HomeMy WebLinkAboutRetirement Committee - Minutes - 03/28/1977MINUTES
CITY OF FORT COLLINS
EMPLOYEES' RETIREMENT BOARD
MEETING HELD MARCH 28, 1977
Members Present: John Hartman, Jack Williams, Phillip Shade, Ronald R. Wood
Members Absent: Warren Dalke
Other Present: Tom McComb, Mayor E. Wilkinson, Stan Case
The following application of retirement was submitted to the board for
approval.
Floyd J. Wiegers - Early Retirement Benefits - Joint and Survivor, 1/2 to
Beneficiary Option - $92.95 for lifetime of Floyd J.
Wiegers, 1/2 to beneficiary. Retirement date 2-28-77.
The board gave unanimous approval on the above application.
Tom McComb's presentation dealt with the areas of disability definitions
and lump sum payments. A suggested definition was a person is fully
disabled if they cannot find a like job. Mr. McComb also discussed
• percentage disability with board members. Mr. McComb pointed out that lump
sum payments were a discretion of the board and not necessarily an option
available to the retiring employee. The purpose of lump sum payments as
he views them is to eliminate small payments. The criteria would be
whether it represented a significant portion of the person's income. Lump
sum payments work adversely toward the retirement fund.
The committee felt it would be a good idea to meet with the City Attorney
and redefined disability and evaluate the lump sum and disability guidelines.
Attention was then turned to the retirement plan. Mr. Wood advised board
members that Council authorized an increased contribution April 15, 1975,
the total contribution being increased to 6.312%. However, the change in
vesting was not included as a part of this action item, but rather implied
by increasing the contribution. The committee agreed this change should be
submitted to council (see attached Section IX -Withdrawal From Service).
Mr. Wood felt it would be a good idea to restate the entire plan in the
ordinance, since the original ordinance did not specify the option. Jack
Williams moved that the board recommend to Council the draft of the Employee
Retirement Plan, including the change in vesting, as prepared by Ronald
Wood. John Hartman seconded the motion. Unanimous approval was given.
Meeting Adjourned.
Respectfully submitted,
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Ronald R. Wood