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HomeMy WebLinkAbout1988-25 Amending the Town's Police and Fire Pension Plan Document Subject to Approval by 65% of the Town's Police and Firemen1!~,y, s. •~~ ~t~ s ORDINANCE NO. 7.5 Series of 1988 AN ORDINANCE AMENDING THE TOWN'S POLICE AND FIRE PENSION PLAN DOCUMENT SUBJECT TO APPROVAL 8Y SIXTY-FIVE PERCENT {65%) OF THE TOWN'S POLICE AND FIREMEN; AND SETTING FORTH DETAILS IN RELATION THERETO. WHEREAS, the Town Council has adapted a Police and Firemen's Pension Plan, the effective date of which was January 1, 1983 and has adopted a first, second, third and fourth amendment to said plan, the effective dates of which were September 20, 1983, May 2, 1984, December 4, 1984 and June 17, 1986, respectively; and WHEREAS, the Police and Fire employees of the Town of Vail now wish to amend the Police and Fire Employees' Pension Plan a fifth time as set forth in the amendment attached hereto and incorporated by reference; and WHEREAS, such amendment must be approved by the Town Council of the Town of Vail. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: 1. The fifth amendment to the Police and Fire Employees' Pension Plan document which is attached hereto and incorporated herein by reference is hereby approved by the Town Council subject to the approval of sixty-five percent (65%) of the police and fire employees of the Town of Vail. 2. IP 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. 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hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed •{;, r I ,. ~ r s. ,~, and reenacted. The repeal of any pr ovision hereby shall not revive any provision . or r;~~E.}',~.~ s ,c, '~..: any ordinance previously repealed or superseded unless expressly stated herein. ''~";"':~''' INTRODUCED, READ AND APPROVED ON FIRST READING this ].6th day of August ~ g;.._,~~'~ 1988, and a public hearing shall Be held on this Ordinance on the 16th day of ",FF~i~~~ -. i~; ~i~~t :.;,. A~gu"s-t 1988, at 7:30 p,m. in the Council Chambers of the Vail ~~~''~~~` Municipal Building, Vail, Colorado. ''"Y ;~ ,:.~ Ordered published in full this 16th day of August 1988. , +I~ _ d~,r ~i~EwF;n 1' 'j41I}i 11!lJ1 ~'~~f ' ;'~ Ali"„~i"lI~ r~~:. ~,r, ATTEST: ~! , '~t. S Parcela "A,.I•+~~randmeyer, Town Clerk Kent`R. Rose, Mayor` INTRODUCED, READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED by title on~.y this bth day of September , 19$8. ~IIUli Ilry~~r ATTES7~' ~.~; ~j~~~~, ~~ ~ ~ 5 Pamela A. Brandmeyer, Town Clerk ,, ,,,~ '~ ' ' ~y ~ ,,, ~~~~1 ti~',;~ t~,~ ~'''rlrltrlll}ti!~` `-~~ r Kent R. Rose, Mayor `~ -i -2- 1 ~~~ • . •4~• w l FOURTH AMENDMENT TO TOWN OF VAI L EMPLOYEES' PENSION PLAN THIS AMENDMENT is made by Town of Vail (hereinafter referred to as the "Employer"). WHEREAS, the Employer adopted the Town of Vaal Employees' Pension Plan (hereinafter referred to as the "Plan" effective January 1, ].983; and WHEREAS, the Plan provides at Section 8.1 as follows: "The Employer may amend, modify or terminate the Flan..."; and WHEREAS, the Employer 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 5.4 is hereby added to the end of Article V of the Plan (pages 11 and l2), such new Section to read in its entirety as follows: "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 .~, ,.. .~ r. ~~. 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. Tn no event shall such valuation take place prior to the end of the quartet in which distribution is requested by the Parti- cipant." ARTICLE zz The amendment to the Plan set forth in Article I above sha11 be effective as of ~7anuary 1, 1988. ARTICLE TII Except as hereinabove 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 the Parti 'pant/s, has executed this Amendment as of the ~`~ day of _ l.