HomeMy WebLinkAbout1997-24 Second Amendment to the Town of Vail Employees' Pension PlanA
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ORDINANCE N0.24
SERIES OF 1997
SECOND AMENDMENT TO THE TOWN of vAIL
EMPLOYEES' PENSION PLAN
WHEREAS, the Town of Vail adopted, effective September 20, 1983, a qualified money
puxchase pension. plan known as the Town of Vail Employees' Pension Plan (the "Plan"), far the
purpose of providing retirement benefits for certain of its employees; and
WHEREAS, the Town of Vail restated the Plan effective January 1, X 994; and
WHEREAS, the Town of Vail adopted the fixst Amendment to the Plan effective March 19,
1990; and
WHE'REAS', the 'I'owa of Vail desires to further amend the Plan.
NC)W THEREFORE, in consideration of the premises, the Plan is hereby amended as
follows:
1. Section 2.12, "Highly Compensated Emplovee", shall be deleted, effective January 1,
1947, in its entirety and each subsection thereafter shall be renumbered.
2, Section 4.7, "Contribution Percentage Test fox Matching and Emnlovee Contributions".
shall be deleted, effective January 1, 1997, in its entirety and each subsection thereafter shall be
renu~~bered.
3. Section 5.3, "Participant Accounts". shall be restated, effective January 1, 1497, as
follows:
Section 5.3 -- Participant Accounts.
The following accounts shall be maintained for the Participants in the Plan:
(a) Emnlover Contributions Account. The account maintained for a
Participant to record his share of the contributions of the Employer, and all amounts
transferred (if any) from the Participant's account in the Town of Vail Pension Plan,
and adjustments relating thereto.
(b) Participant Contributions Account. The account maintained fox a
Participant to record his current interest in the Trust fund resulting from alI
contributions made by the Participant and adjustments relating thereto.
Ordinance No. 24, Series of 1997
r
(c} Participant Rollover Account. The account established to hold and
account f'or the contributions rolled aver from another qualified plan.
The term "Aggregate Account" means the value of all accounts maintained on behalf
of a Participant. The maintenance of individual accounts is aniy for accounting
purposes, and a segregation of the assets of the Trust Fund to each account shall not
he required.
4. Anew Section 5.5, Participant Direction of Investment, will be added, effective January
1, 1997, and the remaining Sections of Article V shall be renumbered accordingly:
Section 5.5 -- Participant Direction of Investment., The Plan Administrator may
establish rules, regulations and policies to permit each Full-Time Regular Employee
who is a Participant to direct the investment of funds allocated to that Participant's
Aggregate Accounts. The Plan Administrator shall select and make available several
investment vehicles which Participants may elect to invest the funds allocated to their
Aggregate Accounts. The Aggregate Accounts of Participants who are not Full-Time
Regular Employees shall not be eligible for Participant direction of investment. A
Participant who is not aFull-Time Regular Employee, then becomes aFull-Time
Regular Employee (as defined in Section 2.8) shall become immediately eligible to
transfer his Aggregate Account into any investment vehicle allowed to a Fu11-Time
Regular Employee. The Plan Administrator shall adopt and establish rules,
regulatians and policies concerning Participant direction of investment, options
available, election forms, limitations on the type or mix of investment vehicles and
procedures for Participants to change their investments.
5. Section 7.3, Tirne of Distribution, subsection (c), Distribution Unon Other Termination
of Eznnlovment, shall be restated, effective January 1, 1997, as follows:
lc} ilistrinutton Unon tfther'l'ermination of Emplovment
ll` a Participant terminates his or her employment for any reason other than
retirement, disability or death, and the Participant's interest, pursuant to Section 5.5,
is less than $3,500, such interest shall be distributed commencing no later than the
2
Ordinance No. 24, aeries of 1997
last day of the Plan Year after the Participant incurs a Sreak in Service, subject to the
consent requirements of subsection (e} of this Section.
b. Section 7.4, Spendthrift Provisions, shall be restated, effective January 1, 1997, as
i'ollows:
Section 7.9 -- Spendthrift Provisions.
