HomeMy WebLinkAboutC03-358 CCOERA Retirement Plan
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SUMMARy OF CHANGES TO CCOERA RETIREMENT PLAN
ReCEIVE
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This list identifies amendments that have been made to the CCOERA Retirement Plan
and incorporated in the latest restatement.
> Changes made throughout the document include simplification of Plan provisions
without changing the substance of the Plan, elimination of redundant provisions,
more effective use of defmed terms, and improved consistency in statutory,
regulatory and Plan cross references. The Plan is not subject to the Employee
Retirement Income Security Act, so such references have been omitted.
> Introduction includes more details regarding the history of Plan.
> Article 1 more clearly illustrates the relationship between CCOERA and Members
by specifying the role and responsibilities of each party as plan sponsor and
participating employers, respectively. Under the revised provisions, CCOERA is
the Plan sponsor responsible for adopting and amending the plan document and
obtaining a favorable detennination of the Plan's tax-qualified status, while each
participating employer can choose to participate in the Plan as maintained by
CCOERA and subject to the choices it makes in the applicable Appendix. Because
the Plan is a multiple employer plan, each participating employer may choose to
obtain its own determination or rely on the determination obtained by CCOERA.
> Article 2 simplifies the eligibility requirements without making substantive
changes. Rollover contribution provisions were moved to Article 3, regarding
contribution types.
}). Article 3 now includes the rollover contribution provisions.
> Section 6.2(b) regarding rollover distributions is clarified to include the full terms
of recent law changes and preserve prior rules.
> Section 13.4 specifies required steps upon partial termination of the Plan.
> Article 14 defmes the rights and powers of participating employers;
> Section 16.10 includes the required law changes regarding includible
compensation and preserves the former rules.
> Section 16.34 includes the required law changes regarding the highly compensated
employee classification and preserves the former rules.
3135739_1.DOC
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PARTICIPATION AGREEMENT
FOR THE
COLORADO COUNTY OFFICIALS AND
EMPLOYEES RETIREMENT ASSOCIATION
RETIREMENT PLAN
(Amended and Restated Effective as of January 1, 2003)
RECEIVED
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COLORADO COUNTY OFFICIALS AND EMPLOYEES
RETIREMENT ASSOCIATION
RETIREMENT PLAN ADOPTION AGREEMENT
By this Agreement, by and between Colorado County Officials and Employees
Retirement Association and the Association Member specified in this Participation
Agreement, the Association Member adopts as a Participating Employer the Colorado
County Officials and Employees Retirement Association Retirement Plan (the "Plan"), as
amended and restated effective January 1,2003, and as further amended or supplemented
from time to time, subject to the modifications set forth in this Agreement, which adoption
and modifications the Association is willing to accept. This Participation Agreement shall
amend and supersede any previous participation agreement made by and between the
Participating Employer and the Colorado County Officials and Employees Retirement
Association.
ARTICLE 1.
P ARTICIP A TION IN THE PLAN
1.1 ADOPTION OF THE PLAN. The specified Association Member adopts the Colorado
County Officials and Employees Retirement Association Retirement Plan as a
Participating Employer, effective as of the Member Effective Date.
(a) Association Member / Participating Employer:
Eagle County
(b) Member Effective Date: January 1,2003
(c) Prior Plan Information. If this is an amended or restated plan, please
provide the following regarding the prior plan:
(1) Name of prior plan:
Eagle County Retirement Plan
(2) Date prior plan originally adopted: January 1, 1968
1.2 ADOPTION OF THE TRUST. The Participating Employer shall utilize the Trustee or
Trustees designated from time to time by the Association under the Plan, or any
successor trust document, and must be subject to the terms and conditions of the
Plan or successor trust document. On the basis of the information furnished by the
Participating Employer, the Trustee shall keep separate books and records
concerning the affairs of the Participating Employer hereunder and as to the
accounts and credits of the Employees of the Participating Employer.
1.3 REVIEW OF THE PLAN. The Participating Employer has reviewed the Plan, and in
particular Article 14 of the Plan. The Participating Employer has consulted, or had
opportunity to consult, with its legal and tax advisors with reference to the Plan and
this Participation Agreement. The Participating Employer approves and confirms
the Trustee and Administrator designated by the Association to serve in each such
capacities. The Participating Employer's participation in the Plan is conditioned on
the timely payment by the Participating Employer of its proportional share of
premiums, benefits and/or contributions under the Plan and expenses resulting from
administration of the Plan.
1.4 ASSOCIATION AS AGENT. The Participating Employer irrevocably designates the
Association as its agent as set forth in Article 14 for all pUrposes of the Plan, and
authorizes it, on behalf of the Participating Employer, to perform the specific acts
and to exercise the specific powers granted under the Plan. The Administrator shall
have authority to make any and all necessary rules or regulations, binding upon all
Participating Employers and all Participants, to effectuate the purpose of this Plan.
