HomeMy WebLinkAbout1994-079-05/17/1994-DEATH BENEFITS GENERAL EMPLOYEES RETIREMENT COMMITTEE RETIREMENT PLAN RESOLUTION 94-79
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING THE CITY OF FORT COLLINS' GENERAL EMPLOYEES
RETIREMENT PLAN
WHEREAS, the terms of the City of Fort Collins' General Employees
Retirement Plan (as restated and effective January 1, 1992) ("the Plan") have
been reviewed by its Retirement Committee ("the Committee") ; and
WHEREAS, it is proposed that Article VIII, Death Benefits, Section 1, of
the Plan be amended in order to fully incorporate the Committee's original intent
which was to provide more equitable death benefits to married and unmarried
members of the Plan; and
WHEREAS, it is further proposed that Article XI, Administration of the Plan
Section 1, of the Plan, addressing the qualifications for membership on the
Committee, be amended to delete a reference to employment by the City, since the
Plan also covers certain employees of Poudre Fire Authority; and
WHEREAS, the Committee is recommending these amendments to the Council for
adoption; and
WHEREAS, the City Council wishes to adopt the recommendation of the
Committee; and
WHEREAS, Article XIV, Modification or Termination of Plan, Section 2,
authorizes the Council to amend the terms of the Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS,
as follows:
Section 1 . That, effective January 1, 1994, Article VIII, Section 1 of the
City of Fort Collins' General Employees Retirement Plan (hereinafter "the Plan") ,
entitled Death Benefits, be amended to read as follows:
Section 1 . Death of An Active Member. a Disabled Member or a
Vested Member Prior to Normal Retirement Date. In the event that a
Member who is actively employed in Covered Employment or a Disabled
Member dies prior to his Normal Retirement Date and prior to the
commencement of his Retirement Benefit, a death benefit will be
paid. If the Active or Disabled Member was married on his date of
death, a benefit shall be paid to his surviving spouse in an amount
equal to 50% of the Member's Accrued Benefit on his date of death.
The benefit to the surviving spouse shalt commence on the last day
of the month following the later of the Member's 55th birthday or
the Member's date of death and be payable for the spouse's life. At
the time of the Member's death, the spouse shall have the option to
elect to receive the monthly payments or a lump sum payment equal to
the actuarial equivalent of such monthly payments.
If the Active or Disabled Member was not married on his date of
death, a lump sum payment shall be paid to the Member's designated
beneficiary (or if none, his estate) , in an amount equal to the
actuarial equivalent of a monthly benefit to the Member of 50% of
the Member's Accrued Benefit on his date of death. For calculation
purposes, the commencement date of such monthly benefit shall be
deemed to be the last day of the month following the later of the
Member's 55th birthday or date of death.
In the event that a Vested Member who became such prior to January
1, 1994 and accrued Credited Service after December 31, 1993, dies
prior to his Normal Retirement Date and prior to commencement of his
retirement benefit, a death benefit will be paid. This death
benefit shall be paid as set forth in the first paragraph of this
section if the Member is married at his death or the second
paragraph of this section if the Member is not married at his death.
Death benefits, if any, payable to any Vested Member who became such
prior to January 1, 1994 and does not accrue any Credited Service
after December 31, 1993 shall be determined in accordance with the
provisions of the plan as of the date the Member ceased to be in
Covered Employment.
Section 2. That, effective January 1; 1994, Article XI, Section 1 of the
City of Fort Collins' General Employees Retirement Plan (hereinafter "the Plan") ,
entitled Retirement Committee, be amended to read as follows:
Section 1 . Retirement Committee. A Retirement Committee
composed of five members shall administer the Plan. The City's
Director of Finance shall be a member of the Committee and shall
keep all records and minutes of meetings. The other four members of
the Committee shall be appointed by the City Council to serve at its
pleasure and for overlapping terms designated by the City Council .
At least three of said appointed members shall be Employees who are
covered by the Plan. If the remaining appointee is not an Employee
covered by the Plan, he shall be a tax-paying elector of the City.
A majority of the five members of the Committee shall constitute a
quorum. All actions taken by the Committee shall be approved by a
majority vote of all of the members of the Committee present.
No member of the Committee shall receive compensation for his
service on the Committee but a member may be reimbursed for
reasonable expenses incurred in connection with his duties as a
member of the Committee.
Passed and adopted at a regular meeting of the Co of the City ort
Collins held this 17th day of May, A.D. 1994.
ayor \
ATTEST:
City Clerk