{a} Nonalienation of Benefits. Except as otherwise provided hereunder, all
amounts payable hereunder by the Retirement Board shall be paid only to the parson or
persons entitled thereto, and all such payments shall be paid directly into the hands of such
person or persons and not into the hands of any other person or corporation whatsoever
except for transfers to other qualified retirement plans or individual retirement accounts at
the written direction of a Participant, and such payments shall not be liable for the debts,
contracts or engagernents of any such person or persons, or taken in execution by attachment
or garnishment or by any other legal or equitable proceedings; nor shall any such person or
persons have any right to alienate, anticipate, commute, pledge, encumber or assign any such
payments or the benefits, proceeds or avails thereof; provided that nothing herein shall affect,
restrict or abridge any right of setoff, lien or security interest which the Trust may have in
the Participant's interest as a result of its use as security for a Participant loan to such
Participant.
(b} Oualified Domestic Relations Order. Paragraph (a) of this Section shall not
apply to the Trustees compliance with a Qualified Domestic Relations Order ("QDRO"}.
A QDRO is a judgment, decree or order (including approval of a property settlement
agreement) made pursuant to a state domestic relations law (including community property
law} that relates to the provision of child support, alimony payments or marital property
rights to a spouse, former spouse, child or other dependent of a Participant ("Alternate
Payee")and which:
{i j creates or recognizes the existence of an Alternate Payee's right to, or
assigns to an Alternate Payee the right to, receive all or a portion of the benefits payable to
a Participant under this Plan;
3
Ord'mance No. 24, Series of 1997
(ii} specifies 1}the name and last known mailing address of the Participant
and each Alternate Payee covered by the order; 2} the amount or percentage of the
Participant's Plan benefts to be paid to any Alternate Payee; or the manner in which such
amount or percentage is to be determined; and 3} the number of payments or the period to
which the order applies and each plan to which the order relates; and
(iii) does not require the Plan to:
{ 1 } provide any type ar form of benefit or any option not
otherwise provided under the Plan;
(2} pay any benefits to any Alternate Payee prior to the earlier of the
affected Participant's termination of employment or the earlier of either: 1) the earliest date
benefits are payable under the Plan to a Participant; or 2} the later of the date the Participant
attains age St1, or the earliest date on which the Participant could obtain a distribution forn~
the Plan if the Participant separated form service;
(3) provide increased benefit; or
(4} pay benefits to an Alternate Payee that are required to be paid to
another 111ternate Payee under a prior QDRO.
~'or purposes of this Plan, an Alternate Payee who had been married to the Participant
for at least one year may be treated as an Eligible Spouse with respect to the portion of the
Participant's benefit in which such Alternate Payee has an interest provided that the QDRO
provides for such treatment, In addition, if the QDRfl so provides, this Plan, shall have the
right to make an immediate distribution of the Alternate Payee's benefit, notwithstanding the
fact that the Participant may not be eligible for immediate payment,
I-Iowever, under no circumstances, may the spouse of an Alternate Payee (who is not
a Participant hereunder) be treated as an Eligible Spouse under the terms of the Plan.
Upon receipt of any judgment, decree or order relating to the provision of payment
'uy ii,u i=i~tn to an tiiternate t'ayee pursuant to a state domestic relations law, the Trustees
shall promptly notify the affected Participant and any Alternate Payee of the receipt of such
judgment, decree or order and shall notify the affected Participant and any Alternate Payee
4
Ordinance No, 24, Series of 1997
i ~' ~
of the Trustee's procedure far determining whether or not the judgment, decree or order is
a (~DRO.
The Trustee's shall establish a procedure to determine the status of a judgment, decree
or order as a QDRO and to administer Plan distributions in accordance with a QDRO. Such
procedure shall be in writing, shall include a provision specifying the notification
requirements enumerated in the proceeding paragraph, shall permit an Alternate Payee to
designate a representative for receipt of communications form the Trustees and shall include
such other provisions as the Trustee shall determine, including provisions required under
regulations promulgated by the General Assezxibly of the State of Colorado.
