HomeMy WebLinkAbout2012 Resolution No. 089RESOLUTION NO . _JjJ_
SERJ£S OF 2012
A RESOLlJTION ADOPTING AMENDMENTS TO THE CITY OF DIG LE WOOD PO LICE
OFFICERS PENSION PLAN DOCUMENT .
\VHEREAS, t:ic Englewood City Counci l adopted an amended City of Englewo od Po lice
Oflicers Pension Plan Document with the passa,;e of Ordinance No. 47, 1999; and
WHERE AS, the Police Officers' Pension Fund, Title 3, Chapter 5, Settion I, Subsection B, of
the Englewood Municipal Cod e stales : "The Pension Fune and Pcnsiun Plan shall be administered
by the Plan doc ument as ad opted by the Cit y Counc il by reso lu tion and which ma y be amended as
required by the Boa,d ofTmstees."; and
WHEREAS, the C'ty of Englewo od Pol ice Officers Pen sion Plan Docw11cn1 has been amended
from time to time; and
WHEREAS , the passage of thi s res olut ion does not substanlia ll ) change th e current level of
pensicn benefits for the Eng lewood Poli ce Officers Pens ion Pinn pmic1panto; and
WHEREAS , the passage of this res oluti on does make changes required by tb e Lnternal Revenue
Service (IRS) oo the Pion Docwncnl complies with standards necessary for the IRS Letter of
Detemt.ination.
NOW . THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD , COLORADO, AS FOLLOWS :
Se ction I . T'ie City Council of the Ci ty of Englewood, Colorado hereby authorizes amending
the City of Englewood Police Ofliccrs Pen sion !'Ian Docwnent Anicle I, Section 2(b)(2).
effective December 3 1 , 2002 , as required by the IRS to read as follows:
(2) Effective Dx!-Swber 31 '00 '. the mortalitx.Jnhlc used to adUJs 1 ao v bsuefit Pr
IimjtatianJWd;r Code sect ion 4 I 5/b)/2lffil!CJ or ID} is the tab le prescribed
by Re)!,$µ1 2001-62 . Saloli· fer ~wpeses of.<\rliole XI l!eree~. en BR~ allor
Jonu ------. . . . FAIO
!l!al-is-tJ.~_,lt!Rl-~¼)-lfl!l!<!;-!+~lef<leet-~~k!rnale;,-lilli--iret1t-!B4!
~~i~
Section 2. The Ci ty Co un cil of 11,o City of Englewood, Co lorad o hereby authorizes amending
the City of Englewood Police Officers Pen.sion Plan Document Art1clc XI, effective January I,
2002 (or as otherwis e indicated) as rC<1uircd by the IRS to read as foll ows:
ARTICLE XI
Annual Benefit and Contribution Limits (l,f'.fee1iue JaR•ary I , 20Q8)
Sect ion l . .i\nnu~l Benefit and Contribution Limits : Thx Plan incoroorates by
-'~ 1hereg uircment s 0( Code~,ction 11 s aod. cfiectiYc Janu ary 1 .,oos Gaal
:..~&1.•lruioJis i,nterorct ing,J.&d; s,e_euon 115,,asapplicable 10 thi s governmcuU1LC£1 ir.»1rn1
lllil.ll., .. J)~~&.il\£~().l~"~-(dl sl1all .s~•l.i!lfil!x.fil
lli2W'Y-lb.1.Wq]J_:u:.l~.nrli!J.~C1.!illl.Se,,Ji,1!11.;ll 5fl)) af'l;;wl1,;.J'...;icigiiiap1 ·:u,e,ye ra 1 "'
