be satisfied out of the values of any such
contracts, and if his or her total vested interest is less than the
fatal values of such contracts, such Participant may obtain such
assignment only by paying to the Retirement Board an amount equal
to the difference in the values of such contracts and his or her
vested interest. If such election is not exercised within thirty
(30) days after the termination of employment, the Retirement Board
shall cause such contract to be surrendered and shall add the
proceeds of such surrender to the interest of the Participant.
Section 7.11 -- Authorization of Loans to Participants.
requirements which the Retirement Board determines are necessary or
appropriate provided such loans remain available on an equal, non-
discriminatory basis to all Participants.
{a) Availabilitv of Le~~ns. The Employer may permit
Participant loans. Any such loan shall be made at the request of
the Participant or beneficiary and shall be subject to the re-
quirements set forth in this Section. To the extent loans are. made
available, such loans shall be available to all Participants or
beneficiaries on a reasonably equivalent and non-discriminatory
basis. The Retirement Board may maintain a Participant Loan
Policy, which may impose additional limitations, restrictions and
SAWL52084142679.2
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(b) Limitation on Amount of Loans,. Any loan, when
combined with the principal balance due on all other loans made to
the Participant by any qualified retirement plan maintained by the
Employer, shall not exceed the lesser of Fifty Thousand Dollars
{50,000), reduced by the highest outstanding balance of such loans
to the Participant during the one year period ending on the day
before the date a loan is made, or fifty percent (500} of such
Participant's vested interest.
(c) Rez~avment of Loans. Any loan must be repaid in
substantially level amortized installments of principal and
interest, payable at least quarterly over the term of the loan. Any
loan shall be repaid within five (5) years unless such loan is for
the purpose of the acquisition of a principal residence for the
Participant. Such a loan for a residence must be repaid aver a
reasonable period of time.
(d) Interest Rate. Participant Loans shall bear a
reasonable rate of interest, as determined under the Participant
Loan Policy.
{e) Security. All Participant loans shall be adequately
secured. Fifty percent (500) of the vested interest of the
Participant in the Trust Fund shall be security far the repayment
of such loan and the Retirement Board may require security in
addition to the Participant's vested interest if it deems it
necessary or if the Participant fails to consent to the use of his
ar her vested interest as security.
(f) Default. Notwithstanding any other provision of
this Section, if a Participant loan made pursuant to this Section
is in default, the Retirement Board may not foreclose upon the Par-
ticipant's vested interest prior to termination of employment to
satisfy such loan. Until a loan in default is satisfied, it shall
continue to bear interest at the rate provided in the note plus
adda.tional interest of two percent {2%) per annum.
Section 7.12 -- Hardshib Distributions.
(a) Procedure. In the event of an unforeseeable
emergency, a Participant may request a withdrawal for Hardship by
submitting a written request to the Retirement Board, accompanied
by evidence that his or her financial condition warrants an advance
release of funds and results from an unforeseeable emergency which
is beyond the Participant's control. The Retirement Board shall
review the request and determine whether payment of any such amount
is justified. Tf payment is justified, the amount shall be limited
to an amount reasonably needed to meet the emergency. The
Retirement Board shall determine the amount and form of payment
with payment to be made as soon as possible following approval.
SAWL5 2 0 84192 6 7 9.2
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(b} Hardship Defined. "Hardship" means a severe
financial setback of the Participant resulting from a sudden and
unexpected illness or accident of the Participant or a dependent of
the Participant, loss of the Participant's property due to
casualty, or other similar extraordinary and unforeseeable
circumstances, arising from events beyond the Participant's
control. Whether circumstances constitute an unforeseeable
emergency depends on the facts of each case, but, in any case,
payment may not be made to the extent that such hardship is or may
be relieved:
{1) through reimbursement or compensation by
insurance or otherwise;
{2) by liquidation of the Participant`s assets, to
the extent that liquidation itself would not cause severe financial
hardship; or .
{3) by cessation of Voluntary Employee
Contributions under the Plan.
In the event hardship distributions are made available,
such distributions shall be available to all Participants on a non-
discriminatory basis.
Section 7.13 -- Claims Procedures.
Upon a Participant's termination of service with the Employer
for any reason, the Participant or the Participant's beneficiary
will be advised by the Retirement Board of his or her rights to
benefits under the Plan. If at any time the Participant or the
Participant's beneficiary feels that he or she is entitled to
benefits, he or she may make a claim for benefits by writing a
Letter to the Retirement Board requesting the benefits and stating
why he or she feels he or she is entitled to them.
