HomeMy WebLinkAboutbocc.res.015.2016 RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO, AMENDING THE ADOPTION AGREEMENT
FOR THE GWRS MODEL 401(A)MONEY PURCHASE PENSION PLAN
RESOLUTION NO. (,/Id -2016
1. At its regular meeting on December 16, 2015, the Board of County Commissioners
approved the Adoption Agreement and Great-West Retirement Services Section 401(a)
Money Purchase Pension Plan for Governmental Employers as the amendment and
restatement of the Pitkin County Public Employees' Retirement Plan, effective January 1,
2016.
2. One of the changes implemented with the approval of the Adoption Agreement was to
enroll participants in the retirement plan immediately upon employment instead of after
six months. However, the vesting schedule was left as "50% after six months" when it
should have been advanced to immediate 50% vesting to be consistent with immediate
enrollment.
3. The Board of County Commissioners now desires to correct this omission.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Pitkin County, Colorado that that the Adoption Agreement approved on December 16,
2015, is hereby amended as follows:
S. VESTING SCHEDULE. The vested interest of each Participant in his or her
Employer Contribution Account shall be determined on the basis of the following
schedule:
4. [X] 50%initially.
60%after 1 Year of Service.
75%after 2 Years of Service.
100%after 3 Years of Service.
Such amendment shall be effective as of January 1, 2016.
INTRODUCED, READ AND ADOPTED ON THE 23rd DAY OF MARCH, 2016.
ATTEST: BOARD OF COUNTY COMMISSIONERS
BY/Li i By:
J ette Jones Rachel . Richards, Chair
-puty County Cler
Date: 3---a "gOIC
APPROVED AS TO FORM: MANAGER APPROVAL
c —
John El ' ° 'orney Jon Peacock, County Manager