HomeMy WebLinkAbout2000-004-01/04/2000-AMENDING THE GENERAL EMPLOYEES RETIREMENT PLAN RESOLUTION 2000-4
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 (as
restated and effective January 1, 1992)(the"Plan")have been reviewed by its Retirement Committee
(the "Committee"); and
WHEREAS,the Committee has recommended to City Council the amendment of the Plan
to provide for a one-time cost of living increase for certain retired Plan members and beneficiaries;
and
WHEREAS,the City Council wishes to adopt the recommendation of the Committee; and
WHEREAS,the City Council finds that the provision of the recommended one-time cost of
living increase is reasonable and necessary to accomplish the public purpose of providing retirement
benefits for retirees and their beneficiaries; and
WHEREAS, the City Council has adopted a 2000 appropriation ordinance which funds the
cost of the proposed one-time cost of living increase; and
WHEREAS, Article XIV, Modification or Termination of Plan, Section 2, authorizes the
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 effective January 1, 2000, Article VI of the City of Fort Collins General
Employees Retirement Plan is amended by adding thereto a new Section 8 to read as follows:
Section 8. Increased Benefits for Certain Retired Members and
Beneficiaries as of January 1, 2000. Effective January 1, 2000, the monthly
benefits of Retired Members and Beneficiaries whose monthly payments commenced
prior to January 1, 1999, shall be increased as follows:
Commencement Year of Percentage Amount
Payment of First Benefit of Increase in Monthly
to Retired Members or Benefits
Beneficiaries
1990 and prior 15.28%
1991 12.38%
1992 10.39%
1993 8.33%
1994 6.73%
1995 4.95%
1996 3.40%
1997 1.06%
1998 0.58%
1999 and after 0%
These increased benefits shall only be applicable to Retired Members or
Beneficiaries who began receiving a monthly benefit during the above specified
years. These increased benefits shall not be applicable to Retired Members or
Beneficiaries who have taken a single-sum benefit or Vested Members who have not
commenced receiving a monthly benefit during the above specified years.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this
4th day of January, A.D. 2000.
Mayor
ATTEST:
City Clerk