HomeMy WebLinkAbout1985-203-11/05/1985-ADOPTING THE RESTATEMENT OF THE CITY OF FORT COLLINS GENERAL EMPLOYEES RETIREMENT PLAN RESOLUTION 85- 203
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ADOPTING THE RESTATEMENT OF THE CITY OF FORT COLLINS'
GENERAL EMPLOYEES RETIREMENT PLAN
WHEREAS, several amendments have been made by Resolution to the
General Employees Retirement Plan since its' last Restatement in 1981; and
WHEREAS, new regulations promulgated by the Internal Revenue Service
must be adopted into the Plan in 1985 in order for the Plan to maintain
its ' qualified status; and
WHEREAS, A.S. Hansen Company is retained by the City as a consultant
for the Plan; and
WHEREAS, A.S. Hansen Company has proposed a restatement of the City' s
General Employee Retirement Plan recommending the following changes:
Effective Date of Restatement: January 1, 1985
Article I - Purpose
Revise dates throughout Article to reflect current restatement date.
Article II - Definitions
Revise Section 2(b) Definition of Actuarial Equivalent: to conform to
IRS ruling 79-90.
Revise Section 2(g) Definition of Compensation: to include deferred
compensation under Section 457 of the IRS Code.
Revise Section 2(i ) Definition of Disability: to conform to Resolution
83-135.
Revise Section 2(1 ) Definition of Final Average Monthly Compensation:
to conform to Resolution 83-135.
Article III - Membership
Add Section 5 Exceptions : Any Employee covered by an employment
contract, a Department Head, an Assistant City Manager or an Assistant
City Attorney may, if designated by the City Manager, elect to
participate in the ICMA Retirement Program in lieu of participation in
this program.
Article IV - Credited Service
Revise Section 1 Credited Service: add "A member will accrue Credited
Service under the Plan for periods of Disability as long as he is not
receiving any payment from this Plan during such period" to conform to
Resolution 83-135.
Article V - Retirement Dates
Revise Section 4 Disability Retirement: to conform to Resolution
83-135.
Article VI - Retirement Benefits
Revise Section 3 Disability Retirement: to conform to Resolution
83-135.
Revise Section 6 Accrued Credits and Vested Benefits Under the Previous
Plan Preserved: to conform to current restatement dates.
Delete Section 7 Increased Benefits for Retired Members and
Beneficiaries of the Previous Plan: this section no longer necessary.
Article VIII - Death Benefits
Revise Section 1 Death of an Active Member, a Disabled Member or Vested
Member Prior to Normal Retirement Date: to conform to Resolution
83-135. -
Article XIII - Retirement Benefits and Rights Inalienable
Revise Section 1 Inalienability: add "Notwithstanding the foregoing,
the Retirement Committee may approve payment to an alternate payee
based upon any Qualified Domestic Relations Order as defined in Code
Section 414(p) , and such payment shall not be deemed to be a prohibited
alienation of benefits" to conform to IRS regulations.
Article XVI - Limitations
Revise Section 3 Limitation of Benefits: regarding the benefits payable
to an employee from this plan being subject to the limitations of Code
415 in conformance with IRS regulations.
WHEREAS, the General Employees Retirement Board and City staff have
reviewed said restatement of the City's General Employee Retirement Plan
and recommended approval of the same.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the restatement of the City of Fort Collins' General Employee
Retirement Plan as submitted and prepared by A.S. Hansen Company be, and
the same hereby is adopted.
Passed and adopted at a regular meeting of the City Council held this
5th day of November, A.D. 1985.
ATTEST:
City Clerk