7. Section 7.11, Authorization of Loans to Participants, subsection (f) Default, shall be
restated, effective January 1, 1997, as follows:
(~ Default. Notwithstanding any other provision of this Section, a Participant
loan made pursuant to this Section is not in default if a Participant fails to make two months
scheduled loan repayments, provided that by the last day of the following month such
delinquency is cured. A Loan shall be deemed to be in default if the Participant misses three
consecutive months of scheduled loan repayments. Once the loan is in default, rt shall
become immediately due and payable as of the last day of the month in which it is deemed
in default. The Retirement Board may take any action it considers appropriate to collect the
unpaid balance and accrued interest of the loan in default pursuant to the Participant Loan
Policy. Until a loan in default is satisfied, it shall continue to bear interest at the rate
provided in the note plus additional interest of two percent (2°l0) per annum.
8. 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
o~•dinance; 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
iiaii~, a~+ri~wia, a~au~c:GL1W1~, SGillenees, clauses or pixrases he declared invalid.
9. 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.
5
Ordinance No. 24, Ser(es of 1997
10. "I'he repeal or the repeal and reenactment of any provision of the Municipal Cade
of the Town o#~ 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.
l 1. Ali bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith
arc repealed to the extent only of such inconsistency. This repealer shall not be construed to revise
any bylavr, order, resolution, or ordinance, or part thereof, theretofore repealed.
INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE 1N FULL ON
FIRST READTI~IG this 2nd day of December, 1997, and a public hearing shall be held on this
Ordinance on The Pith day of 3anuary, 1998, at 7:30 p.m. in the Council Chambers of the Vail
Municipal Building, Vail, Colorado.
.ATTEST
~~ ~ 2`---.--
~~elei.~onaldson, Town Clerk
~~
Robert E. Ford, Mayor ~
READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED
in full this ~ day of January, 1998.
ATTES '~
' ~~~v"~
L relei onaldson, Town Clerk
Robert E. F
8 O . 77 ~~
SEAL
1
6
Ordinance TVo. 24, Series of 1997
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rna rtan Aamm+strator may establish
rules, regulaffcns and policies to permit Bch
FufP•Time Regular Employee SaF+ PaAlidpertt
to direct the investment of hind to rhos
Participant's Aggregate Accoun Plan Ad-
ministrator shaft select and make Ilahle saver,
al krvastment vehicles which Perfia may
stet! to invest the funds allocated to sir Aggro
gala Accounts. The Aggregate d ar-
ttcipartts vAra are not FuIF- Ime R ploy-
aes shall not be eligtole for Partic regbn
d ... ~ ..:.ent. A Participant who s not a FUA•
Time Regular Employee, than becomes a FuA•
Time Regular Employee (as deffnad in SecxWn
F.13) shall become rmmedfately sligiWa to transfer
his Ag9ragat~ Account into any irnestmeht vefif•
cla atl~wed to a Full-Trine Regular Employee.
The Plan Adminisfratar shall adopt and estat>uah
nrles, regulations and policies concerning Pattk,+-
t~ duedran of investment, options avaifabte,
eleeHon fprms, limitatidns on the type or mix Of ii-
.,:..t vetticfes and procedures for ParCrCl-
pants ra chartga their investments,
SECTIOt3 S.
Section 7.3, T"ene of Distribution, sutxsectlon
(c), 6lstrixrfion tlpm Other Termination of Ern•
i.:-,......1, shall be restated, affective January 1,
1997, as follows:
~ (c} Disiributinn Upon tither Tarmrnalfon r#
H a Participant tamrinates his or her empWy~
moot !or arty reason other than retirement tksa•
t,i~ty a death, and rite Participant's interest, pub
SuarHlo Section 5.5, is loss than $3,5Qt), srx;tr irt,
ferast sf+all be disiributad commencing no later
than rite last day of the Plan Year after [he Partip
iparrt incurs 8t Break in Service, subject to the
consent regt.,.~,.._..ts at subsection (e) d this
Sadion.
SECTION 6.
Section T.9, Spentlthritt Provisions, shaft tie'
restated, ariecltveJanuary f, 1997, asfoNows:~~
Section 7.9 -• SperWthritt ProvisirxrS.
