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� DEFERRED COMPENSATION ! �
, -
I JOINING-UP RESOLUTION '
i
� # �o-s a..._ ;w��:',,
IWHEREAS, It has been determined to be in the best interest of taxpayers and ?'..���'��
� employees of Pitkin County to provide for retirement of ,. �
employees under certain terms and conditions; and ��'.'
i � '
� WI-IEREAS, Pickin County has previously elected to � : .
become a part of the Colorado County Officials and Employees Retirement Association
�v� in accordance with Part 1,Article 54,Title 24,Colorado Revised Statues,as amended,and -
:i
;-�� �WHEREAS,the County Commissioners of Pitkin County - ''
_ ,` `�:� desire to enable employees to enhance their retirement security by permitting them to •`
�''"F enter into agreements with the County to defer compensation and receive bene5ts at �:��. `1
retirement, death,and separation from service; � ..
•f_:--;`� r .: ,�c
.-�>,y� NOW,THEREFORE, BE TT RESOLVED: ` �
�� .
�! 1. The County Commissioners of Pitkin County hereby .
,_� elect to adopt and bewme a part of the Colorado County Officials and Employees ''�
Retirement Association Deferred Compensation Plan, established and administered
"�:;� pursuant to section 457 of the Intemal Revenue Code; and �
�:
2. The amount deferred by the Employees will remain the assets of the local e;
"� government and subject to the claims of general creditors, a requirement of Section 457 F;
� of the Internal Revenue Code; and -
_�� -
3. The County Commissioners of Pitkin County agree to
.`,k defer an annuaUmonthly amount from an employee's compensaHon, upon the receipt of
°`�a a completed Deferred Compensation Agreement from such employee, and to monthly
remit such amounts to the Fxecutive Secretary of the Association, made payable to
��;� Colorado County OfScials and Employees Retirement Association (CCOERA) to be ; .,
invested in the same manner as�t1��E����t�st�if�s�lsy�B����� �
� �E3�j��x other plan assets.
:� ..�
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Reid Haugh , County a ager '�k.
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ATTES
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� �./Cerk and Recorde er�e oss, a rman - �� �
�.Y,�� Pitkin County Board of County Commissioners w'�'..
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V
COLORADO COUNTY OFFICIALS AND EMPLOYEES RETIREMENT ''=:"
I
ASSOCIATION ����
�':`'.,.
; DEFERRED COMPENSATION PLAN �
l �.
Ado ted Janua 1 1979 j
: ! P rY '
I
i
� Amended and Restated Effecrive z. 'i
'_.:,_^I July 1, 1989 ;.;
q t
"� PREAMBLE #
;,� ;?.,
a .: �� , .
.; THIS RETIRENLENT PLAN(hereinafter referred to as the"Plan"and imown as -F�
� '��_�`'� the Colorado County Officials and Employees Retirement Association Deferred
� Compensation Plan) is amended and restated effective 7vly 1� 1989 by Pitkin co„ntv '
. r_� (hereinafter'Bmployer'�. ,
` WHEREAS,the Employer established this Plan effective Ju1y 1, 199o�der the �
�'r�`� name of Colorado County Officials and Employees Retirement Associarion Deferred
'' � Compensation Plan to enable employees who become covered under the Plan to enhance
=.�;j their retirement security by permitting them to enter into agreements with the Employer
i;, ..'
