HomeMy WebLinkAbout1983-135-08/16/1983-AMENDING THE CITY OF FORT COLLINS GENERAL EMPLOYEES RETIREMENT PLAN RESOLUTION 83- 135
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING THE CITY OF FORT COLLINS
GENERAL EMPLOYEES RETIREMENT PLAN
WHEREAS, the City through its consultants, has reviewed the City of
Fort Collins General Employees Retirement Plan and has determined that
certain amendments to Resolutions 81-120 and 82-4 concerning such Retirment
Plan are deemed necessary to comply with current personnel practices
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that sections of Resolution 81-120 be amended as follows
I Subsection ( i) of Section 2 of Article II, Definitions, is amended
by substitution of the following subsection (1 ) in its entirety
( i ) "Disability" means a physical or mental condition
which, in the judgment of the Insurance Company entitles the
Member to receive a disability income under the Long Term Dis-
ability Insurance Contract
2 Subsection ( k) of Section 2 of Article II , Definitions, is
amended by substitution of the following subsection (k) in its entirety
( k) "Final Average Monthly Compensation" means 1/60th of a
Member' s total Compensation during the 60 consecutive full
calendar months of Credited Service out of his last 120 calendar
months of Credited Service, which will produce the highest
average monthly compensation If a Member has less than 60
consecutive full calendar months of Credited Service, his Final
Average Monthly Compensation shall be 1/60th of his total Com-
pensation during 60 successive full calendar months during the
last 120 calendar months of Credited Service that would yield the
highest average, or the average of his total Compensation during
all full calendar months of Credited Service, if less than 60
months
3 Amend Section 1 of Article IV by the addition of a final sentence
to read
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
4 Section 4 of Article V, Retirement Dates, is amended by substitu-
tion of the following Section 4 in its entirety
Section 4 Disability Retirement If a Member' s employment
by the City terminates by reason of Disability before his 65th
birthday and he receives long-term disability insurance benefits
to such age, he shall be eligible for a Disability Benefit
commencing on the first of the month coincident with or next
following his 65th birthday, or upon termination of his long-term
disability insurance benefits, if later
Diability shall be considered to have ended if, prior to his
65th birthday, the Member loses his qualification for long-term
disability insurance payments If Disability ceases prior to the
Member's 65th birthday, no Disability Benefits shall be paid to
or for him If the Member' s Disability ceases prior to his 65th
birthday, if he is not reemployed by the City as an Employee, and
if he had met the requirements for an Early or Deferred Vested
Benefit pursuant to Articles V or IX on the date of his recovery
from Disability, he shall be entitled to receive a benefit equal
in amount to the Early or Deferred Vested Benefit to which he
would have been entitled as of the date of his recovery, con-
sidering his Final Average Monthly Compensation at his Disability
Retirement Date and his Credited Service on the date of his
recovery from Disability
5 Section 3 of Article VI , Retirement Benefits, is amended by
Substitution of the following Section 3 in its entirety
Section 3 Disability Retirement The Disability Retire-
ment Benefit of a Member eligible therefor shall be his Accrued
Benefit on the date his Benefit commences, based on his Annual
Rate of Compensation at date of disablement, and the Credited
Service he would have accumulated if his employment had continued
uninterrupted until the commencement date of his Disability
Benefit
6 Section 1 of Article VIII, Death Benefits, is amended by substitu-
tion of the following Section 1 in its entirety
Section 1 Death of an Active Member, a Disabled Member, or
a Vested Member Prior to Normal-Retirement Date In the event a
Member, who has attained age 55 and has comp eted at least six
years of Credited Service, and who is actively employed by the
City or whose employment terminated after having completed such
age and service requirements, dies prior to his Normal Retirement
Date and prior to the commencement of his Retirement Benefit, a
monthly benefit for life shall be paid to his surviving spouse,
if any, in an amount euqal to 50% of the Member' s Vested Accrued
Benefit on his date of death If, however, the Member' s spouse
is more than five years younger than the Member, the monthly
benefit to such spouse shall be reduced actuarially to reflect
the difference in age as being more than five years
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7 The City of Fort Collins General Employees Retirement Plan as
restated, effective September 1, 1981, is hereby restated to be retroac-
tively effective as of January 1 , 1982 , and such restated plan shall
contain the provisions as stated on September 1 , 1981, as amended by
Resolutions 81-20, Resolution 82-3 and this Resolution 83-135 of the City
of Fort Collins
Passed and adopted at a regular meeting of the City Council held this
16th day of August, A 0 1983
May
ATTEST
*60� C i ty C
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