The URL can be used to link to this page

Home My WebLink About1990-29 Amending the Town's Police and Fire Pension Plan Document Subject to Approval by 65% of the Town's Police and Firemen~ • • ORDINANCE N0. 29 Series of 1.990 AN ORDINANCE AMENDING THE TOWN'S POLICE AND FIRE PENSION PLAN DOCUMENT SUBJECT TO APPROVAL BY SI7(TY- FIVE PERCENT (65%) OF "l~I~IE TOWN'S POLICE AND FIREMEN; AND SETTING FORTH DETAILS IN REGARD THERETO.. WHEREAS, the Town of Vail has adopted a Police and Firemen's Pension Plan, the effective date of which was January 1, 1983 and has adopted a first, second, third, fourth, and fifth amendment to said plan, the effective dates of which were September 20, 1983, flay 2, 1984, December 4, 1984, June 17, 1986, and August 17, 1988, 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 sixth 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 VATL, COLORADO: 1. The sixth amendment to the Police and Fire Employees' Pension Plan document which is attached hereto and incorporated herein by reference is i~ereby 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. 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 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 nr 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 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hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed e' s • and reenacted.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 AND APPROVED ON FIRST READING this 17r_h day of ~ditly , 1990, and a public hearing shall be held on this Ordinance on the 17th day of .~u1v 1990, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Ordered published in fu11 this 17th day of Jul.v 1990. Kent R: Rose, Mayor ATTEST: ~ ~! . ~~ ~~ Pamela A. Brandmeyer,~ Cler~C INTRODUCED, READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED by title c~n.Ly this 7th day of August 1990. Kent R. Rose, Mayor ATTEST: Pamela A. Brandmeyer, Town Cler~C -2- SIXTH AMENDMENT TO TOWN OF VATL POLICE AND FIRE EMPLOY'EES' PENSION PLAN THIS AMENDMENT is made by Tawn of Vail {hereinafter referred to as the "Employer"). WHEREAS, the Employer adopted the Tawn of Vail Police and Fire Employees' Pension Plan (hereinafter referred to as the 'Plan") effective January 1, 1983; and WHEREAS, the Plan provides at Section B.I. as follows: "The Employer may amend, modify or terminate the Plan upon approval of such amendment, modifica- tion or termination by 65~ of the active Partici-- pants..."; and WHEREAS, the Employer previously amended the Plan in certain technical respects and now desires to further amend the Plan to make an additional technical change to the Plan; NOW, THEREFORE, the Employer does hereby amend the Plan in the following particulars: ARTICLE T Article TT of the Plan (pages 2 through 5) is hereby amended by adding the following Section 2.27 to the end of such Article: BR~f/J-037D90-31A ! ~i i "2.27 "Compensation" means the basic salary paid by the Employer to a Participant far services rendered to the Employer, excluding bonuses, overtime pay, severance pay, shift differen- tials, longevity pay, and any other form 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, to 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- shar,~ing 