If the claim for benefits under the Plan of any Participant or
beneficiary has been denied, the Retirement Board shall provide
adequate notice, in writing, to such Participant or beneficiary
within ninety (9q) days after the claim is filed. Such notice
shall set forth the specific reasons for such denial, specific
reference to pertinent Plan provisions on which the denial is
based, a description of any additional material or information
necessary for the claimant to perfect his or her claims, if any,
and an explanation of why such material or information is neces-
sary, and appropriate information as to the steps to be taken if
the Participant or beneficiary wishes to submit his or her claim
for review. If a notice of the denial of a claim is not furnished
within ninety {g0} days, the claim shall be deemed to be denied and
the claimant shall be permitted to submit his or her claim for
review at that time. Each claim submitted for review sha11 be
SA W152064192679.2
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entitled to a full and fair review by the Retirement Board (or by
a person designated by the Retirement Board) of all the facts and
circumstances and the preliminary decision denying such claim. The
Participant or beneficiary may request such a review upon written
application, he or she .may review pertinent documents and he or she
may submit issues and comments in writing. Any such review must be
requested within seventy-five (75) days of the original claim
denial, and a decision on such claim shall be made not later than
sixty (&0) days after the Plan's receipt of such request. The
decision on review shall be in writing and sha11 include the
specific reasons for the decision, written in a manner calculated
to be understood by the claimant as well as specific references to
the pertint~nt Plan provisions on which the decision is based,
ARTICLE VIII
CONTINUANCE, TERMINATION AND AMENDMENT OF PLAN AND TRUST
Section 8.I -- C_gn.t-.~int.ianr.a ~f Plan b Successor Government.
A successor government may continue this Plan by proper action
of its legislative body by executing a proper supplemental
agreement to this Plan and by executing a proper supplemental
agreement to the Trust Agreement established in conjunction with
this Plan with the Trustee. All Participants in this Plan shall
have those rights and obligations they had under the previous
government.
Section 8.2 -- Distribution of Trust Fund on Termination of
Plan. •
If the Plan shall, at any time, be terminated by the terms of
this Article, the value of the interest of each respective
Participant or beneficiary in the Trust Fund shall be vested in its
entirety and non-forfeitable as of the date of the termination of
the Plan. Upon the termination of the Plan, the Employer in its
discretion may either terminate the Trust or continue the Trust in
existence. If the Trust is then terminated, the assets of the
Trust Fund shall be immediately distributed to the Participants or
their beneficiaries in cash or in kind. If the Trust is continued,
the assets shall be distributed to the Participants or their
beneficiaries in accordance with the provisions of Article VII
above.
Section 8.3 --- Amendment or Termination of Plan and Trust
Agreement.
(a) In General. The Employer may at any time and from
time to time amend this Plan and the Trust Agreement established
pursuant to this Plan, or terminate this Plan and the Trust
Agreement established pursuant to this Plan provided that pursuant
to the requirements of CRS ~ 3~.-30-621, any amendment or act of
-25-
SAW152064142679.2
i ~ +®
. ~..
termination of the Plan or Trust must be approved by a vote of at
least sixty-five percent {65%) of the total votes cast by all sworn
police officers and firefighters actively employed by the Employer
and all former Employees who are entitled to a benefit from the
Plan. In addition, no amendment may be made at any time which
diverts the Trust Fund to purposes other than for the exclusive
benefit of the Participants and their beneficiaries, and provided
further that no amendment shall discriminate in favor of Employees
who are partners, officers or Highly Compensated Employees. A11
amendments shall be in. writing.
{b) Legal Requirements. Notwithstanding anything herein
to the contrary, however, the Plan and Trust Agreement may be
amended at any time and from time to time, if necessary, to conform
to the provisions and requirements of the federal Internal Revenue
Cade or any amendments thereto, or regulations or rulings issued
pursuant thereto, and the provisions and requirements of the
Employee Retirement Income Security Act of 1974, as amended, and no
such amendment shall be considered prejudicial to the interest of
any Participant or beneficiary hereunder.
{c) Vesting Schedule. No amendment shall decrease the
percentage of the interest of any Participant which shall
theretofore have became vested.
ARTICLE IX
MISCELLANEOUS
Section 9.1 -- Tran.sfP~G BPrweQn, nualified Plans.
{1) In General. The Retirement Board is authorized to
receive and add to the interest of any Participant, the
Participant's vested interest in the assets held under any other
qualified employee retirement plan or individual retirement account
if such transfer satisfies the requirements under law for transfers
between qualified plans or rollover contributions. In such event
the assets so received shall be fu11y vested and shall be held in
a separate account and shall be administered and distributed
pursuant to the provisions of this Plan and Trust concerning
Employer contributions. The Retirement Board is also authorized at
the request of the Participant to transfer such Participant's
vested interest which has become distributable under Article VII
hereof, directly to another qualified plan or an Individual
Retirement Account for the benefit of such Participant, provided
such transfer satisfies the requirements under law for such
transfers.
{2 ) For Distr3 hl~t i~n~ Made nrk nr 2f~?r Januarv 1. 1993 .
Notwithstanding any provision of the plan to the contrary that
would otherwise limit a distributee's election under this Section,
SA W152084192679.2
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•
i
a distributee may elect,'at the time and in the manner prescribed
by the Retirement Board, to have any portion of an eligible
rollover distribution paid directly to an eligible retirement plan
specified by the distributee in a direct rollover.