~rG~i.~ r 1988. TOWN OF VAZL ,~ and ~ :.ff RY ~'~) ~i ~ nF / jr~r- ~,~ ~~ Plan Administrators _2_ , . - y'= Public Notice ORBINANCE ND. 2a ':9arIM 4t ~laa0 -~ . AN ORDHJANCE.AMENgINtl THE TOWN'S ~. POLICE ~ AND ~ FII~Ew PENSION PLAN DOCUMENT"9UBJECT`TQ APPROVAL BV E TOWN'3 ~ SI%TY-FIVE PERCENT t65%1 OF TH p~/~/~ p~ ~p ~+~ f ICVV~ O~ fyO~~SrI'STItON ~ 3 ~DETAIL3NFiFfxLAT10EN THE €TO~%"'FORTHi SNHERBA9t tha;TOwn Ceuncll hM adopted a STATE QE CpLOf2AD0 Poise and FlremetYr I>dhalan Fran, the eNectWe, ~ dale d rihich web Ada ary t,`19e5 and has ~_ CC>UI~ CE E/1+~1_E amendment to egldaplapnd: x,Myfl~r~dyllve ~eles which were Seplembeh?D~983. IAnY 2, 19BC. ALLEN KNDX DacBrnner 4, tae4; trnd, rJUns':rr,`• i ass, ' ~ ' I. ------ -.- - _ .~.~ _ do solemnly swear that I am reapadhrely; end thv _ Pub ] ~ skier of TyE VAIL Tf7AIL• that fhe same Is a week) news Y t~tDer WHEREAS, 1fie POioe end Flreertployeaa d Ihe Town d VaIlJrbty raeFi 1o arrreml the Police fihh li ae Pl P printed, In whole or in pars and published In fhe County Of Eagle, Skate of COfarado, me enabn an a and Flre E ,.., :: set forth b Ihe amendmem tmedlad herdo ans. and has a gonoral circulation ihvreln; that said newspaper has been published continuously and un€nt©rruptedly In said Count of Ea le for l i f th hwHEREAS rei ~n`a egdment moat be y g tx a ~er o more an fif~,S/-two consecutive weoks next prior to thv first publication of the Annexed legal nOTICe Of adVerfils f th t d approved by Ihe Town Cour,dl al the Town of vast. emen ; a Sal newspaper has been admitted to the United Sfatos mails as second class matter under the provtsfons of the Act of March 3 1879 NOW, THEREFORE, BE IY ORDAINED BY THE rowN couNCILOF THE rowN of vas, , , or anyy amendments lhoreof, and That sold newspaper Is a weekly newspaper duly qualified for publishing legal notices and advertisem t ithi th i f col.ditaoo, THAT: SECTION 1. en s w n e mean ng o the IpWS Of the Slate Of f.0l4rad0 The 11hh BmBndment to the Pol{co and Fhe . That fhe onnexod legal nonce or advertisement was published In fhe r ular and ~ Empioyeaa' Penelen Plan decumem which h anachatl hereto and Inrnrporated herein by entire issue of every numtaer of said weekly newsw,, o; for the rlod of 9/LCD r~ p6 reference le hereby appravetl by Iha Town ceuncH sabiect le Ina eppreval d al:clyiMe percent [85%j d Ihe polne and fire.employeee consecutive Insertions; and lhafi the first publication of said notice woe in the Issue of nl the Town d YeA. "- ~ ' SECTION 2.. cc ~~ tr~~9 ~ Bald newspaper dated .-t~l.C~ /~ f'LD 79 ~t n and that the last If any part, aectlon, autnedlan, tentenca, n snail no fe i d a _ _ __ . 7 publication of sold notice was I n the issue of said newspaper dated be lnvalld evch declelo to eason. hel aNect the velbity d the rernalning panbnaof this ordinance; and the Town Ceundl hereby c ~ ( L~L~C!~~ ~>A L! /LD 19 dedaree h twoultl have passed thla ordinance. aenlence 6vbe6clbn aed3on Bnd each part _ .(. . , - oo , , , , ctavae ar phrase lhereol, regardleee of the loci Ih at any one Or mare Aorta, e9ntlone, in witness whereof I have hereunto set my hand this ~-1 day of subsedbna, sentences, tlamea or phrases be JC~.nk'/}'t/k'/` - -- __- ~j X rr _~ ~D. 19 declared Invaild. sECrloN 3. The Town Council hereby finds, determines end declares [hat this ordinance !s necessary and proper for ShB health, solely and wellare d Ihe Town d VaN'end lha InhabHanlethered, SECTON 4. ~ _ Fhe repeal or Ihe repeat and rBenadrtrelll d ~~ - -- any provialona of the Vall Munlcipel Code ea ~ provided In this ordlnanq shall nd a11ed Bny Subscribed and sworrT to before mv, a notary publl n anddor e County of Eagle, r{ghl whkh has accrued, any duly Irtpoaed, any h b d L ?