to defer compensation and receive benefits at ret'uement, death, and sepazation from
service, and
:>'.:;�� WE-�REAS,the Employer desires to amend and restate the Plan to effect certain
� changes; and
n� ��
VVHEREAS, the Plan shall be maintained for the exclusive benefit of covered
-ti x�5,1
_�:,�.i employees, and is intended to comply with the eligible deferred compensation plan
`-� requirements of Secdon 457 of the Intemal Revenue Code of 1986, as now in effect or
as hereafter amended, and regulations thereunder, and other applicable law;
�:'a � •
J`�,: NOW,T'HEREFORE,effective July i,1989,the Employer does hereby amend and �aeF;
.;;�" restate the Plan as set forth in the following pages. 's�,
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SECTION 1
i DEFINITIONS
'The fallawing terms when used herein shall have the following meaning, unless a �
different meaning is clearly required by the context. .�
��. .�
� .,
� 1.01 Beneficiary: "Bene6ciary�`means the persons(s)or estate entitled to receive � s
benefits under this Plan after the death of a Participant. �
;� 1.02 Code: "Code"means the Internal Revenue Code of 1986, as amended and �
vt, i inciuding all regulations promulgated pursuant thereto. �-.,
I P�'
1.03 CoIorado County Officials and Employees Retirement Association: "Colorado 4' �
::::j t ,
County Officials and Employees Retirement Association" (hereinafter CCOERA) means ,
the non-profit Association of Counties,Municipalities,or Special Districts of the State of ,
_ '���t j Cotorado established to provide income after retirement for eligible officials and employees
� � .�>; of Member Counties,Member Special Districts and Member Municipalities. -;;
_!.,- '��:�
� .w,,�� 1.Q4 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 e "
� ;;'� employee beneSt plan. Q
'„''� 1.05 Deferral: "Deferral" means the annual amount of Compensation that a
'"-i Participant elects ta defer receipt of pursuant to a properly executed Deferred
-j{_� Compensation Agreement.
;� ! 1.06 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&om 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.
.��r�
� .
�;;�+ 1.07 EH'ective Date: "Effective Date"means JIIly � 1g90 ,
,.. : � � :
-,:i_� 1.08 IIigible Employee: "Eligible Employee"means every officer and employee. �eE
�� employed by the Emp2oyer on a regular,permanent,full-time basis. The term"permanent, k '�1�
.i full-time employment" excludes any person who is customarily employed for less than � `
`a twenty(20)hours in one week, or less than five (5) months in any calendar yeaz, unless ��
' Employer deems all such employees "permanent, full-time employees" on a ;
��' nondiscriminatory basis. Additionally, "Eligible Employee" may inciude an independent �s
,'•� contraetor who performs services for the Employer. .,.4: :
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1.09 Eligible Deferred Compensation Plan or"Eligible Plan": "Eligible Deferred
! Compensation Plan"or'Bligible Plan"means any plan defined in Section 457(b) of the
; Code and includes this Plan among others.
i
I1.10 Employer. "Employer" means Pitkin county a Member County,
Member Municipatity, or Member Specia] District of the Colorado County OfficiaLs and ' `
,� Employees Retirement Association.
i
i 1.11 7ncludible Compensation: "Includible Compensation" means compensation
i for services performed for the Employer which is currently includible in gross income as
reported on the employee's federal income tax withholding statement (W-2 Form). In `
� other words,it means Compensation reduced by the foltowing amounts,to the extent such '.
_ ',�;;•� amounts are e�ccludable from gross income: '
:'f`'' .':f;��•
_ :��;� (1) amounts deferred under this Plan,
� � (2) amounts deferred under any other Eligible Deferred Compensa6on �. ',3`
. ::s.�;-�
Plan",and
. ,_i (3) employee contriburions to a tax-sheltered annuity plan quali�ed under . �
Section 403(b) of the Code.
'';�•;�� (4) contributions or benefits received pursuant to a "Cafeteria Plan" or
"T;'4F� "Flexible Compensation Plan" established pursuant to Code§ 125.
:> :�
=,;�;;,� 112 IYormal Retirement Age: "Normal I�etirement Age" means age 70 1/2 or
-:-j� other earlier age speciSed in writine 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 De6ned Contn'bution pension plan.
;;;;��7;
,�k�=' 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.
�.� ,�
`z�� 1.14 Plan: "Plan"means this Colorado County Officials and Employees Retirement
-=�`a Association Defened Compensation Plan either in its previous or present form or as
- ::r
�-'�:�'! amended from time to time.
