HomeMy WebLinkAboutR99-005 Ccoera changes1
Commissioner 62Lz— moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 99- )5
RESOLUTION TO ADOPT
CHANGES TO CCOERA'S DEFERRED COMPENSATION PLAN
WHEREAS, the Board of County Commissioners ( "Board ") has
approved the Deferred Compensation Retirement Plan (hereinafter
referred to as the "Plan" and known as the Colorado County
Officials and Employees Retirement Association Deferred
Compensation Plan) as amended and restated effective January 1,
1993, as further amended and restated effective December 4, 1996
and as further amended and restated effective August 27, 1997;
and
WHEREAS, the Board desires to amend and restate the Plan to
effect certain changes, specifically to permit participant to
transfer its account to another eligible deferred compensation
plan; and
WHEREAS, the Plan is maintained for the exclusive benefit of
covered employees, and is intended to comply with the eligible
deferred compensation plan requirements of Section 457 of the
Internal Revenue Code of 1986, as now in effect or as hereafter
amended, and regulations thereunder, and other applicable law.
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, effective January 11, 1999, the Employer does hereby
amend and restate the Plan as set forth in the following pages.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County /mo / Eagle, Stat f Colorado, at its regular meeting
held the 4 JR � day of 1999.
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By•
mes E. Jo son, Jr
Chairman
Z9-2
George 4A. Gates
Commissioner
Johnnette Phillips
Commissioner
g
Commissioner 7A� u seconded adoption of the
foregoing resolution. 'ieT roll having been called, the vote was
as follows:
Commissioner Johnnette Phillips ad4
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates
This Resolution passed by (S -U vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
r \ccoera.99
COLORADO COUNTY OFFICIALS AND
EMPLOYEES RETIREMENT ASSOCIATION
1 13 , 11 , 11 D1 .. 1
Adopted January 1, 1979
Amended and Restated Effective
January 2, 1993
Approved by the Internal Revenue Service by
Private Letter Ruling
Dated April 22, 1993
Amended and Restated Effective
December 4, 1996
Amended and Restated Effective
August 27, 1997
SECTION 1
DEFINITIONS
The following terms when used herein shall have the following meaning, unless a different
meaning is clearly required by the context.
1.1 Beneficiary: "Beneficiary" means the persons(s) or estate entitled to receive benefits under this
Plan after the death of a Participant.
1.2 Code: "Code" means the Internal Revenue Code of 1986, as amended and including all
regulations promulgated pursuant thereto.
1.3 Colorado County Officials and Employees Retirement Association : "Colorado County
Officials and Employees Retirement Association" (hereinafter CCOERA) means the non - profit
Association of Counties, Municipalities, or Special Districts of the State of Colorado established
to provide income after retirement for eligible officials and employees of Member Counties,
Member Special Districts and Member Municipalities.
1.4 Compensation: "Compensation" means the total remuneration earned by an employee for
personal services rendered to the Employer for the calendar year including amounts deferred
under this Plan, any other Deferred Compensation Plan, and any other employee benefit plan.
1.5 Deferral: "Deferral" means the annual amount of Compensation that a Participant elects to
defer receipt of pursuant to a properly executed Deferred Compensation Agreement.
1.6 Deferred Compensation Agreement: "Deferred Compensation Agreement" means the
agreement between a Participant and the Employer to defer receipt by the Participant of
Compensation not yet earned. Such agreement shall state the Deferral amount to be withheld
from a Participant's paycheck and shall become effective no earlier than the first day of any
month after it is executed by the Participant and accepted by the CCOERA and the Employer.
1.7 Effective Date: "Effective Date" means 19_
1.8 Eligible Employee: "Eligible Employee" means every officer and employee employed by the
Employer on a regular, permanent, full -time basis. The term "permanent, full -time
employment" excludes any person who is customarily employed for less than twenty (20) hours
in one week, or less than five (5) months in any calendar year, unless Employer deems all such
employees "permanent, full -time employees" on a nondiscriminatory basis. Additionally,
"Eligible Employee" may include an independent contractor who performs services for the
Employer.
1.9 Eligible Deferred Compensation Plan or "Eligible Plan ": - "Eligible Deferred Compensation
Plan" or "Eligible Plan" means any plan defined in Section 457(b) of the Code and includes this
Plan among others.
