Weld County is seeking bids for a vendor to provide general investment consultant services for the Weld County Retirement Plan (“Retirement Plan”). The Retirement Plan is a defined benefit public employee retirement system originally established in 1969 by County resolution. The Retirement Plan is qualified under Section 401(a) of the Internal Revenue Code. As of February 29, 2024, the Retirement Plan had fund assets totaling $482 million in market value.
The purpose of the Retirement Plan is to provide retirement benefits for its members. Membership consists of more than 16,00 Weld County employees, approximately 800 retirees, and approximately 200 terminated members entitled to but not receiving benefits. Membership is mandatory for eligible employees; however, Health Department employees and the District Attorney himself/herself are members of PERA, not the Retirement Plan. Members of the Retirement Plan currently contribute 9% of their base pay, calculated on a 40-hour work week, and Weld County contributes 12.5% of base pay. Contributions are made through payroll deduction for each pay period. The plan has three tiers, each with a different benefit calculation. Detailed information about the three tiers can be found at https://www.weld.gov/Government/Departments/Human-Resources/Employee-Benefits/Retirement-Data/Retirement-Plans.
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