(a) fuorr alienation cf Benefits. Except a8 oth-
erwise prrrvidad hereunder, all amounts payable
hereunder b1r rite Retirement t3oard chaff tra paid
Doty fa the person ar persons enirtied tfrerato,
arrd all strch payments shall be paid dfrecly into
the hands of suet person or persons and not Soto
the hands of arty other person or corporatlatr
vAtatsoever except for transfers io other qual9ied
retirameM pions or individual retirement accotarts
ai the written direction of a Participant, and such
payments shalt not be liabia for the debts, ctxt-
tracts or engagements of any sucft parson w per-
sons, ar taken m execution by attachment or gar-
nishment or by any other legal or e0uiiable pro-
ceetlvrgs; nor shall any such person or persons
have any right to alienate, anticipate, commute,
pledge, encumber ar assign any such payments
or Ute benefits, proceeds or avails »rareoh pro-
videtl that nothing herein srtal! affect, restriq Or
abridge any right of setoff, Aen ar security interest
vrhidt the Trust ma have in the Participant's in-
feresl as a result ofrts use as security fora Par-
ticipant loan io such Participant.
(b) Quafrfsed Oanestic Relations Order.
Paragraph (a) of this Set:iion shall not apply [o
lha Trustees compliance with a Qualified Dantrs-
tic Relations Order ('QORO'}.
A QDRO is a judgment, decree or order (in-
cludiig approve! iri a property settlement agree-
memy made pursuant fo a state domestic rela-
tions law (rnclud'mg community property law} that
relates to the provision of child support, alimorry
payments w marital property rights to a spouse,
former spouse, child or other dependem of a Par-
ticipant ('Altemate Payee') and wtliGt: '
(i) creates or recognizes the existence of an I
Alemate Payee's right to, or assigns to an After- i
Hale Payee the nghl to, receive all ar a portion of
the benefits payable to a Participan! under this
Plan; 11
(ii) sReci(ies 1} She name and last knowrt !
maikrtg address of the Participant and each Ater-
nata Payee covered by lha order, 2) the amount
ar percentage of the Participant's Plan benefits to ~
be paid to any Ahemata Payee; ar the rnannar ki '
which such amount or percentage is ro be deter-
mined; and 3} the number of payments or the pe•
dod to which the order applies and each plan to
wh~ctr the order relates; and
(iii) does no[ require the Plan to:
(1) provide any type or form of banelif or any
option oat
otherwise provided under lha Pfan; `#1!
f2) pay any benefits to any Atlamata Payee- I
prior to the corker of the allotted Participant's tar- I
urination of employment or the earlier of either. 1) {
the earliest data benefits are payable under the
Plan to a Participam; or 2) the later of the date
the Panicipant attains age 5p, or the aartiest data
on which the Participant could obtain a disin`bu- '
lion farm Iha Pian if the Participant separated
form service;
(3) provide increased benefit; ar
i4) Pay trenefitS to an Alternate Payee That i.
are required to be paid io another Altemate Pay- fl(
ee under a prior gpRO.
For purposes of Ibis plan, an Altemate Pay
ae who had been married to the Padicipant for at i
east one year may be treated as an Etigibia
SpaUSe wish respect to Iha portion o} rite Partici-
pant's benefit in which such Aitamate Payee has
an inieresr provided that the ODAO provides for
such treatment. in addition, rf the QDRO so pro-
w~aes. this Plan, snag have the right io make an
~mmediale distnbution of the Alternate Payee's
aeneliL notwithstanding the fact that the Particl-
pantmay not be eligible for immediate payment.
However, under no circumstances, may the
spouse of an Altemate Payaa (who is oat aPar-
'icipant hereunder} tre treated as an Eligible
Spouse under the terms of the Plan.
Upon receipt of any judgment, decree or or-
der relating to the provis+an of payment by the
Plan to an Alfarnate Payee pursuant to a state
domestic relations law, the Trustees chaff '
promptly notrfy the aHeclad Pa,icipant and any
Alternate Payees of the receipt of such judgment,
decree or order and ailall nality [he affected Par-
ticipant and any Altemate Payee of the Trustees
procedure for datertnim~M ~~~+~}pf °- ..
-Sat the earliest date benetils are payable under tr,g
Plan to a Participant; or 2) the later of the date
OZ9 She Participant attains age 50, or the as t date
o~ ~ on which the Participant nAUld obtain ibu-
~ t lion form the Plan rf the Participant led
form service;
~~
(3) provide increased benelit: er
W 9
(4J pay bonetits to an Alternate Payee That
-t1r10 are required to be paid to another ANema
ea under a prior Ot7R0.