.LI.ll!_ll.~WP)\!YlllC!l\.. Th e 1jntifQllJ.IIW1£_1lJllli!lilliOJll>-\!.(..(;l!ll,~a: • .1iQU 4 lS~~
l'.,u:ii.l<iwoil cou\ribu tiyJJS Lhm ar~hc l)HOJ' nc99,un1,,M.11_c;_~c · ci ·~
h,CJQY4 .. J l1e limuntioo vea tis lhe cal;~Wl!U~.il!. =1 :1~1ddltJ0rRles h~• ref-eret tee-Hl6
""t"i-ls of Ced• ~•••ioR 4 I S aud fiua! reg ulali<m!ri»l~n-4+~.,,
a1~1hl~,is-g<,YeAl1t~Alel11-j>kur.-'RtE!--OO,H!f..~..,;ng-i-~
""6!~+)-4ell aa111iawa 1&-<lflj!!y ,a i11s,e·1sa lll&-ilftll6f-lte1~~""
~ffil<!!'-l-he-Pi!flisil"flll-'s-s&~~n ,a11l. The lirniultioo-efl
oomr-il,uliens of Gade na•1iAn-4-l-,>(t11••halHt>J,ly4<,-l'iw1-ieip,,t~ioos-t+llll-ffftt
mnde~o-t-he DROP aJuaunt-;-,is-4~.fued in o rtitc!IF-\I , ~0s1i~1, Q ~~at~f-ffi
~k>A<lfl~
~JjJ.!11-l. ~u.J:J.i.lJ.!..Mi•llinmm Annu~)A!liliLip ns Th el'anWUlill)l
comnhmjons \<' the DROt.rn!J~'t~.W-Ji!J.0:LJ_ec1iwJ).,:\!!ljJ~S.~
2,_c_l...lilJ:.Q.t!).l,.imil1\i.OJl.Y.s;.1r ~h~ll..nilt.~~~\al.\;lilllis~ed "§..illl-t'onua l addit 101 u .~
).'.ni:ti'-u~Q\!lll.illJ~.Ml\'D aci d1.1Lli:!Jhr,,uai.11.Wllilll!iQ.u,tiv. ~J:e!OOJlilllli.JlW!lllll
for the I jmjtpfi.>n Yrnr u11dw1Il..ct1l~l~\>..\LI/J.ruwml!!J.lltin~,1 .b:t,,!L\\:..Lalill!s!YJ<UU:
il.l'~~~Ycr (in duciin c ~luntarv empl oyee ,Qn ll;ibii!iim_ncruums 11v 1le~~!ll
~J!iW...l!!!!l.1d~lQ.l!llliQns \Q ii defi!lli.~llfon as defin1:d in CDde sc,;tio u 4 I 1Cc1r 21rC)
i!lld.;munli.U£lL<i~~~ ··o n · and a , f:1r., ~awGI frn1d s •• a1ulc:ined..jnl.J11em al
~ Code sccJi2114 J 9(p,)...amlm..tY mdi>1idu;1Lms.di,atncs,i.mnL es defincdin..Jni.ClDaL R~~~u.11;
Cvd~ scc1io11 V~IJ.~
(ill ~:u;li.l:~~~YJilll.
IllU~QillJll:Jlfilll.il!u .limi tatjop r4em,,d.lg.w..(iwball got apolY..lU.JtnY,,£onu,~
!!!!;.J.i!;al,heue Gis (within 1he mea njnc ofsectjoo 401(~_1i~!2l pi1hc CudlU)l1,i Git
irnhmvjsUU,n ll.'.!W-illl.mmu;1Ladditiun JJlll~lion 415(1}()) or 4 l 9Afd}/7l of the Cod,e....Th;;
!elr.niiatjon Year is.t lu.;.l;alcndnr ~l!L
Dcfotltion ofCo mppniil)UQll. EoLilllt™Ll!~
~0 cs wit!lmtl1s 1neuU11gJJf Interna l Rsnnuc Co~c sccti~l.Jfor pµrpg;;cs ofjn ~o~
~inJu~.Jo.urceUmt dctemtlncd withu u\ Ll!g,uul tu aux rule& 1h n1JimiUhe rcmun ~
~~1.l>m;d oruhc n!lll!u:w )o,c,11 ign 0(1 h~.J<1Pll!9 Y!!l!iJJI orth<;,§liIYiJ.;c;; per(vr111,<1,
••~UQ_th.c.Jiuti taimns of C(l(t<:.J:ectiQll.i\U.~mocn~a•ion for.~
of 1hi~w JrnJ)jllill!ll~.a ny clcc 1iye deferral ns dcfioed in Code scchoP,AlUCgJ~y
o,!m\llll..l¥l!iili.!!. co nlrrbut<;!l or deferred lw the EmnJoye ~;1Uhuli;ctL01Luf lhtl{l)l)Jgyee a!.111
w ·,hijJJPi,.j.a.c!1•<l ~ross in cnrnc,,oi.thi:J;ru p\Qll;c ~J:;llli.. ~5_o~
1ll. ... l::smu1,w,;;wJlllil.l!.gj~_<;1iidl:u imil!!:.iu•lQl!n t,<U:1aul(illlQLj nr.l1•di bJ•· in thc.P .. m.i!l£9!.llLlll
~~de scc tjon I :U(!)W,.
