HomeMy WebLinkAbout1986-012-01/21/1986-POLICE OFFICERS PENSION PLAN RESTATEMENT RESOLUTION 86-12
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ADOPTING THE RESTATEMENT OF THE CITY OF FORT COLLINS
POLICE OFFICERS ' PENSION PLAN
WHEREAS, the City hired A.S. Hansen Company as consultant to prepare a
restatement of the City 's Police Officers ' Pension Plan ; and
WHEREAS, A.S. Hansen Company has proposed a restatement of the City 's
Police Officers ' Pension Plan recommending that the following be
incorporated into the Plan:
1. Articles 2-36 through 2-43.11 of the City of Fort Collins
Code.
2. Colorado State Statutes as they apply to "old hires".
3. Colorado Fire and Police Pension Association guidelines and
interpretations.
4. IRS requirements for Plan qualification.
5. Details previously included in By-Laws.
6. Technical clarifications.
7. Plan improvements:
a. Article II, Section 2.3 - If an employee had a break in
Service prior to having ten years of service, or after
having ten years of service but with such break resulting
in a refund of his contribution accumulation, he shall
lose credit for his prior service, even if reemployed.
b. Article II, Section 2.4 - If an employee had a break in
service and then reentered service in covered employment
prior to April 8, 1978, or if prior to April 8, 1978, an
Employee had employment with another police department as
described in Section 2.1b hereof, he shall receive credit
for his prior service or prior employment only if he
repaid to the Trust Fund any refund of his contributions
made to him from such Trust Fund or any such other
pension fund, together with interest at the rate of three
percent per annum from the date such refund was made to
him.
c. Article V. Section 5.2 - pension amount calculated using
a 36 month average minimum.
d. Article V, Section 5.3 - An employee who is a participant
hereunder shall be eligible for a deferred vested pension
if his covered employment with the employer is terminated
prior to his eligibility for a normal pension but after
he becomes vested in a pension benefit under the
following schedule:
Vesting Schedule
An employee 's vested interest is determined, according
the employee 's years of service, as follows:
Employee 's Years Vested Percentage of
of Service Employee 's Accrued Pension
Less the
10 or more 100%
Service as used in Sections 5.3 and 5.4 shall include only
the participant 's period of employment with the City of Fort
Collins.
Payment of a deferred vested pension shall commence as of the
first day of the month next following the employee 's
attainment of age fifty-five if he is then living ; however,
if the employee requests a refund of his contribution
accumulation under Section 8. 1b hereof, he shall forfeit such
deferred vested pension.
e. Article V, Section 5.4 - pension amount calculated using
a 36 month average minimum.
WHEREAS, the Police Officers ' Pension Board and City staff have
reviewed said restatement of the City 's Police Officers ' Pension Plan and
recommended approval of the same.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the restatement of the City of Fort Collins Police Officers '
Pension Plan as submitted and prepared by A.S. Hansen Company be, and the
same hereby is adopted.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 21st day of January, A.D. 1986.
MAyor
ATTEST:
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