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HomeMy WebLinkAbout1988-24 Amending the Plan Document of the Town of Vail Employees' Pension Plan and Setting Forth Details in Relation Thereto~ rs - . ORDINANCE NO. 24 Series of 1988 AN ORDINANCE AMENDING THE PLAN DOCUMENT OF THE TOWN OF VAIL EMPLOYEES' PENSION PLAN AND SETTING FORTH DETAILS IN RELATION THERETO. `~~ WHEREAS, the Town of Vail has adapted an Employees` Pension Plan, the effective date of which was ~}anuary 1, 1983 and has adapted a first amendment to said plan, the effective date of 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 of Vail has adapted a third amendment to said plan, the effective date of which was dune 17, 1986; and WHEREAS, the Tawn Council wishes to again amend the plan document which sets forth the details of said pension plan, a copy of which is attached to this Ordinance. NOW, THEREFORE, 8E IT ORDAINED $Y THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, as follows: 1. The fourth amendment to the Employees' Pension Plan document which is attached to this Ordinance and incorporated herein by reference is hereby adopted by the Town Council of the Town of Vail. 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 Tnwn 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 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 repeal or the 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hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision ar any ordinance previously repealed or superseded unless expressly stated herein. / ~ r~ .` , INTRODUCED, READ AND APPROVED ON FIRST READING this loth day of August , 1988, and a public hearing shall be held on this Ordinance on the I6th day of August , 1988, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Ordered published in full this 16th day of August , 1988, ~ ~~ ~ ~ ~~ Kent Rose, Ma~lor ~ ~;,,~ ;,, 'l, l f1 ATTEST: '°, •r ; l~ ~ 1 ~ ~J t ~~9•~~ ~~ V~'~~ 1 JY1~1 . Pamela, R:" Br~rt~~teyer, Torn C1 erk INTRODUCED, READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED by tiCle only this 6th day Of September , lgg$, Kent €t. Rose, May r Pamela A. $randmeyer, Tows Clerk '~~~~r~itif,~~~~~~~,,,, ~/~ ~~> ~. 'F~ ., ~'~y., °"~`.:~ !.'~y. yY:~'- ive....~.~ rt r' {' r; .. FIFTH AMENDMENT TO T04d~d OF VAI L POLICE AND FIRE EMPLOYEES' PENSION PLAN THIS AMENDMENT is made by Town of Vail (hereinafter referred to as the "Employer"). WHEREAS, the Employer adopted the Town of Vail Police and Fire Employees' Pension Plan (hereinafter referred to as the "Plan" effective 3anuary 1, 19$3; and WHEREAS, the Plan provides at Section $.l as follows: "The Employer may amend, modify or terminate the Plan upon approval of such amendment, modifi- cation or termination by 55~ of the active Partici- pants.,."; and WHEREAS, the Employer, with the consent of the Parti- cipants, previously amended the Plan in certain technical respects and now desires to further amend the Plan to modify the valuation provision to determine the value of accounts prior to distribution; NOW, THEREFORE, the Employer does hereby amend the Plan in the following particulars: ARTICLE T A new Section ~.4 is hereby added to the end of Article V of the Plan (pages 13 and l~), such new Section to read in its entirety as follows: ~. r ~ ,• "5.4 Valuation of Accounts Prior to Distribution. In the event that distribution is to be made to a Participant or an annuity is to be pur- chased for the Participant's benefit, the valuation of such Participant's account shall occur as of the end of the quarter prior to such distribution or the purchase of an annuity. In no event shall such valuation