HomeMy WebLinkAbout2008 Ordinance No. 054•
•
•
BY AUT HORITY
( )1(111 ANC'F NO. :i!/-
SE III ES OF 2008
COU NC[L BrLL NO . 64
rNTRODUCE D BY COUNC IL
MEMBER MOORE
A OKD IN E Al) l'TING AMENDMENTS TO rH E CITY OF ENGLEWOOD POLI CE
Ol ·FI ERS 1'11 SION l'LA UM ENT (TH E PLAN).
WII I:l KEA, , 1hc 11 y of Englewood (lh e "Empl oyer") esta blis hed the Cit y of Englew ood Police
Ofncers Pensio n Pinn (th e "Pinn ") effective as amended and restated January I, 1999 ; and
WH EREAS, pursuant 10 Arlic lc Xlll of1he Plan , the Em pl oyer has the auth orit y to amend the
Pi nn to co mpl y wit h Stale or Federal requirements and ma intai n the qualified statu s of th e Pinn;
and
WHEREAS, the City of Englewood deems it advisable to amend th e Pl an to comply with th e
tax law changes.
NOW, THEREFORE , BE IT ORDAINED BY THE CITY COUNCrL OF THE CITY OF
ENGLEWOOD, COLORADO, AS FOLLOWS :
Section I. City Counci l hereby adopts the fo llowing amendment s to the Cit y
of Eng lewood Poli ce Ofncers Pension Pinn effectiv e January I, 2008 , to rend as
fo llows:
I. Restate Article XI in its ent irety to rend as follows :
Annua l Benefi t and Contribut ion Limits
The Planincomorntcs bv reference Jhe rea ui rements of Code Section 415 and final re gul ations
iulemrctin s Code Section 415 ns nooU cab le to thi s sovemmen lal retirement olan The cost -of.
living in crease of Code Secti on 415Cdl shall cont in ue to aWJJv to in crease the dollar benefi t
linit of Code Section 4 l 5Cbl after the Parti cioan t 's severance from emo lovwent ·I]J e
limitntion on co ntributi ons of Code Section 415lcl sha ll aoolv to Pnrti ci nam contributi ons that
Pre made to the DROP account as described in Arti cle Y Section 9 d The limitation vcar is
the calendar xear
" Add two sentenc es to the end of Arti cle XV , Secti on 2.a, to rend as fo ll ows:
For distribution s made after December 3 L 2007 a oortion of a distribution sha ll not fail to be
an eHvibl e ro ll over distribution merelv because the oonion con~ists of after-t nx Emolovee
contribution s which are not iosludibl c in gros s income However such oortion mav be
transferred on lv to anv individual reurcment account or aonui tv described in Section 40 8£a > or
(bl of the Code or in a direct trustee-to-trustee transfer to a auzlified tru st described in Section
~HPl of the Code which is exemnl from ta x under St.xtion SO Ha·, of th e CmJe or to an an nuitv
co ntract described in Sectio n 403£bl of th e Code nrovided such trust or contract Provides for
seuarate ncco untiuc for amounts so transfen;ed fond eami nc s thereon> inc!u~~
9 b iii
J1 Add Srct1on 3 to Arti cle XV 10 read as l~1 ll ows :
~wJLlJ)i.su-lbuuQJl..l\l,lRaof Non-spouse BeneQcino:,
Al!Aniciru1nt,Jw01l;,SPQ.usc,.ll@cficinwnaY elect 10 ho xc,aoypooion ofan cJir:ibJu!la11
dimilm1iWlJlll idJ11 a diI£curustec-1 0-1ru :;w.<,;Jrn ps(er 19 munllirid.ual re1 jremenu1~
ill!lllli.lY. dcs,i:ribed in ScctjonAQJ.Ci;l(,S)illl(i) or Oiltu.llK; Cods.l bm is c•JOhlishcd 10 rccejyc ihs
l!lan.dis.tribution on bcfialf of the Beneficiarv For ournoses of this Section 3 a tru st
llliWlliliucd for tltc hcncfiLOC one or more des ignated beneficiaries max be thc,,Benefici.arYJO
1hux.tclll movidcd in rnl~orescribed bv th e Sccrctaoi oITreasury If the Paniciunnt dies
~anicinant's rcouircd be gi onin£datc ns defined in Section 10 ofAoicle Y th.e
~~1um.dis.tdb.utiou in th s.xcar ofdemh max not be 1ransfcrred accordi nv to this
Scc1wa 1. Tltc rcouit,;n)cnts of Code Scct jgn 102 Cc}O ll apply 19 distrillllJiQfil,under 1bis
s.wiwLl
Sect io n 2. Th e fo ll owin g amc11dmcn1 s to th e City of Englewood Police Offi cers
Pen sion Plan effec live Jan uary I, 200 2, to read as follow s:
Delete lh e paragraph immediatel y b ll owi ng Artic le V, Secti on 9.m(6 ) thal begin s with 1hc
phrase "Regardl ess of fom1 of payment" and add lhe fo ll owing new Sect ion 10 10 Articl e V:
Sectjon IO.Jleouiwi,Dislrilnllkuu:.
