HomeMy WebLinkAboutCORRESPONDENCE - RFP - P926 PUBLIC SECTOR RETIREMENT PLAN, INVEST CONSULT (7)1
Resolution 03-6
Adopting the Second Amendment to the
Poudre Fire Authority Old Hire Money Purchase Pension Plan
And Trust Agreement as Amended and Restated, Effective December 24, 2001
WHEREAS, the Poudre Fire Authority (the "Employer"), established the Poudre
Fire Authority Old Hire-City Money Purchase Pension Plan and Trust Agreement (the
"Plan"), effective January 1, 1988; and
WHEREAS, the Employer adopted the amended and restated Plan (the “2001
Restated Plan”), effective December 24, 2001; and
WHEREAS, the Employer adopted via Resolution 02-13 the first amendment to
the 2001 Restated Plan effective January 1, 2002; and
WHEREAS, the Board of Trustees of the Poudre Fire Authority Old Hire Money
Purchase Pension Plan and Trust Agreement have recommended the adoption of the
2001 Restated Plan amendments set forth herein; and
WHEREAS, pursuant to ' 11.1 of the 2001 Restated Plan, the Employer has the
authority to amend the Plan with the approval of at least sixty-five percent of the total
votes cast by actively-employed eligible Employees and all former employees who are
entitled to a benefit from the 2001 Restated Plan; and
WHEREAS, after a duly conducted election, the 2001 Restated Plan
amendments set forth herein were approved by at least sixty-five percent of the total
votes cast by actively-employed eligible Employees and all former employees who are
entitled to a benefit from the 2001 Restated Plan.
NOW, THEREFORE, be it resolved by the Board of Directors of the Poudre Fire
Authority that the 2001 Restated Plan is hereby amended, effective April 22, 2003 as
follows:
1. ARTICLE VII. THE TRUST AND TRUST FUND, ' 7.13 Loans to Participants shall
be revised to read as follows:
7.13 Loans to Participants:
(a) General Rules: The Trustees, in accordance with a uniform
and nondiscriminatory policy, may make a loan to any Participant (for purposes of
this Section 7.13, the term “Participant” shall include “Former Participant”) who
makes a written request for such a loan. The Trustees will promulgate rules and
procedures regarding Participant loans. No loan to a Participant may exceed the
Participant's vested Accrued Benefit. In addition, a loan, when added to the
outstanding balance of all other loans to the Participant from this and any other
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qualified Plan maintained by the Employer, may not exceed the lesser of:
(1) $50,000 less the excess of the highest outstanding balance of loans from the
Plan during the one-year period ending on the day before such loan is made over
the outstanding balance of loans from the Plan on the day such loan is made; or
(2) the greater of one-half of the value of the Participant's vested Accrued Benefit
as of the last preceding valuation date or $10,000.
(b) Security and Interest: All loans will be adequately secured
and will bear a rate of interest considered reasonable on the date the loan was
made. Participant loans will be considered a Participant-directed investment
under Section 7.2 of the Participant requesting the loan and interest paid on the
loan will be allocated to the account of the Participant-borrower.
(c) Term of Loan: Any loan must be repaid in level payments
of principal and interest at least quarterly within five years of the date on which it
was made. However, any loan verified by the Trustees as used to acquire any
dwelling unit used or to be used within a reasonable time as the principal
residence of the Participant must be repaid within the time prescribed by the
Trustees. If a Participant does not repay a loan within the time prescribed, in
addition to enforcing payment through any legal remedy, the Trustees may deduct
the total amount of the loan and any unpaid interest due on it from the
Participant's Account when the Account becomes distributable under the Plan.
IN WITNESS WHEREOF, this Resolution was adopted by the Poudre Fire
Authority this 22nd
day of April, 2003.
POUDRE FIRE AUTHORITY
By:
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Its:
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ATTEST:
By:
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Its:
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