~.J:wjg lhc li milati'4 ...:ih.is Art ick Comgcpsgtion for o I imita tj ~
.l'.£;!1liiJ!!.wplll!/®1li OJLA£!,\1.!lll~u.Jlll!>lli t1 ,vll 1'i d11ciJIIU\lSIJ.l'.f.i!L
Definjlion of A11nu nll\~di1jon For 1)wurpqses of this Se;tion ";umua\ adcti1i on'',..shall
mean 1hc sum all,\lca tcd Jo a.raakm,1nt'.,accp uQl fp~~
ill f,mpl gyer Con tribu\jon;;
2
£ill ~e Wlll!rib utlops :
lilil ~'
W Arn®ruymtep afiec.Aiilefh J I i 984 10 an indi yidu al.mg!icai accgu QWls
do fi ned jn Inte rnal Revenue Code scc tiwi.ilWlO ll whj cn is ono llLU'lll illlILPI
annuitv ol au..mqi main ed Whe EmoJovcr and
uil All ocation s under asiru olified emol ovee cension •
The tcon ··i\ru11li\l.Ju!ditio11 " shaJlpot includ e.J®Jl ll oc ?ti on tt a Part iciu ant 's ac coµruof
mm£. ~rnns fcrs fro m ot hsr_qµal1fiaj nl aos or ro llo ver contributions.
ADOPTED A-'ID APPR OVED thi s 3rd day ofDeccni ~er, 2012 .
I, Loacnshia A El hs , City Clerk fo r thcf :l y of Engle wood , Colora do, here by ce rti fy the
abo ve IS n true copy o : Resolut io n No 3 Se nes o f 20 12 h/.1
Lou ri shi a A. El Li s, Ci ty Cle rk
COUNC IL COMMUNI CATION
Dat e Agenda It em Subject
December 3, 20 t 2 9 C ii Reso lu tion adoptin g amendm ent s
to th e City of Englewood l'oli ce
Officers Pension Plan uocument
Initiated By I Staff Source
City ol Eng lew ood, Fi na nce and Admi ~,s tralive Frar.k Gryg lewicz, D irec tor
Se rvi<.:~:, D1:pc1 1 lrn en t
COUNCIL GOAL ANO PRFVIOUS COUNCIL ACTION
Th e Cily Coun dl µa:,~~d 0 1U i11d1 1Ce 47, Series oi 1999, adopting an arn cndcd U tv of Eng lewood PuliLe
Office rs Pensi o n Plan document. Th e Pian doet:m en 1 hJs been am end ed from time t o ti me.
RECOMMENDED ACTION
Staff recommen ds th e City Coun ci l approve the attache d reso lut ion adopting ame ndments t o the City o (
Englewood Poli ce Offic~rs Pensior, :'Ian Document.
BA CKGROUND , ANALYSIS, AND ALTF.RNATIVES IDENTIFIED
This reso luti on does not su bstant ia lly c hange th e curr ent le.vel o f pensio n benefi ts fo r :h e Po lic e Office rs
Pccs ion Plan parti ci pJnts. Th e r eso lutio n mak es cha nges required b y th? lntPrna l Reven ue Serv ice (IRS).
Th e Pla n document is am ended to co mply with stand ards nece ssary for th e IR S Lette r of Dete rmination.
