HomeMy WebLinkAbout1988-145-09/20/1988-AMENDING PENSION PLAN POLICE NEW HIRE MONEY PURCHASE RESOLUTION 88-145
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING THE CITY OF FORT COLLINS
POLICE "NEW HIRE" MONEY PURCHASE PENSION PLAN
WHEREAS, the City Council has adopted Resolution 88-144 amending the
City of Fort Collins Police Officers' Pension Plan, which amendments
include the addition of a money purchase plan retirement option; and
WHEREAS, the City has determined that any members of said plan who
choose the money purchase plan retirement option should be placed into the
City of Fort Collins Police "New Hire" Money Purchase Pension Plan, which
plan has previously been adopted by the City; and
WHEREAS, in order to do so, the City of Fort Collins Police "New Hire"
Money Purchase Pension Plan must be amended to change its title, revise the
eligibility requirements and describe the method of determining the
beginning account balance for each such member.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City of Fort Collins Police "New Hire" Money Purchase
Pension Plan be, and the same hereby is, amended by the addition of
Addendum No. 2, as attached hereto.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 20th day of September, A.D. 1988.
ayaTr—
ATTEST::
City Clerk
Addendum No. Two to the City of Fort Collins
Police Money Purchase Pension Plan
(previously called the City of Fort Collins
Police "New Hire" Money Purchase Pension Plan)
The name of the Plan shall be changed to the City of Fort Collins Police
Money Purchase Pension Plan.
The eligibility requirements shall be revised to include all paid employees
of the Employer's Police Department (including without limitation, all
dispatchers, meter enforcement personnel , animal control officers and all
other uniformed personnel within the department, but does not include
civilian personnel , such as secretaries, auxiliary police, cadets, or
community service officers) who are still employed on January 1, 1989 whose
regular employment with the Employer commenced prior to April 8, 1978 and
who elected to transfer their funds to this Plan.
Transfer amounts from the City of Fort Collins Police Officers' Pension
Plan (As Restated January 1, 1986) ("Old Hire Plan") to each employee's
account will be determined as follows:
The Mandatory Participant Contribution Account (as defined in Section
2.19 of the Prototype Money Purchase Plan and Trust Document) shall be
credited with an amount equal to the total amount of the contributions,
plus earnings thereon, paid by the employee to the Old Hire Plan, up
through December 31, 1988.
The Employer Contribution Account (as defined in Section 2.14 of the
Prototype Money Purchase Plan and Trust Document ) shall be credited with
an amount at least equal to the present value of the accrued benefits of
the particular employee, under the Old Hire Plan, up through December 31,
1988, less the amount credited to the Mandatory Participant Contribution
Account. In addition, the employee may receive an additional amount in
his/her Employer Contribution Account, which amount, if any, derives from
computations made by the Employer which provide equity between the
projected benefit under the defined benefit plan and the projected benefit
under the defined contribution plan. Information concerning such
additional amounts, if any, were provided to each employee by the Employer
prior to July 5, 1988.