HomeMy WebLinkAbout1997-072-05/20/1997-AMENDMENT APPROVE FUTURE TECHNICAL DEFERRED COMPENSATION PLANS FINANCE DIRECTOR RESOLUTION 97-72
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE AMENDMENT OF THE DEFERRED
COMPENSATION PLANS AND AUTHORIZING THE FINANCE
DIRECTOR TO APPROVE FUTURE TECHNICAL AMENDMENTS
WHEREAS,the City of Fort Collins (City) maintains two deferred compensation plans and
trusts (collectively referred to as "Plans") for its employees which are administered by the
International City Management Association Retirement Corporation(ICMA)and the Fire and Police
Pension Association (FPPA); and
WHEREAS, ICMA and FPPA have recommended that certain changes be made to each of
the Plans in order to maintain compliance with recent federal legislation and Internal Revenue
Service regulations governing said Plans; and
WHEREAS, said federal legislation will require the creation of a plan trust for each Plan
which will provide additional security for the funds accumulated pursuant to the Plans; and
WHEREAS, the continuance of the Plans serves the City's best interest by enabling it to
provide reasonable retirement security for its employees, by providing increased flexibility in its
personnel management system, and by assisting in the attraction and retention of competent
personnel; and
WHEREAS, federal legislation and Internal Revenue Service regulation frequently mandate
technical amendments to the Plans which result in no significant financial burden to the City and can
be administratively reviewed and approved without the need for Council action.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS:
Section 1. That the City of Fort Collins hereby adopts the ICMA Retirement Corporation
Deferred Compensation Plan and Trust dated November, 1996, a copy of which is on file with the
City Clerk's office, as an amendment and restatement of its present deferred compensation plan
administered by ICMA.
Section 2. That the City of Fort Collins hereby adopts the FPPA Model Deferred
Compensation Plan dated January 1, 1997, and the FPPA Model Deferred Compensation Trust
Agreement dated January 1, 1997, copies of which are on file with the City Clerk's office, as an
amendment and restatement of its present compensation plan and trust administered by FPPA.
Section 3. That the assets of the Plans shall be held in trust, with the City serving as
trustee, for the exclusive benefit of the Plans' participants and their beneficiaries and for defraying
reasonable expenses of administering the Plans, and the assets shall not be diverted to any other
purpose. The Plans shall not permit loans.
Section 4. That the Finance Director is hereby authorized to review and approve on
behalf of the City any future technical amendments to the Plans made necessary by federal or state
legislation or regulation, providing that such technical amendments do not result in a significant
increased financial burden to the City.
Passed and adopted at a regular meeting of the Council of the City o it Collins h i
20th day of May, A.D. 1997.
t C�i
ayor
.1
ATT ST:
l�Q1 ity Vierkd
2