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1996- 1"'~. ~ OR©fNANCI~ NO. 9 t SERfES OF 9996 FIRST AMENDMENT TO THE TOWN OF VAIL POLICE AND FIRE EMPLOYEES' PENSION Pf_AN WHEREAS, the Town of Vail adopted, effective January 1, 1983, a qualified money purchase pension plan known as the Town of Vail Police and Fire Employees' Pension Plan (the "Plan"}, for the purpose of providing retirement benefits far its police and fire employees; and WHEREAS, the Town of Vail has amended from time to time the Plan, and restated the Plan to incorporate all prior amendments and other changes required by !aw effective January 1, 1994; and WHEREAS, the Town of Vail desires to further amend the Plan to clarify certain administrative issues that arose in the request for determination from the lnterna! Revenue Service. NDW, THEREFORE, BE iT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, CDL.ORADO THAT: 1} In consideration of the premises, the Plan is hereby amended as follows: Sec#ian 4.1, Contributions by the Employer for Full-Time Regular Employees, the last two (2} sentences shall be deleted. 4.1 -- Contributions by the Emolaver for Full-Time Regular Employees. The Employer shall contribute and pay into the Trust Fund fo ~ each pay period to the credit of the Employer Contributions Account of each Participant who is a Full- Time Regular Employee an amount equal to 11.15% of such Participant's compensation for such pay period during the first year of employment and 16.95% of such Participant's compensation thereafter. Notwithstanding the foregoing, the rate of contribution of any such employee whose date of employment with the Employer was prior to June 1, 1986 wild remain at 17.6%. The I mployer shall make payment of its contribution for eacf~ pay period inane sum ass on as practical after the end of such pay period. Such contribution shall be made in cash. 2) If any part, section, subsection, sentence, clause or phrase of this ordinance is far any reason held #o 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 tha# any one or mare parts, sections, subsections, sentences, clauses or phrases be declared invalid. 1 Ordinance lJo. 1, Series of 1996 . . ^ ,~ ~~ . ' - The Town Council hereby finds, determines, and declares that this ordinance is t necessary and proper for the health, safety, and welfare of the Town of Vail and the inhabitants thereof. 4) The repeal or the repeat and reenactment of any provision of the Municipal Code of the Town ofi 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 repeated or repealed and reenacted. The repeal of any provision hereby shah not revive any provision or any ordinance prevbusfy 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 thereofi, theretofore repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE 1N FULL ON FIRST READING this 2nd day of January, 1996, and a public hearing shall be held on this Ordinance on the 16#h day of January, 1996, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. ATTEST: p~~~~ Holly McCutcheon, Town Cierk Rob rt VII. Armour, Mayor READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED in full this 16th day of January, 1996. 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