HomeMy WebLinkAbout1999-26 Third Amendment to the Town of Vail Employees' Pension PlanORDII~NCE N0.26
SERIES OF 1999
THIRD AMENDMENT TO THE
TOWN OF VAIL EMPLOYEES' PENSION PLAN
Wl-IEREAS, the Town of Vail adopted, effective September 20, 1983, a qualified money
purchase pension plan known as the Town of Vail Employees' Pension Plan (the "Plan"), for the
purpose of providing retirement benefits for certain of its employees; and
WHEREAS, the Town of Vail restated the Plan effective January 1, 1994; and
WHEREAS, the Town of Vail adopted the First Amendment to the Plan effective
March 19, 1996; and
WHEREAS, the Town of Vail adopted the Second Amendment to the Plan effective
January 1, 1997; and
WHEREAS, the Town of Vail deems it advisable to further amend the Plan to provide for
daily valuation of participant accounts invested in options appropriate far daily valuation; and
WHEREAS, the Town of Vail deems it advisable to further amend the Plan to comply
with various provisions of Federal law;
NOW THEREFORE, the Plan is hereby amended, effective January 1, 1999, as follows
{1) Section 4.5 Limitations on Allocations {e) Compensation shall be amended as follows:
(e) Compensation. For the purposes of this Section 4.5, compensation shall mean
compensation as defined in Section 2.6., provided that any taxable compensation
excluded under such Section shall be included as compensation, and provided that
compensation shall include elective contributions. "Elective contributions" are
amounts excludible from an Employee's gross income under a Code Section 125
cafeteria plan, and amounts contributed by the Employer, at the Employee's
election, to a Code Section 457 Plan arrangement, a Code Section 403(b)
arrangement, or a Code Section 125 cafeteria plan.
Section 4.6 Limitation on Benefits and Contributions When an Employee Participates in
Bath a Defined Benefit and a Defined Contribution Plan of the Emblover shall be
deleted.
Section 5.2 Allocation of Eamin~s. Losses and Chances in Fair Market Value of the Net
Assets of the Trust Fund (a) shall be revised as follows:
(a) General Rule. Earnings and losses of the Trust Fund and changes in the fair
market value of the net assets of the Trust Fund shall be allocated to the
Participants as of each regular valuation date and at such other dates as
determined by the Retirement Board in the ratio which the total dollar value of the
interest of each such participant in the Trust Fund bears to the aggregate dollar
value of all of such interests of all such participants as of the last previous regular
valuation date.
A new Section 5.2 Allocation of Earnings. Losses and Chances in Fair Marfcet Value of
the Net Assets of the Trust Fund {c) shall be added as follows:
{c) Special Rule When Invested in Daily Valuation Accounts. Notwithstanding
anything in the Plan to the contrary, if a Participant directs investment of his
funds pursuant io Section 5.5, and the Participant directs the investment of the
funds into funds which are suitable for daily valuation and represented anal
approved by the Retirement Board as being valued daily, then daily valuation
shall apply. If daily valuation applies, on each business day of the Plan Year, a
daily determination of unrealized and realized gains and losses, interest, dividends
and capital gain distributions will be calculated and allocated based on the actual
activity in each Participant's account rather than the method described in Section
Ordinance No. 26, Series of 1999
S.2{a}. Actlvtty includes, but 2s not limited to, allocation of contributions,
forfeitures and distributions. A participant's transfers from other qualified plans
and voluntary contributions in the general Trust Fund shall share in any earnings
and losses {net appreciation or net depreciation) ofthe Trust Fund in the same
manner provided in this Section 5.2{c) if the transfers or voluntary contributions
are invested as required by this Section S.2(c).
Section S.4 Valuation of Accounts {a) ReQUlar Valuation shall be revised as follows:
{a) Regular Valuation. The regular valuation dates of the Trust Fund shall be the
last day of each calendar quarter (March 31, June 30, September 30 and
December 31) at which time the Retirement Board shall determine the value of
the net assets of the Trust Fund, i.e., the value of all of the assets of the Trust
Fund at fair market thereof, less all liabilities, both as known to the Trustee, and
the value of contributions by the Employer for such year. In the event that
distribution is made to a Participant, the valuation of such Participant's account
shall occur as of the end of the quarter prior to such distribution. Notwithstanding
the foregoing, if the Participant's account or a portion of the Participant's account
is invested in accordance with Section 5.2{c), then the valuation of such
Participant's account or portion of the Participant's account shall occur as of the
date of the distribution. For a Participant's account that is not invested in
accordance with Section 5.2(c) or for the remainder of a Participant's account that
is not invested in accordance with Section 5.2{c), in no event shall valuation take
place prior to the end of the quarter in which distribution is requested by the
Participant.
The following paragraph shall be added to Section 5.7 Leaves of Absence: Military
Service:
Notwithstanding any provision of this Plan to the contrary, contributions, benefits
and service credit with respect to qualified military service will be provided in
accordance with Code Section 414(u).
Section 7.3 Time of Distribution (c) Distribution Upon Other Termination of
Emplovment and (e) Participant Consent and Deferral Election shall be revised to replace
"3,500" and "Three Thousand, Five Hundred Dollars ($3,500)" with "the cash-out limit in
effect under Code § 411 {a){ 11)(A)."
Section 9.1 Transfers Between Qualified Plans (3) Definitions (a) Eligible Rollover
Distribution shall be revised as follows:
{a} Eliuible Rollover Distribution. An eligible rollover distribution is any
distribution of all or any portion of the balance of a qualif ed trust to the credit of
the distributee, except that an eligible rollover distributiaa does not include: any
distribution that is one of a series of substantially equal period payments {not less
frequently than annually) made for the life (or life expectancy) of the distributee
ar the joint lives {or joint life expectancies) of the distributee and the distributee's
designated beneficiary, or for a specified period of ten years or more; any
distribution to the extent such distribution is xequired undex section 401 {a){9} of
the Code; the portion of any distribution that is not includible in gross income
(determined without regard to the exclusion for net unrealized appreciation with
respect to employer securities); and any hardship distribution described in Code
Section 401(k){2){B)(i)(1V).
(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 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 ar rnore parts, sections, subsections, sentences, clauses
or phrases be declared invalid.
BRH1520R413 f 2449.01
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(3) The Town Council hereby f nds, 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.
(~l) The repeal aFthe 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 ar proceedings as commenced under or by
virtue of the provision repealed or repealed and reenacted. The repeal of any revision
hereby shall not revive any provision ar any ordinance previously repealed or superseded
unless expressly stated herein.
(5) All bylaws, orders, resolutions, and ordinances, ar 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, theretofore repealed.
INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL
ON FIRST READING this 5`~' day of October, 1999, and a public hearing shall be held on third
Ordinance on the 19`x' day of October, 1999, at 7:00 p.m. in the Council Chambers ofthe Vail
Municipal Building, Vail, Colorado. J~
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Rabei~t E. ord Ma ar
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ATTEST: y~~'``''%,,,~~L~;RF;~'~;;"~~'
~~er~elei onaldson, Town Clerk
READ AND APPROVED ON SECOND READING
this day of October, 1999.
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FRED PUBLISHED on
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_ Robert E. Ford, Mayor
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