}
1.10 Employer: "Employer" means a Member County, Member Municipality, or
Member Special District of the Colorado County Officials and Employees Retirement
Association, which is an "eligible employer" as defined by I.R.C. §457(e)(1)(A).
1.11 Includible Compensation: "Includible Compensation" means compensation for services
performed for the Employer which is currently includible in gross income. In other words, it
means Compensation reduced by the following amounts, to the extent such amounts are
excludable from gross income:
1.11.1 amounts deferred under this Plan;
1.11.2 amounts deferred under any other Eligible Deferred Compensation Plan ";
1.11.3 employee contributions to a tax - sheltered annuity plan qualified under Section 403(b)
of the Code;
1.11.4 contributions or benefits received pursuant to a "Cafeteria Plan" or "Flexible
Compensation Plan" established pursuant to Code § 125;
1.11.5 contributions to a qualified deferred compensation plan under I.R.C. section 401(k);
1.11.6 any amount excluded from gross income under section 402(e)(3) or section 402(h)(1)(B)
for the taxable year;
1.11.7 any amount with respect to which a deduction is allowable by reason of a contribution
to an organization described in section 501(c)(18) for the taxable year.
1.12 Normal Retirement Age: "Normal Retirement Age" means age 70 % or other earlier age
specified inxuting by the Participant. In no event shall Normal Retirement Age be earlier than
the earliest date at which one may retire under the Employer's and CCOERA's regular Defined
Contribution pension plan.
1.13 Participant: "Participant" means an employee or former employee who is or has been enrolled
in the Plan and who retains the right to benefits under the Plan.
1.14 Plan: "Plan" means this Colorado County Officials and Employees Retirement Association
Deferred Compensation Plan either in its previous or present form or as amended from time to
time.
1.15 Plan Year: "Plan Year" means the twelve -month period beginning July 1 and ending June 30
from and after the Effective Date.
1.16 Separation from Service: "Separation from Service" is defined differently for employees and
independent contractors. An employee is considered to be separated from service upon the
severance of a Participant's employment with the Employer within the meaning of I.R.C. section
402(d)(4)(A)(iii) (relating to lump -sum distributions), including but not limited to retirement,
total disability, resignation, dismissal, and death. An independent contractor is considered to
be separated from service as set forth in Internal Revenue Service Regulation § 1.457- 2(h)(3)
upon the expiration of the contract if there is a good faith and complete termination of the
contractual relationship, and it is not anticipated that the contractual relationship would be
renewed or that the independent contractor would become an employee, within the meaning as
is more fully set forth in Reg. § 1.457- 2(h)(3).
1.17 Transfer Contribution: means each amount deferred under the Plan pursuant to section 3.6.
SECTION 2
PARTICIPATION
2.1 Eligibility for Participation: Each Eligible Employee may become a Participant in this Plan
on the first day of the month next following commencement of employment as an Eligible
Employee and enrollment Pursuant to Section 2.2. Any person elected or appointed to a term
of office with the Employer shall be deemed to commence employment at the time such person
assumes office.
2.2 Enrollment: Eligible Employees may enroll in the Plan by completing a Deferred
Compensation Agreement and submitting it to the Employer and CCOERA. Enrollment shall
be effective on the first day of the month next following acceptance of the Deferred
Compensation Agreement.
SECTION 3
DEFERRAL OF COMPENSATION
3.1 Deferral Procedure: Pursuant to a Deferred Compensation Agreement, each Participant's
Deferral amount shall be deducted from his or her paychecks in approximately equal increments
throughout the remainder of the year. The Deferral amount shall not be included as gross
income on a Participant's federal income tax withholding statement (W -2 Form).
3.2 Maximum Deferral
3.2.1 Prinzmy Limitation. -- The Deferral amount in any taxable year may not exceed the
lesser of:
3.2.1.1 $ 8,000(subject to adjustment of such amount from time to time by the
Secretary of the Treasury) or
3.2.1.2 33 1/3% of the Participant's Includible Compensation.
