HomeMy WebLinkAbout218 - 12/15/1998 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL EMPLOYEES RETIREMENT FUND ORDINANCE NO. 218, 1998
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
GENERAL EMPLOYEES' RETIREMENT FUND
WHEREAS, Article V, Section 9 of the Charter of the City of Fort Collins (the "Charter")
permits the City Council to appropriate by ordinance at any time during the fiscal year such funds
for expenditure as may be available from reserves accumulated in prior years,notwithstanding that
such reserves were not previously appropriated; and
WHEREAS, the City has prior year reserves in the Fort Collins General Employees'
Retirement Plan("GERP"); and
WHEREAS, the Council unanimously approved Resolution 98-137 approving the
amendment of the eligibility and contribution provisions of certain employee pension plans; and
WHEREAS,the Council unanimously approved Resolution 98-138 amending the GERP to
allow for a conversion to a Money Purchase Pension Plan; and
WHEREAS,the Council previously approved Ordinance No. 196, 1998,appropriating funds
in the General Employees' Retirement Fund (the "Fund") to make the necessary payments and
transfers associated with implementing Resolution 98-137 and Resolution 98-138; and
WHEREAS, since the adoption of Ordinance No. 196, 1998, additional requests for single
sum benefits payments have required an adjustment to the estimated total amount to be paid from
the Fund; and
WHEREAS, it is necessary to appropriate additional funds in the amount of$500,000, in
order to accomodate all single-sum benefit payments requests that have been received; and
WHEREAS, the General Employees' Retirement Fund has Plan Assets of approximately
$35.8 million.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated from prior year reserves in the General Employees'
Retirement Fund,the sum of FIVE HUNDRED THOUSAND DOLLARS($500,000)to be used for
single-sum benefits payments.
Introduced and considered favorably on first reading and ordered published this 1 st day of
December, A.D. 1998, and to be presented for final passage on the 15th day of December, A.D.
1998.
Mayor Pro Tern
ATTEST:
•.
- 4U�A)k A
City Clerk
Passed and adopted on final reading this 15th day of December, A.D. 1998. f
X
i
1,
ayor
ATTEST:
61
City Clerk