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HomeMy WebLinkAbout2022 Resolution No. 029a1 RESOLUTION NO. 29a SERIES OF 2022 A RESOLUTION AMENDING THE CITY OF ENGLEWOOD’S ICMA-RC MONEY PURCHASE RETIREMENT PLAN FOR MANAGEMENT STAFF (PLAN), NUMBER 108369. WHEREAS, the City of Englewood has established the ICMA Retirement Corporation (ICMA-RC) NonEmergency Employees Money Purchase Plan, Number 108369, which benefits employees by providing funds for retirement and funds for their beneficiaries in the event of death; and WHEREAS, the Plan includes a five-year progressive vesting schedule with employees being fully vested after five years of service; WHEREAS, the City’s current vesting schedule is not competitive with surrounding municipalities; and WHEREAS, modifying the vesting schedule from the current progressive schedule to full vesting at one year will place the City at a competitive advantage when recruiting and retaining staff; and WHEREAS, the passage of this resolution by the Englewood City Council authorizes the amending of the City of Englewood’s ICMA-RC NonEmergency Employees Money Purchase Retirement Plan, Number 108369 to provide for full vesting at one year of service. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, THAT: Section 1. The City Council of the City of Englewood, Colorado hereby authorizes amending the ICMA-RC Money Purchase Retirement Plan for Management Staff, Number 108369, to provide for full vesting at one year of service as set forth in the attached hereto as Exhibit A. Section 2. The Mayor, Mayor Pro Tem (in the Mayor’s absence), and/or City staff are hereby granted the authority to take all actions necessary to implement the provisions of Section 1 above. ADOPTED AND APPROVED this 6th day of September, 2022. Othoniel Sierra, Mayor DocuSign Envelope ID: E69A1728-2CFA-4089-BA3D-AC4A1D904446 2 ATTEST: Stephanie Carlile, City Clerk I, Stephanie Carlile, City Clerk for the City of Englewood, Colorado, hereby certify the above is a true copy of Resolution No. 29a, Series of 2022. Stephanie Carlile DocuSign Envelope ID: E69A1728-2CFA-4089-BA3D-AC4A1D904446