(3) Definitions.
(a) Eligible Rollover ni~firibution. An eligible
rollover distribution is any distribution of all or any portion of
the balance to the credit of the distributee, except, that an
eligible rollover distribution does not include: any distribution
that is one of a series of substantially equal period payments (not
less frequently than annually) made far the life (or life
expectancy) of the distributee or the joint lives (or joint life
expectancies} of the distributee and the distributee's designated
beneficiary, or for a specified period of ten years or more; any
distribution to the extent such distribution is required under
section 401(a}(9) of the Code; and the portion of any distribution
that is not includible in gross income {determined without regard
to the exclusion for net unrealized appreciation with respect to
employer securities).
(b) Eligible Retirement Plan. An eligible retire-
ment plan is an individual retirement account described in section
408 (a) of the Code, an individual retirement annuity described in
section 408{b} of the Code, an annuity plan, described in section
403 (a) of the Code, or a qualified trust described in section
401{a) of the Code, that accepts the distributee's eligible
rollover distribution. However, in the case of an eligible roll-
over distribution to the surviving spouse, an eligible retirement
plan is an individual retirement account or individual retirement
annuity.
{c) Distributee. A distributee includes an
employee or former employee. Tn addition, the employee's or former
employee's surviving spouse and the employee's or farmer employee's
spouse or former spouse who is the alternate payee under a
qualified domestic relations order, as defined in section 414{p) of
the Code, are distributees with regard to the interest of the
spouse or former spouse.
(d) Direct Rollover. A direct rollover is a pay-
ment by the plan to the eligible retirement plan specified by the
distributee.
Section 9.2 -- Benefits to be Provided Solely from the Trust
Fund.
All benefits payable under this Plan shall be paid or provided
for solely from the Trust k'und, and the Employer assumes no
liability or responsibility therefor.
SA W152064192679.2
--27-
~ • a
.~~.
Section 9.3 -- Notices from Participants to be Filed with
Retirement Board.
Whenever provision is made herein that a Participant may
exercise any option or election ar designate any beneficiary, the
action of each Participant shall be evidenced by a written notice
thereof signed by the Participant on a form, if any, furnished by
the Retirement Board for such purpose and filed with the Retirement
Board, which shall not be effective until received by the
Retirement Board.
Section 9.4 -- Agent for Service of Process.
The agent for service of process for the Plan shall be the
Retirement Board unless a different agent shall be designated by
the Employer. The agent and the agent's address shall be set forth
in the Summary Plan Description distributed to the Participants.
Section 9.5 -- Text to Control.
The headings of Articles and Sections are included solely for
convenience of reference. If there shall be any conflict between
such headings and the text of this Plan, the text shall control.
Section 9.6 -- Law G~v~rn~nn ~n~ ~P~Terability.
This Plan shall be construed, regulated and administered under
the laws of the State of Colorado. All contributions received by
the Trustee hereunder shah. be deemed to have been received in that
state. In the event any provision of this Plan shall be held
illegal or invalid far any reason, said illegality or invalidity
shall not affect the remaining provisions hereof. On the contrary,
such remaining provisions shall be fully severable and this Plan
shall be construed and enforced as if said illegal or invalid
provisions had never been inserted herein.
Section 9.7 -- Employer's Obligations.
The adoption and continuance of the Plan shall not be deemed
to constitute a contract between the Employer and any employee or
Participant, nor to be a consideration for, or an inducement or
condition of, the employment of any person. Nothing herein
contained shall be deemed to give any employee or Participant the
right to be retained in, the employ of the Employer or to interfere
with the right of the Employer to discharge any employee or
Participant at any time, nor shall it be deemed to give the
Employer the right to require the employee or Participant to remain
in its employ nor shall it interfere with the right of any employee
or Participant to terminate his or her employment at any time.
SAW152064142674.2
-28-
E
y
k a
The Employer shall not incur any liability whatsoever to the
Trust Fund, or any Participants or their beneficiaries, or the
Trustee, or any other person for anything done or am~.tted by the
Trustee or for the loss or depreciation, in whale or in part, of
the Trust Fund.
Section 9.8 -- Plan fc~r Excl~i~ive Benefit of Participants:
Reversion Prohibited. -
This Plan has been entered into for the exclusive benefit of
the Participants and their beneficiaries. Under no circumstances
shall any funds contributed to or held by the Trustee-hereunder at
any time revert to ar be used by ar enjoyed by the Employer nor
shall any such funds or assets at any time be used other than far
the exclusive benefit of the Participants or their beneficiaries,
subject to the provisions concerning the return of certain Employer
contributions.
IN WITNESS WHEREOF, this restated Plan has been adopted
day of 19
TOWN OF VAIL POLICE AND FIRE
EMPLOYEES' PENSION PLAN
By:
EMPLOYER
-29-
SAW152084192679.2
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