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HomeMy WebLinkAbout1999-26 Third Amendment to the Town of Vail Employees' Pension PlanORDII~NCE N0.26 SERIES OF 1999 THIRD AMENDMENT TO THE TOWN OF VAIL EMPLOYEES' PENSION PLAN Wl-IEREAS, the Town of Vail adopted, effective September 20, 1983, a qualified money 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 restated the Plan effective January 1, 1994; and WHEREAS, the Town of Vail adopted the First Amendment to the Plan effective March 19, 1996; and WHEREAS, the Town of Vail adopted the Second Amendment to the Plan effective January 1, 1997; and WHEREAS, the Town of Vail deems it advisable to further amend the Plan to provide for daily valuation of participant accounts invested in options appropriate far daily valuation; and WHEREAS, the Town of Vail deems it advisable to further amend the Plan to comply with various provisions of Federal law; NOW THEREFORE, the Plan is hereby amended, effective January 1, 1999, as follows {1) Section 4.5 Limitations on Allocations {e) Compensation shall be amended as follows: (e) Compensation. For the purposes of this Section 4.5, compensation shall mean compensation as defined in Section 2.6., provided that any taxable compensation excluded under such Section shall be included as compensation, and provided that compensation shall include elective contributions. "Elective contributions" are amounts excludible from an Employee's gross income under a Code Section 125 cafeteria plan, and amounts contributed by the Employer, at the Employee's election, to a Code Section 457 Plan arrangement, a Code Section 403(b) arrangement, or a Code Section 125 cafeteria plan. Section 4.6 Limitation on Benefits and Contributions When an Employee Participates in Bath a Defined Benefit and a Defined Contribution Plan of the Emblover shall be deleted. Section 5.2 Allocation of Eamin~s. Losses and Chances in Fair Market Value of the Net Assets of the Trust Fund (a) shall be revised as follows: (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 and at such other dates as determined by the Retirement Board 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. A new Section 5.2 Allocation of Earnings. Losses and Chances in Fair Marfcet Value of the Net Assets of the Trust Fund {c) shall be added as follows: {c) Special Rule When Invested in Daily Valuation Accounts. Notwithstanding anything in the Plan to the contrary, if a Participant directs investment of his funds pursuant io Section 5.5, and the Participant directs the investment of the funds into funds which are suitable for daily valuation and represented anal approved by the Retirement Board as being valued daily, then daily valuation shall apply. If daily valuation applies, on each business day of the Plan Year, a daily determination of unrealized and realized gains and losses, interest, dividends and capital gain distributions will be calculated and allocated based on the actual activity in each Participant's account rather than the method described in Section Ordinance No. 26, Series of 1999 S.2{a}. Actlvtty includes, but 2s not limited to, allocation of contributions, forfeitures and distributions. A participant's transfers from other qualified plans and voluntary contributions in the general Trust Fund shall share in any earnings and losses {net appreciation or net depreciation) ofthe Trust Fund in the same manner provided in this Section 5.2{c) if the transfers or voluntary contributions are invested as required by this Section S.2(c). Section S.4 Valuation of Accounts {a) ReQUlar Valuation shall be revised as follows: {a) Regular Valuation. The regular valuation dates of the Trust Fund shall be the last day of each calendar quarter (March 31, 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, the valuation of such Participant's account shall occur as of the end of the quarter prior to such distribution. Notwithstanding the foregoing, if the Participant's account or a portion of the Participant's account is invested in accordance with Section 5.2{c), then the valuation of such Participant's account or portion of the Participant's account shall occur as of the date of the distribution. For a Participant's account that is not invested in accordance with Section 5.2(c) or for the remainder of a Participant's account that is not invested in accordance with Section 5.2{c), in no event shall valuation take place prior to the end of the quarter in which distribution is requested by the Participant. The following paragraph shall be added to Section 5.7 Leaves of Absence: Military Service: Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Code Section 414(u). Section 7.3 Time of Distribution (c) Distribution Upon Other Termination of Emplovment and (e) Participant Consent and Deferral Election shall be revised to replace "3,500" and "Three Thousand, Five Hundred Dollars ($3,500)" with "the cash-out limit in effect under Code § 411 {a){ 11)(A)." Section 9.1 Transfers Between Qualified Plans (3) Definitions (a) Eligible Rollover Distribution shall be revised as follows: {a} Eliuible Rollover Distribution. An eligible rollover distribution is any distribution of all or any portion of the balance of a qualif ed trust to the credit of the distributee, except that an eligible rollover distributiaa does not include: any distribution that is one of a series of substantially equal period payments {not less frequently than annually) made for the life (or life expectancy) of the distributee ar 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 xequired undex section 401 {a){9} of the Code; 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); and any hardship distribution described in Code Section 401(k){2){B)(i)(1V). (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 ar rnore parts, sections, subsections, sentences, clauses or phrases be declared invalid. BRH1520R413 f 2449.01 ! ~ ! (3) The Town Council hereby f nds, 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. (~l) The repeal aFthe 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 ar proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any revision hereby shall not revive any provision ar any ordinance previously repealed or superseded unless expressly stated herein. (5) All bylaws, orders, resolutions, and ordinances, ar 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 5`~' day of October, 1999, and a public hearing shall be held on third Ordinance on the 19`x' day of October, 1999, at 7:00 p.m. in the Council Chambers ofthe Vail Municipal Building, Vail, Colorado. J~ a~ ~ •. Rabei~t E. ord Ma ar t :; ATTEST: y~~'``''%,,,~~L~;RF;~'~;;"~~' ~~er~elei onaldson, Town Clerk READ AND APPROVED ON SECOND READING this day of October, 1999. ..~ f~E~F, ~ FRED PUBLISHED on ~~~ _ Robert E. Ford, Mayor ~, ~ ~ `~ Cli; rl 1'~ y, ~'. ATTES'T': ~~1 .,. ~~ ~. ei onal son, ~. ~~ ,~ ~~~-' Town Clerk B 1284520$41312441).01 ~ ~ a ~ - ~ a a ~ ~ n -~ c Q S]. ~~' O ~ cD O fD ~ 7 ~ O -+ g ~ ~ ~ `~ Q N ~ ^ r Cr ~ Q Q ~ ~ (D Z3 ~ Q ~ m ~~rrrrrss+~~. ~ Q N ~.~ O ~ ~ ~ cp Q ~ aQ.. ff ~ Q z :1~ ~_~ N "' Q ~ m o U N p O Q~ x ~, o c~ cD ~~~ 3 o m o o ro 'dp ~ ~ o~ ~ ° ~ m ~ ~ 3 m a~ o~ can ~' a Q Q ~ -~ ~ ~ o ~ ^ ,a o Q ~ Q° o~ ~. 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