HomeMy WebLinkAbout069 - 04/18/1989 - APPROPRIATING PRIOR YEAR RESERVES IN THE POLICE OFFICERS PENSION FUND r,
ORDINANCE NO. 69, 1989
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES
IN THE POLICE OFFICERS' PENSION FUND
WHEREAS, Article V, Section 8, of the Charter of the City of Fort
Collins authorizes the City Council to provide by ordinance for payment of
any expense from prior year reserves at any time such reserves are
available; and
WHEREAS, by Resolution 88-144, the Council resolved to include a money
purchase plan retirement option in the Police Officers' Pension Plan ("the
Pension Plan") for the benefit of police personnel hired before April 8,
1978; and
WHEREAS, an election was held during the week of July 5, 1988, and
100% of the 39 active employees and deferred vested participants in the
Pension Plan voted to add a money purchase plan retirement option to the
Pension Plan; and
WHEREAS, by Resolution 88-145, the Council amended the City of Fort
Collins Police Money Purchase Pension Plan ("the Money Purchase Plan") to
allow for the participation in the Money Purchase Plan by police personnel
hired before April 8, 1978.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from prior year
reserves in the Police Officers' Pension Fund the sum of SIX MILLION FIVE
HUNDRED FIFTY THOUSAND DOLLARS ($6,550,000) to be expended as follows:
(a) Such amount as is specified in Addendum No. Two to the Money
Purchase Plan, not to exceed $4.5 million, shall be transferred
from the Pension Plan to the Money Purchase Plan to fund
individual money purchase accounts for those police personnel
hired by the City prior to April 8, 1978, who have chosen to
participate in the Money Purchase Plan;
(b) Such portion of the remaining balance as is necessary to meet the
City's obligation to current Police Department retirees shall be
expended for that purpose through the acquisition of annuity
contracts sufficient in amount to provide benefits equivalent to
those defined in the Pension Plan; and
(c) The remaining balance, if any, may thereafter be expended for
such general municipal purposes as may be approved by Council by
ordinance.
Introduced, considered favorably on first reading,and ordered
published this 4th day of April , A.D. 1989, and to be presented for final
passage on the 18th day of April , A.D. 1989-�
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Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 8th.day of April , A.D. 1989.
Mayor
ATTEST:nn
City Clerk