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HomeMy WebLinkAbout1990-28 Amending the Plan Document of the Town of Vail Employees' Pension Plan+I ORDINANCE NO. 28 Series of 7.990 AN ORDTAlANCE AMENDING THE PLAN DOCUMENT OF THE TOWN OF VAIL EMPLOYEES' PENSTON PLAN; AND SETTING FORTI-~ DETATLS IN REGARD 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 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 adopted a third amendment to said plan, the effective date of which was June 17, 1985; and WHEREAS, the Town of Vail has adopted a fourth amendment to said plan, the effective date of which was August 16, 1988; 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 is attached to this Ordinance. NOW, THEREFORE, BE IT ORDAINED 8Y THE TOWN COUNCIL OF TFIE TOWN OF VAIL, COLORADO: 1. The fifth 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 ar 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 Tawn 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 far 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 oi' the Municipal Cade 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any prosecution commenced, nor any other action or proceedings as comm~:nced under or by virtue of the provision repealed or repealed .` ~ .*.~ and reenacted.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. 5. All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, heretofore repealed. INTRODUCED, READ ANO APPROVED ON FIRST READING this 17i}, day of ,T~,l.v , 1990, and a public hearing shall be held nn this Ordinance an the 17th day of Juiv , 1990, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Ordered published in full this I7th day of July 1990. ~~ ~ ~1 ~ w Kent R. Rase, Mayor ATTEST: ~~-=~ ~d.7 ~ ~~'~.-uf~iirYc.~-~ic~.-- Pamela A. Brandmeyer, Tern Clerk INTRODUCED, READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED E~y tit:l.e oril..y this 7th day of August 1990. ~ ~ ~ ~~~ Kent R. Rose, Mayor ATTEST: Pamela A. Brandmeyer, Towrf Clerk -2- t~. • i • FIFTH AMENDMENT TO TOWN OF VAIL EMPLDY'EES' PENSION PLAN THIS AMENDMENT is made by Tawn of Vail {hereinafter referred to as the "Employer"). WHEREAS, the Employer adopted the Town of Vail Employees' Pension Plan (hereinafter referred to as the "Plan") effective January 1, 1983; and WHEREAS, the Plan provides at Section 8.1 as follows: "The Employer may amend, modify or terminate the Plan..."; and WHEREAS, the Employer previously amended the Plan in certain technical respects and now desires to further amend the Plan to make certain additional technical changes to the Plan; NOW, THEREFORE, the Employer does hereby amend the Plan in the following particulars: ARTICLE I Article TT of the Plan (pages 2 through 4) is hereby amended by adding the following Section 2.26 to the end of such Article: BRIE/J-032490-3]A ''. ~ •. "2.26 "Compensation" means the basic salary paid by the Employer to a Participant for services rendered to the Employer, excluding bonuses, overtime pay, severance pay, shift differen- tials, longevity pay, and any other farm of compensation, insurance premiums, pensions and retirement benefits, and all contributions by the Employer to the within Pension Plan, to any health, accident or welfare fund or plan, i~a any deferred compensation plan, to any other qualified retirement plan or simplified employee pension plan, or any similar benefit, any amount received as cash under a profit-~ sharing plan cash option provision, and any other amounts which receive special tax bene- fits, provided that compensation reductions pursuant to the Employer pick-up of employee contributions pursuant to Cade Section 414(h) shall not be excluded as compensation except far the purpose of applying the limitations on allocations and benefits under Cade Section 415. further, compensation shall not include any amounts realized on the transfer of pro- perty rights from the Employer. The annum. compensation of any Participant taken into account under the terms of the Plan for any Plan Year shall not exceed $200,000, as adjusted for changes in the cost of living as provided by law or regulation." ARTICLE IT Section 4.5 of the Plan (pages 7 through l0 