HomeMy WebLinkAbout2003-100-09/02/2003-AMENDING THE SERVICE DIRECTORS PENSION PLAN TO ADJUST THE CONTRIBUTION RATE OF THE CITY MANAGER RESOLUTION 2003-100
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING THE SERVICE DIRECTORS PENSION PLAN
TO ADJUST THE CONTRIBUTION RATE OF THE CITY MANAGER
WHEREAS, the City Manager is currently a participant in the City of Fort Collins,
Colorado Service Director Pension Plan #8530-19 ("Plan"), administered by the ICMA
Retirement Corporation; and
WHEREAS, the City Manager has requested that the Plan be amended to provide for a
mandatory, pre-tax, employee contribution in an amount that will maximize his contribution
into his participant account; and
WHEREAS, Section VI of the Third Addendum to the City Manager Employment
Agreement, dated January 10, 2001, specifically provides that the City Council shall
accommodate the request of the City Manager to increase the amount of employee contributions
to said Plan; and
WHEREAS, the City Council believes that it is in the best interests of the City to amend
the Plan to increase the mandatory employee contribution that shall be made by the City
Manager without increasing the 10% employer contribution currently being made into his
participant account.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1. That the Service Director Pension Plan #8530-19 is hereby amended to
provide that the City shall contribute on behalf of the City Manager 10% of earnings for the Plan
Year and the City Manager shall contribute the maximum amount allowed by the Internal
Revenue Code Regulations, subject to the limitations and definitions set forth in the Plan.
Section 2. That the City Manager shall execute on behalf of the City an amendment to
the Adoption Agreement for the City of Fort Collins, Colorado Service Director Pension Plan
#8530-19 to effectuate the provisions of Section 1, above.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins held
this 2nd day of September, A.D. 2003.
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ATTEST:
City Clerk CS