HomeMy WebLinkAboutR87-52 Coera Employer Contributions to Five Year Vesting3
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Commissioner W g_1ak moved adoption
of the following Resolution:
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 87-
COLORADO COUNTY OFFICIALS' AND
EMPLOYEES' RETIREMENT ASSOCIATION
( COERA)
CHANGING PRESENT TEN -YEAR VESTING OF EMPLOYER
CONTRIBUTIONS TO FIVE -YEAR VESTING
OF EMPLOYER CONTRIBUTIONS
WHEREAS, the Board of County Commissioners of the
County of Eagle, State of Colorado (hereinafter the "Board "),
has previously adopted the Colorado County Officials' and
Employees' Retirement Association ( "COERA ") Prototype Plan (the
"Plan "); and
WHEREAS, the Plan adopted by the Board presently
provides for vesting of the employer's contribution at the rate
of ten percent (10 %) for each twelve (12) months of participa-
tion in the Plan (Ten -Year Vesting), as set forth in Article
5.7 of the Plan; and
WHEREAS, the Tax Reform Act of 1986 mandated that
private pension plans provide for employer contributions to
vest at the rate of twenty percent (20 %) each twelve (12)
months of participation (Five -Year Vesting).
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby adopts Five -Year Vesting for
Plan participants employed by the County of Eagle by granting
to present and future participants vesting of employer contri-
butions at the rate of 20% for each twelve (12) months of
participation under the COERA Plan retroactive to the beginning
date of participation in the Plan.
THAT, Five -Year Vesting for Plan participants
employed by the County of Eagle shall be effective as of the
month of October, 1987.
MOVED, READ AND ADOPTED by the Board of County Commis-
sioners of the County of agle, State of Colorado, at its
regular meeting held the /a'� day of 2,27a& 1987.
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
L.� /Gusi af son, /�;nairman
Donald H.' Welch, Commissioner
l�i,�v 13 � ,PIo,
eoorge -,X Gates, Commissioner
Commissioner Q A�-I�'- seconded adoption
of the foregoing resolution. The roll having been called, the
vote was as follows:
Commissioner Richard L. Gustafson N, `l
Commissioner Donald H. Welch Ole-
Commissioner George A. Gates 64-:L
This Resolution passed by AA / vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.