3.2.2 Catch -up Limitation. --
3.2.2.1 A Participant may trigger the catch -up limitation by electing a Normal
Retirement Age pursuant to Section 1.12. The maximum Deferral amount of
each of a Participant's last three (3) taxable years ending before he or she attains
Normal Retirement age, is the lesser of:
3.2.2.1.1 $15,000, or
3.2.2.1.2 the primary limitation amount determined under Section 3.2.1
for the current year, plus so much of the primary limitation
amount that was not utilized in prior taxable years in which the
employee was eligible to participate in the Plan, beginning after
December 31, 1978. A Participant may use a prior year only if
the Deferrals under the Plan in existence during that year were
subject to the maximum deferral amount described in Treasury
Regulation § 1.457 -2(e) (1982).
3.2.2.2 The catch -up limitation is available to a Participant only during one three -year
period. If a Participant uses the catch -up limitation and then postpones Normal
Retirement Age or returns to work after retiring, the limitation shall not be
available again before a subsequent retirement. A Participant may not elect to
apply the catch -up provisions more than once, even if the catch -up was used in
fewer than all of the years preceding retirement.
3.2.2.3 Coordination With Other Plans. - -If a Participant participates in more than one
Eligible State Deferred Compensation Plan, the total deferral under all plans
shall be subject to the maximum limitations specified in Section 3.2. If a
Participant participates in a plan provided for in section 403(b) of the Code; a
Code § 401(k) plan; any simplified employee pension plan or other plan
pursuant to Code § 402(e)(3) or § 402(h)(1)(B) that provides for the exclusion
of income; or any plan pursuant to Code § 501(c)(18); any amounts excluded or
deducted from gross income in any taxable year under such plan(s) shall reduce
the primary limitation amount determined under sections 3.2.1.1 and 3.2.1.2 and
the $15,000 limitation in section 3.2.2.
3.3 Minimum Deferral: A Participant must comply with any minimum monthly deferral
requirements which may be set by the Employer from time to time on a nondiscriminatory basis.
3.4 Changing Deferrals: A Participant may change or cancel Deferrals with respect to
Compensation not yet earned by executing a new Deferred Compensation Agreement or a
written notice of cancellation. The change or cancellation shall be effective on the first day of
the month following completion of a new Agreement and acceptance by CCOERA no earlier
than the first day of the pay period following notice to CCOERA.
3.5 Suspension of Deferrals
3.5.1 Voluntary. -- A Participant may suspend Deferrals by giving Employer and CCOERA
written notice. Following suspension, a Participant may reinstate Deferrals by executing
a new Deferred Compensation Agreement and delivering it to the Employer and
CCOERA. Reinstatement shall be effective on the first day of the month following
completion of the new Agreement and acceptance by the Employer and CCOERA.
3.5.2 Automatic. -- Deferrals shall automatically be suspended for any month in which there
are insufficient monies available to make the entire deduction agreed upon, and
automatically reinstated in the next month that Compensation is sufficient to make the
agreed upon Deferral.
3.6 Acceptance of Transfers: CCOERA shall credit to a Participant's Account the amont
transferred from another eligible deferred compnesation plan (within the meaning of I.R.C.
§457(b)). Any transferred amount is not treated as a deferral subject to the limitation of 3.2.1
except for the amount of deferred compensation during the Participant's taxable year in which
the transfer occurred which is treated as deferrals subject to the limitation of 3.2.1. The amount
of any deferred compensation under the plan from which the transfer is made shall be taken into
account in computing the catch -up limitation under 3.2.2 to the extent required by (that same
section).
SECTION 4
TIME OF BENEFIT PAYMENT
4.1 Eligibility for Payment: Payments from the Plan shall be made only upon Separation from
Service, as defined in Section 1.16. No payments will be made from the Plan upon any financial
hardship of the Participant, even if such hardship results from an unforeseeable emergency.
4.2 Benefit Commencement Date:
4.2.1 Time of Commencement. -- Benefit payments to a Participant shall commence 60 days
after the date of Separation from Service, unless the Participant elects a later date.
4.2.2 Participant Election. -- A Participant or Beneficiary may make a one -time itrevocahle
election to defer commencement of benefits to a date later than the automatic
commencement time under Section 4.21. A Participant or Beneficiary may elect that
benefits commence on any determinable future date not later than I) April 1 of the
calendar year following the calendar year in which the Participant attains (or would have
attained) Normal Retirement Age; or April 1 of the calendar year in which the
Participant terminates employment; provided, however, all benefits payable to a
nonspouse Beneficiary must commence by December 31st following the year of the
death of the Participant and must be paid in full within 15 years after the death of the
Participant. An election to defer benefit commencement must be completed at least 30
days prior to the date benefits would otherwise commence, and must be submitted in
writing to CCOERA.