~~ Far purposes of this Pian, an Ahem
ea who had been married tb the Parlicipan at
least one year may tre treated as an Eligible
Spouse with respect Io the portibn of the Pfldkf-
pant's benelit in which such Allemate Payee has
an interest provided That She ODFIO provides for
such treatment. In addition, it the QDRO so pro-
vides, this Plan, shall have the ngh[ to make an
immediate dislribvtion o! the Allemate Payee's
6enetd, no[withstanding the tact that the Panki-
panl may nvl be algible for immediate payment.
However, under no circumstances, may the
spouse of an Allemate Payee (who is not a Par-
ticipant hereunder} de healed as an Eligible
Spouse under the teens of the Plan.
Upon receipt of any judgment, decree or ot-
der relating to the provision of payment by the
?Ian to an Al[emale Payee pursuant to a stale
domestic relations law, the Trustees shall
promptly notify the affected Participant and any
Ahemate Payee vi Iha receipt of such judgment,
decree or order and shall notify the aHecied Par-
Iicipant and any Allemate Payee of the Trustee's ,
procedure for delenninin~ whether or not the
judgment, decree br order is a ODRO.
The Trustee's shall establish a procedure to
delermrne the status of a judgment. tkacrea or or- '
der as a QDRO and to admmister Plan distrtbtf
liens in accbrdance with a ODRO. Such prt>ce-
dure shaft be in carding, shall include a provision
specifying the notification requirements enumer-
ated in Iha Proceeding paragraph, shalt permit an
Ahemate Payne to designate a representative for
receipt of communications tpnn the Trustees and
shell include such blher provisions as the Trustee
shall determine, ;ncludiag provisions required un-
der regulations prrxnulgaced by the General As-
blI
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h
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sam
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SECTION 7
. ~
Section 7.11, Authorization of Loans to Par-
ticipants, subsection (f} Default, shall ba restated.
effective January 1, 1997, as folbws:
(f} Default Notwithstanding any other provi-
sion of this Secton, a Participant loan made pur-
suant to this Section is no! in detauk i! a Partici-
pant tails Ib make two months scfredufed loan re-
payments, provided That by the last day of the ioi•
cawing month such delinquency Is cured. A loan
shall 6e deemed to be in default if the Participant
misses Three consecu[iue months o1 scheduled
loan repayments. once the Ivan is in default, it
shall become immadialefy doe and payable as of
the last day of the month in which # is deemed in
deiaull, The Retirement Board may take any aC-
tion it considers apprapriaie to collect the unpaid
balance and accrued interest of the ban in de-
k
fault pursuant to Eha• Participant Loan Policy. Until I
a lean ,n dafauft is satisfied, it shall continue to f
bear interest at the vale provided in the note plus
addiFional interest of two percent (29;) per an-
num
.
SECT[DN e.
It any part, section, subseciian, sentence,
clause or phrase of this ordinance is for any rea-
son held to be invalid, such decision shall not at-
fect the validity of the remaining portions of This
ordinance; and the Town Council hereby de-
clares it wculd have passed This ordinance, and
each part, section, subsection. sentence, clause
or phrase Thereof, regardless of the fact that any .
one or mare pans, seclrons, subregions, senten•
cos, clauses or phrases be declared invalid.
SECTION 9.
The Town Council hereby finds, determines,
and declares shat this ordinance is necessary and ,
proper for the health, safety, and xrelfara of the
Town of Vail and the inhabitants Thereof.
SECTION 10.
The repeal or Iha repeal and reenactment of
any provision of the Municipal Coda o1 the Town
of Vail as provided in This ordinance shall not af-
fect any right which has accrued, any duty im-
posed, any violation that occurred prier to the ef-
fective date hereof, any prosecution commenced,
nor any other action ar proceedings as com-
menced under or by virtue of the provision re• '
peaiad ar repealed and reenacted. The repeat of
any provision hereby shall eat ravrve any prvvi•
stun or any ordinance previousty repealed or su-
perseded unless expressly slated herein.
SECTION tt.
Aa bylaws. orders, re501ulkns, and ordindn•
cos. or parts thereof, inconsistent herewith .are
repeated to the extent Dory of such inconsistency.
