HomeMy WebLinkAbout2013 Resolution No. 034• RESO LUT ION NO. !ii_
SE R!f.S F20 1l
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A l<ESOLU 'l'ION AUTHO RIZ!N(i CLO S IN G THE POLI CE OFFI CERS MONE \' Pt:RCHASE
PL AN (I 'MA -RC)TO NE W PAl<TI CIPANTS AND l'ERMnTING ENTRY IN TO TH E FIRE
AND f' LI CE PEN S IO~ ASS OC IAT ION (Fl'l'A) STATEWIDE DEF INED BENEF IT PLA N.
Wl-lcl<l,AS. und er Co lorado Re vise d Statut es .11 -3 1-I IO I and 3 1-.l l -1103, the Chy c '
EnQiewood may elec t to co ver all new ly lur cc l'oli cc O ffi ce rs unde r FP P.~ 'n De fin ed Benefi t
Syc11-•m nclm ini:::l~ru-1 hy the fPP A in lieu of oovt-r ••ge uml cr the ICMA -RC Mont")' Pt1rc hns t i'lan :
11ml
WIIER EA . duri ng En Jcwood l'n.i cc Benefi t Ass ·intion (lil'B A)cnntract ncgoti au ons it
was dc·tem1 i11cd that al l new Poli« Of:iccrs shall part ictp31c 111 the FPPA Statewide 1Jcl1ncd
Bcucfi t l'lnn beg inning May 20. 20 I~; and
\\III El{E t\S1 nil curren t m,,:mh :rs of 1hc ICM/\ k M (l 11ey Purchm;c l'lun rn:1 y ind ivi dua ll y
elect 10 p:u11cip ate in FPP A \ Odil-II Oc11 ·fi t Sy :-tc 11 1 ,., 1c11i.1 i 11 in the IC,\il.A.•R C Money
l'urct.n~c !'Ian: and
\VI IFHEAS , the c111 pl n)•c r/c111 plr•ycc corurihut1011 kvcls for cxistinp poli ce o rfi ccn, will
l c;.,11t1in 1c11 percen t (1 0%) 10 1 both cm pln:-ree and emp loy er ; :md
WHEREAS , the em pl oyer/em ployee co ntri hutl on level s fo r po li ce olflccrs hbd aficr th e
cffectt vo dot e wi ll he eigh t pe rce,:1 (8%) cm ployc, nnd ei ght percent (8%) employ ee ; and
WH EREAS. the p•ssagc ofll1" re so luti on aut horizes the t 'oring o f 1h, Poli ce Oflicers ICM/\
Retire ment Co1Joratio n (ICMA-1\C) Mone y l'urc hnsc l'lnn "' new pn rt icipnnts nncl rcqui nng nil
Poli ce Offic ers lmcd after M•y 20 , 20 13 (ef1L-c1ive date) to parti c ipate in FPP/\ 's Sta tew id e ·
Dcli ncd Bcn clit Plan .
NOW. THEREFO RE, f3E IT RES OLVED BY 17-IE CITY COUNC IL OF THF rJTY O F
ENGL lWOOD, 'OLORADO . AS F LLOWS:
~-·n,c Cit y l'o-Jnctl ot th e C11y ol l,n~icwoocl. t..:olo mdo hc :cby ,ut honzcs c los rng the
l'olice Offic ers Mo11c1• l'urd111sc ?Ian (ICM A-R C) to al l"""' lw c Poli ce Offic ers as of vtav 20.
10 I 3 All !H.·W h:re Poliec-o rru.-crs WIii paniripall' in l ht! F•re :rnd Police Pension Ass c i:i ti r,11
(F l'PA) S:11 tcw1dc Dcli nc rl Benefit 1'1011 as prn ,•idcd by Co lor.,d o Rc visc-c Statut es l I J l -110 1
and 3 1-3 1-11 03 .
A l)(Jl"ll :J) AN D .'\l'l 'l!1)Vl'l 1 this l'lth d"Y of Fc brJ31V , 20 1:\. •
H~ I'. l'c un . M:1vo1
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COUNCIL COMMUNICATION ,---
Date Age nda Item Subject
Feb rnary 19, 20 I 3 A resolution closms the Police Offic~rs
9 C ii Money ?w,hase Pla n IICMA ·RC) 10
nPv.' parlic1pant!, and perm it entry in to
the Fire and Po lice Pension Association
(FPPA) Sta:owide D efi ned Ben efit Pl an .
All nt'w hi,e Pulic.e O f:ke rs will enler
FPPA 's Sta lewide Defined Benefl l Plan
Init iate d By
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Staff Source
Fina nce and Admirn str .1 tivc Servi ces Dep arlm cn l Frank (jrygl ew1cz, Dire ctor 01 Fmanc and
!\ominis tra ti ve Services ····-
COUNCIL GOAL AN D PREVIOUS COUNCIL ACTION
:11y Cou ncil .ind staff pr cvl0l1sl y d1sCL1ssed, and Counc il aoproved , d ,ang,ij\~ th~ Puli1..~ OHk.e•!>' 1eli1ement plan
from ICMA-RC lo FPPA
NECOMMF.NOED ACTION
The Ocµ11111r1t'111 ui f 111 1.11u.:e ;mcf Administra tive Services recommends Ci ty Co lir •I ,,pp rov e the atta c hed
resolut ion c1"J sin g th • Poli ce O ffic ers ICMA Retir ement Co rporation (IC MA·RC) M oney Pu,clldse Plan to ne,"·
p articipants and requirin & all Police Officers hired alter May 20, 20 13 (effer • ve da te) 10 p art icipale 1n FPPA 's
State wid e Defi n ed Senofa Pla n .
• E)l:istins emplo)•ees have individuall y elec ted to rema in 1n th e ICM A-RC M one y Purcha se Plan or 10 parti cipa:P 111
pl,ns offe red b y FPPA.
BACKGROUNU, ANALY~IS, AND Alll'RNATIVES IDENTIFIED
Co lorado Re,ised S1.,1111es. 31 -11-11')1 -'"" .l 1-l 1-110 3 provir.a th e City o f Engl ewood m 21• elect to cover aN
ne wly hired Police O ffic ers lmci cr FPPA 's D efined Be ne (i I ~.ys tem admini stere d by the FPPA in lieu oi cove raee
u,.d e, th e ICMA-RC lv\oney \·'urchase Plan.
Durin g En glewood Pol ic e Be nef it Associ,1 ti on (t:l'H . .6..) con tra ct negoua11o ns 11 was determined th at all ne •N Pollce
Officers ;h,tll participate in ih e FPPA Stale\\id e Deiined Benefi l Plan ber,in nin r, M,,y 20, 2013 . All cu rr en l
m emhers of •h• l (MA-Rt Mnn•y P11rd1ase Plan m,1y indivi dually el ect 10 p art, ipale in FPP A's Defined Benefil
5\•stcrn or ,cm.:ii n in lht! 1c 1~-1A-RC'~ M oney Purchas e Plan.
The employer/emp loyee con rribl!l ion le ve ls tor t!X tsting µuli u :: u(iil.er:, will 1c111.111 1 ti:11 µer cen t ro , bo lh emp loyee
and employer. n ,e emplc,ye r/ernpl oyee contribu11 o n l evels for police offi cer s hi red afler the effective dale w ill
be ei ght p erce nl employer and ei p,hl percenl employee .
FINANCIAL IMPACT
These ch:u1g2 s have: no subsIr1ntial impact on th e funding of th e Plan or th e City 's overall finJni:::ial cond ition .
UST OF ATTACHMENTS
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