4.2.3 Additional Participant Election -- A Participant or Beneficiary who has elected to defer
commencement of benefits may make one additional election, to defer the
commencement of benefits further, to a determinable future date, provided that such
commencement may not in any event be later than the respective dates set forth in
Section 4.2.2. Such election must be submitted writing to CCOERA not later than
30 days prior to the date benefits would commence under the initial election to defer.
SECTION 5
FORM OF BENEFIT PAYMENT
5.1 Election: A Participant or Beneficiary may elect the form of payment of benefits, and may
revoke that election (with or without a new election) at any time before 30 days preceding the
benefit commencement date, by notifying the Employer and CCOERA in writing.
5.2 Forms of Payment: A Participant or Beneficiary may elect payment in the following forms:
5.2.1 Lunsp Sum. -- A payment of all or a portion of the balance in a Participant's account.
5.2.2 Annuity. -- All or a portion of the balance in a Participant's account may be applied to
the purchase of a non - transferrable annuity or endowment income contract, with or
without right to refund, with or without provisions guaranteeing payment for a fixed
number of years, and the cost thereof charged against the distribution to which he or she
is entitled. The Employer will be the listed owner and beneficiary of any such annuity.
5.2.3 Substantially Equal Periodic Installments. -- All or a portion of the balance in a
Participant's account may be distributed by substantially equal periodic installments
over a reasonable time, and in amounts which, except for the final distribution, shall be
not less than three hundred dollars ($300) for each year.
Distribution from this Plan must be made primarily for the benefit of Participants. Additionally,
in the case of a distribution beginning before the death of a Participant, such distribution must be paid:
1) in amounts payable with respect to the Participant at times and in amounts specified by Regulations,
including but not limited to Code § 457(d)(2)(B)(I)(I), and §401(a)(9), and 2) any amounts not
distributed to the Participant during his life will be distributed after the death of the Participant at least
as rapidly as under the method of distributions being used as of the date of his death. Any payment form
specified above must be such that benefits payable to a Beneficiary are more than incidental. Also, in
3
the case of a distribution which does not begin before the death of the Participant, all benefits payable
to a Beneficiary shall be paid in full within (1) the life of the Beneficiary, if the Beneficiary is the
Participant's surviving spouse, or (2) within 15 years after the death of the Participant for all other
Beneficiaries. Any distribution payable over a period of more than one -year can only be made in
substantially non - increasing amounts, paid not less frequently than annually.
5.3 Failure to Elect: If a Participant or Beneficiary fails to elect a form of payment before 30 days
preceding the benefit commencement date or Normal Retirement Date, the account shall be paid
in a lump sum.
5.4 Distribution by Plan. The entire account of a Participant may, at the sole option of the Trustee,
be distributed to the Participant, and the Participant's account closed, if:
5.4.1 The entire amount in such account, including all income attributable to deferred
amounts in such account, does not exceed $5,000.00
5.4.2 No amount has been deferred under the plan with respect to such Participant during the
2 -year period ending on the date of the distribution
5.4.3 There has been no prior distribution under this Section 5.4 to the Participant.
5.5 Transfer to Eligible Plan. Any portion of the account of a Participant may, at the written
election of the Participant, be transferred to another eligible deferred compnesation plan (within
the meaning of I.R.C. §457(b)) that is offered by the Participant's current employer.
SECTION 6
BENEFICIARIES
6.1 Designation: A Participant shall have the right to designate a Beneficiary, and amend or
revoke such designation at any time, in writing. Such designation, amendment or revocation
shall be effective upon receipt by both the Employer and CCOERA. Notwithstanding the
foregoing, a Participant who elects a joint and survivor annuity form of payment may not elect
a nonspouse joint annuitant, and may not change his or her joint annuitant after payments
commence. A Participant's designation shall be considered to be that person designated on the
Participant's beneficiary designation record for the regular Defined Contribution Plan, unless the
Participant notifies CCOERA of another designation in writing.
