HomeMy WebLinkAboutC12-314 CCOERA 401(a) Participation Agreement AMP
COLORADO COUNTY OFFICIALS AND
EMPLOYEES RETIREMENT ASSOCIATION
RETIREMENT PLAN AND TRUST AGREEMENT
401(a) PARTICIPATION AGREEMENT
Amended and Restated Effective as of July 1, 2008
Prepared by
HOLLAND & HART LLP
ATTORNEYS AT LAW
SUITE 3200
555 SEVENTEENTH STREET
DENVER, COLORADO 80202 -3979
(303) 295-8000
ASPEN • BILLINGS • BOISE • BOULDER • CASPER • CHEYENNE • COLORADO SPRINGS • DENVER
DENVER TECH CENTER • JACKSON HOLE • SALT LAKE CITY • SANTA FE • WASHINGTON, D.C.
COLORADO COUNTY OFFICIALS AND EMPLOYEES
RETIREMENT ASSOCIATION RETIREMENT PLAN AND
TRUST AGREEMENT
401(a) PARTICIPATION AGREEMENT
Eagle County Government
Association Member / Participating Employer:
Association Member Original Participation Date: 07/01/1968
Participation Agreement Effective Date: 05/19/2008
Prior Participation Agreement Information. If this is an amended Participation
Agreement, please indicate the effective date of the last Participation Agreement:
PREAMBLE
I. AGREEMENT. By this Agreement, by and between Colorado County Officials
and Employees Retirement Association ( "Association ") and the Association Member
specifi ?d in this Participation Agreement ( "Agreement "), the Association Member adopts
as a Participating Employer the Colorado County Officials and Employees Retirement
Association Retirement Plan and Trust Agreement (the "Plan "), as amended and restated
effecti e July 1, 2008, and as further amended or supplemented from time to time, subject
to the odifications set forth in this Agreement. This Agreement shall amend and
supers:de any previous participation agreement made by and between the Association
Memb: and the Association.
I. ADOPTION OF THE PLAN. The specified Association Member adopts the Plan
as a Pa ticipating Employer pursuant to the terms of the Plan and this Participation
Agree ent, effective as of the Participation Agreement Effective Date. The Participating
Emplo er's participation in the Plan is conditioned on the timely payment by the
Partici: ating Employer of its proportional share of contributions under the Plan, and in the
case of contributions deducted from a Participant's Compensation, payment no later than
the thir ieth (30 day after such amounts would otherwise have been paid to the
Partici I ant.
II. REVIEW OF THE PLAN. The Participating Employer has reviewed the Plan,
and in • articular Article 15 of the Plan. The Participating Employer has consulted, or had
opport ity to consult, with its legal and tax advisors with reference to the Plan and this
Partici .. tion Agreement.
CCOERA Retirement Plan and Trust Agreement Participation Agreement 7/1/2008 1
IV. APPROVAL OF PLAN TRUSTEE AND ADMINISTRATOR. The Participating
Employer approves and confirms the Trustee and Administrator designated by the
Association in the Plan to serve in each such capacities.
V. ASSOCIATION AS AGENT. The Participating Employer irrevocably designates
the Association as its agent as set forth in Article 15 of the Plan for all purposes of the
Plan, and authorizes the Association, on behalf of the Participating Employer, to perform
the specific acts and to exercise the specific powers granted under the Plan. The
Association or its designee shall have authority to make any and all necessary rules or
regulations, binding upon the Participating Employer and its Employees, to effectuate the
purpose of the Plan.
VI. 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 in
accordance with Section 3.1 of the Plan.
•
CCOERA Retirement Plan and Trust Agreement Participation Agreement 7/1/2008 2
PARTICIPATING EMPLOYER ELECTIONS
(Paragraphs in this section are numbered to correspond to sections of the Plan.)
Note: Officials may opt out of Plan participation; however, if Officials do participate they
do not have to satisfy any minimum eligibility requirements. Accordingly, Sections
2.1(b)(2), 2.4(b) and 2.5(a) below only pertain to Employees. Additionally, Officials are
always fully vested in Participating Employer contributions; therefore Sections 5.2(b)(1),
5.2(c), 5.2(d), 5.2(e) and 5.2(g) below only pertain to Employees.
2.1(b)(2) STATUS OF EMPLOYEE. "Employee" means the following: [Specify one
option only.]
Every employee of the Participating Employer who: [Complete either
the first two blanks or the third blank only.]
• works at least 12 months per year, and
• who works at least 30 _ hours per week; or
• who works at least _ hours per year.
All Employees. Every employee of the Participating Employer.
2.1(b)(2) ELIGIBILITY SERVICE PERIOD. To become eligible to participate in the Plan,
an Employee must continuously perform the type of service required above
(e.g., a certain number of hours per week) for the period of time specified
below: [Specify one option only.]