-�;..,,_
� " o�� 1.25 PIan Year. 'P1an Year"means the twelve-month period beginning July 1 and f �
�� ending 7une 30 from and after the Effective Date. �
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' �;�
SECTION 2
PARTICIPATION
(
� 2.01 Eligi6ility for Participation: Each Elig�ble Employee may become a
' Participant in this Plan on the Srst day of the month next following commencement of
` employment as an Eligible Employee and enrollment pursuant ta Section 2.02. Any S;`�
1 person elected or appointed to a term of of�ice with the Employer shall be deemed to �
. � commence employment at the time such person assumes office. ��
�•
;' f 2.02 Eumllment: Eligible Employees may enroll in the Plan by completing a :
I Deferred Compensarion Agreement and submitting it to the Employer and CCOERA. €
� Enrollment shaII be effecrive on the first day of the month neact following acceptance of �;
the Deferred Compensation Agreement. ,
. =:l �
�
`�"' SECI'ION 3 `
� �.,y'�N."'. s •
` ' '`r'r'�' DEFERRAL OF COMPENSATION
_✓•� '{i�.Y� `'{�
.� � �,'>^{
� '�"=`�-�'' 3.01 Deferral Procedure: Pursuant to a Deferred Compensadon Agreement,each '
. i
-.i Participant's Deferral amount shall be deducted from his or her paychecks in ;
• �"�=� appro�dmately equal increments tbroughout the remainder of the year. The DeEerral
_ -ic.fi�,� amount shall not be included as gross income on a ParticipanYs federal income tax
r:;;:r;*y� withholding statement (W-2 Form).
�_.;�,�.-
•>`� 3.OZ Maadmum Deferral
"ti=;�';a (a) Primary Limitarion.--The Deferral amount in any taxable yeaz may not exceed
-; ,'�„� the lesser o£
� (i) $7,500, or
,;,`.�y`i (2) 33 1/3% of the ParticipanYs Includible Compensation.
(b) Catch-up Limitation. —
�` .� (1) A Participant may trigger the catch-up limitation by electing a Normal
:,.,,.y
•�'-•' �;� Retirement Age pursuant to Section 1.12. The maximum Deferral amount of each of a
'�"�-J;;%;:;_� ParticipanYs last three (3) taxable years ending before he or she attains Normal
� ' Retirement age, is the lesser af:
� (i) $15,000,or
� ' (ii) the prunary limitation amount determined under Section 3.02(a) C '
� for the current year,�us so much of the primary limitation amount that was not !�:
-^;�`� utilized in prior taxahle years in which the employee was elig�'ble to participate in ;��._
`.1 the Plan,beginning after December 31, 1978. A Participant may use a prior year �
� only if the Deferrals under the Plan in earistence during that year were subject to >;
', the ma�omum deferral amount descn'bed in Treasury Regulation§1.457-2(e)(1982). � ,:
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(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 i
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 i.,-
� preceding retirement.
i
� (c) Coordination �th Other Plans.—If a Participant participates in more than one "
I} Eligtble State Deferred Compensation Plan, the total deferral under all plans shall be � ,
subject to the maximum limitations specified in Section 3.02. If a Participant participates
- , � in a plan provided for in section 403(b)of the Code,amounts eucluded from gross income �
� in any taxable year under such plan shall reduce the primary]imitation amount determined ..
_ � under section 3A2(a) and (b), and the$15,000 limitation in section 3.02(b)(1)(i). ;
f;r;,� 3.03 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 � `
1 � "`� nondiscriminatory basis. '
= t _ •
a.:� ,3'.
. -�;•:='1 3.04 Changing Deferrals: A Participant may change or cancel Defenals with
• i 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
- ;:f,_,� effecdve on the first day of the month coinciding with or following completion of a new
� ''-E� Agreement and acceptance by CCOERA no earlier than the first day of the pay period
%4:�e<`
:'_;� following notice to CCOERA.