and as amended by Article IT of the Second Amendment to the Plan) is hereby amended to read in its entirety as follows: "4.5 Limitations on Allocations. (a) General Rule. Tn na event may a Par- ticipant receive an allocation for any year which, when combined with his allo- cation under any other defined contribu- _2_ BR~1/J-032090-31A ~! • ~ tion plan established by the Employer, exceeds the lesser of 25~k of his compen- sation for such year or $30,OOD, provided such figure shall change to conform with any adjustment for changes in the cost of living after the enactment of the Tax Equity and Fiscal Responsibility Act of 1982, as provided by law or regulation. For the purpose of applying the foregoing limitation, the limitation year shall be the Plan Year. If a short limitation year is created as a result of a change in the limitation year, the dollar limi- tation for such short limitation year shall be the dollar limitation set forth in this subsection multiplied by a frac- tion, the numerator of which is the num- ber of months in such short Limitation year and the denominator of which is twelve {12). (b) Allocations. For the purpose of applying the limitations of this section, the allocation to the Participant shall include the following amounts allocated to the account of a Participant for a Limitation year: (i) Employer contribu- tions, (ii) forfeitures, and (iii) non- deductible contributions made by the Par- ticipant, provided that for years begin- ning before 1987, only non--deductible contributions in excess of 6~ of his com- pensation for the year or one-half of the non--deductible contributions made by the Participant, whichever shall be less, shall be counted as an allocation. For the purpose of applying the limitations of this Section, compensation from and allocations received under any retirement plan maintained by any other employer which is a common member with the Employer of either a controlled group of bus fi- nesses or an affiliated service group, as prescribed by law or regulation, shall be counted. _3_ BR~f/J-032090-31A .. ~_ ~~ ~ (c) Excluded Amounts. Any amount not men- tianed in subparagraph (b) shall not be considered an allocation. The amounts oat considered as allocations include deductible Participant contributions, rollover contributions and transfers from other qualified plans allocated to the account of a Participant. (d) Treatment of Excess. In the event an allocation would otherwise exceed the limitations of this section, any non- deductible voluntary contribution by the Participant which is counted as part of such allocation shall be returned to such Participant to the extent necessary to reduce such allocation to a level in compliance with the limitations of this section. If after such return of contri- butions there still remains an excess, the excess over such limitations shall be held in a suspense account until such amount can be applied to reduce the next contribution of the Employer. If the Employer maintains more than one qualified defined contribution plan, the excess shall be considered to have first occurred in the plan to which the contri- bution of the Employer is discretionary, and if there is no such plan, the excess shall be treated as having occurred in all defined contribution plans on a pro rata basis based upon the Employer con- tribution to each of the plans. If this plan is terminated when there is an amount held in such a suspense account, the amount held in such account which cannot be allocated to Participants without exceeding the foregoing limits shall be returned to the Employer. (e) Compensation. For the purpose of this Section and Section 4.5, compensation shall mean compensation as defined in Section 2.5, provided that any taxable compensation excluded under such Section shall be included as compensation." -4-~ BRIE/J-032D54~-31A .. h- ARTICLE III Article V of the Plan (pages 11 and i2 and as amended by Article I of the Fourth Amendment to the Plan) is hereby amended by adding the following Section 5.4 to the end of such Article: "5.4 Segregated Account for Participants who Attain the Aqe of 50. when a Participant who has a X00% vested .interest in his Employer Contribution Account attains the age of 5Q, he shall have the option to direct the Trustee to establish a segregated account within the Trust Fund to which will be allocated the entire balance to his credit attributable to both employee and Employer contributions. Such option shall be exercised by a written election filed with the Trustee at least six months in advance of the date an which the segregation will take place. Once such an election has been filed, it shall be irrevocable and all future contributions to the Plan shall be made to such segregated account. Any segregated accaunt maintained for a Participant's interest shall be invested by the Trustee in any one or more of the investments authorized in the Trust Agreement, as the r~'rustee and the Administrator shall mutually determine with the consent of the Participant, Notwithstanding any other provi- sions of this Plan, the segregated account of a Participant shall alone participate in the income, gains or losses of the property so segregated and alone shall be liable upon con- tra~:ts made for its benefit or liabilities arising from the investment of such account. Any expenses resulting from the investments made far the benefit of such accaunt shall be borne solely by such Participant's account, unless otherwise determined by the Adminis- trator." _5~. BR11/J-032090-3]A ~- ,L • i .• _a ARTICLE IV Section e.s(b) of the Plan (page 2i and as amended by Article Iv of the Third Amendment to the Plan) is hereby amended to read in its entirety as follows: "{b) Qualified Domestic Relatians Order. Paragraph {a) 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 Rela- tions Order under Code Section 414{p). Distribution may be made pursuant to such an order at any time after the entry of such order. Distribution may be made pursuant to such an order at any time, even if the Participant is still an employee. The Administrator shall estab- lish 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 amendments to the Plan set forth in Articles X, III and IV above shall be effective as of January 1, 1989. The amendment to the Plan set forth in Article II above shall be effective as of January 1, 1987. ARTICLE VT Except as hereinabove amended in Articles I through V above, the Employer hereby readopts, reaffirms and redeclares each and every provision of the Plan. -s- BR~f/J-032090-3fA . '. w `• ~ r~ TN WITNESS WHEREOF, the Employer, at the direction at its Ci~y Council and with the consent of the Participants, has executed this Amendment as of the ~(~' day of ~° ~,~ , x.990. ~/ TOWN OF VATL BY - I ~~-_ ~. -7'- 8RN/J-032090-~3fA .. _ r ,., ~ ~ t~ ~ n m ~ .n o ~~~a a-a -~ . ~ ~. ~ ~ ~ ~ ~ ~,~y~~~~~ ~ ~ ~ ~ `~ ~ Q ~~oo°~g~~ ~ ~ ~ o ~ ~' m ~ o~~ao~ ~ ~ ~ ~ a~ ~ ~_7'NO~~~Q~ +i ~ m ~ ~ a O~a~n~~~~ Cx'7 . N g ~ a ~- ~ o ~~ B ~ x~ Q$ ~ N . 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KIFTH AtNENDMtrn t :- TO TOY4N OF VAIL V EMPLOYEES' PEN8H3hl PLAN' '•. -"~`-;! `THIS AMENDMENT1e made by Town ul Vi~{I {harelnafter referred !o as the "E ; fj. ~; ;' , WHEREAS, the Ernpbyar adapted the Town of Vall f~nployaes' Pension Plan (herelnaftar referred to es the "Plan') attedive January 1. 1983; end .. y4HEgEAS, the Plan"prv[rfdee at.8edlon 6:1 aeiolbwai ,. , r :. "The Emplbyer`'rnay, amehd, ~rttodlfy_gr' terminate the plan, ." and 'WHERtcA9,' Ihs "`Employer provtouaf~ ~. amended the Plan In certain teehnlral respects ,. and new desires to further amend the Pfan to make eosin addlfk>nal technical changes to the.:. Plan; r-. : :.. ;~. NOW, •THEREFQRE, the .Employer doeej hereby amend.. the Plan fn the ;following particulars' ~ ' . s ARTICLE 1'' t Article It of the Plan {pagan 2 through 4J k . hereby' amended by adding iha 1411owlnp' Sedlon 2.28 In the and of such Ankle; '2,28.'Compensatbn" means Ills beefs salary ' paid by the Empbyar la a Patticlpam frn eerviwe renderod to the Employer; axcruding bonuses, overtime pay, aevarence pay, shift dHlerentlab, lanpevlty pay, and ~, any other form of oompsnsalbn, Insurance premiums, pensions and retlromenl banarlts, and all contrlbutlana by the Employer to the within Panelan Plan, to any