This repealer shad not be construed to revise any
bylaw, order, resolution. or ordinance, or part
Thereof. theretofore repealed.
INTRODUCED, READ, APPROVED AND
OADEREp PUBLISHED ONCE IN FULL ON
FIRST READING This 2nd day of December,
1997, and a public hearing snail be held on [his
Ordinance on the 6th day or January, 1998, at
7~,3p p,m_ in the Council Chambers of the Vail '
Municipal Building, Vail, Colorado.
TOWN OF VAIL
Robert E. Ford
Mayyor
RTTEST;
Loreiai Donaldson
Town Clerk
READ ANp APPROVED ON SECOND ',
READING ANp ORDERED PUBLISHED ONCE
IN FULL this 6th day of January, 1948.
TOWN OF VAIL
Ruben E. Ford
Mayor
ATTEST;
Lorelei Donaldson
Town Clerk
PubGShed in The Vaii Trail
on January 9, t 998
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MY a mission expi son June 20.2000
10°~ o! the ~°~'~°"Year and the dale of
ptied by the numbs
Betweon the end o11h o month aisUt~rmonbh ~ ~
distribution, counting the i5tti o1 regata Cprl([t• `~.
distribution occurs efts ~~~ ~
(c} Forfeitures ~ Excess Ag~~la e~can' '
-_FOAYWifew„~. w .wuu enploY
iribuhons. r le Conid-
(d) Accounting for Excess Agg age
bulions. Excess A ggrega~e Contnbulions sha4! be
forfeited, i! fortaita~le or distributed Cn a 9ro-rata
basis from She Participant's Employee Cantribu•
lion Account, Matching Contnbuhon Account and
Rualflied Matching Contribution Account (and, A
applicable, the Participant's t]ualAied Non-Elec-
tive Contribution Aecountl•
SEGTIt31ik 3. shall be
Section 5.3, 'panicipont Accounts',
restated, elleCtive January 1.1997, as folbws:
Secticn 5.3 -- Participant Accounts.
The loibwing accounts shell 6B matrilairled
for the Participants m the Plan:
(a) Employer Contributions Account. The ac•
count maintained for a Participant to record n'd
share of the contrilw[ions of the Empby
all amounts transferred (ii anyf Irom the Partici-
panYS arxtlunt in the Town at Vail Pension Plan,
and adjustments relalirlg [hereto.
(bJ Participant Cantnbutions Aa7oun4 The
account maintained for a Panieiparit to record his
current interest in the Trust Fund resulting from
all confributlass made by the Partidpant and ar}
justments relating thereto.
{c) Partlcipartt flotbver Account- The so-
count established to hold and account for the
contributions rolled over Iran arsather qualified
plan.The 4errn 'Aggregate Ar-xounl' means 1h9
value of all accounts maintained on behaN o! a
Participant. The maintenance vt individuand a
counts ~s only for acoountitg W
segregation of the assets d the Trust Fund to
each acoount shell nd he required.
SECTION 4.
Anew Section 5.5, participant Direcibn d
Investment, will he added, effective January 1.
lss7, and the remaining Sectbns of Artble Y
shall be renumbered accordingly:
Section 5.5 -- Participant Direction d Invest-
ment. The Plan Administrator may establish
rules, regulations and policies to permit each:
Full-Time Regina[ Employee who is a Partbipenf
to direct [he investment of funds atloca[ed to ihal
Participant's Aggregate Arxounts. The Plan Ad•
minisirator shall select and make available sever--'
al investment vehicles which Pa4icipanlS may
elect to invest the funds allocated to their Agggto-
gate Accounts. Tha Agggregale Accounts of Par-
ticipants who are not FuIFTime Regular Employ-
ees shall not 6e eligible for Participant direction
o! investment. A Participant who s not a Fa!!•
Time Regular Employee, then becomes a Fulf-
Time Regular Employee (as defined in Section
2.9f shall become immediately eligidle to transfer
his Aggregate Accourtl iota any investment vehl•
cle allowed to a Full-Time Regular Employee.
The Plan Administrator shalt adopt and establish
rules, regulations and policies concaming PetlicF-~
pant direcion of investment, options available;,,
alechon forms, limitations on the type or mix d tn-
vesfinent vehicles and procedures for Padld-
pants to change Iheir investments.