None. Every Employee meeting the criteria above may begin
participation upon the first day of the payroll period following the
Employee's Date of Hire.
Twelve month period.
Six month period.
n month period. (Reminder, maximum vesting period
is ten years.)
CCOERA Retirement Plan and Trust Agreement Participation Agreement 7/1/2008 3
2.4(b) RE- EMPLOYMENT MORE THAN THIRTY (30) DAYS AFTER TERMINATION.
[Specify one option only.]
The Participating Employer shall grant prior service credit for
purposes of eligibility service in the event an Employee terminates
employment with an Association Member (including the Participating
Employer) more than thirty (30) days before his most recent Date of Hire
with the Participating Employer.
rgs In accordance with the default provisions of Section 2.4(b) of the
Plan, the Participating Employer shall not grant prior service credit
for purposes of eligibility service in the event an Employee terminates
employment with an Association Member (including the Participating
Employer) more than thirty (30) days before his most recent Date of Hire
with the Participating Employer.
2.5(a) CHANGE IN STATUS. [Specify one option only.]
A Participant who continues in the employ of the Participating
Employer but ceases to be employed in the capacity required for
eligibility as defined above will be deemed to satisfy the eligibility
provisions and will continue to make contributions to the Plan under
Plan Section 3.3, and will be entitled to participate in the allocation of
any contribution of the Participating Employer made under Plan
Section 3.1 and 3.2, despite the change in status.
►/ In accordance with the default provisions of Section 2.5(a) of the
Plan, a Participant who continues in the employ of the Participating
Employer but ceases to be employed in the capacity required for
eligibility as defined above will no longer satisfy the eligibility
provisions.
[If this selection is chosen, complete the following.]
Upon return to an employment status meeting the eligibility
criteria, the Employee must complete the applicable Eligibility
Service Period (which shall commence as of the date the
Employee returns to such employment status) before
recommencing participation in the Plan.
Li Upon return to an employment status meeting the eligibility
criteria, the Employee will recommence participation as of the
first day of the month following the date the Employee returns to
such employment status.
CCOERA Retirement Plan and Trust Agreement Participation Agreement 7/1/2008 4
3.1(a: PARTICIPATING EMPLOYER CONTRIBUTIONS. The Participating Employer
shall make a contribution for each Participant for each Plan Month as
specified below: [Specify one option only.]
❑ The Participating Employer will contribute 3% of the Compensation
of such Participant for the Plan Month.
❑ The Participating Employer will contribute 4% of the Compensation
of such Participant for the Plan Month.
❑ The Participating Employer will contribute 5% of the Compensation
of such Participant for the Plan Month.
❑ The Participating Employer will contribute 6% of the Compensation
of such Participant for the Plan Month.
n The Participating Employer will contribute 7% of the Compensation
of such Participant for the Plan Month.
(� The Participating Employer will contribute % of the Compensation
of such Participant for the Plan Month.
The Participating Employer's contribution for each Participant will
equal an amount directed by each Participant, with a minimum of
3 % (a whole percentage, no less than three percent (3%)) and a
maximum of 6 % of the Compensation of such Participant. Once
an election is made, it is an irrevocable election until a new
Participation Agreement is adopted.
The Participating Employer will contribute to each Participant
_ % (a whole percentage, no less than three percent (3 %)) of the
Compensation of such Participant for the Plan Month based on
attained Years of Service; _% (a whole percentage, no less than
three percent (3 %)) of the Compensation of such Participant for the
Plan Month based on attained Years of Service; % (a
whole percentage, no less than three percent (3 %)) of the Compensation
of such Participant for the Plan Month based on attained
Years of Service; and % (a whole percentage, no less than three
percent (3 %)) of the Compensation of such Participant for the Plan
Month based on attained Years of Service.
CCOER Retirement Plan and Trust Agreement Participation Agreement 7/1/2008 5
•
3.2 PRIOR SERVICE BENEFITS. The Participating Employer may elect to make a
Prior Service Benefit 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 Benefits shall be paid in
equal monthly installments during the Pay Out Period. [Specify one option
only.]
54 The Participating Employer elects not to make a Prior Service Benefit
contribution.
❑ The Participating Employer will contribute to each Eligible Official
and each Eligible Employee % (a whole percentage no less than
three percent (3 %) of the annual Compensation of each Eligible
Official and Eligible Employee during the Prior Service Period.
[Complete both A and B.]
A. The Prior Service Period is _ (number from one to five)
twelve (12) month period(s) of continuous employment of such
Eligible Official and Eligible Employee ending on the
Effective Date. [Specify one option only.]
❑ Continuous employment is counted for employment
with the Participating Employer only.
•
❑ • Continuous employment is counted for employment
with Association Members only.
B. Prior Service Benefit contributions shall be made in equal
monthly installments over (number from one to 36)
continuous calendar month(s).
