HomeMy WebLinkAbout1989-217-12/19/1989-TERMINATING THE CITY OF FORT COLLINS POLICE OFFICERS PENSION PLAN (AS RESTATED JANUARY 1, 1986) RESOLUTION 89-217
OF THE COUNCIL OF THE CITY OF FORT COLLINS
TERMINATING THE CITY OF FORT COLLINS
POLICE OFFICERS' PENSION PLAN
(AS RESTATED JANUARY 1, 1986)
WHEREAS, the City of Fort Collins (the "City") has maintained the City
of Fort Collins Police Officers' Pension Plan (as restated January 1, 1986)
(the "Plan") ; and
WHEREAS, the Plan's participants now come under one of two categories:
(a) participants who chose the Money Purchase Plan Retirement Option and,
in December, 1988, executed a Waiver and Release by which they relinquished
their membership in the Plan and transferred into the ICMA Money Purchase
Pension Plan; and (b) participants who retired under the terms of the Plan
prior to December 31, 1988, and will continue to receive their accrued
benefits through nontransferable annuity contracts purchased by the Plan's
Board of Trustees; and
WHEREAS, due to the transfer of active employees into the Money
Purchase Plan, benefit accruals ceased effective January 1, 1989; and
WHEREAS, pursuant to Section 15.1, Plan Termination, of the Plan, the
City may at any time, by adoption of a resolution, terminate the Plan; and
WHEREAS, pursuant to Section 15.4(a) of the Plan, upon termination of
the Plan, the City shall receive such amounts, if any, as may remain after
the satisfaction of all liabilities of the Plan to its Employees and their
beneficiaries, and arising out of any variations between actual
requirements and expected actuarial requirements.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO, that the Plan shall be terminated as of the proposed
date of termination, December 31, 1989, provided that the Plan and related
trust are qualified under Sections 401(a) and 501(a) of the Internal
Revenue Code of 1986, as amended, and subject to final approval by the
Internal Revenue Service.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 19th day of December, A D. 1989.
Mayor
ATJ �
City Clerk