HomeMy WebLinkAbout126 - 12/01/2009 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL EMPLOYEES' RETIREMENT PLAN ORDINANCE NO. 126, 2009
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
GENERAL EMPLOYEES' RETIREMENT PLAN
WHEREAS,Article V, Section 9 of the City 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 General Employees'Retirement Plan(the
"Plan"); and
WHEREAS, the City Council unanimously approved Resolution 98-86 amending the 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, it is necessary to appropriate funds to accommodate an additional $1,200,000
in single-sum benefit payment requests received during the current fiscal year; and
WHEREAS, the Plan has assets of approximately$33 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 ONE MILLION TWO HUNDRED THOUSAND DOLLARS
($1,200,000) to be used for single-sum benefit payments.
Introduced, considered favorably on first reading, and orde d published this 17th day of
November,A.D.2009,and to be presented for final passage on 1 st day of December,A.D.2009.
Mayor
.ATTEST:
City Clerk
Passed and adopted on final reading on the 1 st day of De er, A.D. 2009.
Mayor
-ATTEST: u '
City Clerk
l