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HomeMy WebLinkAbout1999-27 Third Amendment to the Town of Vail Police and Fire Employees' Pension Plan ORDINAt~1CE N0.27 SERIES OF 1999 THIRD AMENDMENT TO THE TOWN OF VAIL POLICE AND FIRE EMPLOYEES' PENSION PLAN 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 for certain of its employees; and WHF,REAS, the Town of Vail restated the Plan effective January I, 1994; and WEIEREAS, the Town of Vail adopted the First Amendment to the Plan effective .January l6, I995; 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 far daily valuation of participant accounts invested in options appropriate for daily valuation; and WHEREAS, amending the Plan to provide for daily valuation of participant accounts has been approved by the percentage of votes required by law and pursuant to Section $.3 of the :Plan; and WIIEREAS, 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 (l) 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 an7ounts 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 arrangelxlent, a Code Section 403{b) arrangement, or a Code Section 125 cafeteria plan. Section 4.6 Limitation on Benefits and Contributions When an Emnlovee Participates in Both a Defined Beneft and a Defined Contribution Plan of the Emplover shall be deleted. Section 5.2 Allocation of Earnins>s, Losses and Chanl;es in Fair Market Value of the Net Assets of the Trust Fund (a) shall be revised as follows: (al 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 Market Value of the Inlet Assets of the Trust Fund (c) shall be added as follows: (c) Special Rule When Invested in Dailv Valuation Accounts.. Notwithstanding anything in the Plan to the contrary, if a Participant directs investment of his funds pursuant to Section 5.5, and the Participant directs the investment of the funds into funds which are suitable for daily valuation and represented and approved by the Retirement Board as being valued daily, then daily valuation ordinance No. 27, Serie.ti of 1949 ~ ~ {2} 1 f 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 of 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 and reenacted. The repeal of any revision 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 theretofore repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 5t" day of October, 1999, and a public hearing shall be held on third Ordinance an the 14~~' day of October, 1999, at 7:00 p,m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. ~tt~, 1141141; ~ 3:1 } ! t' nt , ~~! , ~ S ~' ~ ' ~., -- £~E~]L ~ ~.l,Yt• -.il~;~...li::'~i'ti ~~~ ` r, nl n n ) t.,bra~lei Donaldson, Town Clerk ~~ Ford, Mayor READ AND APPROVED ON SECOND READING AN RDERED PUBLISHED on ~/~ ,~y. A I"I E~T: ~iAlly1111111 this day of October,• 1999. z ;~ ~~1 .~ ~ ,~ ~ Robert E. 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