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 Code Section ~14(h) sha11 not be excluded as compensation except for the purpose of applying the limitations on allocations and benefits under Code Section 4].5, Further, compensation shall not include any amounts realized on the transfer of pro- perty rights from the Employer. The annual 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 II Section 4.5 of the Plan (pages 9 through 12 and as amended by Article II of the Third Amendment to the Plan} is hereby amended to read in its entirety as follows: "4.5 Limitations on Allocations. (a) General Rule. In no event may a Par- ticipant receive an allocation for any year which, when combined with his a11o- cation under any other defined contribu- _2_ eR~ri~_o~oso-arn ~i ~ tion plan established by the Employer, exceeds the lesser of 25~ of his compen- sation for such year or $30,000, 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. Zf 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 Exac- 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~s of his com- pensation for the year or one--half of the non-deductible contributions made by the Participant, whichever sha11 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 busi- 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- tioned in subparagraph (b) shall not be considered an allocation. The amounts not 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 aver 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 c~n- tribution to each of the plans. Tf 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." _q_ BRN/I-03209O.31A '~.~ ~ ,:~ ARTICLE III Article v of the Plan (pages 13 and 14 and as amended by Article I of the Fifth 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 100 vested interest in his Employer Contribution Account attains the age of 50, 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 data on 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 account 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 Trustee and the Administrator sha11. mutually determine with the consent of the Participant. Notwithstanding any ether 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 sha11 be liable upon con- tracts made for its benefit or liabilities arising from the investment of such account. Any expenses resulting from the investments made for the benefit of such account shall be borne solely by such Participant's account, unless otherwise determined by the Adminis- trator." -5- BR~f/J-832090-31A ~~ ~~ ~ i ARTICLE IV Section 8.8~b) of the Plan (page 26 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 Relations Order. Paragraph, (a) of this Section sha11 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 Cade Section ~14(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 I, III and IV above shah. be effective as of January ]., 1989. The amendment to the Plan set forth in Article II above shall be effective as of January 1, 1987. ARTICLE VS Except as hereinabove amended in Articles I through V above, the Employer hereby readopts, reaffirms and redeclares each and every provision of the Plan. -6-- 8RU/J-0320910-31A . . ~w' ~.