HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 04/20/1999 - SECOND READING OF ORDINANCE NO. 47, 1999, AMENDING AGENDA ITEM SUMMARY ITEM NUMBER: 11
DATE: April 20, 1999
FORT COLLINS CITY COUNCIL
STAFF: Alan Krcmarik
( SUBJECT:
Second Reading of Ordinance No.47, 1999,Amending Section 21-87 of the City Code and Article
XI of the General Employees Retirement Plan Concerning Membership in the General Employees
Retirement Committee.
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RECOMMENDATION:
Staff and the General Employees Retirement Committee recommend adoption of the Ordinance on
Second Reading.
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EXECUTIVE SUMMARY:
Ordinance No.47, 1999,which was unanimously adopted on First Reading on March 16, 1999 adds
one position on the Committee to be filled by a retired member of the Plan. This Ordinance also
amends both the City Code provisions and the Plan.
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AGENDA ITEM SUMMARY ITEM NUMBER: 19
DATE: March 16, 1999
FORT COLLINS CITY COUNCIL
STAFF: Alan Krcmarik
SUBJECT:
First Reading of Ordinance No.47, 1999,Amending Section 21-87 of the City Code and Article XI
of the General Employees Retirement Plan Concerning Membership in the General Employees
Retirement Committee.
RECOMMENDATION:
Staff and the General Employees Retirement Coinmitteevecoirittiend adoption of the Ordinance on
First Reading. `
FINANCIAL IMPACT:
The Ordinance does not have any direct financial impact. One of the key issues for retirees is the
need for cost of living adjustments. The General Employees Retirement Committee will provide a
recommendation to the Council n thi's issue iit the next budget process.
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EXECUTIVE SUMMARY:
Since the creation of the General Employees Retirement Plan in 1971,a five member board has been
responsible for oversight and implementation of the Plan. None of the slots for the committee are
specifically reserved for a retir' ftdYrtkte 1?lana Atthe end a 99$ 368 active members of the Plan
decided to convert to a money chase p'lan. BeRnning� 1Vers;
1 new hires at the City will enroll
in the money purchase plan. t e ratio of{xetireesrto active me has changed significantly over
the past few years. In 1998, sere/were-834 active members compared to 96 retires and 11
beneficiaries, a ratio of 8 to 1. After the partial conversion, there are approximately 560 active
members and the 96 retirees and 11 beneficiaries. The General Employees Retirement Committee
has discussed the situation and strongly believes that the retirees are a significant portion of the Plan
and they should be represented on the Committee. The Ordinance would add one position on the
Committee to be filled by a retired member of the Plan. The Ordinance amends both the City Code
provisions and the Plan.