HomeMy WebLinkAboutbocc.res.269.1996 ,r ,
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AMENDMENT TO TI-IE _,.
PTfKIN CQ[TNTY P TBLIC EMPLOYEES'RETIREMEN'�'PLAN ,�.,
THIS AMENDMEIVT is made this ��� day of ��.r.,,,.,�„ , 1996,by '� ,�
' Pitkin County(subsequently called"County"},
ECI�ITAr,S
_ K. ':
A. The County entered into and executed the Pitkin Coanty Public Employees'
Retirement Plan,effective January 1, 1983. �
B. Section [0.4 of the Qian provides in part as follows:
"At any time the Counry may amend this plan and trust by action of the Board with
the approval of the County Board of Commissioaers..." .
C. The County now desires to amend the plan and trusi.
AMENDMENT
NOW THEREFORE,the County does amend this plan and tcust as follows:
1. Section 2.6 is amended to read in its entirety as foilows: �
2.6 "Compensation"means the total of all salaries,wages,overtime,bonuses and other similar
- compensation paid to a Participant by ihe County for personat se�vices rendered during the yeaz.
Effective for Plan Yeus beginning before January 1, 1996, the annual Compensation of each
Pa.ticipant taken into acwunt under the Plan for any year shalt not exceed$200,000,as adjusted
by the Secretary at the same time and in the same manner adjustments are made under Code Section
' . 415(d). For Plan Years beginning on or after January 1, 199b,the annual Compensation of each
Employee taken into account under the Plan shall not exceed $150,000, as adjusted by the
Commissioner for increases in the cost of living in accordance with Code Secrion 401(a)(17)(B).
The cost-of-living adjustment in effect for a calendar year applies to any period,not exceeding
12 months, over which Compensation is determined that begins in the calendar year. If a � '
deYermination period consists of fewer than 12 months, the annual Compensation limit will be
multiplied by a fraction,the numerator of which is the number of months in the determination •
period,and the denomiaator of which is 12.
In determining the Compensation of a Participant for purposes of this limitation,the rules of Code
Sedion 414(c�(6)will apply,except that in apptying such rules,the term"family"shall include only �
the spouse of the Participant and any lineal descendants of the Participant who have not attained age �
19 before the close of the year. If,as a resuit of the application of such rules the adjusted limitation � �-
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is exceeded,then the limitation is prorated among the affected individuals in proportion to each '��..
individua!'s Compensation as daiermined prior to the application of the fimitation. <
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2. Any inconsistent provision of the plan and tcust shail be read consistent with ' '.,-�
this amendment. � �.
3. �xcept as amended above,the County hereby affirms and readopts each and
every other provision of the plan and t�ust.
4. The effeetive date of this amendmeni shall be)anuary I,1996. � .�
IN WITNESS WHEREOF,the Pitkin County Public Employees'Retirement Board ; ..�
:� has executed this amendment as of the date first above written. ' �
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PITKIN COUNTY PUBLIC EMPLOYEES' i
RETT1tEMENT BOARD -
BY �l�t� ���. Date��� '
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PITKIN COUNTY BOARD OF COUNTY
� COMNIISSIONE
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