HomeMy WebLinkAbout2003 Ordinance No. 014•
•
ORD l :--1.-\:-.ICE NO. /
SER I ES O F 2003
BY ,\UTII OR ITY
COU:--1 I L B l LL \/0 . 7
1:-I TR OD ·cm BY COL':-J CI L
~I E~IllER :-J.-\131 10 LZ
.-\N ORD INANCE A PP ROV ING AM ENDMENT NU~IIJ ER FOU R TO TII E CF Y OF
ENG LEWOO D PO LICE PE NS I ON PL AN TO A LLOW SE LF-DIRE T ED
INV ESTME1 T OF DEFl'RRED RETIR EMEN T OPTION (DROP ) FUN DS.
WI-I EREAS. Cit y Coun ;ii adopl t!d ;111 amended Cit y o f Engle wood Polic..: Orti ccrs
Pensio n Plan Doc ume nt {the "'P lan''): and
WHEREAS. 1hc Englt!wuod Polict! Office rs Pcn:,,ion Bo.ml (Board ) n:comrr,c nds
appro va l ofan ;:u11c:ml mc111 to tht! Plan pcrmi11in g De ferred Rc ti rcm ..:nt Opt ion Pl,111 (D ROP )
part ici pa nt s to sc:lf di rect th e in vcs tm t!nt o f DR OP fun ds: and
\\1 1-IEREAS . the Pl ;:m ml!mbcrs hip eli gib le to vo te has appro ve d !hi! ame ndm ent
unanimous ly.
NOW. THEREFORE. BE IT ORDAI N ED IJY TI-I E C IT Y COUNCIL OF T HE C ITY
OF ENGLEWOOD. COLORADO, TH A T:
Sec ti on I. City Co uncil hereby approve s Ame ndm ent Nu1~·1bcr Fo ur to the Cit y
of En~lcwo od Po lice Pensio n Plan pcn11i11ing the Defe rred Re1ir1•1ncnt Op ti on Pinn
(DROP) pa rti ci p;:int s to self d ire ct the in vcs uncnt o f DROP fun ns .
Sec ti on 2. The May or and Cit y Clerk arc hereby au thcnzcd to :,1 0 n an<l a11.:s, tlu s
ordina nce.
ln troduc..:d, rea d in fu ll. and pa ss cd o n fir st readin g on th..: 2 1'1 da y vf January , 2003 .
Publi shcd as a Dill for an O rdin ;in cc on the 24 1h <lay of January, 2003 .
Rca <l y til k .ind pa ss ..:d o n fin :11 r..:adin g on 1hc 3'J da y o f Feb ruary. 200 3
Publ ish..:d by 1i t lc as On.linancc .-.Jo . .i. S..:ric s of ~003 . on thi: ?°1 day of F~brnar y.
200 3.
:·M~e;
~is.City C lerk
I, Loucri shi a A. Ellis , Ci ty Clerk fo r the Cit y of Engkwood, Co lorado. hereby
cc ni fy 1h:u the above: is a tru e copy ofi !'} Ordimm cc p . cd on fina l ren di ng and
publ is hed by titll! ns Ord inance No . fl _. Se ri es 03 .
•
•
•
•
A\!E:-;D~IE NT ;s;o FOUR
TO THE !TY OF E;s;GLEIVOOD
POLI EOFF! ERS PE:,/SION PLAN
lAS A\IE:-;DED A N D RES T A T ED
EFFE CTl\'E JA N ARY I. I 999)
Pursua nt to th e :.1uth oril y o f the Cit y o f Engle wood .ind thi.: pro visions o f Article
\]II , St"ctio n I ufthc Ci ty o f Englewood Poli cl.! Officers Pen sion Pl .:m (As Amended and
R...-s1u11:d Effecti ve Jun u:.1ry I. 1999) (t he "Pl un"), tht: Pl an is hereb y .1rnc nded, effoctiw Jan uary I,
2003 , cxccpt .:1s othcrw ise noted. as fo ll ows :
I. Article V, Section 9, is :imc ndc cl, dfcct ive J;rnu.iry I, 2003, by dclc.:t ing present
subs..:cti on (j) (Adm ini str,u ion of DROP Assets) and ri.:plu ci ng thnl sec ti on with a ne w subsection
(i), to read as foll ows :
Sdf-Direction of DRO P Asse ts and Contribu ti ons.
(I} The DROP assets sh.i ll be held in tru st for in vi:st ment purp oses as part of
the fir e :i nd po li ce members ' sclr-dircc ted in ve stment s fu nd, subjec t to such ru les
as may be adop1cd fo r the ad mini s1ro 1i on of th e Tru st. Thi! FPPA Boa rd shall be
authori ze d to cha rge eac h acco unt a reaso nab lr.: fet! fo r adm ini stration of the
DROP.