°�'_•_.�'�_;� 3.05 Suspension of Deferrals
^.:::� ' (a) Yoiuntaty. — A Participant may suspend Deferrals by giving Employer
and CCOERA written notice. Following suspension,a Participant may reinstate Deferrals
c..<{ by executing a new Deferred Compensarion Agreement and delivering it to the Employer
"�`"`_; and CCOERA. Reinstatement shall be effective on the first day of the month coinciding
;;':�'�� with or following complerion of the new Agreement and acceptance by the Employer and
";:,-� CCOERA.
,...�-�
•��'�:.>;.,� (b) Automatic.— Deferrals shall automatically be suspended for any month
=�`�I in which there are insufficient monies available to make the endre deduction agreed upon,
'£ � and automatically reinstated in the neut month that Compensation is sufficient to make
'�"-=�] the agreed upon DeferraL �. �.
f 1
`` � �� SEGTION 4 �
'`.'�;Y1 TIME OF BENEFIT PAYMENT �
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YY} 4t._ �,,,l ���{� ,n . , . �y Yy'•y�3 ti4
�'t r . s _�'�+f7L`��I..�'�71y�::f.���l:Grl ari�.l�r... ......_..�....,..r.�'l<1�701_..�� . �' .i ti�r:-�l�'l5lrY� ..F...•.��S.t ,
• �li,�
. . '.t.�,..
° 4,01 Eligibility For Payment: Payments from the Plan shall be made only upon
; Separadon from service.
' (a) Separation from Service. -- "Separation from Service" means the
'• severance of a Participant's employment with the Employer, including but not limited to
� retirement, total disability,resignation,dismissal, and death. i`
, (b) IQo payments will be made from the P2an upon any financial hardship �•"'
of the Participant, even if snch hardship results from an unforeseeable emergency. �.�"
I
i t
4.02 Benefit Commencement Date: �'
(a) 1'Fme of Cornmencement. -- Benefit payments to a Participant may l��
�'i commence 60 days after tha date of Separation from Service,unless the Participant etects
� a Iater date,
� (b) Pamcipant Elecuon.-- A Participant or Beneficiary may make a one- �
� time irrevocable election to defer commencement of bene6ts to a date later than the �
,� automatic commencement time under Section 4.02(a). A Participant or Beneficiary may �
_ '•=:•Y_�i etect that benefits commence on any determinable future date so long as benefits
��.�y<:;y commence no later than 60 days after the close of the Plan Year in which the Participant
-�•:'`=�';,,a attains (or would have attained) Normal Retirement Age;provided, however, all beneflts
. �t..:�-
". �-_y:;��Y� .
payabte to a nonspouse Bene6ciary must be paid in full within 15 years after the death
' � � of the Participant. An election to defer bene6t commencement must be completed at
;,:.,I least 30 days prior to the date benefits would otheiwise commence,and must be submitted •
in writing to CCOERA.
;�::�,:� .
``:'''`�� SECTION S
~���'�`� FORM OF BENEFTT PAYMENT
_;:�`;�1
';.:�:��
� S.Ul Election: A Participant or $eneficiary may elect the form of payment of
� �'"-°-j benefits,and may revoke that election(with or without a new election)at any time before
'��'� 30 days preceding the banefit commencement date, by notifying the Employer and ,�:
`'"'''�''� CCOERA in writing.
�'�',
'�:�;�_�; -
.;�;,-, 5.02 Forms of Payment A Participant or Beneficiary may elect payment in one
'�-�`;s_��a' of the following forms:
'�"'��1` (a) Lump Sum. --A single payment of the entire balance in a Participant's
� �=`=1 accounY.
.:r:,:
, ' (b) Annuity. — All or a portion of the balance in a Participant's account
may be applied to the purchase of a non-transferrable annnity or endowment income � '
�"'�-�� conuact,with or without right to refund,with or without provisions guazanteeing payment �
.`' '�`" for a fixed number of years,and with or without rights in the Participant or his Beneficiary �
>-°�.�")
<<:�-+ to surrender such contract for cash,which contract may be delivered to svch Participani ;
'`� and the cost thereof charged against the distribution to which he or she is enritled. '
��r �
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� 4'�{¢��}l. _. �'. . . '..\v::.. . � , • .
