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HomeMy WebLinkAbout169 - 12/17/2013 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL EMPLOYEES RETIREMENT PLAN ORDINANCE NO. 169, 2013 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 Trust Fund (the "Plan"); and WHEREAS, the City Council unanimously approved Resolution 1998-086 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 1998-137 approving an amendment to the eligibility and contribution provisions of certain employee pension plans; and WHEREAS, it is necessary to appropriate funds to accommodate an additional $1,000,000 in single-sum benefit payment requests received by the Plan during the current fiscal year; and WHEREAS, the Plan has assets of approximately $39 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 Plan Trust Fund, the sum of ONE MILLION DOLLARS ($1,000,000) to be used for single-sum benefit payments in the current fiscal year. Introduced, considered favorably on first reading, and ordered published this 3rd day of December, A.D. 2013, and to be presented for final passage on the 17th day of December, A.D. 2013. G�JY OFFOp Mayor ATTEST: J c, City Clerk Aydo.•••' _ 1 _ Passed and adopted on final reading on the 17th day of December, A.D. 20B. Mayot ATTEST: Oti FORT�O City Clerk �Ot O kA.O - 2 -