(2) A DROP acco unt •,ha ll be establ ished fo r eac h part icipa tin g DROP
member . Su ch DR OP ar:~ounl shall be adjustc:d , no less frequent ly than
annuall y. for cu ntr ib u:1011s , dis tribu ti ons and net in vcst ml!nt ea rnin gs am.I ki sses.
l'.'J WIT'.'1ESS WHEREOF . ;,nd as co nclusi ve ev id ence of the adop ti on o fl hl! foreg o ing
in strumt:lll comp ri sin g :\mendmt:nl r<o. Fou r 10 thc Cit y of En glt:w ood Poli ce Pensi on 11 Jan (As
Amcnded and Restated Effecti ve Janl.la ry 1, 1999). th!! Emp loyer has cau se d its sea l to bt: affi xed
hacto and thi.:se prc scms to be du ly 1.:~c:ct11ed in its 11:.11111: and bdta lfby i1 s propi:r ofi ic1.:rs
thacunto auth uri zc:d th is ___ da )' of ________ , ~00 3
•
•
•
J
COUNCI L COMMUN ICAT IO N
Date ft .genda It em Subj ect
Ordin ance ado ptin g am endm ent s to
lanuary .:! I , :::!003 10 a ii th e Ci ty oi En glewood Police Oifice rs
Pension Plan Docum ent (th e Pl an)
Initi ated By
I
Staff Source
Cit y of Englewoo d, Fi nance and Admini str ati ve Frank Gryglewi cz, Dirt:'c tor
Services Departme nt
COUNCI L GOAL AND PREVIOU S COUNCI L ACT IO N
Th e City Coun cil passe d O rdinance 4 7, Se ri es of 1999, adop tin g an am ende d City of Engl e\Voo d Po lice
Offi ce rs Pensio n Plan doc um ent.
RECOMMENDED ACTIO N
Staff r~co nmends th e City Co un cil approve th e allached bill fo r an ordina nce .
BACKGROUND , ANA LYS IS, AND ALTERN ATIVE S IDENTIFIED
Thi s ordin an ce does not substanti all y change th e current level o f pension be nefi ts for th e Poli ce Offi ce rs
Pensi on Plan parti cipa nts. Th e Police Oifice 1s Pension Boa rd (Board ) app roved an am endm ent to
reco mmend an ordi nan ce permitt ing Deferred Retirem ent Opti on Plan (DROP) par ti ci pant s to self direc t
th e inves tm ent of DROP fund s. Th e Boa rd requt•s ts Ci ly Cmm ci l appro ve an ordinan ce supp ortin g th eir
decis ion. Th e Plan memb ership eli gib le to vo te has appr ove d th e am endmen t unanim ously.
FINANC IAL IMP ACT
Ncne.
LI ST OF ATTAC H MENTS
Prupo~ed ordinan ce,
U l·I I 'I.\I T .-\1.l.)
o f the
Ballot lor :\ppro\:i l A 1111:rn.h11g 1h1..• Plan D Ol..'ll lllL'llt to p l..'nl11 t the Ill\ cs tment
self-directi on ol'the Dc lcrrcd Retire men t Opt io n Plan (D ROP )
Fo r the
POLI CE OFFI C E RS l'E:\S1O:sl PL.-\.\ (OLD HIR E)
Nu\'c mher 20. 2002 -Decemb e r 10 , 20 02
E L EC TION BAI.I.OT -R EC ORD OF \'OTE S
Appro\'Cd the Am ending the Plan Doc um~n l to pt:nni t
se lf-directi on o f' investments in DRO P.
Not Appro,·ed th e Ame ndin g th e Plan Doc ument to
penni t se lf-d irecti on of in ves tm ent s in DROP .
Ball ots not recc i,·ed
Ca rol Wcs coat . Reco rd:·1g Sec retary
Num ber or Votes
G
0
0
Fr/"' ~Cwi c,. Direc tor o fF in Jn ce and Ad ministrat ive Scn·icc s. anJ Board ~!ember
Cl:RT I FIC AT IO~ O F VO T E RE SL'LT
I. \lary \VhitL'. ccnil~v the ck cti on re-s uit s as dc1ail t:d abO\'..! to be fu ll. true an<l c o 1TL'l't.
and tha t the .-\11 11.·111..lm c111 to till.' Plan D1..h.'ll llll.'ll l has bl.'cn app ro ,·l.'d by lh c Polin.: rti cl'rs
Pi.:11 sion Pl an ~1C t1, c lll l.'ntb ership .
I
7
I I
~lar,· \.\'hitc/Dcput y C it y Cler k
•
•