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HomeMy WebLinkAbout2002-016-02/05/2002-APPROVING THE AMENDMENT OF THE 401A MONEY PURCHASE PENSION PLANS AND AUTHORIZING THE FINANCE DIRECTO RESOLUTION 2002-016 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING THE AMENDMENT OF THE 401 A MONEY PURCHASE PENSION PLANS AND AUTHORIZING THE FINANCE DIRECTOR TO APPROVE FUTURE TECHNICAL AMENDMENTS WHEREAS, the City of Fort Collins (the "City") has established several qualified 401A money purchase retirement plans (collectively referred to as "Plans") for its employees which are administered by the International City Management Association Retirement Corporation("ICMA") pursuant to the provisions of the 401 Governmental Money Purchase Plan&Trust Document("Plan Document"); and WHEREAS, ICMA has recommended that certain changes be made to the Plan Document in order to maintain compliance with recent federal legislation and Internal Revenue Service regulations governing said Plans; and WHEREAS, the continuance of the Plans serves the City's best interest by enabling it to provide reasonable retirement security for its employees, by providing increased flexibility in its personnel management system, and by assisting in the attraction and retention of competent personnel; and WHEREAS,federal legislation and Internal Revenue Service regulation frequently mandate technical amendments to the Plans which result in no significant financial burden to the City and can be administratively reviewed and approved without the need for Council action. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO as follows: Section 1. That the City of Fort Collins hereby amends and restates the Plan Document for each of the Plans in the form of the ICMA Retirement Corporation Governmental Money Purchase Plan&Trust(including the EGTRRA Amendment),a copy of which is on file in the office of the City Clerk. The Finance Director is authorized to execute the EGTRRA Amendment Adoption Agreement on behalf of the City. Section 2. That the assets of the Plans shall continue to be held in trust, with the City serving as trustee,for the exclusive benefit of the Plans' participants and their beneficiaries, and the assets shall not be diverted to any other purpose. Section 3. That the Finance Director is hereby authorized to review and approve on behalf of the City any future technical amendments to the Plans made necessary by federal or state legislation or regulation, providing that such technical amendments do not result in a significant increased financial burden to the City. Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this 5th day of February, A.D. 2002. 7 Mayor ATTEST: City Clerk