AMENDMENT 42 DEFINITION OF EARLY RETIREMENT DATE
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- Myrtle Parrish
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1 AMENDMENT 42 DEFINITION OF EARLY RETIREMENT DATE Pension Committee Motion I move to recommend that the Board of Commissioners amend the Glynn County Defined Benefit Plan to revise the definition of Early Retirement Date to include: (a) age 55 and ten (10) years of service for Participants who last terminated their employment with Glynn County before January 1, 2007 and (b) age 55 and three years (3) of service for Participants who last terminated their employment with Glynn County on or after January 1, RECOMMENDED MOTION - BOARD OF COMMISSIONERS I move to amend the Glynn County Defined Benefit Plan to revise the definition of Early Retirement Date to include: (a) age 55 and ten (10) years of service for Participants who last terminated their employment with Glynn County before January 1, 2007 and (b) age 55 and three years (3) of service for Participants who last terminated their employment with Glynn County on or after January 1, 2007.
2 AMENDMENT NO. 42 TO THE GLYNN COUNTY, GEORGIA DEFINED BENEFIT PENSION PLAN WHEREAS, the Plan Sponsor has determined that it is desirable to amend the Plan, and WHEREAS, Article XIV permits the Plan Sponsor to amend the Plan at anytime; NOW, THEREFORE, the Plan is hereby amended, effective as of, 2008, as follows: Article I, Definitions and Construction, is hereby amended to revise Section 1.1, Subsection (13), Early Retirement Date, which now states as follows: (13) Early Retirement Date: (a) For Participants who last terminated employment with the Plan Sponsor before January 1, 2007, the first day of any month on or after the Participant has reached his 55 th birthday and completed ten (10) Years of Service. (b) For Participants who last terminated employment with the Plan Sponsor on or after January 1, 2007, the first day of any month on or after the Participant has reached his 55 th birthday and completed three (3) Years of Service. Effective November 1, 1999, a Participant with thirty (30) Years of Service, regardless of the Participant s age upon Retirement, will be entitled to receive the vested percentage of his Accrued Benefits after the Participant has reached his 55 th birthday. A Participant may elect in writing to apply unused and unpaid sick leave to reach the 55 year age requirement provided he is at least 53 years of age. IN WITNESS WHEREOF, the Plan Sponsor has hereunto caused this Amendment No. 42 to said Defined Benefit Pension Plan to be executed by its duly authorized officer and its seal to be affixed hereto, this day of, GLYNN COUNTY, GEORGIA, ACTING BY AND THROUGH ITS BOARD OF COMMISSIONERS By: DON HOGAN, Chairman Attest: CINDEE OVERSTREET, Clerk
3 GLYNN COUNTY, GEORGIA DEFINED BENEFIT PENSION PLAN EXPLANATION OF CHANGES Prior to Amendment No. 42, the above-referenced plan (the Plan ) provided for an Early Retirement Date that is the first day of any month on or after a Participant (I) attains age 55 and (II) completes ten (10) Years of Service. Plan Amendment No. 42 lowers the Years of Service threshold for a Participant s achievement of an Early Retirement Date to three (3) Years of Service, provided that the Participant last terminated employment on or after January 1, The Plan continues to allow, after Plan Amendment No. 42, for Participants to terminate employment before their Early Retirement Date and be eligible for a deferred Early Retirement Pension, commencing on the date the Participant would have reached their Early Retirement Date had the Participant still have been employed by Glynn County, subject to partial vesting and an Early Retirement reduction. Prior to Amendment No. 42, Article I, Definitions and Construction, Section 1.1, Subsection (13), Early Retirement Date, read as follows: (13) Early Retirement Date: The first day of any month on or after the Participant has reached his 55 th birthday and completed ten (10) Years of Service. Effective November 1, 1999, a Participant with thirty (30) Years of Service, regardless of the Participant s age upon Retirement, will be entitled to receive the vested percentage of his Accrued Benefits after the Participant has reached his 55 th birthday. A Participant may elect in writing to apply unused and unpaid sick leave to reach the 55 year age requirement provided he is at least 53 years of age. 2
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