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Home My WebLink About2002 Ordinance No. 040• • ORDINANCE NO . t/o SERl8S OF 2002 BY AUTHORITY COUNCIL BILL NO . 40 fNTRODUCED BY COl' CIL MEMBER GARRETT AN ORDrNANCE APPROVI NG "A,vlE NDME NT NO . TWO TO CITY OF ENGLEWOOD POLICE OFFI CE RS PENSIO N PLA N (AS AMENDED AND RF.STATED EFFECTIVE JANUARY 1, 1999)". WHEREAS, the City Council of the City of Englewood , Co lorado passed Ordin ance No. 47 , Series of 1999 , adopting an amended City of Englewood Police Officers Pension Plan docum e nt: and WHEREAS, the adoption of this Ordinance does not s ub stantially change the curr ent le vel of pe ns ion be nefits fo r the Poli ce Officers Pens ion Plan participants; ar..d WHEREAS, the Ordinance provide, the Internal Reve nue Service's (IRS) required changes to the f'lan as stated in the IRS Letter of Determination dated July 2, 2002: NO W, THEREFORE , BE IT ORDAJNED BY THE C['l'Y COUNCIL OF THE Cl'l'Y or ENGLEWOOD , COLORADO , AS FOLLOWS: &!:ti2n_l. The City Co un cil of the City of Englewood, Colorado hereby authorizes the adoption of "Am e ndment No. Two to City of Englewood Police Office rs Pe nsion Plan (as Amended a nd Restated Effective Janu ar y I , 1999)", attuched hereto as "Exhibit A". ~-Th e 1vl ayor and the City Clerk are her eby authorized to s ign and ,\ttest said "Amendm ent No . Two to City of Englewood Police Officers Pension Plan (as Amended a nd Res tated Effec tive J a nu ary I, 1999)", for and in be half of t he <::i:r of Englewood. Introd uced, re ad in full, and passed on first reading on the 19th day of Augus t , 2002. Published as a Bill fo r an Ordinance on the 23d day of August, 2002 . Rea d by title and passed on final reading on the 3'' day of September, 2002 . Published by title as O,dinance No. ~ Series of 2002 , on the 6"' day of September , 2002 . -l - I Loucrishia A. Ellis, City Clerk of the City of Englewood, Co lorado, hereby certify that tht, t1bove end foregoing is a true copy ofJf.lt e Ordin ance passed on fin al .reading and publis hed by titled as Ordinance No. ~'IU~ es of 20 02. Cr -2 - • • • • • -• .->..,IE~DME'.'<T '.'iO TWO TO THE CITY OF E::-i GLEWOOD POLICE OFFICERS PE:,SIO:\ Pl.-'.::-i (AS .-'..\.[ENDED .->.::-iD REST.-'. TED EFFECTIVE 1..\::-il:.->.R Y l. \999 ) Pur suant ro the l uthoricy of the Cicy of Englewood and the provisio ns of .->.rcicle XIII . Secrion 1 of the Ci~, of Englew ood Pol ice Officers Pensi on Plan i.->.s .-'.mended and RescJced Eiie cure Janulr y l. 1919) (che · Pl an "). the Plan is he:eb y ~me nded . eft'e~:l',e Jan uar:-i, 100 I. except lS ocherwise noted . as follo ws: l. .->.rcic :e .'<I. is 1mended. effec tiv e Janulr:: I. 200 1. by lddi ng 1 le'.v ;ubsec:ion e .. to re1d lS ioilow ;: e. Comcen sat ion. For limillcio n ye:irs beginning on or afcer Januar:, 1, 20 0 I. for purp ses or appl ying the limicacions Silted in .->.rticle XI of mis Plan. compensation paid ur mad e l Vlilable dur ing sach limitltion :1 e:1rs ;h:tll inclu de electi ve .lfllounts that 1re nm-inc:udi:ile in th e ~r oss income or the employee by re11 on or Code§ I i2tf11 .1 ) . 1:--S WlT::-iESS \\i HERE OF . ind JS -:onc lusi ve e•,il!ence -Jr me adopnon vr the foregoing instrume:it comprising .\rnendmem ~o . T·.vo ,o ,he City ,Jr Engle wood Police Or.icers Pension P!1r1 1.A•; .