3.3 MANDATORY PARTICIPANT CONTRIBUTIONS. Mandatory Participant
Contributions shall be: [Specify one option only.]
2r Before -tax in accordance with C.R.S. Section 24 -54- 104(4) and
Internal Revenue Code Section 414(h)(2).
n After -tax.
* Note if contributions are being picked up and paid by the Employer in lieu of employee contributions,
the contributions will be treated as "picked-up" and paid by the Employer on a prospective basis only,
from the date this Participation Agreement is formally adopted. Participants may not opt out o the
P P Y P f
"
" ick -u nor may they receive the
"pick-up" Y Y contributed amounts directly instead of Navin
y f g them paid by the
Participating Employer to the Plan.
CCOERA Retirement Plan and Trust Agreement Participation Agreement 7/1/2008 6
4.7 FORFEITURES ACCOUNT. Forfeitures shall be:
Applied to reduce future Participating Employer contributions.
❑ Allocated among the Accounts of active Participants in the Plan.
5.2(b)(1) VESTING OF PARTICIPANT'S ACCOUNTS. In accordance with
Section 5.2(b)(1) of the Plan, an Employee - Participant becomes vested in
Employer Contributions and Prior Service Benefit contributions as follows:
[Specify one option only.]
❑ Ten -Year Vesting. A Participant shall vest each Plan Month at the
rate which equals the product of 1/12 multiplied by 10 %.
❑ Five -Year Vesting. A Participant shall vest each Plan Month at the
rate which equals the product of 1/12 multiplied by 20 %.
(� Other Vesting. A Participant shall vest each Plan Month at the rate
which equals the product of 1/12 multiplied by % (must be more
than 10%).
n Immediate Vesting. A Participant shall be 100% vested upon
participation in the Plan.
X Specified Vesting. A Participant shall vest according to the following
schedule:
1St Year: 0 %
2nd Year: 25
3rd Year: 50 %
4 Year: 75 %
5th Year: 100
5.2(c) RE- EMPLOYMENT MORE THAN THIRTY (30) DAYS AFTER TERMINATION.
[Specify one option only.]
❑ The Participating Employer shall grant prior service credit for
purposes of vesting service in the event an Employee terminates
employment with an Association Member (including the Participating
Employer) more than thirty (30) days before his most recent Date of Hire
with the Participating Employer.
i' In accordance with the default provisions of Section 5.2(c), the
Participating Employer shall not grant prior service credit for
purposes of vesting service in the event an Employee terminates
employment with an Association Member (including the Participating
CCOERA Retirement Plan and Trust Agreement Participation Agreement 7/1/2008 7
Employer) more than thirty (30) days before his most recent Date of Hire
with the Participating Employer.
5.2(e) SERVICE WITH PARTICIPATING EMPLOYER PRIOR TO ADOPTION OF PLAN.
[Select the following option if desired.]
El Past Service Credit. At the time this Participation Agreement is
executed, all Employees presently employed by the Participating
Employer shall have all periods of employment service credited
towards the vesting schedule referenced above in Section 5.2(b)(1).
8.1 LOANS TO ELIGIBLE BORROWERS. [Specify one option only.]
Ur Participant loans are allowed in accordance with Article 8 of the Plan
and loan procedures adopted by the Plan Administrator.
❑ Participant loans are not allowed.
17.9 DEFINITION OF COMPENSATION. For purposes of allocating contributions or
forfeitures, the Participating Employer excludes the following from the
definition of Compensation (as defined in Section 17.9 of the Plan): [Select
as many EXCLUSIONS as applicable.]
E Overtime pay.
1 1 Premiums for shift differential.
1 1 Bonuses.
] Mandatory Employee Contributions, pre -tax contributions to a
cafeteria plan or a Code § 457 plan, and qualified transportation fringes
under Code § 132(0(4).
Fringe benefits, expense reimbursements, deferred compensation, . and
welfare benefits.
Holiday pay.
I I Vacation pay.
Sick pay.
1 All post- severance compensation.
n Post - severance qualified military service pay.
Post - severance disability pay.
Other [please specify]:
CCOERA Retirement Plan and Trust Agreement Participation Agreement 7/1/2008 8
The Participating Employer and the Colorado County Officials and Employees
Retirement Association have executed this Participation Agreement and have accepted its
terms.
Dated this O` day of f f*_'4 } { i , 201
Participating Employer
Participating Employer
" Title: G±o 4 /1447 r.�
Dated this G day of - , 20 ►2 .
COLORADO COUNTY OFFICIALS AND
EMPLOYEES RETIREMENT ASSOCIATION
Plan Sponsor
By:
Title: Executive Director
3862727_4.DOC
CCOERA Retirement Plan and Trust Agreement Participation Agreement 7/1/2008 9