HomeMy WebLinkAbout2003 Ordinance No. 015•
•
IJY ACT ! IOR IT Y
ORD I\.-\\CE \0. /5_
SERIE OF 2003
OL~ IL BILL \0 .. :
I\TRODlCED 13Y COLl\CIL
~IE~ll3ER :-1.\B II OLZ
.I \ ORDl\/i\\/ E APPRO l'I\ A~IE:-!D~IE\/T \/l\113ER FOL:R TO TII E CITY OF
E'.\G LEIVOOD FIREFIGJH[R PE NS IO\ PLA \/ TO ALLOW ELF-DIRE CT ED
ll\YE Sn lE\/T OF DEFERRED RETIRE~IE\/T OPTIO N (DR OP ) FV:-:DS.
WHEREAS. Cny Co un cil adopte d :111 ame nd ed Cit y o f En glewood Firefi ght ers Pensio n
Pl an Docu ment ; and
\VI-IERE .-\S. th e En gle wood Fi reli ght ers Pen sion Bo:1 rd (Boa rd) recom mends app rova l of
an on.Jin ~mec pennitting Defe rre d Rdiremt:n t Opti on Plan (DROP ) part ic ipant s to self direc t th ei r
in \ l'S tm ent of DROP fund s; and
\VI-IERE ;\S. 1ht! Firt!li ght ers Plan membership el igibll! to vo te has approved the.:
amendment proposed ; an d
NOW , THEREFORE .13E IT ORDA INED BY THE CITY CO NCIL OF THE CITY
OF ENGLEWOOD. CO LORADO. THAT :
Se ction I . City Council hereby approves Amend ment Number Four to lit e City of
En!!lcwood Fire fi ght ers Pen sion Plan permitti ng the Deferred Retirl!menl Opti on Plan (DROP)
pa nicipant s to sdfdirec t lhl! in\'e stml!n t of DROP fund s.
Sl!ct ion 2. Thi! i\fayor and Ci ty Clerk arc here by authll ri zcd lo sig n and atte st thi s
ordi nance:.
:003 .
Introd ucc:<l. n:.u..1 m fu ll. an d p:i ssl!d 0 11 lir!i t n:ad in g on the: 2 I '1 day of J:mu ary, 2003 .
Pub ll :-.hcO :1s .1 811! (or ,m Ordinance ll ll the ~4 1
h da v of Jan uary. 2003.
Rl!:ui by ti1 k and p:i ss l!d 011 final rl!:1Jing on th ~· )1
' da y o'.Tcb ruary. 20 03
Publ ished J ~ 11 1k :1s Ord in.Hh.:c :-.1\J . /..5:_. Sc ric:s o f ~oo .:. un th.: i 1h d.1y o t' F1..·bru.1r~.
I. Loucn:,hia A. Elli s, it y Clerk fo r the: Cit y of Englc ,\ood. Co lorad o, hc rl!by ccrnfy thm
the abo\'1! is n tru 5 £.9P Y of ,tn Ordinance passed on finn l rc:iding ant.I published by title .1s
Ordinance :'\'a ._/_~_. cries of 2003 .
•
•
•
•
.-\~IE:S:D~IE:S:T :S:O . FOlR
TO Tl IE CITY OF E:S:GLE\\"OOD
FIR[F IGI ITER S PE:-lS ION Pl.-\:-1
(A S A~IE:-I DED A:-l D RES T.-\ TED
EF FECTI VE JA NUARY I, I 999)
Pur suam 10 th e au th ori ty of th e City of En glewood and th e prov ision s o f Articl e XIII , !:>ect ion I of
th e Cit y of En glewoo d Firefi gh1ers Pension Plan (As Am endl!d and Res tnted Effec ti ve Ja nuary I, 1999)
(the "Plan "), tht: Plan is he reb y am endt:d, effe ct ive January I, 200 3, exce pt as oth erwi se noted, ns
fo ll ow s :
l. Anicle V, Sec ti on 9, is nmend ed, effe cti ve Janu nry I , 20 03 , by de lc1ing pre se nt
su bs t:cti on {j) (Ad mini strati on o f DR OP Asse ts) ::md replacing th:n section wi 1h ::i new -ub sec ti on (j ), to
re ad as fo ll ows :
(i ) Self-Di rec tion of DROP Ass eis and Contributions .