->.mended md Restated Effect ive Januar y l. 1999i . the Emplv yer has .::i usd its ,eal to be affixed hereto 111d these presents to be duly execu ted in its name and behal r by its proper office:s there~nco authorized th is __ da y or ___ , 200:. • • • COUNCIL COMMUNICATION Date Agenda Item Subject August 19, 2002 10ai Ordinance adopting amendments to th e City of Englewood Police Officers Pension Plan Document (the Plan) Initiated By I Staff Source City of Englewood, Fina nce and Administrative Frank Gryglewicz, Director Services Deoartment COUNCIL GOAL AND PREVIOUS COUNCIL ACTION The City Cou nci l passed Ordinance 47, Series of 1999, adopting an amended City of Englewood Police Office rs Pens ion Plan document RECOMMENDED ACTION Staff re comme rt ,. e City Council approve th e attached bill for an ordinance. BACKGRO \.J ND, ANALYSIS, AND ALTERNATIVES IDENTIFIED This ordinance does not substan ti all y change the c urrent level of pension benefits for the Police Officers Pension Plan participants . Th e ord inance adds th e Intern al Reve nue Service's (IRS) required changes to the Pl an as stated in th e IRS Letter of Determination. Th e Pl an document is amended to comply with federal requirements. FINANCIAL IMPACT None. LIST OF ATTACHMENTS Gorsuch Kirgis letter IR S letter Proposed o rdinance . KIRGIS I.LP ATTO,.,.,lYJ AT L\W Towrl I. Sum 1000 I ISIS A'-APAH OI Sn.nr I 01Nvu •. CoLouoo 80202 I THEPHON E (JOJ) 376 -SOOO I fACSIM lll (303) 316·5001 TIMOTH Y J. PARSONS DlllCT DIAL (3031 376 ·5011 email : tparsons•aorsuch .co m May 29, 2002 BY FAX AND U.S. MAIL Mr. John Santor~ Internal Revenue Service TE/GE Div ision 2 Cupania Circle Monterey Park, CA 91755 Attn: J . Santore; Group EP 7685 RECEIVED DEPT. OF AN Al'IC E H!G~~-'!OOD Re: Ci ty of Englewood Poli ce Offi ce rs Pension Plan Pl an Number 002 Dear Mr . Santore : As requested by y0u,· truced memo of May 13 , 2002 , we have enclosed a copy of proposed Am endment No. Two to the City of Englewood Police Officers Pension Plan . If, on the basis of the proposed Amendment, the I.R.S . issu es a fa vora ble determination lett er on the qualified stat us of the Pe nsion Plan , the plan sponsor will promptly adopt the proposed Amendment. TJP\57660\411582.01 I ' • • • • Mr •. John Santore 'May '29 , 2002 Page 2 Should you have any questions on these matters, please contact this office . Enclosurf· Very truly yours, GORSUCH KIRGIS LLP ~~-~ Timothy J . Parsons cc (w/encl.): Ms . Carol Wescoat TJP:nj TJP \57660\41158:1.01 Retirement Administrator City of Englewood 1000 Englewood Parkway Englewood , CO 80110 INTERNAL REVENUE SERVICE P , 0, BOX 2508 CINCINNATI, OH 452 0 1 Date , JUL O 2 21112 CITY OF ENGLEW OOD 100 0 ENGLEWO OD PKY ENGLEWOOD , CO 8 0110-0000 Dear Applicant: RECEIVED DEPARTMENT CF TUE TRF.ASURY OEl'T , Of F1 N1\NC l ENG ~yer Ident i f ication Numbe:-: 84-0 672718 DLN , 1 70070250000 02 Person to Contact : JOHN SANTORE Contact Telephone Number: (877) 829-55 00 Plan Name : ID# 95020 CITY OF ENGLEWOO D POLICE OFF I CERS PENS I ON PLA."1 Plan Number: 002 We have made a favorablf! determination on the plan identified above based on the i nformatio n you have supplied. Please keep ":.hi~ letter , the appl i cation forms submitted to request this letter a nd all corresp~,ndence with the Internal Revenue Servic~ regarding your -:1p plication for a determination letter in your permanent records . Yo u must retain this information to preserve your reliance on this letter . • Continued qualification of the plan under its present fo rr., wil l depend • on its effect i n o perat ion . See section l 4 0l~l (b ) (3 ) of t '-:.c!: Incom e Tax Regulation5. We will review the status of the plan i n ope.