Sec. 102-287. Definitions.
Accrued benefit means the pension benefit to which a participant is entitled under the plan.
Actuarial equivalent for distributions commencing on or after December 31, 2002, means a benefit having the same value as the benefit that such actuarial equivalent replaces. The determination of an actuarial equivalent shall be based on an interest rate equal to the annual interest rate on 30-year treasury securities as specified by the Commissioner of Internal Revenue, or such other rate as specified by the commissioner of internal revenue under code section 417(e)(3), for the month of November preceding the plan year in which the participant commences payment of benefits and the applicable mortality table specified by the Internal Revenue Service pursuant to code section 417(e)(3).
Beneficiary means the participant's surviving spouse.
Break in service means a period of severance of at least twelve consecutive months. In the case of a participant who is absent from work for maternity or paternity reasons, the twelve consecutive month period beginning on the first anniversary of the first date of such absence shall not constitute a break in service. For purposes of this section, an absence from work for maternity or paternity reasons means an absence (1) by reason of the pregnancy of the participant, (2) by reason of the birth of a child of the participant, (3) by reason of the placement of a child with the participant in connection with the adoption of such child by such participant, or (4) for purposes of caring for such child for a period beginning immediately following such birth or placement.
City means the City of Aurora, Colorado.
City council means the city council of the City.
Code means the Internal Revenue Code of 1986, as amended and the regulations and rulings in effect thereunder.
Covered employment means service for the City as an elected official or an executive employee.
Effective date of this plan, means January 1, 2001.
Elected official means a present or former member of the city council or a present or former mayor.
Executive employee means an individual who has performed services for the City as an executive employee and who is a participant in the City of Aurora Executive Retirement Plan, a money purchase pension plan sponsored by the City.
Hour of service means each hour for which a participant is paid, or entitled to payment for the performance of duties for the City.
Limitation year means the twelve-month period commencing on January 1 and ending on the following December 31.
Mayor means the mayor of the City.
Normal retirement age:
(1) Normal retirement age for elected officials means:
a. For those in office prior to January 1, 2001, the later of age 60 or the date on which the elected official has accrued six years of service.
b. For those in office after January 1, 2001, the later of age 56 or the date on which the elected official has accrued six years of service subject to subparagraph (1)c.
c. For elected officials first elected on or after November 5, 2013 the later of age 62 or the date on which the elected official has accrued six years of service.
(2) Normal retirement age for executive employees means:
a. For those whose covered service was completed prior to January 1, 2001, the later of age 55 or the date on which the executive employee has accrued three years of covered service.
b. For those in covered employment on or after January 1, 2001, normal retirement age means the later of age 50 or the date on which the executive employee has accrued three years of covered service subject to subparagraph (2)c.
c. For those in covered employment for the first time after November 5, 2013, the later of age 62 or the date on which the executive employee has accrued three years of covered service.
Participant means any individual who has met the requirements of section 102-288.
Period of service means the aggregate of all time periods commencing with the day that the participant first performs an hour of service for the City in covered employment, whether on account of initial employment, continuing employment, or reemployment, and ending on the date a break in service begins. A participant will also receive credit for any period of severance of less than twelve consecutive months. Fractional periods of a year will be expressed in terms of days.
Period of severance means the period of time commencing on the date the participant retires, quits, or is discharged, or if earlier, the twelve-month anniversary of the date on which the participant was otherwise first absent from service, and ending on the date on which the participant next performs an hour of service for the City. A participant will incur a one-year period of severance for each twelve months in his period of severance and a fractional year for each period of severance of fewer than twelve months.
Plan means the City of Aurora Elected Officials' and Executive Personnel Defined Benefit Plan.
Plan administrator means the director of finance of the City.
Plan sponsor means the City.
Plan year means the fiscal year of the plan ending each December 31.
Required beginning date means April 1 of the calendar year following the later of (i) the calendar year in which the participant attains age 70½ or (ii) the calendar year in which the participant retires.
Retirement date means a participant's normal, late, or deferred vested retirement date, whichever is applicable, as follows:
1. Normal retirement date means the first day of the calendar month coinciding with or next following the date a participant attains his normal retirement age.
2. Late retirement date means, in the case of a participant who continues in service after attaining his normal retirement date, the first day of the calendar month coinciding with or next following the date of actual retirement.
3. Deferred vested retirement date means, for a participant whose service terminates for a reason other than death prior to his normal retirement age but after he has completed six or more years of service if he is an elected official or after he has completed three or more years of service if he is an executive employee, the first day of any calendar month after normal retirement age as of which he makes application for the deferred vested retirement benefit to begin.
Spouse means:
1. For purposes of federal tax laws applicable to this plan, "spouse" is defined according to federal tax laws, including IRS Rev. Rul. 2013-17 and subsequent regulations and rulings, and includes a spouse lawfully married under the laws of one of the 50 states, the District of Columbia, a U.S. territory or a foreign jurisdiction, regardless of whether the spouses remain residents of the state, territory, or jurisdiction in which they were married;
2. For all other purposes, "spouse" is defined according to federal tax laws and, in addition, "spouse" is defined to include parties to a State of Colorado civil union.
Trust agreement or trust means the agreement entered into between the plan sponsor and the trustee to provide for the investment and administration of the funds of the plan (the "trust fund").
Trustee means the person appointed by the plan sponsor to manage and control the assets of the plan.
Year of service for elected officials means any calendar year in which the elected official served at least six months. For executive personnel year of service means a 365-day period of service. Executive personnel shall be credited with a year of service for each 365-day period included in the period of service and a fractional year of service for a period of fewer than 365 days included in the period of service. Years of service prior to the effective date shall be taken into account for all purposes of the plan. Notwithstanding anything in the plan to the contrary, with respect to an individual who has served as both an elected official and as an executive employee, periods of service as an executive employee shall not be taken into account for purposes of subsections (a), (b), or (c) of section 102-290 and periods of service as an elected official shall not be taken into account for purposes of subsections (d), (e) or (f) of section 102-290. (Ord. No. 2015-06, § 1, 2-23-2015; Ord. No. 2012-15, § 1, 5-7-2012; Ord. No. 2003-15, § 3, 4-28-2003; Ord. No. 2001-70, § 3, 11-19-2001)