take place prior to the end of the quarter in which distribution is requested by the Parti- cipant." ARTICLE IT The amendment to the Plan set forth in Article I above sha11 be effective as of January 1, 1988. ,. ARTICLE III Except as he reinabove amended in Articles I and II above, the Employer hereby readopts, reaffirms and redeclares each and every provision of the Plan. IN WITNESS WHEREOF, the Employer, at the direction of its City Council and with the consent of sixty-five percent (65$) of the active Participants, has executed this Amendment as of the ~~ day of ~pr~ 1988. ~~ TO~~,TN OF VAI L C By and ~/~ '~ V Plan Administrators -2- ~_ ., .~ Public Noce ~ -- "''ORbINAN,CE.,NO. M AN OROSr$ANCE ~AMENOINO THE PLAN ' DOCUMENT, OF -THE TOWN OF VAIL'' EMPLOYEES' PENSION PLAN Ahb SETTING ' FORTH DE7All_B EN Rkt,AT10NTHERETD.' WHEREAS, tha'~gyfF'oPVeil haa'adaptad sit ' E ' P r P t PROOF OF PUBLICATION mpbyeee ens an lan; he enaghre tlste d which was Jsnpary i, 7983 and hasadapted a ,Ere1 aln~d~gt,o said plan,,, ~IfadiYe dated wnlcfi aies'Mey R;fY84; and':.;:..'~••- •. ~:.. STATE OF COLORLID(3 ) WHEREAS, the T wit d Vail nee sdgptad a S5 aecv~d dmendment'ld aatd plan, the etteclwe 3 . COUt I dale d which was December 12, 1984; and + IY OF EAGLE e ~ h n e fhh ndmsm lo said plant; he eHecthr dale ALLEN KNOX I• .~-._- _.~. ~~.____._._-_ d0 solemnly SW@ar that I Om , f>2 which wee June n, loss: and ' . WHEREAS. the ~Tewti'Cuunclt~wlehee to PUTl~ i5h eT' the __-_.~ ~_-__ ______... of THE VAIL TRAIL: thaP the some I5 a weekly newspaper ~ again amend the plan tloameM which sate faith the delelb c! said pension plan, a copy d which print@d, In whole or in part and published In ttl@ County of Eagle Stat@ Of COIOTadO b aneched Iv lhls Ordinance. NOW THEREFORE BE IT OAOAIN£^ SY , , and haS a g@n@ral GIfCUfptlOn therein; that said nBWSpaper has been published . . 7HE TOWN COUNCIL OF THE TOWN OF YAIL, continuously and uninterruptedly in Bald County of Eagl@ fora rind of more than fifty-two consecufivo weeks next rlor to fha first ub!€cation of th d l l COLORADO, AS FOLLOWB: 5ECTpN t. ~ p e annexe ega not[co or ado@ftlsem©nt; that Bald newspaper has been admit#ed to the United ~ ua d l w l a Sfafes malls as second CIaSs matt@I under the provisions of the Art of March 3 1 fi79 Pensbn Plan doc me ii hich is a redt ed to lhla o di d m t d h i a f . , or any om@ndm@nts !hereof, and that sold newspaper is o weakly newspaper duly qualified for publishing legal notices and adv@rlrsements within th i f th r nance an mmera e ere n y re erence !$ hereby adapted 6y the Tawn Council of the T e mean ng o e Tows OT the State of Cplprado SECTIOtd 2. . That th@ annexed I@gal nptlce of advertisement was published in tiTe regular and 11 any pan, seglon, acbaeMlon, aentonce, Cfauae er phrase of this ordinance la for any ~ reason held to be Imafd, each declelon shat! not /t entlr@ issue of every number of Bald weekly newspaper for the rlod Of yYf~~r ~ P@ ailed IhevalldhydtheRmalningpongns dlhh ordlnanv a d th T C Nl h b cons@cutive Insertions; and fha t Thee firs t publication of Bald no tice was In the Issue of a; n e own aun ere y dedaree M Would have passed Ihls ordinance, 'and earn part, aectien, eubsectign, aentanCe, / t 5 said n6W5 f defect [J~«lr~~.s~ ~~~ 7 ~ Pape AD. 19 • and that the last theta am ph~ ~e t~0te~regardloae a! ma red Y parle, aactfons, publtcatlon of Bald notlc@ was in the lssu@ of Bald newspaper dated eubaediana, e9nleneBe, daueee or phrases tea declared Imalkl, sl=criDN3. J (. 1,!