HomeMy WebLinkAbout2012-058-07/17/2012-ADOPTING THE CITY OF FORT COLLINS GENERAL EMPLOYEES' RETIREMENT PLAN AS AMENDED AND RESTATED EFFECTI RESOLUTION 2012-058
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ADOPTING THE CITY OF FORT COLLINS GENERAL EMPLOYEES'
RETIREMENT PLAN AS AMENDED AND RESTATED
EFFECTIVE JANUARY 1, 2012
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 "Plan"), for the
purpose of providing retirement benefits for certain of its employees; and
WHEREAS,the City Council has amended and restated the Plan from time to time in order
to make improvements to the Plan and to maintain compliance with both state and federal law; and
WHEREAS, on May 15, 2012, the federal Internal Revenue Service issued a favorable
determination letter for the Plan,as amended,subject to the adoption of technical changes associated
with limitations on benefits required by final Treasury Regulations under Internal Revenue Code
Section 415; 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 Plan as restated effective December 31,2001,and subsequently amended, and has
determined that the adoption of a new amended and restated Plan is necessary in order to: (a)
consolidate the several amendments to the Plan, (b) ensure continued compliance with state and
federal laws, and(c)clarify that the Plan fund is held in trust by the Committee in order to facilitate
the investment of Plan funds in the name of the Trust; and
WHEREAS, the Committee has reviewed the proposed amended and restated Plan dated
January 1, 2012, a copy of which is on file with the City Clerk's office, and has recommended its
adoption to the City Council; and
WHEREAS,the proposed amended and restated Plan consolidates the several amendments
to the Plan into one Plan document for ease of use, makes the technical changes required by the
federal Internal Revenue Code, and clarifies that the Plan fund is held in trust by the Committee for
the exclusive benefit of the participating employees and their beneficiaries.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, that the City of Fort Collins General Employees' Retirement Plan as amended and
restated January 1, 2012, a copy of which in on file with the City Clerk's office, is hereby adopted
effective January 1, 2012.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 17th
day of July A.D. 2012.
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