~ ~ ~ ... TN WITNESS WHEREOF, the Employer, at the direction of its City Council and with the consent of sixty-five percent (6S~) of the active Participants, has executed this Amendment a5 of the `~~/'day of ~~w~' 1990. 4 TOWN OF VATL By ~~ _7~. 8R~!/J-032090-31A ~~ i i • ~ ~ ~ ~ ~ ~ ~ m ~ ~Q~~=~~~~~ _ n ~ v' ~ a. Q ~ ~ o ~oo~~~°Qrtm p ~. ~ ~ ~O~,=(Qpri[ytD~~~Q ~, ~ m 30. ~ O ~ Q Q _ rti ~ ~ °a m' m o mom~;ooHQ' o, 4 c7 ~~ Q. p y ~ ~ (gip ~~Q-"'~%5~~~ ~ ~ O c~ ~ ~ ~ ~~~-~~~~ ~ p ~ ~ o ~()~c$cD~~ Z ' ~l ~ ~ ~_ a ~- o ~~Bo~,N~~~ ~ ~ ~ ~ ~ ~ n. ~ ~ ~-~ as r„ ,~ F g QQa~a y~ ° ~ ~ ~ -~ ~ ~ Q~~~o~~~~ ~ n ~ ~ ~- ~ ~ °~~$~~Q~~ ~ ~ ~ ~ ° ~ ~ ~~ ~~ ~~~n~ r- _ ~ ~ ~ ~ ~ ~~o~~~$03 ~ Z m ~ -* x• rDi ~• ~ ~ m j 3.C -« ~ ~ ~ v. to ~ .L A ~' y ~ ~ ~p ~~~ ~~-~ C7 a ~ ~ d ~ p~Q0~~~0~ ~ O O ~ ~ ~ m C ~~~Nm~~Q~ ~ -~~A m m zT ° ~? ~n~wo~~<~vm ~ ~G A m,0. am ~O ~m ~~'3 ~ aw ~+f~ °°~~~ 1~n. m Q cn'ar~+'fn-~'i~°~~gapm~a'~~'."`^a_2t^g'`~m.~~ r~n~-"~°i~n~n g~'„ m~'- x~ $ ~~m5 v mn d~f~~ nc~.3~ _.. nro m tins en c m vm ag ~ z:v~8- xa d 'Km<. ~ Cs mN mm~~ =y33~gm&m..}+~mx~•v „c~ ~'~ ° c7oy.aro _ w m m m m• o ~-~ rs'm m x Q ~~., t q.~wmo' a'i~9' $v'i~~<°.~c~m~~~g -~i3~~m n~~ m ~~ ~ m m ~O 3~zt'i G`"'~~~$ ~r ~rA m~Clw .mp ~ o... ~'m"Sl'S ~'mm~~ -i'f ~•aQ° m~p~CS~ ~3 .a Q g2 S 2 f'~A~ '~`e'~v °~m' ~_A •i ~~3'x Z5 ~~' ~a`C ~ $ m `cam ~ $~~_a ~ m$- ~ ~ ° Sp(7~CnZ n~$oo ~ w2 9, a~ ~ ~ C m m ~ om m ~-- ~2 $ °'~ i m 4 n ~ ax mw~z<w ~ tF ~itrb amg.G m ~ 37 ~m~~- ~~m ~mym'"m0 A'm pm~< g~Qi sm a{$ ~' ° ~O a8+2°m aP a~wO~~ am~'~ m, m w R~~A m a c~~L~m ~ .yr p. G~i m w3° wsa ~ ~ ~•..~y .cA .~gA a ~~~ mzz~Z mW o°: ~ m~ a.•~~'~" o~~mms Om ~;°•'~ Crn tnom»-~~~~~v-tiA- C .-, ~m? "AZ p~i~,~ ~o ~ ~~~ ~ g ,~m&c m n g-mm m~ m ~m m $s.¢a'~" ,a$ m- mTm zz ~~, ., a-.$~~a ~'~~~mW ~~~m ~a'~ m~ m~ °m'3 Pi ~.~~oo Sam°m~ oT W~gm~io~Z'~m am~~'~~~m a~ ~~+ ~ m ~R ~ ~ ~ ~ ~ ocm~ ~ m3 O gp~~ gym. ~ m$ m~m~ ~~~ ~~~` O r4a`~i ~w ~~ ~'°~ 3 m ~p 3 ~? m ~$a m am a ~.~ s '~ o`,c~, ~. .° ~°' -•10~ ~~7m - mR3 $~`~D ~ $m ~. ~i~m $»•c Ewa 4.~'~m o m m' _ ~ O_ mom. ~ ~mroo m mTA $,~Z m~ m ~ '•[ ~~p a ~ ~i mm~ c~~~'. ~i ° c ~- ~ .rte ~5'm~a~~~~mro~-°c~3~~~~-~i~~~ n - ~t~~» m n~~ ~~ •s c o'm~ m b~ m c~~ m~ C' m mAOf m.. ~1 ~.S .s ro q~"7'" $ mac ~ ~ m.ae~»~y nSm m o~t3 ~'a m-1 ° ~~~a on ~ :~wma 3 o?~O~v"'~fi~ O m-G ~gi _~'_ a ~ ' O~O~ w.~ a~ °Qpg, ~ ~nm ,~ ~ .a~C m-O •: ~ ~Q ~ m m$o c 4, ~ ~i~ ^^~~CL m?OT~g~~~ o .~~cm o~ S.m n~~mm ~+ ~-' ~bZp ~.' ~, - .~. ~.. ~ O ~ r3 ~ ~'~ ~ ~ Q ro ~ n Z o ~ m •s o ~ ,tr 2 = m ~ ,~i ~ ~. ~ ~ ~ (D -~ -.'..~y"~~ T Fi'~ T~ +Q~~ti - ao~ R~~~~~ ~~~ ~'a>>~~a-•~ ~«mm s o-A m ~~~ ~~ ?~m~zm~O Z~ - ire ~w Aim '~~3 m~`oz° m~$~=a g~~~~~~~~~ ~m~, ~om~5m$"-'°3 °,~~s.~8 "m `aw .~~m'~- b^'~m~~wn T.-iez-mi A rc$ '<m'<.r~~ 2~~ gw~$8Q?°~g s~'~'~~ ,ao ~.. ~ o~ ~ ~~n~~ oo~v~ ~~ ~ $s sz m w ~~-czAy _i 81XTH AMENDMt:Fai :, ::+..; ~>~.::. TO Tt]WN OF VAN. ' 'POLICE AND FIRE EMpLOYE~S' PENSION PLAN THIS AMENDMENT la }node by Town d Vall (herelnaftar referied to as the "Err~xayer")r• ;,-::' . 