/.it~,IU! ~~ pip, ~ q ~ b The Tawn Council hereby Bnda, determfnea .and decraree that Ihla ordinance 16 naces6ary If and proper !of the heanh, safety and weaare d the Town d Vag and the hhah,[anta ihered. In witness whereof f have hereunto set my hand thif : ~ day pf ~ tits re N i ~('~~ /n ~J/'/ AD 19 b x pe a a the repeal and reeneclment d ~ any provferone o[ the Vsll Munlelpel Cods ae provided In srfe oMlrlena shall 1101 enact any dghl whkhfias accrued. any duty hrpoaed, any vblallon tAat xwrred prier ro the enectHe tlate hereol, any proaecvllon oormtencad, nor, any L - dhar salon ar proceeding as commenced under __ or by vlue d the pro~Asbn repealed pr lep9aled '-'-""'-°" / ~~~ and roenaaed, The repeal el any provisfvrt hereby shell not ravWa any proNslon er any SubscNb@d and sworn fo bet ~~ m@, a n0#a ly PUbIIC in ond~ B COUnty Of Eagf@, ordinance prevloualy repealed or auperaeded eeF staled harelrt i / S#ote of COlprad0, thlS ~~ day Of `){,J~llll~C~ AD 19 ~y~/ y . an ses expro INTRODUCED. REAq AND PASSED ON . 7, FIR5F flEADINO AND ORDERED PUBLISHED ONCE 1N FULL this lath day d AugueL 1988 S Q t ~LGL[ LJ , ~~~~/~;~a7~-~ ~ and a public hearing shall he held an Ihla ordinance on the 18th daY d August, t988 e< 17:311 p.m. In the Council Chambers ai the yai 1 Municipal 9uildfng, Yell. Ctllatad ( I ires ~~ ~ 3_, ~ ~ commission ex M 1 ~~oF VAIL .:.~j,~.'~y KaM R. ROaa Ma or ` _a. ~: ' ~ p _ _. _ Y r ATTEST: ' . 4.Pamela A Srendmeyer .. ~ . Town Clerk i FOURTH AMENDMENT 1 „ , ` TO T1iE' .~.' ~ 1 TOWN OF VAlL I EMPLOYEES' PENSION,PLAN" 7H15 AMENDMENT le made by Tam of Yall= • I ihereh+anar referred le a! the'Emppyerl. :, wHEREAS, Ins Employer adapted me ruwrr i d Vail Employees' Penalen Plan (hetelnener ~~ rderred to as the 'Plan" enearve January r, ,.1783; and' ~ -'~ ~ ..... ,, ' WHEREAS,'lae pipit provklea at Segion fl.f. •Ths Employer may'~.pmend;'InadnTiot' ; tertninala the PUa...• and - ' ~ ~I WHEREAS.+Ths Employer previquely ' ! amended the Plan ld tanala IeChnica4 respeas , ' ~ =end now deahaa ld further amend the Plan to mvdny the valuellon provision la delermine,Ms " value d ecpvume pridr to dlslrgNWn; ' ~ ' NOW, THEREFORE, the Employer does ' . hereby amend the Plan In the lallowinq ' ~ ARTICLE I ~ , . . ~ -' ~ Anew 9ev[Inn EA is hereby added to the _ and d Artkb V d~he plan !pages ]t and .t2l: ' ,such new 3enEon to lead in ne enlirety_aF ' ',: fegtnve: ,. , , . , ~.. , "6.4 YaluattoneF Accaunle Pdar,ld ~ Dlslribulbn. ~ ~ - In fha even[ fast dlstrbuttan {a l0 6e made to e Psrtkpent or an annuty M !e 6e purchased for • th0 Parl,clpenYs bandit, the valuatWn o! such ' Panidpem'e accrud shall occur ea d the end d' ' ' such. dlslrAulidn of the ~ ~ the quarter poor ta ', purchase M an annuity. fn m event shall such Yaluatkn lake pkca prlmSto the and 6f ~lhe quarter in whlch.dletdbtnton h. regrreeted by fhb .. Partkpnm ~~,:'~~°'ARTKtLfII ~. '~ ~- ' ' - 'The amendment tb the Plan adtorth rn Artkb ' shalt b0 ellagive as d January 1.4888.E . l ebove - , ~"• -~ - ARTICLEIiI ~~- ~ s~~ ' ~ ~'EACept m'herelnatiove amehda6ln ArlEdea 1- - ~ ~ ~' and ti above, the EmpbYer. hereby readopts,': ' ~ roalflrma and redeclares each and every ' '. provIelan dthe Pka.~ : ~• .~ .... , {h ., . ~' ~ ld ~ IN .WITNESS WHEREOF, the ErsployeG. ~,. fhb dlledlen d ns'Cny Council and with the;:. ' ~ Cpneenl d the Partklpartts, hse eaecutsd tlrl5=' ' -, i9B5:" ='~An~endmetn aedme~ deyd ~ = ' _; ~F~ ' f~..,.-,_ ?•cPublbfredMTheVa9TIM, ~ ~ sr'~~omAuglrst=l6,-1gBB.;~: i`:` ..t°~ r-°. - 0 x `~ ~ ~ ~ ~ o ~ ~ ~Q~o~o~~s c m . ~, iD O ~ ~ ~ O(D~~~~ G~ Q ~ ~ -~ o ° a "ro ~a N '~ ~ { '~,~ ~ ~ Q ~D m ~5-p N ~~Q N Q v~S .~ ~ ~ a -* a - V `` 7~ C ~~ ~ Q Y ~ ~ ' H O }~ O ~ ~ ~ ~ ? 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