TC Ord. No. 2017-20 Removing & Appointing a Fiduciary for Deferred Compensation PlansTOWN OF AVON
ORDINANCE 17-20
AN ORDINANCE REMOVING & APPOINTING A FIDUCIARY FOR THE TOWN OF
AVON DEFERRED COMPENSATION PLANS
WHEREAS, pursuant to Article XX of the Colorado Constitution and to the Home Rule Charter
and Code of the Town of Avon, the Town of Avon (the "Town") is authorized to adopt
retirement programs for the benefit of its employees and to provide for the governance of those
programs as it determines is appropriate; and
WHEREAS, under Section 457(b) of the Internal Revenue Code, the Town maintains the Town
of Avon Deferred Compensation Plan for its general employees (the "457 FT Plan") and the
Town of Avon Part -Time, Temporary and Seasonal Employees Deferred Compensation Plan for
its part-time, temporary, and seasonal employees (the "457 PTS Plan") (collectively, the "457
Plans"); and
WHEREAS, the 457 Plans were established by certain resolutions, including Resolution 1985-
02 and 1997-54; and
WHEREAS, the 457 Plans, their service providers, and their plan documents have been
modified from time to time pursuant to resolutions, including Resolutions 1988-04, 1991-08,
1996-59, 2002-14 and 2015-01; and
WHEREAS, the Town previously delegated authority to administer the 457 Plans, and to serve
as a fiduciary to those Plans, to its Finance Director; and
WHEREAS, the Finance Director participates as a legislatively appointed member of the
Town's Public Employees Plan Retirement Board (the "Board"); and
WHEREAS, the Town Council finds that delegating its authority to act as fiduciary to, and
administrator of, the 457 Plans to the Board will promote the prudent and efficient operation of
the 457 Plans, and the general welfare of the Town's employees who benefit from the 457 Plans;
and,
WHEREAS, the Town Council recognizes and appreciates the Finance Director's many years of
service as the sole fiduciary and administrator of the 457 Plans; and
WHEREAS, approval of this Ordinance on first reading is intended only to confirm that the
Town Council desires to comply with the requirement of Section 6.5(d) of the Avon Home Rule
Charter by setting a public hearing in order to provide the public an opportunity to present
testimony and evidence and that approval of this Ordinance on first reading does not constitute a
representation that the Town Council, or any member of the Town Council, has determined to
take final action on this Ordinance prior to concluding the public hearing on second reading.
Ordinance 17-20 457 Plan & 457 Part-time, Temporary and Seasonal Plan Fiduciary -
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NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN
OF AVON, COLORADO the following:
Section 1. Recitals Incorporated. The above and foregoing recitals are incorporated herein
by reference and adopted as findings and detenninations of the Town Council.
Section 2. The Finance Director shall be relieved of the duty to serve as the sole fiduciary
and administrator of the 457 Plans and the Board shall be appointed to act as fiduciary and
administrator of the 457 Plans, upon the Effective Date of this Ordinance.
Section 3. Severability. If any provision of this Ordinance, or the application of such
provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall
not affect other provisions or applications of this Ordinance which can be given effect without
the invalid provision or application, and to this end the provisions of this Ordinance are declared
to be severable. The Town Council hereby declares that it would have passed this Ordinance and
each provision thereof, even though any one of the provisions might be declared unconstitutional
or invalid. As used in this Section, the term "provision" means and includes any part, division,
subdivision, section, subsection, sentence, clause or phrase; the teen "application" means and
includes an application of an ordinance or any part thereof, whether considered or construed
alone or together with another ordinance or ordinances, or part thereof, of the Town.
Section 4. Effective Date. This Ordinance shall take effect thirty days after the date of final
passage in accordance with Section 6.4 of the Avon Home Rule Charter.
Section 5. Safety Clause. The Town Council hereby finds, detennines and declares that this
Ordinance is promulgated under the general police power of the Town of Avon, that it is
promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary
for the preservation of health and safety and for the protection of public convenience and
welfare. The Town Council further determines that the Ordinance bears a rational relation to the
proper legislative object sought to be obtained.
Section 6. Publication by Posting. The Town Clerk is ordered to publish this Ordinance by
posting notice of adoption of this Ordinance on final reading by title only at the Avon Town
Hall, Avon Recreation Center and Avon Library, which notice shall contain a statement that a
copy of the Ordinance in full is available for public inspection in the office of the Town Clerk
during normal business hours and is available on the Town of Avon website.
INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED
AND REFERRED TO PUBLIC HEARING and setting such public hearing for
20195 at the Council . Chambers of the Avon Municipal Building,
located at One Lake Street, Avon, Colorado, on n2015.
J ie Fancher, Mayor
Ordinance 17-20 457 Plan & 457 Part-time, Temporary and Seasonal Plan Fiduciary -
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Published by posting at the Avon Town Hall, Avon Recreation Center and Avon Library at least
six days prior to final action by the Town Council.
ATTEST:
Debbie Hoppe, Toft Llerk
APPROVED AS TO FORM:
/-r-71`
Eric J. Hei -�7own'Attc/m?y'
INTRODUCED, FINALLY APPROVED, AND PASSED ON SECOND READING, AND
ORDERED PUBLISHED BY POSTING on ---J 0 , 2018.
ie Fanch r, Mayor
Published by posting at the Avon Town Hall, Avon Recreation Center and Avon Library.
ATTEST:
Debbie Hoppe,
NOFA1i6'1;
{SJ A L
1�A'�!r • . � : • •�i iii
Ordinance 17-20 457 Plan & 457 Part-time, Temporary and Seasonal Plan Fiduciary -
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