HomeMy WebLinkAbout2002-103-11/05/2002-ADOPTING THE SECOND AMENDMENT TO THE GENERAL EMPLOYEES RETIREMENT PLAN AS AMENDED AND RESTATED EFFEC RESOLUTION 2002-103
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ADOPTING THE SECOND AMENDMENT TO
THE CITY OF FORT COLLINS GENERAL EMPLOYEES'
RETIREMENT PLAN AS AMENDED AND RESTATED
EFFECTIVE DECEMBER 31, 2001
WHEREAS,the City Council adopted,effective January 1, 1971,a qualified defined benefit
pension plan known as the City of Fort Collins Employees' Retirement Plan (the "1971 Plan"), for
the purpose of providing retirement benefits for certain of its employees; and
WHEREAS,the City Council has amended the 1971 Plan from time to time and restated the
1971 Plan to incorporate all prior amendments and other changes required by law effective
December 31, 2001 (the "2001 Restated Plan"), via Section 1 of Resolution 2001-157; and
WHEREAS, the City Council adopted the first amendment to the 2001 Restated Plan
effective January 1, 2002, via the adoption of Section 2 of Resolution 2001-157; and
WHEREAS,the General Employees'Retirement Committee (the "Committee"), as created
by and functioning pursuant to Chapter 21, Article V of the City Code, has reviewed the current
provisions of the 2001 Restated Plan as amended, and has determined that the adoption of a second
amendment is necessary in order to maintain the 2001 Restated Plan's compliance with Internal
Revenue Code Regulations and to obtain a favorable determination letter from the Internal Revenue
Service; and
WHEREAS,the Committee has recommended that City Council adopt the following second
amendment to the 2001 Restated Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO that the City of Fort Collins General Employees' Retirement Plan as
amended and restated December 31, 2001, is amended, effective January 1, 2002, by amending the
definition of"Compensation" at Article H, Section 2.g. to read as follows:
(g) "Compensation" means the total cash remuneration paid to an Employee for
a calendar year by the City for personal services including performance pay as
reported on the Employee's income tax withholding statement or statements (Form
W-2,or its subsequent equivalent),excluding bonuses,compensatory time recorded
as additional hours, overtime pay, lump-sum payments for accrued vacation time,
worker's compensation,taxable fringe benefits including life insurance in excess of
$50,000 and any contribution by the City under this or any other qualified Plan, but
including any pre-tax Employee contributions to qualified retirement plans of the
City and any amounts contributed by the City pursuant to a salary reduction
agreement which were excludable from the Employee's gross income under Code
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Section 125, Code Section 132(f)(4),Code Section 402(a)(8), Code Section 403(b),
Code Section 402(h), or Code Section 457. However, for Plan Years beginning
before January 1, 1998, such amounts contributed by the City pursuant to a salary
reduction agreement which were excludable from the Employee's gross income shall
not be included in Compensation for the purpose of applying the limitations on
allocations and benefits under Code § 415. The amount of Compensation for
purposes of the Plan during any Plan Year shall not exceed$200,000, subject to the
cost-of-living adjustments in accordance with IRS Code Section 415(d),as amended
and then in effect.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this
5th day of November, A.D. 2002.
Mayor
ATTEST:
City Clerk
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