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HomeMy WebLinkAbout1996- 6 First Amendment to the Town of Vail Employees' Pension Plan• • • ORDINANCE NO. 6 SERIES OF 199b FIRST AMENDMENT TO THE TOWN OF VAIL EMPLOYEES' PENSION PLAN WHEREAS, the Town of Vail adopted, effective September 20, 1983, a qualified nroney purchase pension plan known as the Town of Vail Employees' Pension Plan (the "Plan"), for the purpose of providing retirement benefits for certain of its employees; and WHEREAS, the Town of Vail has amended from time to time the Plan, and restated the Plan to incorporate all prior amendments and other changes required by law effective January 1, 1994; and WHEREAS, the Town of Vail desires to further amend the Plan to clarify certain administrative issues that arose in the request far determination from the Internal Revenue Service. NOW THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT, the Plan is hereby amended as follows: 1) Section 4.1, Contributions by the Emnlover for Fuli-Time Re~uiar Emplovees, the last two {2} sentences shall be deleted. d.l -- Contributions by the Em_nlover for Full-Time Regular F,mnlovees. 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 17.6%. 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. Th.; :,eb.~~~.,.i ~.~ ~~, ~~ f~~ ~:.-,- ~.rifl;,y~.<, ;,~,~11 LG YGd~Yaed L-~ tl.~ ~Y,~:.-"nzcGa~&1~ L-y tlYi~ 1.;YY~ v~~ n.~a ~~~ 1:~µl~e€-s~tek ~. r....,.,....-~-~c~ul ~oe~r~l ~L~u~i#~4;..~ ~r .a, a.,.~Y.~ei~.«,. ~r::u-~-ean~b~z~~n i~.d~~~~:.ll Le e~fcc~l ~((''v ~t t'.q'e'9~i-.Iw t::;i:. ~~ k:~~ ,°..+:.~~ t,,,~~t]7„N~`YG11E t~~~ r.~r,Yxua~Gr~ I~tlav i.3vvaul t~Jv ~ ivtc va ~ia~' tiii"lG1IUfI1G11G 17GGOYYIG.~ ~[:I til%tl'Pe= 2} If any part, section, subsection, sentence, clause or phrase of this ordinance is far 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. Ordinance No. 6, Series of 1996 • ~ ~ ,~. 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 repeal or the repeal and reenactment of any provision of the Municipal Code ofthe Town of Vail as provided im 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, theretofore repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this Sth day of March, 1996, and a public hearing shall be held on this Ordinance on the 19th day of March, 1996, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. ~~ Robert `hV. Armour, Mayor ATTEST: Holly 1cCutcheon, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED 1zV'~fflB dx~this 19th day of March, 199b. .~ ~ ~~ o ert W. Armour, Mayor ATTES"T': ~'~'(' Holly McCutcheon, Tawn Clerk C:10R096.6 Ordinance hto. 8, Serios of 1996 cS~ tD ~ t3 ~ cy o 4 ~ d C o ~ c~ ~„ ~ o ~. N Q ~~ ~a. m 4 ~ ~~ 0 ~~ C~ , ~m ~ ~ '~' a ~' ~ ~ ` ~ ~' '''~ ~ ffm O m r ~Y S1 ...,. 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