HomeMy WebLinkAbout083 - 06/01/1999 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL EMPLOYEES RETIREMENT FUND ORDINANCE NO. 83, 1999
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; and
WHEREAS,the City Council unanimously approved Resolution 98-86 amending the City
of Fort Collins General Employees Retirement Plan to allow for a single sum benefit for vested
former employees of the City; and
WHEREAS, the City Council unanimously approved Resolution 98-137 approving the
amendment of the eligibility and contribution provisions of certain employee pension plans; and
WHEREAS,the City Council unanimously approved Resolution 98-138 amending the City
of Fort Collins General Employees' Retirement Plan to allow for a conversion to a Money Purchase
Pension Plan; and
WHEREAS, it is necessary to appropriate funds to accommodate an additional $650,000 in
single-sum benefit payments requests and new conversions from the defined benefit plan to the
money purchase plan; and
WHEREAS, the General Employees' Retirement Fund has Plan Assets of approximately
$30.8 million available for appropriation.
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 SIX HUNDRED AND FIFTY THOUSAND DOLLARS ($650,000)
to be used for single-sum benefit payments and conversions to the money purchase pension plan.
Introduced and considered favorably on first reading and ordered published this 18th day of
May, A.D. 1999, and to be presented for final passage on the 1 st day of June, A.D. 1999.
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Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 1 st day of June, A.D. 1999.
Mavor
ATTEST:
4A.1
City Clerk