HomeMy WebLinkAbout196 - 11/17/1998 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL EMPLOYEES RETIREMENT FUND ORDINANCE NO. 196, 1998
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
GENERAL EMPLOYEES' RETIREMENT FUND
WHEREAS, Article V, Section 9 of the Charter of the City of Fort Collins (the "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 General Employees' Retirement Fund has prior year reserves in the form
of Plan Assets of approximately $35.8 million; and
WHEREAS,on October 6, 1998,the City Council unanimously approved Resolution 98-137
approving the amendment of the eligibility and contribution provisions of certain employee pension
plans; and
WHEREAS,on October 6, 1998,the City Council unanimously approved Resolution 98-138
amending the City of Fort Collins General Employees' Retirement Plan to allow for a conversion
to a Money Purchase Pension Plans; and
WHEREAS,it is necessary to appropriate funds to accommodate approximately$1,000,000
in single-sum benefit payments and $9,000,000 for transfer to the ICMA Retirement Corporation
Money Purchase Plans required to complete the approved amendment and conversion.
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 TEN MILLION DOLLARS ($10,000,000) to be used for single-sum
benefit and transfer to the ICMA Retirement Corporation Money Purchase Plans on behalf of Plan
Members.
Introduced and considered favorably on first reading and ordered published this 3rd day of
November, A.D. 1998, and to be presented for final passage on the day of No et', 1998,
A.D. 1998.
___Mayor ! l
ATTEST:" S�
City Clerk
Passed and adopted on final reading this 17th day of Novembe A.D. 1998.
--Mayor "
ATTEST:
City Clerk