heakh, acckleni or welfare fund,ar plan, to any deferred compenaallon plan, to any other quaHffed retirement plan or atmplHied employee pension plan, a any similar bandk, any amount received as cash under'at proHl-sharing plaq sash option provision, and any other amoums whbh receive epadat lax beneifts; provided that compeneaton reductions pursuant to the Employer pick-up of employee coniributivm .pursuant to Coda Section 414(h) sha11 no_t he excluded as compenaatlort'.except for tiie purpose d appying the Ilmltationa on atbcatlons and benefhe under Code Sactlan 415. Further, compeneatbn shall not.lnclude any amounts reaHZad an the transfer of property rights from ,' the E:mployar. The annual conpeneallon of any , Peniclpant taken into account underthe farms Ot Iha Plan for any Plan' Year shall nor exceed '. 5208,000, ea adjusted for changes in Iha coat d INing as provided by law tx regulation.' ARTICLE II ' Section 4.5 of the plan (pages 7 through 10 and as amended by Article 11 d the Second Amendmerrt to the Plan} la hereby amanded.ty: read M hs entirety as follows: "4,ffi Llmlta[iona nn Allocalione. {a) Qenera{ Rule. in nd event 'Inay a Partlclpant receive an allacatlpn riot any year which, when combined with hta aibcation under,. any other daNned contribullon plan established" by the Employe~;'exceeds the lesser of 8596 d+ hla campensatlon for such year or 530.000,•'; prodlded ouch llguie shall change to conform' with any adjustment for chengea In the coat of living aNer the enaclmenYol the Tax Equity and' Flecal Raepnnsbllky Aot of 1982; ae provided by' law or regulation, For-rho purpose at,apprying, the loragotng Ilmitatbn, the Iimltation year shall` be the Plan Year. M a short Ilm1ta11on year Is created as a resuN d a change In the Ilmltatlon year, the dollar Ilrritatinn tar such ehon tlmkatlon yoar shall be the dolor Iknitatbn.set torch lh.lhla aubsacifon multiplied : by a'~ fraction. the numerator d whbh le the number d months In such ehon Hmhatbn year, and the. denomtnatar qf. which Is twelve (121, (by ANxatiana. For Iha purpose of applying the (lmllmlons d this sectbn, the atbcalbn In iha Parilcipant shell Incruda Iha tokowlnp amourds allocated to the account at a Participant rot a limkation year. {I) Empoyer contriburlons, {II-' fortalturas, and Qltf non-deduGbie oontrlbutlona made by the partlcipard, provided that la years beg{nning before 1987, Holy nan•dgductbla contr{buNane In excess of 89b' of his carpensatbn lathe year or 4ne•haH d the non-' dedudlbfa eontrwutbna made by rho Partkipam, whichever shall be lass, shall be counted es en ellocatlan. Far the purpose of applying Iha Ilmitatlona of Ihle Seclbn, companaatbn hom and altocattane recervad under any retlramant ~ plan malMalned by any other employer which is a Hammon member with the Employer of ekher a eonlroped group of buelnese9s nr an affiliated service group, ae prescribed ay raw ori! regulation, shale be counted. (c) Excluded Amovnte. Any amount net ', ~ ~ ~~ AfiTiCi.E VI rrtentlonad in aubparaBBraph (by shall not be . ooMld d 1k i Th ' Exoept ae itere[nafww amended In Ar th h V ere an a >cal nn. e amaunls not : roug strove, tits Empioyar hereby re eonaldered, ti alloaalbns Inoluda deduntlble reaBirme and rodeelaroa each .and e Partcipant oonlrlbutlona, railaver vonttlbutlone . provision M the Pfan. and transfers hom othsrqualHled plans sdlacated IN WITNE59 WWEREOF, fhe'Ernpl4yer, et tolheaccounlof aParpclpaht:"' . !"~ the direction of Its CNy CqundLand whh Iha (dJ Treatment of Excess. In the event an , consent ar lira Partlclpartte, has executed this allocallon would -otherwise' "Axceed the ° Amendment ae ~ of iha"' ~, day , ot'~ Ilmltatbns of this section, . any non•deductiWe ; tggp; ~ voluntary contrbutbn by the Pertblpaht which le ~ Tt]1NN QF VAH counted as part of such allooation shall be ' , ~ 13y; RondaN V. Phillips returned to such Participant to the extant ~ , Towp Manager ~ necessary Y4 reduce such altocatlon !o a level irr ~ ,Published In The Ygk TraN , camplbnae with the Ilmltatbns d ibis aectbn If , r"' °.on Juy 20,'7I9p0 y ~?:' .