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Home My WebLink About1986-14 Amending the Plan Document of the Town of Vail Employee Pension Planr ..t , ..`....., . _4, ~ dRDINANCE N0. 14 Series of 1986 AN ORDINANCE AMENDING THE PLAN DOCUMENT OF THE TOWN OF VAIL EMPLOYEE PENSIQN PLAN AND SETTING FdRTH DETAILS IN RELATION THERETO. WHEREAS, the Town of Vail has adopted an Employees' Pension Plan, the effective date of which was January 1, 1983 and has adopted a first amendment to said plan, the effective date ai' which was May 2, 1984; and WHEREAS, the Town of Vail has adopted a second amendment to said plan, the effective date of which was December 12, 1984; and WHEREAS, the Town Council wishes to again amend the plan document which sets forth the details, of said pension plan, a copy of which amendment is attached to this ordinance. NOW, THEREFORE, be it ordained by the Town Council of the Town of Vail, Colorado, as follows: Section 1. The third amendment to the Employees' Pension Pian document which is attached to this ordinance and incorporated herein by reference is hereby adopted by the Town Council of the Town of Vail. Section 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 ar phrase thereof, regardless of the fact that any one or mare parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section 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. Section 4. The repeal or the repeal and reenactment of any provision of the Vail Municipal Cade 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 virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed ar superseded unless expressly stated herein. INTRODUCED, READ AND APPROVED ON FIRST READING THIS 3rd day of June 19$6, and a public hearing shall be held on this ordinance on the 3rd day of ,lE,n~ 1986, at 7:3D p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Ordered published in full this 3rd day of June r 1986• r PauT~"R. Jahn t n, Mayor ATTEST: ~- U,~iV ~ll~.J Pamela A. Brandmeyer, Tawn erk INTRODUCED, READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED ~n full this 17th day of June , 1986. • '- Patel'' R. Jo ns an, Mayor ~t ATTEST: Pamela A. Brandmeyer, Town C erk 2 ~~~ ' ~ ~ ~~~ THIRD AMENDMENT TO TOWN OF VAIL EMPLOYE E5' PENSION PLAN THIS AMENDMENT is made by Town of Vail (hereinafter referred to as the "Employer") . WHEREAS, the Employer adopted the Town of Vaii Employees' Pension Plan (hereinafter referred to as the "Flan" effective January 1, 1983; and WHEREAS, the Plan provides at Section $.]. as follows: "The Employer may amend, modify or te~ninate the Plan..."; and WHEREAS, the Employer previously amended the Plan in certain technical respects and now desires to further amend the Plan to revise the vesting schedule and to reflect recent federal legislation; NOW, THEREFORE, the Employer does hereby amend the Plan in the following particulars: ARTICLE I Section 4.l of the Plan (page 6) is hereby amended by adding the following paragraph to the end of such Section: "The contribution provided above far any employee shall be reduced by the amount of taxes paid by the Employer on behalf of such employee pursuant to the Federal Social Security Act or any amendment thereto. Such contribution reduction shall be effective at the same tame as any such payroll tax' mandated by the Social Security Act or any amend- ment thereto becomes effective." ARTICLE TI . ! 5ectian 6.2 of the Plan (page 131 is hereby amended to read in its entirety as follows: "6.2 Vesting Schedule (a} For Employees Hired Before July 1, 1986. In the case of a Participant whose date of employment is prior to July 1, 1986, such Participant's vested percentage in Employer contributions made on his behalf pursuant to Section 4.1 at any time shall be determined according to the following schedule, based upon his years of service: Years of Service Vested Percentage Less than 1 8 ~ 1 7'7.5 2 85 ~ 3 92.5 4 or more 140 ~ (b) For Employees Whose Date of Employment is After June 30, 1986, In the case of a Participant whose date of employment is after June 30, 1986, such Participant's vested percentage in Em- ployer contributions made an his behalf pursuant to Section ~.1 at any tame shall -2- ,. • • • ,~„ h~y '. ~ r • be determined according to the following schedule, based upon his years of service: Years of Service Less than ~. 1 z .~. 3 4 5 or more Vested Percentage o~ zoo 40~ 50~ 80~ 100$ (c) Lay-Off. Notwithstanding the schedules of vesting set forth in paragraphs (a) and (b) above, any employee who is laid off by the by the City Manager prior to the time at which he has completed at least one year of service, such employee shall be con- sidered to have one year of service for vesting purposes at the time he terminates employment as a result of such lay off. (d) Death or Attainment of ~iormal Retirement Age . The vested percentage of a Partici- pant shall be 100 in the event the Par- ticipant dies or attains his normal, re- tirement age while still employed by the Employer." ARTICLE TIT ~~ Article VTT of the Plan (pages 15 through 18) is hereby amended by adding the following Sections to the end of such Article: "7.8 Required Distribution Commencement Date. Distribution of a Participant's interest must begin no later than the April 1 of the calen- dar year following the calendar year in which takes place the later of the date the Partici- pant attains the age of seventy and one-half (70--1 /2) or the date the Participant retires, -3- ~~~ r The limitations of this Section shall not apply to a distribution made pursuant to a designation made by a Participant before January 1, 1984 as to the method of distri- bution or a distribution which commences before the first plan year beginning after December 31. 