TC Resolution 22-11 Amending and Restating Police Officers Money Purchase Pension PlanA
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RESOLUTION NO. 22-11
AMENDING & RESTATING
TOWN OF AVON POLICE OFFICERS MONEY PURCHASE PENSION PLAN
WHEREAS, the Town of Avon (the "Town"), as a home rule municipal corporation and body
politic organized under the laws of the State of Colorado, is authorized to establish and maintain,
in accordance with C.R.S. § 24-54-101, et seq., and C.R.S. § 31-31-602, a plan or system of
retirement benefits for its police officers, subject to appropriation being available therefor; and
WHEREAS, the Town, by and through Resolution No. 85-21, Series of 1985, established, and
has thereafter maintained, through a series of required and elective amendments and restatements,
a Money Purchase Pension Plan, exempt from federal taxation under 26 U.S.C. § 401(a), to benefit
its police officers by providing funds for retirement (the "Police Officers Money Purchase
Pension Plan" or the "Plan"); and
WHEREAS, Treasury Regulations adopted by the Internal Revenue Service (the "IRS"), together
with other IRS publications, require that the Plan be amended and restated each six years on a
schedule referred to as "Cycle C" to incorporate statutory and regulatory changes, along with
revisions required by applicable judicial decisions (the "Cycle C Requirements"); and
WHEREAS, in order to amend and restate the Plan so as to satisfy the Cycle C Requirements, the
Plan's Board of Retirement (the "Plan Board") has reviewed and, by Resolution adopted May 10,
2022, approved and adopted a Non -Standardized Governmental 401(a) Pre -Approved Plan (the
"2022 Amended & Restated Police Officers Plan") prepared by the Plan's third -party
administrator, Creative Retirement Plan Consulting LLC; and
WHEREAS, the Town Council finds and determines that adopting the 2022 Amended & Restated
Police Officers Plan will protect the tax-exempt status of Plan assets and will, thereby, serve the
best interests of the Town's police officers who participate in the Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF AVON, COLORADO:
Section 1. The above and foregoing recitals are incorporated herein by reference and adopted
as findings and determinations of the Town Council.
Section 2. The Town Council hereby ratifies the Plan Board's approval of the 2022 Amended
& Restated Police Officers Plan and adopts that Amended & Restated Plan in substantially the
form attached to this Resolution No. 22-11.
Section 3. The Town Finance Director, as Chair of the Plan Board, is hereby authorized to
execute all such documents as are necessary to give effect to the adoption and implementation of
the 2022 Amended & Restated Police Officers Plan.
Res 22-11 Amending & Restating Town of Avon Police Officers Money Purchase Pension Plan
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ADOPTED on May 10, 2022
AVON TOWN COUNCIL
Sarah Smith Hymes, Myyor
ATTEST:
nda Torres, Town C
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:S E AL:
Res 22-11 Amending & Restating Town of Avon Public Employees Money Purchase Pension Plan
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