HomeMy WebLinkAbout1995-101-07/18/1995-DEATH BENEFITS GENERAL EMPLOYEES RETIREMENT DATES RETIREMENT PLAN RESOLUTION NO. 95-101
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING THE CITY OF FORT COLLINS
GENERAL EMPLOYEES RETIREMENT PLAN
REGARDING DEATH BENEFITS
WHEREAS, the terms of the City for Fort Collins General Employees Retirement Plan (as
restated and effective January 1, 1992) ("the Plan") have been revised by its Retirement Committee
("the Committee"); and
WHEREAS, it is proposed that Article VIH, Death Benefits, Section I of the Plan be
amended in order to fully incorporate the Committee's original intent which was to provide more
equitable death benefits to married and unmarried members of the Plan; and
WHEREAS, it-is-further-proposed thatArticle V, Retirement Dates, Section of the Plan be
amended to change the service requirement from six years to two years; and
WHEREAS,the Committee is recommending these amendments to the Council for adoption;
and
WHEREAS, the City Council wishes to adopt the recommendation of the Committee; and
WHEREAS, Article XIV, Modification or Termination of Plan, Section 2, authorizes the
Council to amend the terms of the Plan.
NOW, THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
Section 1. That effective August 1, 1995, Article VIII, Section I of the City of Fort
Collins General Retirement Plan(hereinafter"the Plan"),entitled Death Benefits,be amended to read
as follows:
"Section 1. Death of An Active Member. a Disabled Member or a
Vested Member Prior to Normal Retirement Date. In the event that
a Member who is actively employed in Covered Employment or a
Disabled Member dies prior to the commencement of his or her
Retirement Benefit, a single sum death benefit will be paid to the
Member's beneficiary. The single sum death benefit will be
determined such that it is equal to 47% of the actuarial equivalent
value of the life annuity benefit which would have been paid had the
Member separated from service at the earlier of the actual time of
separation or death, survived until the earliest retirement age (or date
of death, if later) and retired with a life annuity. If the beneficiary is
the Member's spouse, the spouse may elect a monthly benefit which
is the actuarial equivalent of the single sum death benefit. The
monthly benefit to the surviving spouse shall commence on the last
day of the month following-the later of the Member s_55th birthday or
the Member's date of death and be payable for the spouse's life. If the
participant was not married at the time of death, the beneficiary will
receive the single sum death benefit. If no beneficiary exists, the
estate will receive the single sum death benefit.
"The actuarial equivalence for the single sum death benefit will be
determined by using the interest rate specified in section 2.b.(I)of the
Plan and the mortality assumption specified in section 2.b.(3) of the
Plan.
"In the event that a Vested Member who became such after January
1, 1994, and,thus,accrued Credited Service after December 31, 1993,
dies prior to prior to commencement of his or her Retirement Benefit,
a death benefit will be paid. This death benefit shall be paid as set
forth in the first paragraph of this section. Death benefits, if any,
payable to any Vested Member who became such prior to January 1,
1994 and did not accrue any Credited Service after December 31,
1993 shall be determined in accordance with the provisions of the
Plan as of the date the Member ceased to be in Covered
Employment."
Section 2. That effective August 1, 1995, Article VIII, Section 2 of the Plan shall be
deleted.
Section 3. That effective August 1, 1995,Article V, Section 2 of the Plan, which defines
the requirements for the Early Retirement Date, shall be amended to read in its entirety as follows:
"Section 2. Early Retirement. A Member or Vested Member who
has attained the age of 55 years and has completed at least two years
of Credited Service may elect to retire as of the first day of any
calendar month, which shall not be less than 30 nor more than 90
days after the filing of written notification with the Retirement
Committee."
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Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this
18th day of July, A.D., 1995.
Mayor
ATTEST:
City Clerk
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