HomeMy WebLinkAbout1978-21 Authorzing an Amendment to the Town's Pension Plan to Confor with the Requirement of the Employee Retirement Income Security Act of 1974RESOLUTION NO. Z~
Series of 1978
A RESOLUTION OF THE TOinTN COUNCIL AUTHORIZ-
ING AN AMENDMENT TO THE TOWN OF VAIL'S
PENSION PLAN TO CONFORM WITH THE REQUIRE-
MENTS OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974; AUTHORIZING AND
DIRECTING THE TOWN MANAGER TO ACT AS THE
AGENT FOR THE TOWN OF VAIL WITH RESPECT
TO SAID AMENDED PENSION PLAN; AUTHORIZING
AND DIRECTING THAT THE TOWN MANAGER SHALL
SUBMIT THE AMENDED PENSION PLAN TO THE
INTERNAL REVENUE SERVICE FOR APPROVAL;
APPOINTING JOHN F. MCNALLY TO REPRESENT
THE TOWN BEFORE THE INTERNAL REVENUE
SERVICE AND TO ACT AS THE AGENT FOR THE
TOWN WITH RESPECT TO THE INTERNAL REVENUE
SERVICE IN OBTAINING THE NECESSARY APPROVAL
AND QUALIFICATION OF THIS AMENDED PENSION
PLAN; AND SETTING FORTH DETAILS IN RELATION
THERETO
WHEREAS, the Town of Vail has a Pension Plan and
Trust Agreement that requires amending in order to meet the
requirements of the Federal Employee Retirement Income Security
Act of 1974;
WHEREAS, the Town Council is of the opinion that the
pension Plan should be amended and should be submitted to the
Internal Revenue Service for determination as to whether it is
a qualified, tax--exempt Plan and Trust under the Internal Revenue
Code; and
WHEREAS, the Council is of the opinion that these
amendments are necessary in order to have a properly qualified
Pension Plan;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF
THE TOWN OF VAIL, COLORADO, THAT:
1) The Town of Vai1's Pension Plan and Trust Agree-
ment is amended and restated in its entirety to conform with the
requirements of the Employee Retirement Income Security Act of
1974 ("ERISA"}.
2) The First Amendment to the Pension Plan and Trust
Agreement of the Town of Vail, a copy of which is attached hereto,
as Exhibit "A", is hereby approved, and the Town Manager is hereby
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authorized and directed to execute the First Amendment in the
name of and on behalf of the Town of Vail.
3) The Town Manager and other appropriate employees
of the Town are hereby authorized and directed to promptly sub-
mit the First Amendment to the Internal Revenue Service for
approval as a qualified, tax-exempt Pension Plan and Trust under
the Internal Revenue Code, and to execute and file on behalf of
the Town any required forms and documents related thereto.
4} Terrell J. Minger and Stanley F. Bernstein are
hereby appointed to act as the members of the Committee under the
First Amendment to the Pension Plan and Trust Agreement until
such time as the Town Council shall direct,
5) The Town Manager and other appropriate employees
of the Town are hereby authorized and directed to execute in the
name of and on behalf of the Town any further amendments needed
to obtain the approval of the Internal Revenue Service that said
Plan is a qualified, tax-exempt Plan and Trust under the Internal
Revenue Code.
6) The Town Council appoints Jahn F. McNally as its
attorney in fact to represent it before the Internal Revenue
Service and to receive information and correspondence from the
Internal Revenue Service with respect to matters pertaining to
the tax-exempt qualification of the Plan and Trust, and the Town
Manager is hereby authorized and directed to execute and have
duly filed on behalf of the Town, Internal Revenue Service Form
2848, Power of Attorney, and Form 2848-D, Authorization and Declar-
ation, copies of which are attached hereto and incorporated herein,
so appointing John F. McNally as its attorney in fact.
7} In the event the Internal Revenue Service requires
as a condition to approving the amended Plan and Trust Agreement
as a tax-exempt Plan and Trust, the Town of Vail shall appeal to
and obtain a decision from the Secretary of the Treasury or his
delegate to allow the Plan and Trust Agreement to be amended retro-
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actively to the date ERISA first applied to it, then the Town
Manager is hereby authorized to have said appeal taken on behalf
of the Town.
INTRODUCED, READ, APPROVED, AND ADOPTED, this 5th day
of Septer~tber, 1978.
r
Mayor ~ '
ATTEST:
Town Clerk