HomeMy WebLinkAbout1977-001-01/04/1977-APPROVING THE WITHDRAWAL OF THE CITY MANAGER FROM THE CITY RETIREMENT PLAN AND SUBSTITUTING PARTICIP RESOLUTION 77-1
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE WITHDRAWAL OF THE CITY MANAGER
FROM THE CITY RETIREMENT PLAN AND
SUBSTITUTING PARTICIPATION ON BEHALF OF
THE CITY MANAGER IN THE ICMA RETIREMENT
CORPORATION 'S DEFERRED .COMPENSATION PLAN
WHEREAS., heretofore on March 4 , 1971, the City Council
established a retirement -plan for employees of the City; and
WHEREAS, the City Manager is included as a participant
in that retirement plan; and
WHEREAS, the City Council recognizes that the City
Manager' s position is unique among City employees and normally
involves employment of individuals with previous experience
in other municipalities at later stages of such individual' s
careers and also individuals employed as City Manager are
subject to dismissal at the will of the City Council at any
- time; and
WHEREAS, because of these unique aspects of this position,
it is the opinion of the City. Council that retirement benefits
for the City Manager should not be provided through the City
retirement plan but would better be provided through partici=
pation in the Deferred Compensation Plan of the ICMA Retire- `
ment Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
CITY OF FORT COLLINS :
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1. That the City retirement plan adopted by resolution
of the City Council on March 4 , 1971, is amended to delete
the City Manager as a participating City employee in such
plan.
2. Any amount which would have been payable by the
City into the City retirement plan on the behalf of the City ,
Manager, if he were a participant in such plan, shall instead
be paid into the Deferred Compensation .Plan established for
the City Manager with the ICMA Retirement Corporation.
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3. All amounts heretofore paid into the City retirement .
plan on behalf of Robert L. Brunton, the City Manager, shall
be withdrawn from the City retirement plan and paid into the
Deferred Compensation Plan established for the City Manager
with the ICMA Retirement Corporation.. The amount to be so
withdrawn shall be only the amount actually paid in and not
any increase which has been earned on such amount.
4 . This resolution shall be effective at such .time as
the City Manager executes 'a waiver of all claim to benefits
or rights under the City Retirement Plan.
Passed and adopted at a regular meeting of the City
Council held this 4th day of January, A.D. .1977.
ATTEST: Mayor
City Clerk
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