SECTION 5.
Section y.3, Time d Diatrihution, suhsect7an ,
(c}, oisfribution UPan QIhBr TBnllinatfan d. F.ee-
ployment shall he restated, 98eet+ve January,!-„'
1997, as follows:
{c} 6istnbutian Upon Other Termsnatjon d.
Employment
IF a panieipanl terminates his or bar employ.
meat for any reason other than retirement d(gg= ~.
buity or death, and fife f'anicipent's interest. pur-
suant to Section 5.5. is less tAan 33.501). such it-
farest shall be distributed aorrim no Safer ~ '~~
Chart file last tleYy d the Plan Year after pertiry -
rR4NN irrcura A BrunkService, 611b~1 to lttii ..
__ . 9h l ;
g..
~CTfOIy &. - ,
restates k1 7s, $perr~,~, ~- ;~:`;;~::
Seoti ectiye ~,,f ~°""' ~lsJon~
(a Non r 9~ S h t, T shaft be
erwise}provid(~~tionrl~~rstorrs' -
eun omits
anfy tore Y the Reriremde&rrfaff ~~ 18~pay~
he Aands of suchn~rsr sfialf ~~ ~ fAerefp .~
whatsoever axcept~~~ ~~ or ~ rwtirl~
atf th wrltlenaas a mdlvia~ eefito offter q~t+areHre~p
~acrs orr~89eme ~ !Fable a ~aente~ ~ f
sons or tak
Wish ~ en in exec of enY surxt l ~s• oon- rjf
c~m9 1' no~ enY otAer~ by attagtm~r ~ Per• f
pav~eB n Rcigmt~alalfienata~ ~~ araPersons
ordlhe 6errefifs p assign enY such mute,
abrr~ that nothing hr~~s sAa F alts ~ rte: pro-
whic}~e any right of setoff, lien or s ~ restrict or
teresr tAe Trust maY have ;n s~ ~ ~lntaren t i
ticipant to a resuR of its use as
art to such Participant 'nY for
Para{b) Oualrfied p e Aar-
p {a
the x9,steas coof this $b~y~ Relations Order.
tic Relati mpllance w8A shat! nai a
ohs Order a Rualyi ~,' to '
etl
meet gQpproval o} grnep•~decrea or ponies. fl11
tiorts famade pursuant pD f~rly seft+emr~~~r tirt- f
relates o tA! P o ~ i omm n@y p odorbesrie gela-
PaYmenfs or marital p of of child sup~poq tawmonat t
'Om1er Snaps
~...- .. 6, chrfrt n...p~r ngAls rn . __ Y
or tna ~rn,r<,,,.., r-
vided that nottting herein shall affect, re?11~
abridge any right of setoff, lien or security
which the Trust may trove in the Panicip~ts in-
terest as a resuR of its use as securfsy fa a Par-
Fieipant loan to such Participant.
(b) Ouairfied Oanestic Aelat+ons Order.
Paragraph {a) of Fhis Section shall not apply to
She Trustees compliance with a qualflied Domes-
tie Aelations Order ('QORO").
A ODRO is a ludgmenL decree or order (in-
cluding approval of a property settlement agree-
ment) made pursuant [o a state domestic r~~a-
tions law (including community property 4aw) that
rotates to iha provision o1 dr~ld support, alimony
payments a martial property rights to a spwse,
former spouse, child or other dependent of a Par-
sicipanF ('Aflemate Payee') and which:
{i) creates or recognizes the existence og an
Aaemaie ?ayes s right ta, or ass~grts t0 an Aher•
note Payee the nght to, receive aU or a poAion of
Iha benefits payable !a a Participant under this
Plan;
(ii) spocrfies 1) the name and last known
maiSing address of the Participant and each Abler-
' 1 Hate Payee covered by the order, 2) the amount
or percentage o1 the Participant's Plan benefits td
ha paid to any Altemate Payee, or Ftre manner in
which such amount or percentage is to be deter-
'' mined; and 3} the number a1 payments Or the po-
ricd to which the order applies and each plan to
which the order relates; and
((m) does not require the !'Ian to:
(1) providgany type ar fomt of benefit ar any
option Hal
otherwise provided under the Plan;
(2) pay any benefits Fn any Altemate Payee
prior to the earlier of the affected Participant's ter-
mmation of employment or the earlier of eRher:
5} the earliest date 4enefks are payable un•
der lhn Plan to a Panicipan[; or
2) iha later Of the dale the Participant attains
age 50, Or the earliest date on whidt the particr
pant could obtain a distribution fOmt the Plan iF
the Participant separated torm service;
(3) provide increased benefit; or
-~gua~„ {a) pay benefits to an Alternate Payer that
~~~ -~0- are required to be paid to another Altemate Pay-
~ ee under a prior QDRO.