1MiEREAS, the 6mpbyar adapted the Tawn ., 01 Vall Pollee and Flre Emplo)reas' Panabh Plert (herelnalter referred to as the `Plan"),effect{ve January 1,1983; and "` ; ~ ~' WHEREAS, the plan provldas at 9sdlon, 8.1 as folbwa ~ ;', '' "The Employer. may ;amandt modlly ~ br,. tt;iminete the `Plan upnri ~approVaf ot''ttuch, amendment; rrxxlNfcation,tN tarmlgalbpbyy~fi96 at the spivs Parllclparlig.. ";and ','c~:',, :." :.': ~. ,' :: WHEp~AS;' the ` Employei''° previously amended: the Planimcertaln technlcal;raspecte and now dealres !o f utlher amend the, Plan to make en addNbnat tenhnlcal change to th9 Plan; NOW, THEREFORE;} the ~I;mployei does `hereby amend the. Plan In the lallowing ARTICLE I ` ' Article II df the Plan (pages 2lhrough' h} le hereby amended by' adding the Igllowlnp.. Sedlon 2.27 to the end of such Article; ;.'!=~', ~ > ~. " 2.27'Compensarbn" means the baelc salary: paid by the Empbyer to a participant for asrvlce8' rendered to the Employer, exctuding bonuses; overtime pay, severance pay, ahlft dlHeranllala, longovlty pay, and any other ,'form '01 compenaatlon, Insurance premiums, pens[one, and retirement benefka, and all oontrlbullgna by Ehe Empbyer to the wilhln Pension Pian, av any: • heAith, accldant ar'avettere fund or plan,"iv any deferred campaneatlnn :plan, fo any other: quaurled retlremern plan or aimponed emproyee pensbn plan, ar any eimllar benept, any amwunt }seafood as 6aeh under`a prpltt•eharing plan' ~' cash option provisbn, and any other amouns whbh recelva special lax benelhs, Provided that compensatlon,reductlans pursuant to the Employer pick-up of employee contributions , pursuant to Coda SeMbn 414{h) shall nal be excluded as companaatlon except for'tha' purpose of appying the Ilrnhatlons on albcaHone and baneflts under Code Section 445, Further„ ` oompensetlon shal!'no1 include~~ariy amounts, realized on the transfer o} property }!phis from the Employei. 7ite annual compeneaticn of any PartbpsM taken into account under the terms of .~' the Plan Tor any Plan Yaar shall net exceed 3200,000, es adjusted for changae In the frost of INing ss prot!Ided by law or regulatiaft," 'a,' : ARTM~.E II Sedba 4.6 0! the Plan (pages 9 through 12 and as amended by Article II of iho Third Amendment 1o the Plan) b hereby errtended to ,: read b Ns entirety as follows: ' 4.6 Llmtlfatlona nn Alldcatlons. `''';'c ' ~" ' {a} donors! Ruts. In no avant may a: Partlclpanl recatva an allacatbn for any year} wh[ch, when cnmbinad wish his albcatlan under any dher dsllned conlribtrElon plan establlahed by the Employer, exceeds iho lesser of 2696 of his compeneattnn for such yea- or'S3o,oo0, "prgvidsd such Ilgure shall change to conform" with any ad ustment for Changes In the cos! of living after t a anadment d the Tax Equhy and . Flscat pesponabllNy Act of 1082, as prevklad by law ar regulation. Far. the purpose of applying Ihs foregoing ttmhatbn, the Amitatbn year shalt 6a the Pian Year, N s shoe Ilmltatbn year h created es a reautt of a change In the Nmttatlon . year, the dollar Ilmitatbn for such short IimNallon year shall be the dollar' ihnitatbn set forth in this subsaetlon mulliplled by a fraction, 'the numerator of whbh Is the number of months In such chart Nmltatbn year and the denominator d which b twelve (12}. (b) Albcatbns. Far the purpose a[ applying ,, the Ilmttallons of into seethe, the allocatbn m the ' Participant sirs!! Include the following amounts' ~. allocated to the accaunt,of a Participant Mr a.'