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2000-30• • • ORDINANCE NO. 30 SERIES OF 2000 FOURTH AMENDMENT TO THE TOWN OF VAIL EMPLOYEES' PENSION PLAN WHEREAS, the Town of Vail adopted, effective September 20, 19$3, 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, 3.997; and WHEREAS, the Town of Vail adopted the Third Amendment to the Plan effective January 1, 1999; and WHEREAS, the Town of Vail desires to further amend the Plan to revise the language eliminating the provision regarding hardship distributions in order to comply with Federal law, and to revise the language regarding vesting in the event of death, Total Disability or attainment of normal retirement age; NOW THEREFpRE, the Plan is hereby amended, effective January 1, 2000, by: (1} lleletion of Section 7.12, Hardship Distributions, and by renumbering Section 7.13 as Section 7.12; and (2) By restatement of Section 5.5 (f) in its entirety, as follows: Section 5. S - -Vesting of Participants' Interests {f) Death, Total Disability or Attainment of Normal Retirement Aye,. The vested percentage of a Participant shall be 100% in the event the Participant dies, becomes Totally Disabled, attains his ar her normal retirement age while still employed by the Employer, or has terminated employment because of a Total Disability but has not commenced receiving a disability benefit. (3) 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 or phrases be declared invalid. (4) The Town Council hereby finds, determines and declares that this ordinance is necessary and proper for the health, safety and welfare of the Tawn of Vail and the inhabitants thereof. (5) The repeal of the repeal and reenactment of any provision of the Municipal Code of the Town of Vail as prodded 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. ANN E'1"1'E152Uliq 135JU~34.U 1 • • • {G) 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, ar ordinance, or part thereof, theretofore repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL t)N FIRST READING this 5Tn day of December, 2000, and a public hearing shall be held on this Ordinance an the 19{j' day of December, 2000, at 7:00 p.m. in ~ Council C ambers of the Vail Municipal Building, Vail, Colorado, ~ ;.,~__,__q,`-,~, Ludwig Kur~Mayor ;~ ATTEST: _ ~; ~ ~ ~ + '-'~:e16551144lkti~l' -'Lore Donaldson, Tawn Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this 19th day of Decetber 2000. ~,:~:~~~ ::,,,. ~~~` Ludwig I{ C~i z, Mayor = ;~ Iv ~ ~; A"T"LEST: ,` ~. relei analdson, `Town Clerk I ~,1"r~152b84135N~84,41 2 • y5.. ~~ Q ~ .~ ~' Q~ •r ~' • ~'~ 0,~,~ ~~ 4 ~~~ -i Q -" ~ m ~ (~ 0 o a Q. Q ° a ~ ~ O ~a a m Q n r ~ I I~ ~ ~- ,- ` ~ .- r p' ! ~ _ ~ ~ ~~ (D W N Q m O -,. ~ O ~ ~ ~ ~ ~ Q ~ ~• ~. 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