HomeMy WebLinkAboutRetirement Committee - Minutes - 05/25/1977• MINUTES
CITY OF FORT COLLINS
EMPLOYEES' RETIREMENT BOARD
MEETING HELD MAY 25, 1977
Members Present: John Hartman, Jack Williams, Warren Dalke, Ronald R. Wood
Members Absent: Phillip Shade
Others Present: Mayor Arvid Bloom
The minutes of the March 28, 1977 meeting were unanimously approved.
The following retirement application was submitted to the board for
consideration:
Adeline M. H. Flaa - Normal Retirement Benefits - Joint and Survivor, 1/2
to Beneficiary Option - $101.88 for the lifetime of
Adeline Flaa, 1/2 to beneficiary. Retirement date -
June 1, 1977.
Warren Dalke made a motion that the retirement be granted as requested.
Jack Williams seconded the motion. The motion passed unanimously.
• Ronald Wood advised the board that Manual Kerbel had verbally requested
a disability retirement with payment being made in the form of a lump
sum payment. Mr. Wood felt that Mr. Kerbel's retirement was disability
with the evidence presented in the letter from Dr. Murray. Mr. Wood
advised the board that large lump sum payments were detrimental to the
fund and payable only at the discretion of the board. It was noted that
the board does have a responsibility to the remaining members of the fund.
Mayor Bloom stated there is a need to set a policy as to when and how
we will approve lump sum payments.
Manual Kerbel was then asked to attend the meeting and provide his reasons
for the lump sum choice. Reasons given were: (1) lump sum would do him
more good than monthly payment, (2) could draw interest on the money,
(3) could be assured of getting the full amount.
The board discussed the various options available to Mr. Kerbel. In
discussing these options the board felt there was an error in the 10
Years Certain and Continuous Option. Mr. Wood will contact the actuarian
to discuss this. Mr. Kerbel stated he would probably request the 10 Year
Alternative Benefit if the lump sum was not granted.
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Minutes - Employees' Retirement Board
May 25, 1977
• Page 2
Mr. Kerbel was advised that the board would discuss his request, contact
the actuarian, and meet June 2, 1977, at 2:00 p.m. to make their decision.
Mr. Wood advised the board that he had contacted Art March, Lucia Liley,
and Tom McComb regarding the definition of disability and guidelines on
lump sum payments, and this information was presented. No formal
presentation was made since there are still problems to finalize. The
committee felt it would be a good idea to incorporate the wording
"needs of the plan and employee" into the guidelines.
Meeting adjourned.
•
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Respectfully submitted,
Ronald R. Wood
Retirement Plan of*he City •
of Fort Collins, Colorado
SECTION IX - WITHDRAWAL FROM SERVICE
Upon termination of service prior to normal retirement date for any
reason other than retirement, disability or death, a member who has
completed in the aggregate at least ten years of credited service, shall
become a vested member. A vested member shall be entitled to receive at
normal retirement date, if living, a retirement benefit equal to the vested
portion (as shown in the table below) of the retirement benefit to which he
would otherwise be entitled at normal retirement date, based upon his compen-
nation and credited service up to the data of his termination of service.
Completed Years % of Earned
of Benefit
Credited Service Vested
Less than 5 0%
6 20%
7 40%
8 60%
9 80%
10 and Over 100%
The amounts payable under this section shall be paid to the vested
member upon his request on or after his normal retirement date. However,
the actuarial equivalent of such monthly payments may, at the sole discretion
of the Retirement Committee, be paid in a lump sum at the time employment is
terminated.
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