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HomeMy WebLinkAbout2001-35 First Amendment to the Town of Vail Deferred Compensation Plan• • • ORDINANCE #35 SERIES OF 2401 FIRST AMENDMENT TO THE TOWN OF VAIL DEFERRED COMPENSATION PLAN WHEREAS, the Town of Vail adopted, effective January 1, 2440 a deferred compensation plan known as the Town of Vail Deferred Compensation Plan {the "Plan"), for the purpose of providing retirement benefits for certain of its employees; and WHEREAS, the Town of Vail desires to amend the Plan to provide additional options for the distribution of termination or retirement payments; NOW THEREFORE, the Plan is hereby amended, effective January 1, 2404, to amend and restate Section 5.2, Benefit Payments, Farm of Payment, as follows: 1. 5.2 Form of Payment: A Participant or Beneficiary may elect payment in one of the following forms: (a) Lump Sum: A single payment of the entire balance in a Participant's account. (b) Annuity: Monthly, quarterly, semi-annual, or annual payments contingent on the life expectancy of the Participant or Beneficiary, ar over such life expectancy and a guaranteed period of time. (c) installments: Subject to the limitations of Section 5.3, monthly, quarterly, semi-annual or annual payments over a specified period of time or in specified annual dollar amounts. (d) Combination: A lump sum cash payment of a portion of the balance in a Participant's account, with the remainder of the account to be paid in substantially equivalent monthly, quarterly, semi-annual or annual installments as specified by the Participant. The election of a schedule of installment payments is irrevocable. 2. If any park, 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 repeat or the repeal and reenactment of any provision of fhe Municipal Code of the Town of Vaii as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effec#ive date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virkue 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 extend 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 4th day of December, 2001, and a public hearing shall be held on this Ordinance on the 18th day of December, 2001, at 7:00 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. _ ~ ,, Ludwig Ku r ,Mayor s ~ ~ E ~ ~ ATTEST -.r. ~~ L elei onaldson, Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED #his 18th day of December, 2001. ,,~`. SEAL ATTEST: ~''~>>>.,,,,~ot.c~t~~~'~,~~°~`~~I .lg1la r+I! 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Pgria~dean ; Publfshgi} in Tha Vgll Tfb~l Town _ rk' i.~ ~ qr1 ORC~m4H' Z~ 200i • • .Ail bylawis, ordars,_riealuHorre,:~rd anMnan- eee or pale thsrocd,, Ines ~ ~ i -9aA'l~}! +9r~: tepee w the axi~p_, d sui~• _ 7fi{a-rspealer er,uhrwt be <to reV1B~'sny. .bylaw. ceder; resakrtlon; qr ordlnanoe. ar~part. ' 111Breaf; therstotore repented Irvu, nrrn~vcu.nnu vrivCFlcu, ,-A,.~=Y ':ONGE ih1 FLIL!„ thk rFth'day Oi•Pd~d w 2801: i. _A pUbllChaaring ahe{I 6e?he d hereon on tfte~18111 day ai pecember 2aD1j dt the re ular meetln9 j the:Tow+i Council cl,the_Town of lj~fl -GWOfado; ~ in the Mtinicipal. Budding ut theTown. TdWN pFNP14 !' LwlNrig'Kurz •. ay9r ATTE$fi Lorelei Donaldann Town Clerk - Putflgih9d In Thei+ed_ I jtall e~ on,DaCemAar 7. 1