6.2 Failure to Designate a Beneficiary: If no designated Beneficiary survives the Participant and
benefits are payable following the Participant's death, CCOERA may direct that payment of
benefits be made to the person or persons in the first of the following classes of successive
preference Beneficiaries. The Participant's:
(a) Spouse;
(b) Descendants, by representation, as defined in C.R.S. § 15 -11 -106;
(c) Parents;
(d) Brothers and Sisters, share and share alike;
(e) Estate.
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SECTION 7
PLAN ADMINISTRATION
7.1 Plan Administrator: The Plan shall be administered by the Colorado County Officials and
Employees Retirement Association. The CCOERA shall have responsibility for operation and
administration of the Plan and shall direct payment of Plan benefits. CCOERA shall havo the
power and authority to adopt, interpret, alter, amend or revoke rules and regulations necessary
to administer the Plan and to delegate ministerial duties and employ such outside professionals
as may be required for prudent administration of the Plan. The CCOERA shall also have
authority to enter agreements on behalf of the employer necessary to implement this Plan. A
member of CCOERA or its staff may participate in the Plan, but shall not be entitled to make
decisions solely with respect to his or her own participation.
7.2 Ownership of Assets:
7.2.1 Assets held in trust. All amounts deferred under this Plan, all property and rights
purchased with such amounts, and all income attributable to such amounts, property or
rights shall,until made available to the Participant or Beneficiary, be held in THE
COLORADO COUNTY OFFICIALS AND EMPLOYEES RETIREMENT
ASSOCIATION DEFERRED COMPENSATION PLAN TRUST for the exclusive
benefit of participants and their beneficiaries. Colorado County Officials and
Employees Retirement Association is Trustee of the Trust.
7.2.2 Transition. All Employers having any ownership of or property rights in amounts
deferred under this plan shall transfer such ownership or property rights to THE
COLORADO COUNTY OFFICIALS AND EMPLOYEES RETIREMENT
ASSOCIATION DEFERRED COMPENSATION PLAN TRUST. All such transfers
are to be accomplished as quickly as possible by use of forms provided by the Colorado
County Officials and Employees Retirement Association, as administrator of the Plan
and as Trustee of the Trust. All transfers must be completed before January 1, 1999.
On and after such transfer by any Employer, all amounts deferred by participants who
are employees of such Employer shall, upon segregation by the Employer as deferred
compensation of the participant, be the property of the Trust, for the exclusive benefit
of the participants and their beneficiaries, and shall be forwarded to the Trust by the
Employer as trust property.
7.3 Plan -to -Plan Transfers: A distribution of amounts deferred by a former Participant of this Plan
may not commence upon Separation from service, but instead may be automatically transferred
to another Eligible Deferred Compensation Plan, of which the former Participant has become
a Participant if:
7.3.1 The Plan receiving such amounts provides for their acceptance, and
7.3.2 A Participant Separates from Service with the Employer in order to accept employment
with another "eligible" entity;
7.3.3 Such transfer is not in violation of any State or Federal law;
7.3.4 A Participant, within 30 days of Separation from Service, directs, in writing, for
CCOERA to transfer amounts in such account to the receiving Plan.
7.4 Accounts and Expenses: CCOERA shall establish and maintain accounts on behalf of each
Participant. Accounts shall be valued at least once each Plan Year and each Participant shall
receive written notice of his or her account balance following such valuation. Account balances
shall reflect the Deferral amount, any earnings attributable to such amount, and shall be reduced
by administrative, investment, legal, accounting, and other fees, in such amounts and at such
times as the CCOERA deems necessary for the, naintenance of this Plan.
7.5 Investments: CCOERA is authorized to invest the assets of this Plan, without distinction
between principal and income, in such bonds, notes, debentures, mortgages, equipment trust
certificates, investment trust certificates, preferred or common stock, or in such other property,
real or personal, either within or without the State of Colorado, as CCOERA in its sole
discretion may deem advisable, being limited, however, as to types of investments pursuant to
§ 24 -54 -1112, Colorado Revised Statutes, as amended. CCOERA may hold any portion of the
assets of the Plan in cash or in a savings account or other bank account.
CCOERA, its governing board and employees and agents, shall not be liable for the making,
retaining or disposing of any investment made by it as herein provided, nor for any loss or diminution
of the assets of the Plan, except if such loss or diminution results from its own willful misconduct or lack
of good faith, and shall be indemnified and saved harmless by the assets of the Plan from and against
all other liability to which it may be subjected by reason of any such act or conduct, omission, or the
making, retaining or disposing of an investment or reinvestment made by it hereunder, including all
expenses reasonably incurred in its defense in case the CCOERA fails to provide such defense.
