HomeMy WebLinkAbout2007-029-03/20/2007-ADOPTING THE FIFTH AMENDMENT TO THE CITY OF FORT COLLINS GENERAL EMPLOYEES RETIREMENT PLAN FOR THE P RESOLUTION 2007-029
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ADOPTING THE FIFTH AMENDMENT TO
THE CITY OF FORT COLLINS GENERAL EMPLOYEES'
RETIREMENT PLAN FOR THE PURPOSE OF SHORTENING
THE LENGTH OF TIME BETWEEN AN EMPLOYEE'S RETIREMENT
DATE AND THE INITIAL BENEFIT PAYMENT
WHEREAS,the City Council adopted,effective January 1, 1971,a qualified defined benefit
pension plan known as the City of Fort Collins General Employees' Retirement Plan (the "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, via section 1 of Resolution 2001-157; and
WHEREAS, under the provisions of the Plan as currently adopted, participants in the Plan
retiring from the employment of the City must wait at least 58 days from their retirement date for
their first benefit payment; and
WHEREAS, the Retirement Committee has recommended to City Council the approval of
this fifth amendment of the Plan so that the first payment of retirement benefits to employees in the
Plan can be made one month earlier than under the current wording of the Plan; and
WHEREAS, changing the first payment date so that it occurs one month earlier will not
significantly affect the funding needs of the Plan; and
WHEREAS, Article XV, Modification or Termination of Plan, Section 2 of the Plan,
authorizes the City Council to amend the terms of the Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO, that Section 4 of Article VIII of the City of Fort Collins General
Employees'Retirement Plan is amended effective the date of the adoption of this Resolution to read
as follows:
Section4. Payment of Benefits. The basic monthly Retirement Benefit,
computed as set forth above, shall be paid in equal monthly payments commencing
on the last day of the month of their Retirement Date, and continuing at monthly
intervals for the Retired Member's lifetime thereafter. If a Retired Member or
Beneficiary should die during a monthly interval,a partial monthly payment shall be
paid.
Notwithstanding the above, if the value of a terminated Member's vested Accrued
Benefit derived does not exceed $5,000, the entire vested benefit shall be paid to
such Member in a single lump sum, regardless of when the Member terminated
Covered Employment.
Passed and adopted at a regular meeting of the Cou� of the City of Fort Collins this 20th
day of March, A.D. 2007.
May
ATTEST:
VOWL-
City Clerk