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HomeMy WebLinkAbout1998-016-01/20/1998-AMENDING GERP RESOLUTION 98-16 OF THE COUNCIL OF THE CITY OF FORT COLLINS AMENDING THE CITY OF FORT COLLINS' GENERAL EMPLOYEES RETIREMENT PLAN WHEREAS, the terms of the City of Fort Collins General Employees Retirement Plan (the "Plan") (as restated and effective January 1, 1992),have been reviewed by its Retirement Committee (the "Committee"); and WHEREAS, it is proposed that Articles II, XI, and XII of the Plan be amended in order to correct inconsistencies between definitions and substantive provisions of the Plan and to permit the selection of the City's financial officer as the Plan's funding agent; and WHEREAS, it is proposed that Article XIII of the Plan be amended in order to conform the inalienability provision of the Plan with recent changes in the state law; and WHEREAS,the Committee is recommending these amendments to the Council for adoption; and WHEREAS, the City Council wishes to adopt the recommendation of the Committee; and WHEREAS, Article XIV, Modification or Termination of Plan, Section 2 of the Plan, authorizes the Council to amend the terms of the Plan. NOW, THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE FORT COLLINS, COLORADO as follows: Section 1. That effective February 1, 1998, subsections p, r, and s of Section 2 of Article II of the City of Fort Collins General Employees Retirement Plan be amended to read as follows: p. "Funding Agent" means the financial officer of the City, any insurance company or trustee appointed by the Retirement Committee as provided in Article XII, or the Retirement Committee, if no designation has been made. r. "Insurance Company" means any insurance company or companies authorized to do business in the state and appointed by the Retirement Committee as provided in Article XII. S. "Trustee" shall mean any qualified and acting Trustee appointed by the Retirement Committee as a Named Fiduciary for the investment and management of Plan assets. 1 Section 2. That effective February 1, 1998,subsection a of Section 2 of Article XI of the City of Fort Collins General Employees Retirement Plan be amended to read as follows: a. To designate a Funding Agent, which may be the Retirement Committee, the financial officer of the City, an insurance company, or a trustee, to manage the Retirement Fund. Section 3. That effective February 1, 1998, Sections 1, 2, 3, and 4 of Article XII of the City of Fort Collins General Employees Retirement Plan be amended to read as follows: Section 1. Funding. The Retirement Committee shall decide whether it shall handle the Fund or shall appoint the financial officer of the City, an insurance company, a trustee, or another funding vehicle, to hold and invest the Retirement Fund. The Retirement Committee shall have the power to change such funding at any time upon notice required by the terms of any applicable Funding Agreement. Section 2. Assets. All assets of the Plan shall be held by the Funding Agent for use in providing the benefits under the Plan. If the Retirement Committee or the financial officer of the City is serving as the Funding Agent, the assets of the Plan shall be held pursuant to the policies adopted by the Retirement Committee. If an insurance company, a trustee, or another funding vehicle is serving as the Funding Agent, the assets of the Plan shall be held pursuant to a Funding Agreement. The Retirement Committee shall comply with the purchasing and contracting provisions of the City Code when entering into a Funding Agreement. No part of the said corpus or income shall be used for or diverted to purposes other than for the exclusive benefit of the Members, Retired Members, Vested Members, their Beneficiaries or estates under the Plan, prior to the satisfaction of all liabilities hereunder with respect to them, except such funds which, upon termination of the Plan, are in excess of the amount required to fully fund the Plan and are due solely to erroneous actuarial assumptions. No person shall have any interest in or right to any part of the assets of the fund except as and to the extent expressly provided in the Plan. Section 3. Duties of the Funding Agent. The duties of the Funding Agent shall include but shall not be limited to the following: a. It shall receive from the City, all contributions to the Fund therein established. b. It shall receive all of the income from the Fund. c. It shall pay out of the Fund, upon written instructions from the Retirement Committee, the funds required for payments under the Plan. 2 d. It shall invest and reinvest the corpus and income of the Fund, subject to the requirements of the Plan, as directed by the Retirement Committee and as set forth in any applicable funding agreement. e. It shall maintain such records and accounts of the Fund, and shall render such financial statements and reports thereof, as may be required from time to time by the City Council or the Retirement Committee. Section 4. Investment Powers. The investment of the corpus of the Fund shall be made according to the powers and limitations set forth in the policies adopted by the Retirement Committee and any applicable Funding Agreement. Section 4. That effective February 1, 1998, Section 1 of Article XIII of the City of Fort Collins General Employees Retirement Plan be amended to read as follows: Section 1. Inalienability. Members, Retired Members, Vested Members and their Beneficiaries under the Plan are hereby restrained from selling, transferring, anticipating, assigning, hypothecating, or otherwise disposing of their Retirement Benefit,prospective Retirement Benefit,or any other rights or interest under the Plan, and any attempt to anticipate, assign,pledge, or otherwise dispose of the same shall be void. Said Retirement Benefit, prospective Retirement Benefit and rights and interests of said Members, Retired Members, Vested members or Beneficiaries shall not at any time be subject to the claims of creditors or liabilities or torts of said Members, Retired Members, Vested Members or Beneficiaries, nor be liable to attachment, execution, or other legal process. Notwithstanding the foregoing, the Retirement Committee may approve payment to an alternate payee based upon any assignment for child support purposes as provided for in sections 14-10-118(1) and 14-14-107 C.R.S., as they existed prior to July 1, 1996; any income assignments for child support purposes pursuant to section 14-14-111.5, C.R.S.; any writ of garnishment which is the result of a judgment taken for arrearages for child support or for child support debt; and any payments made in compliance with a properly executed court order approving a written agreement entered into pursuant to section 14-10-113(6), C.R.S., and such payment shall not be deemed to be a prohibited alienation of benefits. Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this 20th day of January, A.D. 1998. - MavoW,1-3 E ATTEST: City Clerk 3