HomeMy WebLinkAbout1977-050-08/02/1977-AMENDING THE DISABILITY PROVISIONS OF THE RETIREMENT PLAN OF THE CITY OF FORT COLLINS RELATING TO EL Y
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RESOLUTION 77-50
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING THE DISABILITY PROVISIONS OF THE
RETIREMENT PLAN OF THE CITY OF FORT COLLINS
j RELATING TO ELIGIBILITY FOR DISABILITY
BENEFITS AND LUMP SUM BENEFIT PAYMENTS
WHEREAS, heretofore on March 4, 1971 , the City Council established
a retirement plan for employees of the City; and
WHEREAS, the Retirement Committee, being charged with the general
administration of the Retirement Plan, met on July 14, 1977, and voted
to recommend to the City Council that the disability provisions of
said Plan be amended to accomplish the following: 1 ) make an employee
1 eligible for disability benefits as of the date of employment rather
t than after ten (10) years of credited service; 2) eliminate lump sum
benefit payments for a disability retirement except in cases in which
s the monthly benefit payments are twenty-five dollars ($25.00) or less;
and
WHEREAS, the accompanying document, being an amended Section VIII
of the Retirement Plan, would accomplish said changes; and
WHEREAS, such amendment would not require additional funding for
the Retirement Plan, but would provide increased benefits available to
City employees and, by eliminating lump sum payments except in limited
instances, would further have a positive impact on the viability of such
Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City retirement plan adopted by resolution of the City
Council on March 4, 1971 , is amended by deleting Section VIII thereof
relating to disability and substituting therefor the attached amended
Section VIII.
Passed and adopted at a regular meeting of the City Council held
this 2nd day of , August, A.D. 1977.
Mayor
ATTEST:
ty Glerk (Deputy)
Retirement Plan of the City
` of Fort Collins, Colorado
SECTION VIII - DISABILITY
Any member who becomes totally and permanently disabled prior to normal
retirement date shall be entitled to receive 4 retirement benefit. Such
benefit shall be equal to that portion of his normal retirement benefit
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which is based upon his credited service prior to the date of disability and
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will become payable to him at his normal retirement date.
Benefits payable to disabled members shall commence on the normal retire-
ment date in one of the forms of payments provided in Section VI-4 of this
plan; provided, however, that at the option of such member a reduced benefit
s of equivalent actuarial value may be payable immediately upon such disability
for the member's life. Any payments provided for under this section shall
be subject to the provisions of Section VI-5 of this plan relating to minimum
monthly payments.
A member shall be deemed totally and permanently disabled within the
meaning of this section if the Retirement Committee determines, upon the
basis of medical evidence, that the member is unable to engage in any sub-
': stantial gainful activity of a type related to that in which such member there- .
tofore engaged by reason of any medically determinable physical or mental
impairment which can be expected to result in death or to be of long-continued
a and indefinite duration.
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The Retirement Committee's determination of whether the member is totally
and permanently disabled and the manner and dates of payment shall be conclusive
in each case:
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