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a t� ' ; r �« �s�.� � .. ��'����.��' .'���� �� ,
, i , t
� '"• �s'`����;.`��`��r.j' -'�� �bf�'� '' �t �� �`�`",,f^ �' uy9t,. ,.� ` a �'��
, .,. • �b 1.. x ,. S' n, �Ot s,
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" , �``.}t._.
, (c) Substantially Equrrl Annual Installments. — All or a portion of Yhe �.
balance in a ParticipanYs account may be distnbuted by substantially equal annual
installments rner a reasonable time,not exceeding ten(10)years,and in amounts which,
except for the final distnbution, shall be not tess than three hundred dollars ($300) for �
; each year. :-
i f:';.:
, i..
� 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 in amounts payable with respect to the Participant at times �;,
specified by Reguladons, as set forth in Code § 457(d)(2)(B)(i)(n. Any payment form
- � speciCed above must be such that beneflts payable to a BeneSciary may not be more than i
' incidental, A1so,all benefits,payable to a Beneficiary sHall be paid in full within(1)the
_ ' ]ife of the Beneficiary,if the BeneSciary is the ParticipanYs surviving spouse,or(2) within `
15 years afrer the death of the Participant for all other Bene�ciaries. '
; <�«� �f
^ -...>.;i,�I t �
=� . .`;;=:.�y, 5.03 Failure to Elect: If a Participant or Beneficiary fails to elect a form of i .
°=:f.� paymenf before 30 days preceding the benefit commencement date or Normal Retuement
'''� Date, tl�e account shall be paid in a lump sum. ;',3'
�, - '".`'4��
'.;;,.��; SECTION 6 � '
- `' BENEFICIARIES �
i
F;.�-�!� 6.01 Designation: A Participant shall have the right to desi�ate a BeneSciary,
�",�., � and amend or revoke snch designation at any time, in writing. Such designation,
-�•-':.%��i amandment or revocation shall be effective vpon receipt by both the Employer and
n._�,�, �
CCOERA. Notwithstanding the foregoing, a Participant who elects a joint and survivor
-- annuity fotm 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 ParticipanYs beneficiary designation record �=
�.�`=.�:� for the regular Defined Contribution Plan, unless the Participant notifies CCOERA of
'�"='��`�' another designation in writing.
.,���
•.;s;'��:,_.,.
�<�k�;�'• 6.02 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 beneftts 6e made to the person or persons in the first of the
-'�'��'' following classes of successive preference Beneficiaries. The Participant's: � •
�_�
��y (a) Spouse;
�;�_j (b) Descendants, by representation,as deSned in C.R.S. § 15-11-1Q6; �
_ _ (c) Parents;
(d) $rothers and Sisters, shaze and shaze alike;
r��; T (e) Estate. ' '
3i �'`:
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�� `,�i: •�. . ` • �.,Y. � 4
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F- C . . . 'r�'' �Yt�.' - _
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i - y�i .. ..�.riii..�-.ar.< e...,,. ,�� . } ....... ....`., r .t...r....S:.`�l.�.�..�'vf��'3���}�.u� . .� a.:�i��N�{l�r �r'-
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SECTION 7
PI.AN ADMIIVISTRATION
7.01 Plan Administrator. The Plan shall be administered by the Colorado County
O:fficials and Employees Retirement Association. The CCOERA shall have responsibility f�� ,'
for operation and administration of the Plan and shall direct payment of Plan benefits. '-
CCOERA shall have the power and authority to adopt,interpret,alter,amend or revoke
ruies and regutarions necessary to administer the Plan and to delegate ministerial duties �I `"
' and employ such outside professionals as may be required for prudent administration of t?,�
the Plan. T'he CCOERA shall also have authority to enter agreements on behalf o£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.