I . Am end Articl e I, Sec tion 2.b(2) as fo ll ows, effec ti ve Dece mber 3 1, 2002 , as requi red by th e IR S:
(2) Effe ctive D ecember 31, 2002 , th e mort<1liJ v table us ed to arl j11 c:1 ,1n y hPn~fil or limitaliun
unde r Code sec ti on 41 5 !blf2HBl . (Cl or ID} is th e tahl e prf. cr ihed by Rev . Ry l. .20lJ l -6 2.&ek,ly-iai
l"lfpeses--e1-A,tte1e-Xl-he,eel,.-.;in<l,1 flc+JaAuapt4;·+-'19~t;-the m ert al il', asse 1r11,t ittt·1-l &H.~t1€t tl.,1ie,..,;hall
l>e·u·tJAiseM...-l,a+.;s-iifty~l-f5fl%)-male,-lifty-pe,eeot (50%) /e male, 1a l1eA-lf8fll-lhe-l~•~
Anne it) 1 1,e,talit~• Table,
2. Amend Art icle XI, as fo ll ows, elfecti ve Janu ary I , 2002 (or as otherwise indicated), a, required by
th e IRS:
A nnual Be nefi t and Contribution Limits{:f/feeiiw!-faAu,1ry-~
Se cti on I. Annir,,I Ren efrt and Co n tributi o n Lim its : The 1'131" incorp,llil\e~ by reference
the requi remen ts of Code Sec ti o n 41 5 and e ffect ive lanuary 1 2008 final regu lation s in ter Jreti ng
(c,.dP Sectiq n 4 1 r. ,l S ,l )l)lic able 10 11,rs povernrn0.n l,1 1 rc1 irq111e11 1 pl;m . The cus t-o f,llv in 1:u!lOri1_,~
!:.ll.d.e...'i.W!W.! 4·1, ri sh;i ll c onUD.ll.e.1!.L,Jp pl v to Increase the ~11111• SPrliQ!J
41 ~ h ;.i itPr 11 ~lill)fs SP.VP rr1nr ·p fr om Pll'l '>I n tn Pnl l w lim i1,1 1m n nn rnntrihuti ns ( de
lliti on 41 S(c) c:h;-ill :mnly In Parttcipqpt contributions !ha t a rt,? rnade to the PP.OP ,1ccnunt ,,~
cl g;.,c;r il,e:cl 111 Sr:cl inn :! hclnw Th e lim 11rnin11 v,.:;i r is lt1C p 1l c nd,1r yea r Thc-P-tan-trtt::--ttt"f}t)f,"He~y
fele,en a-tl,e-t'e<!rli,em<>ttl.> of Ce de Se<;liet1-4-~-l~Hlai~i••~~...£t.'€\iHtt
4-t·,.r,--n YTtf:tt;,lit1:1l;lt-1 u-tl1i!r~t1 "'e tttttten-Htl-r-e 1tfcfnent-pl1111 . 1e-c...:estt»-li111iHg-tt1€rease-al'.-~et=1
4-l-!iffl)-<J,;ilk e nt1 m,e-t0-af3j'>ly-l ,HAEf&lSe-the-aell«r-beneliH1111tl-el-8Kk.'-!>e€11<1n-4-V (b)-a l1 ~f-l he
l""1ie+f'at1~•an,;e l•eFA e"1f.l l o·rrn en1-+l,e-l1 mih1lioo-<m-ffiA lr➔htlliOAH>ited<½C€li 0n-4-!I,l€1
shil 1I-,-t3 !3~te--Pnr-tie i1~MH.;Gn tri OO li f.11 •~-1hr11-i1rtM Rad e-tEH hc-E>~G~K:<~~ief!d-111•1\1 I i<:lt'
•V;--!;1,eiior,-',,d~T41e-l 1m1tatie r,-year-is--t l1e-e;ilendil f-'J'eii t,
:onll ihuli on'-o th DROP ;i ·c our1I .1!-dr!M.iihed in Art •d l' IV Sec tion 1 .1n:l in An k le V . , Ii JI'\ c.J I r J r.~
. ' . ' .: n ll not exc eed whr n ex 1 r J'-,C:f"!d ?.S ,lll c1 nmml adcft1 io 1:!_1 0 1hr Pnnigpilnt 's l)l~Or ,lCCOl i n ~
to th '? ani 1u ,1f .i ddit i1 11 1•, lu 11,y P11111dp,111 t\ ,1q,.yu11 1 fw th~ I · · · • und er all r1 1h eJ
==~===~"=J,n pla n,; rr1,1 inta1n ed hv lh • Ern lo er or a m:~<lc c n~(,0 1' 9n11 U,.Y..Oluntllry
======~•~•+~,o~n=ac~.c~.n~•~•n~t~s ir a d efin ed bene fi t tlL1!1 . .rnancf ;11 ory r:o ntr1b med bl'fil.fili!
Code section 41 I (c H2 ilCI ;ind si mplifi er! e111:1IQYt~ n~n si on pJillw and al we ll;m, loe nefil
r11nd >, d !i d1•fir1 ed in lnt er:1(l/ R cNe 11u 11 Code se cti o n I\ I 9 'e ) :rn d ,1 n y i11dividu;i l rn e rl ic.11 1 ,1c<:QJ tl t..tlS_!.lr.f1J1 cl
i n lnt ern.1"\J.J<~v c rrn e.Code sec:lic,n 4 t 5LU.J hP lesse r of·
(i) 1-40 000 a~ adju!-tf>d 1mrl ,;:r ln tern,11 Reve nue Cod~ sec:t io n 41 5 (d ); or
{i ii 1 00'¾, o f th e Compcn~.:Hi on g;iid to the Pil rti dpant hy 1hc Emplo yer in su c h year.