~.)~~~1 ~~~1~~1~t'/' ~>~~ State Of Colorado ti-tls day ok AD 19 ect e ate blatlo4 that occurred prbr 1o the e heteol, any prosecution commenced, nor any d d , _ ~ . un er other acs6n or proeaedinp ae commence or by vktve d the provlaba repeated tx repealed and reenacted. The repeal of any provl9lBn Q./ yt {/ CCsc~+ / 4 L~O~r~Vll~~~~ -% I hereby shall not revive any provialon or arty ined m superseded ared l~ ., l p - : , /r Y iere eeaN e urd ease P+ INTRODUCED. R€AO AND PASSED OW~n '1 z (.' (~ ~ tr _ - FIRST READINtl AND ORDERED Pr1BL19HE6 ONCE IN FULL thla 1&h day d Augual; 1888 ,7 _ ~~ ? MY commission expires __ ll ba held on thM h e i ng s a hear and a publl ordinance on the IBIh day d August, l98S at 7:38 p.m. N the Councl[ Chambers ol~lhe VaH. lJUnkpal Building, yalfpCalMado. ' . ~ .. - 'TOWN OF VAIL _ ; .v ~ 3 .t r Mayor ;;,.. .,,,r, .. c';=-:+:_t_+. , ATTEST: ~ ' ~ ~ . ' ~~ Pamela A Braddmeyer ~ Town Clerk i FIFTH AMENDMENT Tb 7r£ ~ ~ ~ ~~ ,~~ ~TOWNOF VAIL ~~ „,, ~ ~~ , , PQLIGE AND FIRE EMPLOYEES', ~ ~ . . , PENSION PLAN ~' ' - ' ~ rTH13 AMENDMENT la tnetle by Town d VeM (hetelnaner re}erred le as lhe'Enptuyefj. ~ - WHEREAS, the Errpbyer adapted the Town d Vdl Police and Flre Enpbyaee' Penabn plan ~'~ ' _ , ~ i 4hetelnelter rebrced tp,a the 'Plan"_effectWa ~ : i ,. ;•. January L fBBT and - , ' . . 'WHEREAS, t{te:Piart prarldae el SedSori 8.1 `The EmpbYer ,iuay~amand,~~madlfy land ' '.; terminate Ihe Plan upen'approvel of~auch - 'i" amendment, mod Hfcaiidn m terminffilon pY 85% . ~ - ~ ' d iha strive partic~arta.. •: and .. . ' ~ ~ WHEREAS, the Errpbyer, whh IhU ooneenl d l ' ~ 1he PBtlidpems, prevbuely emended the Pien in ~ , ;; t:ertaln technleal reapede and now tleslree to ',~• funkier amend the plan to modify Iha valualbn • ' ';, provlelon to determine thB"value br. eECeunta ~. ~; .prior to df6tnbutbm 1 ...; ,, , ~ :.: , , - . . _ ~ NOW. THEREFORE, the EmpWYer doe6 , - , hereby amend lhe~ Pien in the iellowiag ~ ~. ~pank:Uiara: :.. -. ARTICi.E I 'Anew $BClbn 5A k hereby ndded ip the and ' ~' ; d ARi~e V at the Plan IPag~ 13 and raj, such new Sedrott'to read M ha enHrery m fdEews: ~~' .f ' '6.4 Valuatlop ~at, AccouRa~ P_flar'!o In the dean! that dHlrDiabn k to 4e made~tc ~, a Panbbant a en annuity h to be Purchased for h . ' ' the PertlclpegCe,„ben ~$i ouc .. Pertldpartt's blcoPll~r'HI{.~t~. c ~. the quadef, prbl,"1o •such dleh~ pr. ~' In tic even h d ,~ ~ ' y. an Pnnu ~ purchase : ~ valumlon take p4aoa prbr 18 Iha. ea a i - ~ quarter in whbh dbtilltutbn Y requeeied,,ti~:tllg ARTICLE tl ,...,. •~ Tha amerldmenLlP the Ptah set lonfi N ArtkHe .. ~ ~ ~ 1 above shall bg etladive as d Jentury 7.1886. - ' ..:--.,. .. .. ARTICLE III '~ Except u haroinabeva amerdetl in Arlldae 1, ' and H'abdve,~fhe Employer hereby fBaddpU, ' aeafilrma and rededares each ahd every ~ ~. proylakm dthe Plan. ar,N ' IN WETNESS WHEREOF,•tha Erryloy Ihe dlrectbn d l1a Clry coundl sad whh the ' conaant d sixty-0Wa perdent l~%1 d the actke rcwm as d ' ~ Partidpanla, hes,s>tecutad Ihk 19 the, ~' ~ubHehad In TAe VeX TraA ~ ~. . ' ~ "'-on Augtial19, 1Y86 ~' 1 p ~. -~ coo p m' ~ ~. ~ o='`~~moc~~ Yn' Q p ~ ` ~ ~ O x ~tj~b~~~m~ N O Q~ ~p~ o cD ~ ro p ~~~cn~(~Qro~ ~. vim.' 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