(I) Th e DROP asset s shall be he ld in trust fo r investment purpose s ns pan of the fir e
~md po li ce membe rs' self-dire cted investr.1ents fund , subj ect to s uch ru les as muy
be adopted fo r th e admini stration of the Tn1St. The FPPA Board sh all be
aut horized to charge each account a reaso nab le fe e fo r adminis tra1 ion of the
DROP .
(!) A DROP acco unt shall be estab li shed fo r eac h patt iciput in g DROP member.
Such DROP account sh:11! be adju sted. no less frequentl y thJn an nu Jl\y, for
co ntributions , dis tr ibution s Jn c· net inves tment earning s and losse s.
IN WIT>JE SS WHEREOF . and as conclu siv r-i:vidence ofthr! ad opti on o f the foregoing
in struml!nt comp risin~ .-\mi=ndml!nt No . Four to th!! city of Englt!wood Fi refightt!r s Pen sion Plan
lAs .-\ml!n<l ~J and Re !)tJ!ed Effo cti ve January I. I 999). the Emp loyer has caused it s sea l !Obi=
affi xl!J ht:ri:t o and th esi.: on:si:nt s ;o bt: dul y excl.!· ·e J 111 it s name amt bch a lfh~ it s propcr o ffi cc rs
thcrcum o :nuhori zi:d thi~ Jav 0 ( _________ . ~003 .
•
•
•
COUNCIL COMMUN ICAT ION
Date Agenda Item Subject
O rdinan ce adop ting amend111 nt s to
Jan uary 2 1, 2003 10 a iii th e Cit y of Englewoo d r irefi ght ers
Pension Pl an Doc t11n ent (th e Pl an)
l niliatcd By
I
Staff So urce
Ci ty o f Englewood, Fin ance and Ad min is trati ve Frank Grvgk icz, Di re tor
Services D e1Jartm ent
COUNC IL GOA L AND PR EVI OUS COUNC IL ACTION
Th e Ci ty Coun cil passe d Ordinance 4 7, Se ries of 1999, adopti ng an am ended City of En glewood Po li ce
O ffi ce rs Pensio n Pl an docum ent.
RECOMMENDED ACTION
Sta ff reco mmend s th e City Co uncil approve th e att ac hed bill for an o rdin ance .
BAC KGRO UN D, ANALYS IS, AND ALTE RN ATI VE S ID ENTI FIED
Thi s o rdinance does not subst antia ll )' change th e current leve l of pensi on benefit s fo r th e Police Office rs
Pe nsion Pl an parti cipa nt s. Th e Firefi ght ers Pe nsion Board (Boa rd) app rove d an amendm ent to reco 111m p11d
an ord ina nce pe rmittin g Deferred Re tirement Optio n Plan (DR O P) partici panr s to se lf direct th e inves tm ent
of D ROP , .,ds. The Boa rd requ est s City ~oun cil ap~rove an ordin ance supportin g th eir decis ion. Th e
Plan memoe rship eli gib le to vote has .1.pproved th e ame ndment un anim ously.
FINANC IAL IMPACT
None.
U ST Of ATTAC H MENTS
Prop ose d ord inance .
OFF ICL-\L TALLY
o f the
Ball ot fo r App rov al !\mending th e Plan Do cumen t to pe rmit the inv es tm ent
se lf-directi on of th e Defe rr ed Re tirement Opt io n Plan (DROP )
For th e
FIREFIGHTERS PE'<SIO N PL.-\N (OL D HIRE)
i\ovemher 20. 2002 -December 4, 2002
ELECTIO'< BALLOT· RECORD OF VOTES
Appro,•ed th e Amendin g the Pl an Document to pem1it
se lf-direct ion of investments in DROP .
Not App rove d the Amend in r the Plan Doc um ent to
pe rmit se lf-direction o f in vest ment s in DROP .
Ballots not received
Co unt ers :
CE RTlFI C..\ TIO N OF VOTE RES UL TS :
Num ber of Vo tes
0
0
I. Loucri shi a Elli s. ce nify the election res ult s as detailed above to be fu ll. tru e and co rr ect.
an d th at th e Am enJmen t to th e Plan Docum ent has be en approved by the Fireligh ters
Pension Pl an ac tiv e memb ership .
""'" <1,;, '>h da y ofDocmO,,_ 200 2. ~ d a,
~City Clerk
Sea l
•
•
•