~,[ shat such return of coniritwtlons there still ~ ~~ <,~ remains an excess, the excess over ouch - "z~ Iimitallana shall be held In a suspense accourp until such amount can be applied to reduce the next c~rrtdbtAbn ar the ErrQbyer. H the Ett:(rbyer maintains more than one qualified deilned conrrlbullnn plan, }he excess shall be considered to have 11rst occurred In the plan to which the caardtrtlon of the Errplayer b dlacretionary, antl H there fa no ouch plan; the excess',-shah be t-bated as having accurrad tn: all 'defined cpntributlon plans an'a prd rata bade basetl upon iha fmplpyer contribudon to each of the plane. 11 this plan Is tsrminatad when there Is an amount held In such a suspense arxounl, the amount held In such account Which certnot 6a allocated to Paglcpenta without exceeding the f4repalnq limits shall be returned to the Employer, ~ ~ ~;, .. (eJ Compensetlon. For the purpaaa 4f this Section and 8ecllan 4.5; compensation shall mean compenaallan as tleflned In Section 2.5, provided That any taxable . cvmponaailon excluded under such Sedlan shall he. included ae trompensatlon.' ' ARTICLE Ili ~ Artcle V d Iha Plan Ipagae i t and 18 and as amended by Amble I d the Fourth Amendmem to the Plan} is hereby amended by adding the idlowlnp Sedbn 5.4 to the and of such Article; "6.4 8epregaled Account~ivr Parfidpanta. Wha Aaaln Ate Ape of ti0.,• , , Whari, a Partblpant who haa a~lo0% vested Interact in his Employer Canlribution Account ahaina Iha aged ~, ha shall have Ihs option to direct the Trustee to establish a segregated account within the Trust Fund 14 which wia be allocaied the entire balance Yo hla "credit aitrbutabia to bath employee and Empoyer wntrbulbn6. Such ept{on eha11 r~, exercised by a written eleCilan tiled wkh the Trustee at least six months In advance d the date on which the sepregatfon will take place, Once such an eledlon has baen,IHed, h shall Ire Irrevocable and a0 future opntrlbutlona to the' Plan shall be made to euch',aegregated account. Any segregated accaunti malntalned fur a PartblpanYS interest eFialt be invaeted 6y the Trustee fn any one ar more d iha Investments authorized in Iha Trust Agreement, as the Trustee and the AdmlNstrator shall mutually. determine wlih the consent of the Partfclpant, Notwhhatandinp any other pravlebns of this Plan, the sopreeppated acnount`tif a Participant shall alone participate In the income, palm or losses d the property eo segregated and atone shall be liable upon contracts made for ks benef k or HabHNieb arising Irorri the Investrnonl of such account. Any expenees resuhing Irom Ihs Irneatrnente made for the benelk d such account shall be horns solely by such Partkipanr'a account, unlsu otherwia• detrrmined by the Adminbtrator' ARTICLE IV' . Becton B.8{bJ d the Plan (papa 21 and as d t t i d A men men o r a .: 1 by Anlds IV of the Th the Plan} Is hereby amended to read In lea entirety as follows: ~ ., ~ , "(b) Ouallfiod Ovnlesllo Relaticne Order,` paragraph (a) of this 9 edlan shall not apply to the creatbn, aeslpnme t or rooognNlon of a right' to any benefk paya~ l9 with respect to a parllclpant pursuant t o a Oualitied Domoetlc Relations Order undej Cade 8ectlon 414{p}, Distrlbullon may 6a made pursuant to such an order al any tiros after; the entry of such ardec! Distribution may be made pursuant to such en order at any Ilene, even H iha partic~ant fe StIH en' employee. The Adminietralar aha11 establish. such reasonable procedures as are necessary 14 determine the qualPhed status of domestic relations orders end to administer dlstributiona under such quaikied orlon' ARTICLE V The amendments to the Plan set forth In Aitidea 1;111 and IY abhors+hidl 6e eMtaothra as af' January 1, 1089. The turwndmeM to ihs Plan set lotlh In Article it trbow shelf foe sftectke w of ' January 1. 10a7, _ ; .~ 3. C7 _ ~h^~~ ~ ~ ~ ~ ~ r~~~~pao~N ~ ~ ~' :~ ~. gym' `~'' ° ~• N ~ 3 ~ ~' ~ ~ ~ ^-'"'"' ~: ~ ~ ..« ~ ~i' ©7 Q yr~~ t'3 m ~ ~~ ~ .~? ~ ~ ~ ~~ ~ ~ ~ ~~~~~ o~ $ ~y, ~N Yyt Cad Q .~.y ~ ~yv~~' ~ ~~~JO~~ ~ ~O W1 ~ ~ ~ `~ $ ~ o ova ~ ~,, `a 4 ~- ~ ~. ~ ~ ~»+ s~ _ . ,~; ..~~ ~ 'y ~..{.'~: -:off ~~~~_ ~~ ,+tL: .;~ .~~ ,. ~ ~.~ ~. "A a ;., :} ma ~r ~mZ C r i- . r ht ^~'!' n~c ~~" mgt m~ ~~~+ .. a ~ta~~ ~ ~ ~.s ~~ > -vV .. ~'.~ '~ , ffi {~ ; s