HomeMy WebLinkAbout2013-005-02/05/2013-ADOPTING THE SECOND AMENDMENT TO THE CITY OF FORT COLLINS GENERAL EMPLOYEES' RETIREMENT PLAN AS AMEN RESOLUTION 2013-005
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 JANUARY 1, 2012,
TO INCORPORATE TECHNICAL CHANGES RELATED TO
MILITARY SERVICE OF PLAN MEMBERS
WHEREAS,the City adopted,effective January 1, 1971,a qualified defined benefit pension
plan known as the City of Fort Collins Employees' Retirement Plan (the "Plan"), for the purpose of
providing retirement benefits for certain of its employees; and
WHEREAS, the City has amended the Plan from time to time and restated the Plan to
incorporate all prior amendments and other changes required by law, effective January 1,2012; and
WHEREAS,the Retirement Committee("the Committee")has recommended to City Council
a Second Amendment to the 2012 Restated Plan to incorporate provisions of the federal Heroes
Earnings Assistance and Relief Tax Act of 2008 (HEART Act), effective as of the dates set forth
herein; and
WHEREAS, the City Council wishes to adopt the recommendation of the Committee; and
WHEREAS, Article XIV, Section 2 of the 2012 Restated Plan, authorizes the City Council
to amend the terms of the 2012 Restated Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO, as follows:
Section 1. That Paragraph g.of Section 2 of Article II ofthe City of Fort Collins General
Employees' Retirement Plan is hereby amended 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
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 Section 415. Solely for the purpose of applying
the limitations on allocations and benefits under Code Section 415, for Plan Years
beginning on or after January 1,2009,any"differential wage payments"made by the
Employer to an Employee, as defined in Code Section 3401(h)(2), shall be included
in the Employee's Compensation. 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.
Section 2. That Paragraph x of Section 2 of Article II of the City of Fort Collins General
Employees' Retirement Plan is amended to read as follows:
X. 114ualified Military Service" shall have the meaning set forth in IRS Code
Section 414(u), as amended. Notwithstanding any provision to the contrary,
contributions, benefits and vesting service credit with respect to Qualified Military
Service will be provided in accordance with the Uniformed Services Employment
and Reemployment Rights Act of 1994,as amended(USERRA),the Heroes Earnings
Assistance and Relief Tax Act of 2008, as amended (HEART Act), and IRS Code
Section 414(u) with respect to Members who perform Qualified Military Service on
or after December 12, 1994. Military service will be counted for purposes of
contributions, benefits and vesting service credit, provided all of the following
conditions are satisfied:
(1) A Member must have reemployment rights under USERRA in order
for periods of Qualified Military Service to be recognized.
(2) A Member must have worked at least one thousand (1,000) hours in
Covered Employment before entering Qualified Military Service.
(3) A Member must have earned at least forty(40)Hours of Service in the
three (3) months prior to the first day of Qualified Military Service.
No more than five(5)years of Qualified Military Service may be recognized
for any purpose, except as required by law.
Section 3. That a new Section 5 be added to Article XI of the City of Fort Collins
General Employees' Retirement Plan, to read as follows:
Section 5. Death During QualiftedMilitary Service. If a Member's death occurs
on or after January 1, 2007 while the Member is performing Qualified Military
Service, the Member's Beneficiary is entitled to any additional benefits (other than
benefit accruals relating to the period of qualified military service) provided under
the Plan as if the Member had resumed employment and then terminated employment
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on account of death. Moreover, the Plan will credit the Member's Qualified Military
Service as service for vesting purposes, as though the Member had resumed
employment under USERRA immediately prior to the Member's death.
Section 4. All other terms and provisions of the Plan shall remain unchanged and in full
force and effect.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 5th
day of February A.D. 2013.
Mayo
ATTEST:
� pORTCO
City Clerk SEAL u
CULOR�QD
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