HomeMy WebLinkAbout2001-35 First Amendment to the Town of Vail Deferred Compensation Plan• • •
ORDINANCE #35
SERIES OF 2401
FIRST AMENDMENT TO THE TOWN OF VAIL
DEFERRED COMPENSATION PLAN
WHEREAS, the Town of Vail adopted, effective January 1, 2440 a deferred
compensation plan known as the Town of Vail Deferred Compensation Plan {the
"Plan"), for the purpose of providing retirement benefits for certain of its employees;
and
WHEREAS, the Town of Vail desires to amend the Plan to provide additional
options for the distribution of termination or retirement payments;
NOW THEREFORE, the Plan is hereby amended, effective January 1, 2404,
to amend and restate Section 5.2, Benefit Payments, Farm of Payment, as follows:
1. 5.2 Form of Payment: A Participant or Beneficiary may elect
payment in one of the following forms:
(a) Lump Sum: A single payment of the entire balance in a
Participant's account.
(b) Annuity: Monthly, quarterly, semi-annual, or annual
payments contingent on the life expectancy of the Participant or
Beneficiary, ar over such life expectancy and a guaranteed period of time.
(c) installments: Subject to the limitations of Section 5.3,
monthly, quarterly, semi-annual or annual payments over a specified
period of time or in specified annual dollar amounts.
(d) Combination: A lump sum cash payment of a portion of the
balance in a Participant's account, with the remainder of the account to be paid in
substantially equivalent monthly, quarterly, semi-annual or annual installments as
specified by the Participant. The election of a schedule of installment payments is
irrevocable.
2. If any park, 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 repeat or the repeal and reenactment of any provision of fhe
Municipal Code of the Town of Vaii as provided in this ordinance shall not affect any
right which has accrued, any duty imposed, any violation that occurred prior to the
effec#ive date hereof, any prosecution commenced, nor any other action or proceedings
as commenced under or by virkue of the provision repealed or repealed 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 extend 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 4th day of December, 2001, and a public hearing shall
be held on this Ordinance on the 18th day of December, 2001, at 7:00 p.m. in the
Council Chambers of the Vail Municipal Building, Vail, Colorado. _ ~
,, Ludwig Ku r ,Mayor
s ~ ~ E ~ ~
ATTEST -.r. ~~
L elei onaldson, Town Clerk
READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED
#his 18th day of December, 2001.
,,~`.
SEAL
ATTEST: ~''~>>>.,,,,~ot.c~t~~~'~,~~°~`~~I
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L relei Donaldson, Town Clerk
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Ludwig Kai z, Mayor
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` Ludwfg Kyyuoorz "
ATC~ST '
+_orele! Pgria~dean ;
Publfshgi} in Tha Vgll Tfb~l Town _ rk'
i.~ ~ qr1 ORC~m4H' Z~ 200i
• •
.Ail bylawis, ordars,_riealuHorre,:~rd anMnan-
eee or pale thsrocd,, Ines ~ ~ i -9aA'l~}! +9r~:
tepee w the axi~p_, d sui~• _
7fi{a-rspealer er,uhrwt be <to reV1B~'sny.
.bylaw. ceder; resakrtlon; qr ordlnanoe. ar~part. '
111Breaf; therstotore repented
Irvu, nrrn~vcu.nnu vrivCFlcu, ,-A,.~=Y
':ONGE ih1 FLIL!„ thk rFth'day Oi•Pd~d w 2801:
i. _A pUbllChaaring ahe{I 6e?he d hereon on tfte~18111
day ai pecember 2aD1j dt the re ular meetln9
j the:Tow+i Council cl,the_Town of lj~fl -GWOfado;
~ in the Mtinicipal. Budding ut theTown.
TdWN pFNP14
!' LwlNrig'Kurz •.
ay9r
ATTE$fi
Lorelei Donaldann
Town Clerk -
Putflgih9d In Thei+ed_ I jtall
e~
on,DaCemAar 7. 1