1.5 OFFICIAL OR EMPLOYEE TRANSFERS. In the event of a transfer of an Official or
Employee between Association Members participating in the Plan, the transferred
Official or Employee shall retain his accumulated service and eligibility. No such
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transfer shall effect a separation from service hereunder, and the Employer to which
the Employee is transferred shall thereupon become obligated hereunder with
respect to such Employee in the same manner as was the Employer from whom the
Employee was transferred. .
1.6 PARTICIPATING EMPLOYER'S CONTRIBUTIONS. All contributions made by the
Participating Employer under the Plan and this Participation Agreement shall be
determined separately by each Participating Employer, and shall be allocated only
among the eligible Participants of the Participating Employer making the .
contribution. On the basis of the information furnished by the Administrator, the
Trustee shall keep separate books and records concerning the affairs of each
Participating Employer and as to the accounts and credits of the Officials and
Employees of each Participating Employer.
1.7 AMENDMENTS. The Participating Employer grants to the Association the right to
amend the Plan at any time without the consent of the Participating Employer.
(a) Amendment of the Plan. Subject to the Participating Employer's right to
withdraw from the Plan, the Participating Employer has no power or
obligation to amend the Plan or consent to any amendment to the Plan made
by the Association, and agrees to be bound by all the provisions, conditions,
and limitations of the Plan, as amended from time to time, as fully as if the
Participating Employer was an original party to the Plan with the
modifications specified in this Participation Agreement.
(b) Amendment of Participation Agreement. The Participating Employer may at
any time amend this Participation Agreement to change a choice of an option
elected in this Participation Agreement, subject to the Association's consent,
provided it provides the Association with written notice of such amendment
at least sixty (60) days prior to the effective date of such amendment.
1.8 COMPLIANCE WITH LAW. The Plan shall conform at all times to the requirements of
the Code so that the contributions by the Participating Employer will be deductible
for income tax purposes. The Plan shall also conform at all times to the
requirements of the Colorado Revised Statutes to the extent required to maintain the
Participating Employer's participation in the Plan.
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ARTICLE 2.
ELIGIBILITY REQUIREMENTS
An Official is not required to perform a minimum period of eligibility service to
participate in the Plan. An Employee is eligible to participate in the Plan if he satisfies the
following requirements during the Eligibility Service Period.
2.1 STATUS OF EMPLOYEE. "Employee" means the following (specify one option only):
(a) (X) Full-Time Employees. Every Official and Employee of the
Participating Employer who is a Full-Time Employee, excluding any person
who is a Part-Time Employee or is customarily employed by the
Participating Employer for less than five (5) months in any calendar year.
(Excludes part-time andseasonal employees).
(b) () Full-Time Employees and Part-Time Employees. Every Official and
Employee of the Participating Employer who is a Full-Time Employee or
Part- Time Employee excluding any person who is customarily employed by
the Participating Employer for less than five (5) months in any calendar year.
(Excludes seasonal employees).
(c) () All Employees. Every Official and Employee of the Participating
Employer.
2.2 ELIGIBILITY SERVICE PERIOD. To become eligible to participate in the Plan, an
Employee must continuously perform the type of service required by Section 2.1 for
the period of time specified below:
(a) (X) Twelve (12) month period.
(b) () Six month (6) month period.
(c) ( ) Every Employee may begin participation upon the Date of Hire.
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ARTICLE 3.
CONTRIBUTIONS
3.1 MANDATORY CONTRIBUTIONS. The Participating Employer shall make a
contribution for each Participant for each Plan Month as specified below [select one
of the following]:
(a) () The Participating Employer will contribute to each Participant 3% of
the Compensation of such Participant for the Plan Month.
(b) () The Participating Employer will contribute to each Participant 4% of
the Compensation of such Participant for the Plan Month.
(c) () The Participating Employer will contribute to each Participant 5% of
the Compensation of such Participant for the Plan Month.
(d) (X) The Participating Employer will contribute to each Participant 6% of
the Compensation of such Participant for the Plan Month.
(e) () The Participating Employer's contribution for each Participant will
equal an amount directed by each Participant, with a minimum of three
percent (3%) and a maximum of six percent (6%) of the Compensation of
such Participant.
(f) () The Participating Employer will contribute to each Participant
% of the Compensation of such Participant for the Plan Month.
(Available in limited circumstances, as provided by statute. Please check
with CCOERA for availability).
3.2 PRIOR SERVICE CONTRIBUTIONS. The Participating Employer may elect to make a
Prior Service Contribution to each Eligible Official and Eligible Employee. The
Participating Employer shall contribute to each Eligible Official and each Eligible
Employee the percentage (elected below) of such Eligible Official's or Eligible
Employee's annual Compensation for the elected Prior Service Period. The Prior
Service Contributions shall be paid in equal monthly installments during the Pay
Out Period. [Chose either option (a) or (b), and complete items (c) and (d).]
