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Home My WebLink AboutMINUTES Town Board 1986-05-07Edint fTEstm Parh, Larimer County, Colorado, Minutes of a special May 7 , 19 meeting of the Board of Trustees of the Town of Estes Park, Lorimer County, Colorado. Meeting held in the Town Hall in said Town of Estes Park on the 7th day of May , A. D. 19. §.6. at regular meeting hour. Meeting called to order by Mayor H. Bernerd Dannels Present: Mayor H. B. Dannels Trustees: Norbert L. Aldrich, David Barker, Mark T. Brown, David Habecker, Dale G. Hill, Also Present George J. Hix, Town Administrator Paula L. Laing Gregory A. White, Town Attorney Absent: None A "special" Board of Trustees meeting was called to order by Mayor Dannels to discuss conversion of the existing Police Pension Plan to the International City Managers Association (ICMA) Plan. Town Attorney White reported on the present Police Pension Plan, which is a State Deferred Retirement Plan. Contributions are presently 5% by the Town, which is matched by the Officer. Officers are eligible for retirement upon reaching the age of 55 with 20 years of service, or any age with 25 years of service. The plan is based on one-half of the average last three years' salary, and is paid for the lifetime of the officer. Under the ICMA Plan, a "Defined Contribution Plan", an account would be established for each officer. Upon reaching retirement, the officer would receive all funds contained in his account. He would be given three choices on which to collect the funds: "lump sum" payment, purchasing an "annuity" or receiving monthly payments. Upon death, the remaining balance would become a portion of the officer's estate. A "vesting schedule" would be attached to the plan. A proposed adoption agreement was presented for review by the Trustees and is attached and made a part of these proceedings. An "actuarial study" is currently underway which will determine the value of funds each officer has accrued in the existing pension plan. Trustee Hix moved the Town proceed with conversion of the Police Pension Plan to the ICMA Police Pension Plan, as presented. Trustee Laing seconded the motion and it passed unanimously. The agreement will be submitted to ICMA. ICMA will in turn provide a final plan for presentation and vote by the Police Department. The goal for completion of the conversion remains at 45 days. There being no further business, the meeting adjourned. .......... . Mayor Town Clerk ICMA RETIREMENT CORPORATION PROTOTYPE MONEY PURCHASE PLAN & TRUST ADOPTION AGREEMENT The Employer hereby establishes a Money Purchase Plan & Trust to be known as Estes Park Police Pension Plan (name of plan) Corporation Prototype Money Purchase Plan and Trust. (The "Plan") in the form of the ICMA Retirement This Plan is an amendment and restatement of an existing defined contribution pension plan. 0 Yes DI No If yes, please specify the name of the defined contribution pension plan which this Plan hereby amends and restates. A. EMPLOYER: Town of Estes Park B. THE EFFECTIVE DATE of the Plan shall be the first day of the Plan Year during which the Employer adopts the Plan, unless an alternate Effective Date is hereby specified. C. THE PLAN YEAR shall be the calendar year, unless an alternate Plan Year is hereby specified: D. ELIGIBILITY REQUIREMENTS 1. The following group or groups of Employees are eligible for participation in the Plan: All Employees All Full-time Employees Salaried Employees Non -union Employees Management Employees Public Safety Employees General Employees �— Other (specify below) All Full -Time, Permanent Police Dept. Employees 2. The Employer hereby waives the requirement of a six-month period of service for participants. 0 Yes XX No If this waiver is elected, It shall apply to all employees within the Covered Employment Classification. 3. A minimum age requirement is hereby specified for eligibility to participate. The minimum age require- ment is (not to exceed age 241). Write N/A if no minimum age is declared. 4. Normal Retirement Age shall be If a different Normal Retirement Age is established for one or more groups of employees, please specify: Age Group 55 w/20 years service any w/25 years service • E. CONTRIBUTION PROVISIONS 1. The Employer shall contribute on behalf of each Participant 10. 2 % of Earnings for the Plan Year (subject to the limitations of Section 4.09 of the Plan). 2. a) Each Participant is required to contribute _ 8 % of Earnings for the Plan Year as a condition of participation. (Write "0" if no contribu- tion is required.) b) The Employer hereby elects to "pick up" the Mandatory/Required Participant Contribution. XX Yes ❑, No 3. Each Participant may make a Voluntary Participant Contribution as defined in Section 2.34 of the Plan, subject to the limitations of Section 4.04 and 4.09 of the Plan. la Yes 0 No 4. Each Participant may make a Deductible Employee Contribution as defined in Section 2.08 of the Plan, subject to the limitations of Section 4.05 of the Plan. j Yes ❑ No 5. Employer contributions and Employee contribu- tions, if any, shall be contributed to the Trust in ac- cordance with the following payment schedule: Once a month: F. EARNINGS Earnings, which form the basis for computing Employ- er contributions and Employee contributions, if re- quired, are defined as the Participant's base salary or wages, before applying any salary reduction agreed to by the Participant pursuant to a plan described in Sections 457 or 403(b) of the Code, plus the following (check whichever is applicable, if any): %X Overtime ❑ Bonuses ❑ Employer contributions (other than salary reduc- tion amounts) under Section 457 of the Code ❑ Other extraordinary remuneration G. VESTING PROVISIONS The Employer hereby specifies the following vesting schedule, subject to 1) the minimum vesting require- ments as noted and 2) the concurrence of the Plan Administrator. Years of Service Completed Zero One Two Three Four Five S x Seven Eight Nine Ten Eleven or more Specified Percent Vesting Minimum Vesting Requirements" 0 % No minimum 20 % No minimum 40 % No minimum 60 % No minimum 80 % Not less than 40% 100 0/0 Not less than 45% % Not Tess than 500 % Not less than 600/0 % Not less than 70% % Not less than 80% % Not less than 90% 100 % Must equal 100% ("These minimum vesting requirements conform to the IRS's Four -Forty Schedule, which is the most re- strictive schedule for which an advance determination ruling for qualification will be issued by the IRS without a pre -test for nondiscrimination.) 2 H. INVESTMENT OPTION (check one) The following applies to Employer Contributions and Mandatory Employee Contributions. All Voluntary Employee Contributions and Deductible Employee Contributions (DECs) are not subject to investment restrictions. ❑ A Participant may direct his/her investment only in an investment option which provides a guarantee of principal. ❑ A Participant may direct his/her investment of not more than % in an investment option which does not provide any guarantee of principal. (�(A Participant may direct his/her investment, with- out restriction, among various investment options available under the Trust. 0 Specify any other investment restrictions: I. WITHDRAWAL UPON SEPARATION 1. Upon separation from service for reason other than death, Disability or attainment of Normal Retirement Age, the Participant may elect to commence receiv- ing benefits from the following accounts, without regard to age: a) Employer Contribution Account (Nonforfeitable In- terest) XIXJ Yes 0 No b) Participant Contribution Account.(if applicable) ) f J Yes 0 No c) Portable Benefits Account XIA Yes 0 No 2. If "no" to any of the above, the earliest age is at which the Employer will allow a dis- tribution from the Employer Contribution Account, the Portable Benefits Account, and/or the Partici- pant Contribution Account, if applicable. 3. Notwithstanding Section 1(2) above, a distribution shall be made pursuant to Section 8.05 of the Plan, De Minimis Accounts. Further, the Participant shall be entitled to make a rollover contribution pursuant to Section 8.03 of the Plan. J. Loans are permitted under the Plan as provided in Article Xl. 0 Yes XX No