� .:..I�
?-' 7.02 Ownership oF Assets: All amounis deferred under this Plan,all property and �
_ ="•ti= rights purchased with such amounts,and all income attributable to such amounts,property �`
_ ..,,�� i
` ;��-{:; or rights shall remain(until made available to the or Beneficiary)solely the propercy and
-� �:=!°;�� rights of the Empioyer (withaut being restricted to the provision of bene5ts under the
--� ��u� Plan) and shall be subject to the claims of the Employer's general creditors. �:
- .i
7.03 Plan-to-Plan Transfers: A distnbution of amounts deferred by a former �
...,
� �=? Participant of this Plan may not commence upon Separation from service,but instead may
;�,:: be automarically transferred to another Eligible Deferred Compensation Plan,of which the
;.���;�:� former Participant has become a Participant if: �
�';.: ; (a) The Plan receiving such amounts provides for their acceptance, and
� ;:.`� (b) A Participant Sepazates from Sarvice with the Employer in order to
» ±;� accept employment with another"elig�ble" entity;
(c) Such transfer is not in violation of any State or Federal law;
(d) A Participant d'uects, in writing, for CCOERA to transfer amounts in
�� such account to the receiving Plan.
� � This Plan will accept the transfer of amounts previously deferred by Participant
�,,��;,,,
"��:;� under another Eligible Deferred Compensation Plan.
.�y;�y
•ti':.�.:._� .
_�'i,'+Wc.�l
~=; •� 7.04 Accounts and Expenses: CCOERA shall establish and maintain accounu
,,__� on behalf of each Participant. Acwunts shall be valued at least once each Plan Yeaz and
� .�•� each Participant shall receive written notice of his or her account balance following such
���:.- �, vatua[ion. Account balances shall reflect ihe Deferral amounY, any earnings attributable �
� to such amount,and shall be reduced by administrative,investment,legal,accounting,and !ivt�.
� other fees,in such amounts and at such times as the CCOERA deems necessary for the '�
- maintenance of this Plan. _�
;a3 �
,��::-:. E "
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� ��. ,., _ _
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1•f}•
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R � ,� .. .r y . . . . �. ` •
-?u��J i_: _
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f�R�.+�fs . s. , =£t�?
a1 �: h'.w.
1�1°'�,1�s++if.? � � '`� �y '.�� . , , .
. a Stg'r�..• . . , � �:+.`�L-�i . .
1��rk*'.�} �. . !r -" . � � . . ~� � .
�:���7� ' . . '. . . . . . . ...� .
�� ' . � '� �� . .. . . ` . . ..
��� .
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1&d; .} ', t � : ,
t 1 g �y�
� �':t F nto.,r..... �rvt�da. lt.t's��.. .... .. _ .. ..._.._r._ ._,: ...�.... .�,.�t..=�:J.1�.9��'��; � .rvcS'+��7 ��'�1�.1 �,�;+:�:
ti _... . �'>S�,r/
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��
i 7.05 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 certi6cates, investment trust certificates, prefened or common stock,or
, in such other property,real or personaI, either within or without the State of Colorado, i
as CCOERA in iLs sole discretion may deem advisable,being limited,however,as to types
; of investments pursuant to § 2454-108, Colorado Revised Statutes, as amended. �
k• _.,
� CCOERA may hold any portion of the assets of the Plan in cash or in a savings account
{ or other bank accoun�
1 �s.,
j CCOERA, its governing board and employees and agents, shatl not be liable for �
� the making, retaining or disposing of any investmenY made by it as herein provided,nor
= j 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 shaU be indemnified and �
� i 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 reinvesiment made by it hereunder,including all expenses �
-`. �c:';� reasonabiy incurred in its defense in case the CCOERA fails to provide such defense. ,
•�i�-,
=f`:�.:,�:-.�"�'.• F
� - -.a� If any Participant or his Beneficiary brings legal action against tha CCOERA,
members of its governing board or employees or agents, the resuit of which sha8 be �
; .-'� adverse to the party 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 entitied to
d i s t n'b u t i o n s h e r e u n d e r,t h e c o s t o f p a rt i c i p a t i n g i n s u c h a c t i o n o r d i s p u t e s h a ll b e c h ar ged
''a;� to such extent as is possible direetly to the share of the said Participant or his BeneSciary ,
`' "''� or estate, and the excess, if any shall be paid by the Participant.
