HomeMy WebLinkAbout1984-30 Amending the Plan Document of the Town of Vail Employee Pension Plan and Setting forth Details in Relation Thereto• ~ •
ORDINANCE N0. 30
Series of 1984
AN ORDINANCE AMENDING THE PLAN DOCUMENT OF
THE TDWN OF VAIL Eh1PL0YEE PENSION PLAN AND
SETTING FORTH DETAILS IN RELATION THERETO.
WEIEREAS, 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 of which was May 2, 19$4; and
4~HEREAS, the Town Council wishes to 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, RE IT ORDAINED E3Y THE TOWN COUNCIL OF THE TOWN OF VAIL,
COLORADO, AS FOLLOWS;
Section 1. The second amendment to the Employees Pension Plan document which
is attached to this ordinance and incorporated herein by reference is hereby
adopted by the Tnwn 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 or phrase thereof, regardless of the fact
that any one or more 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 far 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 Code 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 pro-
ceedings as commenced under or by virtue of the provision repealed or repealed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or any ordinance previously repealed or superseded unless expressly stated herein.
INTRODUCED, READ AND APPRDVED ON FIRST READING THIS 13th day of
November 1984, and a public hearing shall be held on this
ordinance on the 4ti~ day of December 1984, at 7:30 p.m. in the
Council Chambers of the Vail Municipal E3uilding, Vail, Colorado.
~ '
4
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Ordered published in foil this 4tn day of December 1984.
~~ ~ .~'~
Rodn`e'y E. Slife~, Mayor 0
ATTEST:
-~
Pamela A. 8randmeyer~n Clerk
INTRODUCED, READ AND APPROVED ON SECOND READING ACID ORDERED PUBLISHED
by title only this 4th day of December
1984.
~"
C..~
Rodney E. S7if~ r, Mayor
ATTEST:
Pamela A. Brandmeyer, TownjC7erk
• ~ •
SrCOND AMENDMENT
TO
TOS~JN Off' VAIL
EMPLOYL;ES' PENSION PLAN
TTIZS AMENDMENT is made by the Town of Vail (here-
i.naf~.er referred to as the "Employex'") .
WTi1JTZEAS, the Employer adopted the Town of Vail
£'.mployees' ~'ension Plan {hereinafter referred to as the
"Plan") effective ~7anuary 1, 1983; and
WiiEREAS, the Plan provides at Section 8.1 as
follows:
"The' Employer may amend, modify ax' ter-
minate the Plan..."; and
WTTEREAS, the Employer previously amended the Plan
in certain technical respects and now desires to further
amend the Plan to incorporate certain suggestions made by
the Internal. Revez-aue Service upon their review of the Plan;
NOW, THEREI'ORE, the Employer does hereby amend
the Plan in the following particulars:
I~RTICLE I
Section 4.2 of the Plan {page 6} is hereby amended
by adding the following language to the first paragraph of
such Section:
"Any contribution made pursuant to this
SeCt~on shall be fully vested and non-forfeit--
able for all purposes of the Plan."
• • •
ARTICLE Iz
The Section concerning additional limitation in
the case of a defined benefit plan and defined contribution
plan far. same employee (page 9) is hereby amended to read
in .its entii:ety as follows:
"Limitation on Benefits and Contributions
When an Employee Participates in Both a Defined
Bc~iiefit and a Defined Contribution Plan of the
I~mployer .
In any year if a Participant in this Plan
is or ever has been a Participant in a defined
benefit plan maintained by the Employer, then
the sum of the defined benefit plan fraction
and the defined contribution plan fraction {both
as prescribed by law) for such Participant far
such year shall not exceed 1.0. In any year
if the sum of the defined benefit plan fraction
on behalf of a Participant would exceed 1.0,
then the allocation under this plan shall be
reduced to the extent necessary so that the Sum
of such fractions does not exceed l.Q. For pur-
poses of this Section, the limitation year shall
be thc~ Plan Year. The defined benefit plan
fraction for any Participant shall be the frac-
tion, they numerator of which is the projected
annual benefit of the Participant under the
Plan (determined as of the close of the year},
and the denominator of which is the lesser of
(i) the product of 1.25 multiplied by the maxi-
mum dollar limitation for benefits set forth in
subsection 415{b}(1)(A) of the Internal Revenue
Code for such year, or {ii) the product of 1.4
multiplied by the percentage limitation set forth
under subsection 4I5(b)(1)(B} under the Cade with
respect to such Participant for such .year. The
defined contribution plan fraction shall be the
fraction, the numerator of which is the sum of
the annual additions to the Participant's account
as of the close of the year for such year and
all prior years, and the denominator of which
is the sum of the lesser of the followa..ng amounts
-z-
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determined for such year and for each prior year
of service with the Employer: (i) the product
of 1.25 multiplied by the dollar limitation in
effect under subsection 415{c}{1}{A} of the
Interval Revenue Code for such year, or {ii}
the product of 1.4 multiplied by the amount
which may be taken into account under subsec-
tion 415{c}{1}{B} of the Code with respect to
such individual under such plan for such year
with respect to dollar limitations."
ARTICLE III
The amendments to the Plan set forth in Articles
I and TI above shall be effective as of January 1, 1983.
ARTICLE IV
Except as hereinabove amended ~.n Articles I
through III, the Employer hereby readopts, reaffirms and
redeclares each and every provision of the Plan.
IN WITNESS WHEREOF, the Employer, at the direc-
tion of its City Council and with the consent of the Par-
ticipants, has executed this Amendment as of the
day of J.984.
TOWN OF VATL
By
and
By
Plan Administrators
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