Uap{0~ alEU For purposes of this Plan, an Atemate. Pay-
9 -y8ltJJ ee who has been married to iha ParticipanF for at
~„ least one year may ha treated as an Eligible
a(ettfa~ _ ~E Spouse with respect to the pnnion of the Partici-
pant's benefit in which such Altemate Payee has
6)p~ -~'~(E an interest provided that the QORO provides for
a~oa.~caei)J, such treatment. In addition, if the ODRO sa pro-
`XIW .!9 ~~ v;des, this Plan, shall have the right to make an
( immediate distribution of the Altemate Payee's
•h/~udpQ'd~ benefit, notwithstanding the fact that She ParttOr
pant may not be efigibie FOr immediate FSayment
However, under no cilGUmstarrCeS, may the
~~ hlfmc ~ spouse of an Affernata PayeB (who is not a PdF
L ticipanl hereundery be treated as an Elgible
SpOUSe under the terms o1 the Pian.
Upon receipt of any judgment, decree ar or-
der relaLng to the provision o£ payment by the
Plan to an Alternate Payee pursuant to a state
domeshc retaFions law, the Trustees shaA
promptly notify the affected Participant and any
Aiternare Payee of the receipt of such judgment.
decree or Hider and shall nOtity She affected Par-
ticipam and any Alternate Payee of the Trustee's
prOCOdure for determminy wnather or not the
judgment, decree or order Is a QOi30. ' '
. The Trustee's shaft establish a procedure to.'
derermme the status of a judgmont, decree or ru-
der as a O~AO and to administer Plan disinbu- _
flans in accordance with a ODRO. Such proce-
dure shalt ba in writing, shall include a provision
specrfying the notilicahon ragwrements enumer-
ated in the proceeding paragraph, shall permk an
Altemate Payer to designate a representative for
receipt ai communications form the Trustees and
shall include such other provisions as the Trustee
shaft determine, including prwisions required urF
der regulations promo ated by Fhe General AS ~.
sembly of the Slate of ~obredo.
SECTION 7,
Section 7.ti, Aulhorizatton ~ Loans to Par-
ticipants, subsection (f) Default, shat! be restaged;
affectrva January 1, 1997, as follows:
(t) I]efauq. Notwithstanding any olher~provi-
sion of this Suction, a ParticipanF ban made 1»'
scant to tfiis Section is not in default it a Panid•
pant faits to make two mertttts scheduled ban re-
payments, provided that bY' the last day d Ufa fol- '
lowingq month such delinquency is cured. A loan
shah be deemed to be in default tf the Pertic~tanf
misses three consecutive monms of sctteduleiY
Yoan rap~y~~nts. Once the hart is in tlefaulL it
shall bec¢me immetllatey dug and payable astir
the last day of Nte month b which it is deemed iii
default. The Aelirement 9oard may take airy ao,.
Pion ft considers appropriate t0 cotlBG fie tatpaid
balance and accrued interest of the loan h da•
fault pursuant ro the Pankapent Loan Polky. Un-
liF aloan in deiauk is satisfied, it shalt egrt3nua to -
bear interest at tlne tare provided in fife note pinta
arjdAianel interest 41 twn percerN (296) pw rtrF '
num.
SECTION 8. '
It any pad, section, subsection, serttartea,-~
clause or phrase of this ordinarws is for erFy rea-
son held to be invalid, such decision shalt not af-
fect the validity of the remaining pardons of this
ordinance; and th9 Town Council herelry de-
clares it would have passed this ordinance, end
each pelt, section, subsection, semence, clause
or phrase thereof, regardless of the fart tltat arty
one or more parts, sections, subsections, senten-
ces, clauses or phrases be declared invalid.
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