HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 01/16/2001 - RESOLUTION 2001-9 AMENDING THE SERVICE DIRECTOR PE AGENDA ITEM SUMMARY ITEM NUMBER: 17
FORT COLLINS CITY COUNCIL DATE: January 16, 2001
FROM: Rick DeLaCastro
SUBJECT :
Resolution 2001-9 Amending the Service Director Pension Plan.
RECOMMENDATION:
Staff recommends adoption of the Resolution.
EXECUTIVE SUMMARY:
On January 2, 2001, Council approved Resolution 2001-2, in which Council agreed to make any
amendments to the Service Director 401(A) Pension Plan, in which the City Manager participates,
that might be necessary in order to allow the City Manager to make employee contributions to that
plan. The City Manager has requested that the Plan be amended to require him to make a 5%
lip employee contribution into his account.
This Resolution establishes a separate eligibility group within the Service Director Pension Plan so
that a mandatory 5% of employee earnings contribution may be made by the City Manager.
RESOLUTION 2001-9
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING THE SERVICE DIRECTOR PENSION PLAN
WHEREAS,the City Manager is currently a participant in the City of Fort Collins,Colorado
Service Director Pension Plan #8530-19 ("Plan"), administered by the ICMA Retirement
Corporation; and
WHEREAS, the City Manager has requested that the Plan be amended to provide for a
mandatory, pre-tax, 5% employee contribution into his participant account; and
WHEREAS,the City Council believes that it is in the best interests of the City to amend the
Plan to create a separate eligibility group within the Plan for the City Manager so that a mandatory
employee contribution may be made by the City Manager.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
Section 1. That the Service Director Pension Plan #8530-19 is hereby amended to create a
separate eligibility group within said Plan, consisting of the City Manager; and that said eligibility
group shall have a fixed employer contribution rate of 10% of earnings and a required employee
contribution rate of 5% of earnings, subject to the limitations and definitions set forth in the Plan,
with all other participants of the Plan to remain at the current contribution levels.
Section 2. That the City Manager shall execute on behalf of the City an amended Adoption
Agreement for the City of Fort Collins, Colorado Service Director Pension Plan #8530-19 to
effectuate the provisions of Section 1, above.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this
16th day of January, A.D. 2001.
Mayor
ATTEST:
City Clerk