. limttatlon year. p) Employer contrlbutbna, {iq .i fatlelturea, and {ifg nnn•deduable conldbutbns' made by the Partlcpant, provided that for years' beg{nn[ng before 1807, only nun-deductl4la . contribWlonti ~ In ~ excede of e% of his'. canpensarbn tai the year or ona•haN d the Herr.:] deduttlble contdbutbns made by the Pazlldpanl,,~~ whichever shall be less, shall be couniad.as an ' atlacatinn. For tiro purpose of applying ihe° Ilmltattvns of this Sactlon, oompensaflon item: and allocations receNed under any retlramant pion malmak+ed by any other pmptoyar which h- a oonxrton .. 'with iho Employer of ekhar a .' oontrdlsd grorp of buelnesses.vr en alfiUatad. servbs group, as 'prasorbad bye-few .or' recu4tbn, shah ba_ counted. - ~[c} Excfudad Amounts, • Any amoun+ no+.~ ' ARTICLE V - , memionod In subparagraph [b) shall 'nol' ba I' The amendments'ro the Plan .as1 lonh In considered an allvoalion., The amounts nal , Anldae I, III and IV above shall be eflecllve ae of nansldarad as allat>auiona •Includs deductible January 1, i08g. The arl+eridmonl to itie'Pian sot Panlclpam contrlbutbns, rollover conlrlbullons lcrth to Article II above shall be altecllve as of and transfers }rom other qualNled plena allocated January 1, 1087," to the account ni a Partbipant. [dy 7reatrti+ent a6Exceas, In the'svent~an ARTICLEVk ailonallan would otherwlae exceed the Except as haralnabove amended In Artldes I , Ilmltetionn oT; this section, any non-deductible I through V etwva the Ernptoysr hereby readopta,'y voluhtary canlrbutbn by the partblpant wh[ch la i reaffirms and; redecitites ,each .and ,every coumed as parr o1 such allocallam shall ba ', Provlelon of fife Plan. '" ' ' returned to such Partlelpent to the. extent ~ IN WITNES:i WHEREOF, the Employer al. necessary to jeduce such allocatbn tp a taus! in ~ the dlrectlon of Br< t;lty Council and with the compliance with the limltatbna of this sadbn. If consent of sixtyIlve percent (05%) M the acth/a attar such }Store of conlribulione there sill! ~ Panldpanro, ha6 exaaulAd Ih(e Amendment as of remains an ;excess, the excess oust such the _ day of ~ ~ 1890. " ' Ilmttationa sh}III be held to a suspense account i TOWN OFVAIL unrll such amount can be applbd to reduce the i ` gY: Rvndall V. PhlNlps nail canhlbullon al the Empbyer,'H the Empoyer ~ Town Manager mainlalns more than one qualified; dsllned , • r' Eontrlbulbn plan, the eitcaae shall be considered a' PubNahad In Tha Yaq Traq 'J to have 11re1 occurred In the plan to which Ehe [ ~~ :' ~~ Juy,z0,lggq,ry :, eornrbution o{ the Empbyer M dlscretlonery, and ~ ,:, r'' ~~' ' ~~ `'?"~' c If !hare is n¢ such plan, the exne66 shall ba ueated as jraving occurred In all,; defined conirbution' plans on a pro rata bawls.based upon the E~pbyer coniributlon to each of the _ plans. N this plan la termineted when there le an . amount held~in such a suspense account, the amount held IIke such account which' c~r+not be alExatod to Aartie~aMS wi+houl exca~lirtg the foregoing li~nlta.,ehpll ba returned'~io'tfia Employer. ' °~1 ~; . , (e) CompeneaHon. For iho purpd A. of this Section and Sactbn 4.8, compansat(dn sha11, mean corrpansatbn as dsllned in 9eCrbn 2.5,'. provided, that :any taxable eamppnsation . axcludsd:under such Spedon shad by Nuded ' 8e,i~rrQenelyl9rl• .,_.,. +yd t - `,`~v.