HomeMy WebLinkAbout1988-144-09/20/1988-AMENDING PENSION PLAN POLICE OFFICERS RESOLUTION 88- 144
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING THE CITY OF FORT COLLINS
POLICE OFFICERS' PENSION PLAN
WHEREAS, the City wishes to provide a quality pension plan for all
City employees; and
WHEREAS, a money purchase plan has previously been established for
police personnel hired on or after April 8, 1978; and
WHEREAS, police personnel hired before April 8, 1978, are currently
covered by a defined benefit plan known as the City of Fort Collins Police
Officers' Pension Plan, as indicated in Section 21-56 of the Code of the
City of Fort Collins; and
WHEREAS, the City wishes to include a money purchase plan retirement
option in such Plan for the benefit of police personnel hired before April
8, 1978; and
WHEREAS, such Plan states that it may be amended by the City provided
that the amendment is approved by 65% of the affected members; and
WHEREAS, an election was held during the week of July 5, 1988, and
100% of the 39 active employee and deferred vested participants voted to
add a money purchase plan retirement option to such Plan; and
WHEREAS, the City also wishes to add a cost of living increase for
current retirees and provide for the continuation of benefits for deceased
members' spouses who remarry; and
WHEREAS, the Police Officers' Pension Board and City staff have
reviewed the specific wording of the amendments proposed to the Plan and
recommend approval of the same.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City of Fort Collins Police Officers' Pension Plan (as
restated January 1, 1986) be, and the same hereby is, amended to add a
money purchase plan retirement option, a cost of living increase in
benefits to current retirees, and provide for the continuation of benefits
to deceased members' spouses who remarry, which amendment shall become
effective January 1, 1989.
Passed and adopted at a regular meeting of e Co c'1 of the City of
Fort Collins held this 20th day of September
M
Z
City Clerk