1984." :~~~ 7.9 Limitation on Duration of Payments. Whenever an amount becomes distributable to a Participant, such amount shall be distributed over a period not exceeding the longer of (i) the longer of the life or the life expectancy of the Participant, or { ii) the longer of the joint lives or the joint life expectancies of the Participant and an individual designated as a beneficiary by the Participant. To the extent distribution is made after the Parti- cipant attains the age of seventy and one-half {70-1/2), if not paid in a lump sum, the dis- tribution must be made in substantially equal periodic installments at least annually aver the period prescribed in this subsection sub- ject to acceleration of payment at the elec- tion of the Participant or beneficiary. The present value of the benefits payable solely to the Participant under any elected method must exceed f fifty percent ( 50~ ) of the total benefits payable to the Participant and his beneficiaries, unless distribution is in the farm of a qualified joint and survivor annuity. If distribution is made pursuant to a designation made by a Participant before January 1, 3.984 as to the method of distribu- tion, or if distribution commences prior to the Plan Year beginning after December 31, 1984, the limitations of this subsection and subsection {d) of this Section shall not apply if the present value of payments to the Parti- cipant exceeds fifty percent ( 50~ ) of the total payments to the Participant and his beneficiaries. -4- ~ ~, 7.7.0 Special Rules for Distributions After the Participant's Death. (a) Distributions Commencing Prior to Death. zf distribution of a Participant's inter- est had commenced prior to the Partici- pant's death in accordance with Section 7.9, the remaining interest of the Parti- cipant shall. be distributed at least as rapidly as under the method of distribu- tion being used as of the date of his death. (b} Distributions Commencing After Death. Tf distribution of a Participant`s interest did not commence prior to his death, the entire interest of the Participant shall be distributed within five (5) years after the death of the Participant, pr~- vided that a distribution commencing within one {1} year after the Partici- pant's death to or for the benefit of a designated beneficiary aver the longer of the life yr the life expectancy of the designated beneficiary will be treated as having been distributed within such five (5} year period. Tf the surviving spouse of the Participant is the designated beneficiary, distribution is not required to commence until the date on which the Participant would have attained the age of seventy and one-half ( 70-1J2 ) and if distribution had not commenced as of the date of death of such surviving spouse, the provisions of this paragraph shall, be applied as if such spouse were the Par- ticipant. {c) Beneficiaries. If a Participant should die after receiving same part, but not all, of his account, the remaining bal- ance thereof shall be distributed to his beneficiary in manner determined pur- suant to this Section 7.10. If the bane-- ficiary of the Participant should die, cease to exist or disclaim his interest -5- ' _,, - ~~ ~ `' . prior to the completion of distribution of the Participant's interest, the remaining distribution shall be made to the contingent beneficiary designated by the Participant, if any. If any con- tingent beneficiary should die, cease to exist or disclaim his interest, distribu- tion of the remainder of the Partici-- pant's interest shall be made to the next contingent beneficiary. In the event there is not a beneficiary or contingent beneficiary designated by the Participant to receive distribution of the Partici- " pant's interest, the Participant's inter- est shall be distributed in a manner determined pursuant to this Section 7.10 to the recipient determined pursuant to Article VI above." ARTICLE IV Section 8.8 of the Plan (page 21) is hereby amended by adding the following paragraph to the end of such Section: "The preceding paragraph of this Section shall not apply to the creation, assignment or recognition of a right to any benefit payable with respect to a Participant pursuant to a Qualified Domestic Relations Order under Code Section 414(p). Distribution may be made pur- suant to such an order at any time on or after the date which is ten (10) years before the Participant's normal retirement age. The Administrator shall establish such reasonable procedures as are necessary to determine the qualified status of domestic relations orders and to administer distributions under such qualified orders." ARTICLE V The amendment to the Plan set forth in Article I above shall be effective as of April 1, 1986. The amendment -6- n;. _. ~ ~ ` 4 h to the Plan set forth in Article II above shall 3~e effective as of July 1, 1986. The amendments to the Plan set forth in Articles III and IV above sha11 be effective as of January 1, 1985. ARTICLE VI Except as he reinabove amended in Articles T through V above, the Employer hereby readopts, reaffirms and redeclares each and every provision of the Plan. IN WITNESS WHEREOF, the Employer, at the direction of its City Council and with the consent of the Participants, has executed this Amendment as of the f ~~ day of ~ 1986 . 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