~r~~-3:3~-. ~ ARTICLIN III 'a ' Artbla V of the Plan (papas 43 artd~l4 and'ae amended by-Artida I of tlw FNIh A : nt to ' the Plan) is hereby amended by ,ridding the Iolbwing Sadbn 5.4 to the and v1 such Adicb: "6.4 Segregated Aocqunt ior,Padiclpants' Who Attain the Age n! 60. • "' ' When a Participant who has a 10t19a vested Interest in his Employer Conlrlbullan;Accaum attains the age oT 60, he shop havethsoptlpn to ' direct the Truatea to aslablish a segregated account wlthln the TrusFFund to which°wlll be alloaated the entire balance to #lld `credl[ attributable ta~both.employea and'Eirpioyer coMrbutigns. Such optton shall be`exQrclsed by a written alailion (fled whh the Trustae'at least six months In advance d iho date an which the segregation will take place. Orics''dunh an etectlon has bean toed, h shall bs Irjevocebla and efl fulufe contrbutiona to the Plan shall be made to such seg`regated' aaco4ilt. Any aegregalad account malntelnad':"tor 'a Partlclpant'6 Interest shall tie Invested by the "Truatea in any nee or more of Ihs Invsetm+ents aulhorized : In the Trust Agreement; as the Trustee and the Adminletrator shall' mutually determine yvhh the pnnaant of ihs ParElclpant. Nolwithatanding any alhei provislans'of thle Plan, the t+egregadad accdum of a participant shall alone; partlolpate in the incor+irt,'gaina or tosses of tits x,_,._.17 an sagregared3and alone shall be liable upon contrails made'for Na benefit nr NabNltles ariaing trorrf Ihs lnyestment vt such account. Any expgitpes resuking'•''(iom rho Irwwtments rtrade tortYle benelN of such Account shall be barnb eWply by, such partiblpant's . aonvunt, unless otflplwisa datarminrtid .by the • ARTICLE tV ' '~~,': y Saetlon B.B(b) o} the Plan (peg@`Z8'and as amonded by Anida IV:of the Third Ar}~idrnsnt to the Plant Is hereby amended t0,'ra6id In Its entirety ea follows: ` ~`•~i~,`: "(b) Qua111led Domsstla RelaNgna'"Order. Paragraph (a) 01 lhle Sectlun.shail. nat:appSy to the croatbn, asalgnment or recognittori;pf aright to any 6eneflt.payable with'i9epgct to a ~Partlclpanb pursuant to a' Oualljle~d.:,l~emestlc Ralatlona Order under Code 8ectfon' 414[p). Dlatrlbullnn tray be made pursuant:lo such an ardor al any tlma attar iho sorry of sbch abler. Dlstrlbutlon may be mods pursuant I such an' order at any time, even t! the Particpattt}s affil an' employee. Tho Adminletrator shall',lssteblieh such reaeonabfe procsduree es ors. riegeesary ta' " datetmine the quelllled status nl.''Ilamestlc relations orders and to admttnlstar. _dlpnrlbutians under such.qualNlsd orders' ,,.,,;!~., ., ~' ~~ i • n ~ W s o~~m~~~~ ~ c ~ m -..~o~a cQ` O Q ~ a ~ ~ ~ ~Q~°-~agQ= ~ o 0 ~ ~ ~ a ~ ~_ ~~ ~~~Q~~ ~ ~ a c ° mn~c~ nci~ ~ .....~ ~ ~ ~ a ~ o o`~~Q~~~Q~ ~ ~ o ~ o ~ ~ m o~~yro~~ay ~ ,o p ~o p Q ~ m -•-p _ ~ R is f ~ ~ ~ il. N ~ a ~. ~ ~ = D ~ ~ ~p ~ ~ ~ Q~~~~~13~~' z ~ ~ Q ~ ~ ~~~ ~«c ~_~ ~~~o°~r- n ~ ~ ~ ~ ~~~~~~~m~ -. ~~ ~ -~ ~' ~ ~ ~ ~ ~~~o~°~~~ ~~ ~ ' ~ a ~ a ~ ~ ~~~a~~~y ~ oQ,-c c~ ~ ~ ~ ~~~~~.~~'~ ~ Q ~ ~ ~ ~ ~ ~~~oo~ ~~ ~ ~ ~ ~ ~~ ~ x ~a n~ ~ a ~ Q, O. ~. 0 Q N~<~0.~ 7 Q0~ ~ ,~ -.~ ~o y ~ „c ~ n a ~a yr o v . On ` iznO~ Oe~~ i ~ ~7 ~a -~yti-~.~'~~I" +aOS 0:.~~i~y kiwi W r~ Z U ~ti