HomeMy WebLinkAbout1990-125-08/21/1990-AMENDING FIRE FIGHTERS PENSION PLAN RESOLUTION 90-125
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING THE CITY OF FORT COLLINS FIRE FIGHTERS
PENSION PLAN
WHEREAS, the City Council , by adoption of Resolution 90-41 on
March 20, 1990, amended the City of Fort Collins Fire Fighters Pension
Plan to allow the active participants in the Plan the option of
converting to a separate money purchase plan; and
WHEREAS, Resolution 90-41 required that certain events, including
a formal exercise of the option of converting by each current employee
who wished to do so, occur on or before June 15, 1990; and
WHEREAS , those prerequisite events were not able to be
accomplished by June 15th and additional time is needed for the
employees to exercise their option to participate in the money
purchase plan; and
WHEREAS, the Council wishes to extend the deadline for this
conversion option to October 18, 1990.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1 . That subsection 16. 1 of Article XVI of the City of
Fort Collins Fire Fighters Pension Plan, as adopted in Resolution
90-41, is hereby amended a follows:
16.1 Conversion Option. Each current Employee shall ,
subject to final determination by the City, have the option
of converting from this plan to a money purchase plan
adopted by Poudre. The Employee's decision to convert must
be made in writing on or before dune-45;-4999; OCTOBER 18,
1990, and is irrevocable.
Section 2. That subsection 16.2 of Article XVI of the City of
Fort Collins Fire Fighters Pension Plan, as adopted in Resolution
90-41, is hereby amended as follows:
16.2 Waiver and Release Requirement. On or before dune-15;
1990T OCTOBER 18, 1990, each current Employee who wishes to
exercise the option of converting to a money purchase plan
must sign a Waiver and Release, waiving all rights to a
defined benefit and releasing the City and Poudre from any
liability to the Employee or his/her beneficiaries for such
a defined benefit, or any claim based upon the conversion to
a money purchase plan. Failure to sign such Waiver and
Release shall be construed as the Employee's election to
remain in the defined benefit plan.
Passed and adopted at a regular meeting of the Council of the
City of Fort Collins held this 21st d=t,
a . 1990.
Mayor
ATTEST-
City r 1�
City Clerk