HomeMy WebLinkAbout1998-158-12/01/1998-AMENDING THE GENERAL EMPLOYEES RETIREMENT PLAN TO ALLOW FOR THE TRANSFER OF ASSETS OF CERTAIN PENSIO RESOLUTION 98-158
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING THE CITY OF FORT COLLINS GENERAL
EMPLOYEES RETIREMENT PLAN TO ALLOW FOR
THE TRANSFER OF CERTAIN PENSION ASSETS
ON DECEMBER 31, 1998
WHEREAS, on October 6, 1998, the City Council adopted Resolution 98-138, which
Resolution amended the General Employees Retirement Plan (the "Plan") to allow certain City
employees to convert from the Plan to a money purchase pension plan; and
WHEREAS, such Resolution 98-138 provided that the transfer of the electing employees'
Transition Account Balance would occur on January 1, 1999, or as soon thereafter as reasonably
practicable; and
WHEREAS, the International City Management Association Retirement Corporation
("ICMA"),the administrator of the money purchase pension plans to which the Transition Account
Balance for each electing employee is to be transferred, has indicated that the transfer of the
Transition Account Balances may occur on December 31, 1998,thereby accelerating the posting of
account balances and avoiding to the extent practical the effect of market fluctuation during the
transfer period; and
WHEREAS,the Plan's actuary,Watson Wyatt,has indicated that moving the actual transfer
date from January 4, 1999 to December 31, 1998,will eliminate unnecessary uncertainty during the
transfer period; and
WHEREAS, Article XIV, Modification or Termination of Plan, Section 2, of the Plan
authorizes the City Council to amend the terms of the Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO as follows:
Section 1. That the effective date of the Plan amendments set forth in Resolution 98-138 is
hereby amended from January 1, 1999 to December 31, 1998.
Section 2. That Section 2 of Resolution 98-138 is hereby amended by changing the transfer
date as stated in Article XVIII, Section 2a. of the Plan from"January 1, 1999, or as soon thereafter
as reasonably practicable"to"December 31, 1998,or as soon thereafter as reasonably practicable".
Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this
lst day of December, A.D. 1998.
Mayor Pro Tern
ATTEST:
City Clerk