-"';_, SECI'ION 8
_����y��;,� AMENDMENT AND TERMINATION
_�-��
�. j 8.01 Amendment: The Employer shall have the right to amend this Plan, at any ,�
,.�ya; time and from time to time, in whole or in part. The Employer shatl notify each
y � Participant in writing of any Plan amendmenY.
���I
`--'�'�'` 8.02 Termination: Although the Employer has established this Plan with a bona
���'�.= fide intention and expectation to maintain the Plan indefinitely, the Employer may
.�r.l
' '���t-;' 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 Defertals shall cease. The
' '"'' CCOERA shall retain all Deferrats until each Participant Separates from Service and " �
�'�� benefits commence under Section 5.01 and 5.02,in the form determined under Section 6. �,
••�;F`s
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ff �!._:....� . � .. . 4.-i - ' . . .
t� ,�:;�' , . � . �
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. '�"' kiAr$'7Qi'. . i'.. . ..__ . .. ......r ..�� ��.4�,}.�, ...,,v�r.., �:7r�i.- .:J/f'�s�ffF11W��J..°r!!(3%�l$: ��F{�'.�. ,3�1'r�[:1w`.':�!'�:
�. 3� • r� 3;
�� � k.
SECI'ION 9
; MISCELLANEOUS
j
i 9.01 Limitarion of Rights;Empioyment Relationsiup: Neither the establishment
� of this Plan nor any modi5carion 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 x�
4 the Plan. � :
g 1
�
. 's. 9.OZ Limitation on Assignment: Benefits under this Plan may not be assigned,
sold,transferted,or encumbered,and any attempt to do so shall be void. A Participant's
�� or Beneficiary's interest in bene5ts under the Plan shall not be subject to debts or �
�^ liabilities of any ldnd and shall not be subject to attachment, gamishment or other legal ;
- a process.
�
, �
°� 9.03 Representations: The Employer does not represent or guarantee that any E:
_ '�;:'�:<i;a:;� '
— ,ri�.,:�= partiwlar federal or state income,payroll,personal property or other tax consequence will ;,
=i•;..;':�;,�,f`=•� result from participation in this Plan. A Participant should consult with professional tax ` .
v�� -}•.
�;,<,�:,�,_,,_y advisors to determine the tax conseqvences of his or her participa6on. Furthermore,the
• `�'� Employer does not represent or guarantee successful investment of Deferrals, and shall !
_i:_� not be required to repay any loss which may result from such investment or lack of
" --' � investment.
_ ��w r 9.04 Severability: If a court of competent jurisdicrion holds any provisions of this
`''%�:�:�'� Plan to be invalid or unenforceahle, the remaining provisions of the Plan shall continue
�' :! to be fully effecrive.
�:?.=_5�, i
~'`;'-,� 9.05 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.
;��`:�..i
�r a
;�{,,�_. The Colorado County Of6cials and Employees Retirement Associarion Deferred
` t ,,,' � Compensation Plan is amended and restated to be eEfective on July 1, 1989.
•�,,� �
;;��;,� IlV WITNESS WHEREOF, the Employer has caused this Plan to be executed by �
;;�'::i its duly authorized representative this 6 day of June � 19Bo,
;
! °,� . EMPIAYER: ��-�. L�L��'hc �
�
4 �
�>'�?:'� 'Iitle: Pitkin County Manager
;`;Y;:,' �
=� �IiUC:
i
� � a>:
� _� Title:
,ti'�:+�-;,� C'�.
. ''4'�YS'-� � r��,
, L�`� ..�..J.� _.__ _._._ _.__ _._.. __. .� _. - - ---- �
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