Dis1rjbu1jgnsshnH be ma de iu accord an ce witluhwm, · •ul;t1ion§.ll ud etl:llll.<;
Sec ti on 40l(a)(9l as avulicab le to vovc mrnental ol ans in cluding th e minimum incidenta l death
benefi t rcau~d 1hc rcouired bcvinning datc,ru lc Die reoui red bcGin ni mulaiW le.ll
lhaLdistriluuion cfa Panicinant's bencliUhallb.e vin no latcLthan.thc Aoril I fo llcw iwuhc
~~ lendar vear in which the Panicioant attains agc,1,Q,½ or tc auinat cs cmol ovmcnt
with the EmPIOYC[
Ame nd lh e la st ph ras e of Article Xlll to read as fo ll ows:
:.:m:.mi®d however thal,l!lm unncndrnents mu sLSalisWhc.1u2~nli rcmerus of Sec1inn
31-30 5-" l O of lhtlJllorud,o,Kcxised Statutes rc1.rnrdin1W he consent of at lealil.Ji.\lYc--
perc ent l65%l~hc Panjc irn
Sectio n 3. The Mayor and Cit y Clerk arc aut horized to sign and attest the Amendment s to the
Cit y o f Englewood Poli ce Olliccrs Pcmion Plan Doc um ent.
Introduced. rec1d in full. and pa ssed on fir s! reading on th e 15th cla y ofScplcmbcr. 200 8.
1•ub lis hcd as II Bill fo r an Ord in:111cc in th e Cit y's official newspaper on th e I 9th cla y of Se ptember,
2008 .
•
•
•
•
•
•
Publi shed as a Bill fo r an Ordin ance on th e City 's offi cial we bsit e be ginning on th e 17t h dny of
Se pte mber , 200 8 fo r thirt y (30) days .
Rea d by titl e and passed on fin al ren ding on the 6th day of October, 200 8.
Publi shed by tille in th e Cit y's offi cial new spaper as Ordin ance No .$'[, Series o f 200 8, on
the 10th day of Oct ober, 200 8.
~-?to 1,crishiaAEllis,C
I, Loucrishia A. Ellis , City Clerk of the City of Englewood, Colorado , hereby certify that ihe
ahove and foregoing is.3. tpie copy of the Ordinance passed on final reading and published by
,m,,.o"'-••""''""'""'"· ~ l,i
Loucrishia A. Ellis
•
•
•
COUNCI L COMMUNI CATI ON
Date : Age nda It em: Subject:
September t 5, 1008 9 a iii Bi:I fo r an Ordinan ce Making Required Changes to
th e Po li ce Officers Pension Plan to retai n
"Qualifi ed Statu s"
In itia ted By: I Slaff So urce:
Finan ce and Admi ni s ti ve Serv ices Department Frank Gryglewicz , Directo r
COUNCI~ GOA L AN D PREVIO US COUN CIL ACT ION
Ci ty Council discusse d th is issue at th e Sep tember 8, 2008 Stud 1• Session. Council direc ted staff to
prepare a bill for an o rdin ance making th e pr o pose d cha nges.
RECO MMEN DED ACT IO N
City sl aif recom m ends City Council approve th e attach ed bill fo r an o rdinan ce makin g required
changes to th e Police Officers Pensio n Plan th at w ill insure th e qualifi ed status of th e Plan .
BACKGROUND, ANA LYS IS, AN D ALTERN ATI VES ID EN TIFIED
These changes ar e required to retain th e Plan 's qualified statu s. A plan is qualifi ed if it m ee ts
requiremen ts o f the Intern al Reve nue Code and , as a result, is eligible to rece ive certai n tax benefits
th at are i 11strumental to th e accumulati o n and di strib uti o n of asse ts fo r th e so le benefi t o f th e
par ti cipan ts an d the ir beneficia ri es.
FIN ANC IAL IMPACT
Thi s ac ti o n will no t ha ve an impac t o n the Ci ty of En glewood's financial positi o n as th e c hanges d o
no t impact tun din g requiremenls o r benefi ts.
LI ST OF ATTAC HMENTS
Pro pose d Bill fo r an O rdin ance