·ation periodi c ally . The enclosed Publ ication 794 expla i ns t h e signi ficance ao;id the scope of this fav orabl e determination letter based on the determination requests se l ected on your application f orms. Publication 794 describes the information that must be retained to hav e reliance on this favorable determination letter . The publication also pro vide examples of the effecc of a plan's o perat ion on its qualified status and discusses the reporting requi rements for qualified plans. Please read Pu blicat ion 794 . This lette r relates only t o the status of your plan under the Internal Revenue Code. It is not a determination regarding t h e e ffe ct of o ther federal or local statutes . This determination is subject to your adoption of the proposed amendments ~;.:,)::7:i:ted in your l etter dated 05 /29 /02. Th,, pro posed amendments should b e adopted on or before t h e date presc.:r i bed by the regulations under Code section 4 01 (b l . This determinat ion letter is applicable for the amendment (s ) executed on 04 /21 /00 . Issues a:ising from th!:! amend.rnent of a defined benef .:..t plan 's benefit formula to convert that formula into a cash balance type b enefi t formula are under study , and this determination letter does not express an o pinion on any of these issues. A cash balance type formula genera lly defines a benefit for Leccer 835 (DO/CG) • • • • .. CITY OF ~~GLEW COO eac~ employee by re~erence to a single -s um amount , such as 1 0 pez:cenc of f i nal a ·,erage pay t imes years o f service, o r che a mounc of the employee's hypoc::.e c i c a l acco unt balance. Thi s lette:-conside rs t h e c hanges in qualif i cat i on requirement~ made b v t l:e Uruguay Round Agreements Ace , Pub. L . l0J-465 , the Small Business Job Proteccion Act of 1996 , Pub. L . 104-188 , the Uni fo rmed Services Employment and Reemp loymenc Rights Act o t 1994 , Pub . L . 103-JSJ , the Taxpayer Reliaf Act of 1 997 , Pub . L . 105-34 , the Incernal Revenu e Serv ice Restructur i ng and Reform Ace of 1998, Pub . L . 105-206 , and the Co mmun i ty Renewal Tax Relief Act of 2000 , Pu.b. L . 106 -5 5,. This letter may not be relied on wi th res pect to whether the p l an sac is fies t he requi rements of section 40 1 (a ) of the Code , as amended by t !le Ec onomic Growth and Tax Relief Reconciliation Act of 2001 , Pub L . 107-16. The requirement for employee benefits plans to file summary plan descriptions (SPO) with the U .S . Department of Labor was eliminated effective Aug-use 5 , 1 99 7 . Fo r more details , call 1-800-99~-7542 for a free copy o f the SPD card . We hav e s ent a copy of this letter to your representative as indicated in the powe:-of attorney . If you have questions concerning chis ma ce.er , please contact the person whose name and telephone number are shown abcvu . Enclosu:-2s : Publication 79'1i Sinc~rely yours , Paul T . Shultz O~.receor , Emp_oyee Plans Rulings & Agreements ~e c t e r 8 J~ lDO /CG)