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