If any Participant or his Beneficiary brings legal action against the CCOERA, members of its
governing board or employees or agents, the result of which shall be adverse to the parry bringing the
action, or if any dispute shall be adverse to the party bringing the action, or if any dispute shall arise as
to the person or persons entitled to distributions hereunder, the cost of participating in such action or
dispute shall be charged to such extent as is possible directly to the share of the said Participant or his
Beneficiary or estate, and the excess, if any shall be paid by the Participant.
SECTION 8
AMENDMENT AND TERMINATION
8.1 Amendment: The Employer shall have the right to amend this Plan, at any time and from time
to rime, in whole or in part. The Employer shall notify each Participant in writing of any Plan
amendment.
8.2 Termination: Although the Employer has established this Plan with a bona fide intention and
expectation to maintain the Plan indefinitely, the Employer may terminate or discount the Plan
in whole or in part, at any time without any liability for such termination or discontinuance.
Upon Plan termination, all Deferrals shall cease. Unless'a Transfer to an Eligible Plan is
initiated by a Participant pursuant to Section 5.5, CCOERA shall retain all Deferrals until each
Participant Separates from Service, and benefits commence under Section 5.1 and 5.2, in the
form determined under Section 6.
SECTION 9
MISCELLANEOUS
9.1 Limitation of Rights; Employment Relationship: Neither the establishment of this Plan nor
any modification thereof, nor the creation of any fund or account, nor the payment of any
benefits, shall be construed as giving a Participant or other person any legal or equitable right
against the Employer except as provided in the Plan. In no event shall the terms of employment
of any employee be modified or in any way be affected by the Plan.
9.2 Limitation on Assignment: Benefits under this Plan may not be assigned, sold, transferred, or
encumbered, and any attempt to do so shall be void. A Participant's or Beneficiary's interest in
benefits under the Plan shall not be subject to debts or liabilities of any kind and shall not be
subject to pledge, attachment, garnishment or other legal process.
9.3 Representations: The Employer does not represent or guarantee that any particular federal or
state income, payroll, personal property or other tax consequence will result from participation
in this Plan. A Participant should consult with professional tax advisors to determine the tax
consequences of his or her participation. Furthermore, the Employer does not represent or
guarantee successful investment of Deferrals, and shall not be required to repay any loss which
may result from such investment or lack of investment.
9.4 Severability: If a court of competent jurisdiction holds any provisions of this Plan to be invalid
or unenforceable, the remaining provisions of the Plan shall continue to be fully effective.
9.5 Applicable Law: This Plan shall be construed in accordance with applicable federal law and,
to the extent otherwise applicable, the laws of the State of Colorado.
The Colorado County Officials and Employees Retirement Association Deferred Compensation
Plan is amended and restated to be effective on August 27, 1998, and December 1, 1998.
IN WITNESS - WHEREOF, the Employer has caused this Plan to be executed by its duly
authorized representative this day of , 19_
EMPLOYER:
Title:
Title:
Q 'r;+1
N
'._:u:
THIS DEFERRED COMPENSATION RETIREMENT PLAN (hereinafter referred to as the
"Plan" and known as the Colorado County Officials and Employees Retirement Association Deferred
Compensation Plan) is amended and restated effective January 1, 1993, and as further amended and
restated effective December 4, 1996, and as further amended and restated effective August 27, 1997,
then (hereinafter "Employer ").
WHEREAS, the Employer established this Plan effective under the name of Colorado
County Officials and Employees Retirement Association Deferred Compensation Plan to enable
employees who become covered under the Plan to enhance their retirement security by permitting them
to enter into agreements with the Employer to defer compensation and receive benefits at retirement,
death, and separation from service, and
WHEREAS, the Employer desires to amend and restate the Plan to effect certain changes; and
WHEREAS, the Plan shall be maintained for the exclusive benefit of covered employees, and
is intended to comply with the eligible deferred compensation plan requirements of Section 457 of the
Internal Revenue Code of 1986, as now in effect or as hereafter amended, and regulations thereunder,
and other applicable law;
NOW, THEREFORE, effective
the Employer does hereby
amend and restate the Plan as set forth in the following pages.