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HomeMy WebLinkAbout126 - 12/01/2009 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL EMPLOYEES' RETIREMENT PLAN ORDINANCE NO. 126, 2009 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL EMPLOYEES' RETIREMENT PLAN WHEREAS,Article V, Section 9 of the City 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 City has prior year reserves in the General Employees'Retirement Plan(the "Plan"); and WHEREAS, the City Council unanimously approved Resolution 98-86 amending the Plan to allow for a single-sum benefit for vested former employees of the City; and WHEREAS, the City Council unanimously approved Resolution 98-137 approving the amendment of the eligibility and contribution provisions of certain employee pension plans; and WHEREAS, it is necessary to appropriate funds to accommodate an additional $1,200,000 in single-sum benefit payment requests received during the current fiscal year; and WHEREAS, the Plan has assets of approximately$33 million available for appropriation. 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 ONE MILLION TWO HUNDRED THOUSAND DOLLARS ($1,200,000) to be used for single-sum benefit payments. Introduced, considered favorably on first reading, and orde d published this 17th day of November,A.D.2009,and to be presented for final passage on 1 st day of December,A.D.2009. Mayor .ATTEST: City Clerk Passed and adopted on final reading on the 1 st day of De er, A.D. 2009. Mayor -ATTEST: u ' City Clerk l