HomeMy WebLinkAbout1986-118-07/15/1986-ICMA ACCOUNTS RETIREMENT FUNDS TRANSFER RESOLUTION 86-118
OF THE COUNCIL OF THE CITY OF FORT COLLINS
PROVIDING FOR THE TRANSFER OF RETIREMENT FUNDS
FOR SELECTED EMPLOYEES
WHEREAS, the City provides a retirement benefit for all City
employees; and
WHEREAS, eight Department Heads have elected to have retirement
contributions made to the ICMA Pension System; and
WHEREAS, these eight Department Heads are currently a liability to the
General Employees Pension Plan due to previous contributions to that plan
and vested benefits in that plan; and
WHEREAS, the transfer of these prior contributions to the ICMA account
will remove that liability and reduce the budget for retirement
contributions.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS:
Section 1. That the money contributed to the General Pension Plan in
the names of Pete Dallow, Jane Davis, Tom Frazier, Jim Harmon, Wanda
Krajicek, Mike Powers, Mike Smith, and Dave Siever be contributed in like
amount to their ICMA accounts.
Section 2. That this transfer include a contract with each employee
to waive any right to benefits provided by the General Pension Plan.
Section 3. That the money budgeted for unfunded liability payments in
1986 and 1987 be deleted from the respective budgets.
Section 4. That the retirement contribution rate for the Department
Head ICMA accounts be established at 4.5% and the retirement contribution
rate for the General Pension Plan be established at 3.553%.
Passed and adopted at a regular meeting of the City Council held this
15th day of July, A.D. 1986.
--� 1 jd-40�1 �
Mayor
ATTEST:
City Clerk