(a) (X) The Participating Employer elects to not make a Prior Service
Contribution.
(b) () The Participating Employer will contribute to each Eligible Official
and each Eligible Employee _ % [percentage from 3% to 6%] of the
annual Compensation of each Eligible Official and Eligible Employee during
the Prior Service Period.
(c) () The Prior Service Period is [number from one to five] twelve
(12) month periods of continuous employment of such Eligible Official and
Eligible Employed ending on the Effective Date.
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(d)
-() The Pay Out Period is
months.
[number from one to 36] calendar
3.3 CONTRIBUTIONS BY PARTICIPANTS. Section 3.4(a) of the Plan provides that each
Participant shall contribute three percent (3%) of his Compensation, or such
additional percentage necessary to equal the contribution of the Participating
Employer. [Select one of (a) (for Participant contributions on a pre-tax basis) or (b)
(for Participant contributions on an after-tax basis).]
(a) (X) Tax-Deferred (Pick-Up) Contributions. The Participating Employer
elects that each contribution of the Participant made pursuant to
Section 3.4(a) of the Plan, shall be a pre-tax contribution, pursuant to C.R.S.
~ 24-51-104(3) and Code Section 414(h)(2) "picked-up" by the Participating
Employer.
(b) () After-Tax Contributions. The Participating Employer does not elect
that each contribution of the Participant made pursuant to Section 3.4(a) of
the Plan be "picked-up" pursuant to C.R.S. ~ 24-51-104(3) and Code
Section 414(h)(2).
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ARTICLE 4.
VESTING SCHEDULE
In accordance with Section 5.2(b)(1) of the Plan, a Participant becomes vested in the
contributions of the Participating Employer made under Sections 3.1 and 3.2 of the Plan, as
follows: [Select one of (a), (b), (c) or (d); item (e) is in addition to other options and may not be
elected alone.]
(a) () Ten-Year Vesting. A Participant shall vest each Plan Month at the rate
which equals the product of 1/12 multiplied by 10%.
(b) (X) Five-Year Vesting. A Participant shall vest each Plan Month at the rate
which equals the product of 1/12 multiplied by 20%.
(c) () Other Vesting. A Participant shall vest each Plan Month at the rate which
equals the product of 1/12 multiplied by _%.
(d) () Immediate Vesting. A Participant shall be 100% vested upon participation
in the Plan.
(e) () Past Service Credit. At the time this Participation Agreement is executed,
all Employees presently employed by the Participating Employer shall have that
period of employment service credited towards the above-referenced vesting
schedule.
ARTICLE 5.
COMPENSATION
In accordance with Section 16.10 of the Plan, which defines Compensation, and pursuant to
Regulation Section 1.414(s)-1(d)(2)(ii) the Participating Employer may either exclude such
amounts (as defined below), or may include them within the definition of compensation.
(a) (X) Overtime and Additional Compensation Not Included. The following shall
not be considered to be within the definition of compensation: Any irregular or
additional compensation, including (but not limited to) one or more of the
following: any type of additional compensation for employees working outside
their regularly scheduled work week or tour of duty (such as overtime pay,
premiums for shift differential), bonuses, and any payment received under any other
retirement, disability, health, supplemental unemployment benefit or similar plan.
This exclusion shall not apply to compensation to a Participant made pursuant to a
"flexible compensation plan" as defined by Code Section 125.
(b) () Overtime and Additional Compensation Included. The following shall be
considered to be within the definition of compensation: Any irregular or additional
compensation, including (but not limited to) one or more of the following: any type
of additional compensation for employees working outside their regularly scheduled
work week or tour of duty (such as overtime pay, premiums for shift differential),
bonuses, and any payment received under any other retirement, disability, health,
supplemental unemployment benefit or similar plan.
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The Participating Employer and the Colorado County Officials and Employees
Retirement Association have executed this Participation Agreement and have accepted its
terms. ;"
Dated this /?.ii) day of,(jf,~//JI.J~ ,2003.
Eagle County
Participating Employer
Dated this ~ day of
By:
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Title:adM/J14/7 ",{;"'f ~ ;;'//J~aJ
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COLORADO COUNTY OFFICIALS AND
EMPLOYEES RETIREMENT ASSOCIATION
Plan Sponsor
By2~ (itiL , _
Title: ~ (\ -h ~ l e~c.cdt 'j Q.,r~ U\.QL~
3105790_2.DOC
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CoLorado County OffidaLs and EmpLoyees
Retirement Association
4949 South Syracuse St. Suite 400
Denver, CoLorado 80237
Phone Numbers:
Main Denver Office
ToLL free Denver office
Grand Junction Field Office
CCOERACall 24hr.
(303) 713-9400
(800) 352-0313
(970) 245-0707
(800) 776-0300
E-Mail Addresses:
General Information: contactus@ccoera.org
Governing Board: governingboard@ccoera.org
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DISTRIBUTION
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