Th e Com pensati on lirn ilatinn rderred tu in (ii) shilll 1m 1 t1pp lv to any L:. . .111tri l,uti u 11 fur 111edic,1l
b cn d its {within th e meaning o f section 40\{hl o, secIio 1 419A(l){2 l o f !he Code ) which is othciwise tr ea ted
as an an n11 al addil1 n n under sec I,nn 4 1 ',{IH l l o r 41Y A{rJH ,l of !h e Code. I ne I.HTitla lion Year is th e
Cille nda r year.
D efiniti o n o f Compensatio n . For purposes ol !hi s Section_i::omp.!)nsa ,ion sha lLru eilJl wages wilhin
the m ea ninc or Interna l Rev enLJ e Cnde se ction 340 1 (al (for nw.nnsPs of Income 1;:ix wi 1hholrfow ;\I th P
<;ru1rn") h 111 dPIP rrnin Prl withn 111 rr~p;,rrl tn any rul es tha t llmit th e rem unerati on includ eci in w,1g.es bas ed o n
1he n a 111rc or l ocat ion o f the employmgn1 or th e r.e NiC(.-5 p erform ed tlnd s ub ject 10 th e limitation s o f (ode
r.(:ction 401 [ti){ 1 7) as arlju sted . Com pensa tio n for purpose s of this Sec ti on sha l l include any elective
dcfo rr,,1 a~ d e fined i11 Code ~eL1io11 402{>;}(3) J1 1U ,.my Jmrnmt w hich is contributed or deferred by the
Empl ye r al the electi on of the Employee and w h ich is 11 01 includ,b lc ,n the g,oss rn r.om e of !he Emplovee
by [t!i!SQn of Lode sec tion ·12 .s nr 4 ~7 . C..ompensa lip11 also include s e 1ec ti\.e amoun1s th,1 1 ar e not
i ncludib le in the gross rncome of a Pi1rli c 1p;inI bl' reason of Code sect i o n 13 2101.11
EP.L JJt ir J;! ses of r1 pQlyi ngJbeJj!!li1;i ti.9.Illi..clJhii.&lid~pensnlion <o r il li1nilation Yr~.1r i5 thP
CQm.D.CJ1sa tion .iqually p;iicl nr inrludihlP in pro.._s inco me du rinp such year .
Uefi nitiq n o f Annu a l Adrfitinn . For th e pJ..!r poscs of 1111 !", Sccliun "t1 nmrn l ;iddiliun" s hall m ea n t:'lc
!ium .1 !l oc,1 tc d to a Parlicipanl's accou n t for any Umit,1 tion v r.;u of,
{ii E111pluye 1 ContriU ul io11 )
fiil
(iii)
Emp loyee Co ntr ibut•ons ·
Forfeitures·
(iv \ Amount~ derived from cont rih utions pai d or acer • 1ed aft er Uece mber j 1 1 YH>, in taxc1 ble
~rs endi ng after suc h date . which are ,1 1t ribu tabl e lo post-reti rem ent medi cal b en efi ts all oc ated to the
se pa rr1 te acco unl of a Key ~mployee, ;a~ defi ned in ln t<~rn,1I Revenue (ode sect,9 11 4 1 qAfd)D ), u11d er ct
welfMe b ene fit 'und as defin ed in Co de section 4 19(el maintained by the Employer· and
(v) Amo un ts allocaled aft er March 3 1. 1984 to an indiv idual me dica l acc oun t (a s defined in
ln te rn~I Revenue Code se r.tiu n 41 Sf!)( 1)) w hi -~ f .1 pensio n or .mnuitv plan ma int;1 in ed by th e
Emp lo yer· an d
/vii Allo cati ons und er .t ~1mplifi ed cmpl qyee peni;io n.
The term "annu;il addHil1n" sh:1II no t includ e th e all ot.at ion IQ a Pa rticipan t's ;icCotml of in com e
trn1~fers fr om othe r q11 nlified 2lacc;, 'Jr rollove r contrib ut ions .
FINANCIAL IMPACT
one.
LIST OF ATTACHMENTS
Propos ed reso lution .