HomeMy WebLinkAbout2000 Resolution No. 049RESOLUTION NO . ./j_
SERIES OF 2000
A RESOLUTION IN WHICH fflE CITY COUNCll. OF THE CITY OF INOl'..EWOOD,
COLORADO HEREBY CASTS ITS EMPLOYER'S VOTE IN FAVOR OP 'fflB PDlB AND
POLICE PENSION ASSOCIATION'S (F.P.P .A.'S) PROPOSED AMENDMENT .
WHEREAS, punuant to C.R.S. Sl-31-408 and F.P.P .A. Rule 104 the Board (it Dinctora
of the Fin and Police Pension Aaaocietion (F.P .P .A.) ("Boardj have propooed certain
modifications to the pension benefits set forth in Part 4, Article 31 , Title 31 C.R .S., u
amended, with respect to the members of the Statawide Defined Benefit Plan ("the Planj;
and
WHEREAS, the proposed modification to the Plan is set forth in the Board',, RA,solut'..on
No . 2000-2, adoptad by the Board on February 23, 2000 ; and
WHEREAS , F.P.P .A. Rule 704 .02(b) requires that, prior to an election by employen and
members on any prop01ed modification to the Plan, the Bosrd shall pro,,ido employen with
a certification that the propoaed modification complieo with the requirements aet forth in
Section 3!-~1-408, Colorado Reviaed Statutaa, 11 amended; and
WHEREAS, the Englewood members of F.P.P .A. held an election and have votad in favor
of F.P.P .A.'s propoeed Amondment; and
WHEREAS , F.P.P.A.'a propoaed Amendment would provide a benefit for all years of
service, giving a 2% '>enefit for each year of service for the first tan years, then a 2.5% benefit
for each yoar of ser i ce thereafter and would apply to both normal and vestad retirement
benefits;
NOW , THEREFORE, BE IT RESOLVED · .. -iE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO , THAT :
Si:aism...J.. The City Council of the City of Englewood , Colorado hereby caata ita
employer's v.,te in favor of F .P.P .A.'s proposed amendmer.t which will provide a 2% benefit
for each year of service for the first ten years of service , and then a 2.5% benefit for each year
of service thereafter to the City of Englewoc.d Firefighters.
NOW. THEREFORE , BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD , COLORADO , THAT:
rn~ i1un Jo, "
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Sll:liiaD..l, Tbe Cin,Coaacilo!lbe CityafEasJe,rood, Coloradolwebyautboriallbe
adoption of the prapooed ameadmmt.
ADOPTKD AND APPROVED tbia 51h of Ju.na, 2000. ~ 51' !
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COUNCIL COMMUNICATlbN In r o• 1s be20Q01q el11
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Date -Agendaltam 8ubjec:t_
Resolution casUng'the city of
Englewood's vote as emplo)'llr
Junes, 2000 10cl regardlng 1Flre and Pollce P9nllb/l "
Association (FPPA) proposed
amendment "
Initiated By SQffSource
City of Englewood , Administrative Services Frank '3ryglewicz , Director fA'l
Department -~ ...
COUNCIL GOAL AND PREVIOUS COUNCIL ACT10N
The City Council has not acted on this particular feature in the past.
RECOMMENDED ACTION
Staff recommends the City Counc:I cast its vo,e regarding the proposed amendment to the
Statewide Defined Benefit Plan as outlined below . The voted must be certified to FPPA by
June 12, 2000 .
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
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The FPPA has submi tt ed to its active plan members a proposed amendment to the Statewide
Defined Benefit Plan . An election has been held to determine whether the proposed
amendment be adopted . In order fo r any amendmen t to be adopted , an amendment must be
approved by an affirmative vote of 65% of the aclM! plan members , and more than 50% of their
e,~,ployers .
The amendMent and resutts of the P.mployee vote is as follows :
Amendment 1: Increased Benefit Accrual of 2% Per Year of Service for the First Tan
Years, Then 2.5% per Year for all Years of Service Thereafter.
Prior to reaching age 55 , the current plan allows a member to accrue pens ion benefits for no
more than 25 years of service . The maximum retiremen t benefit that can be accrued prior to
age 55 is 50% of the average of the member's three highes t years' base salary . After reaching
age 55 and having 25 years of service, the current plan prov ides an additional 2% per year of
serv ice, up to a maximum benefit of 70%
The proposed amendment would provide a benefit for all yea rs of service. Specifically, this
amendment would give a 2% benefit for each year of service for the first ten years , then a 2.5%
benefit for each year of service thereafter. Th is inaeased benefit accrual formula applies to
both normal and vested retirement benefits .
Emplo yee vote : In favor. 41 Against: 6
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The City Coooc:11 has the option of voUng as the empl,yees have or voting In favor or against
the proposed amendmenl . HOIT.II 1:> Jl:1 ~UO:J
;.~=~ l~cl the City's~ condition ~use the costilltabsort>ed
by each Rian ~ ~-Re11111ment ACCXJW11 (SRA). Clffently, both the employee and
the City ~8% lllW'6I the $~e Defined Benefit Planl Contributions not required to fl/nd the IClllarillly dllemined ~ otithe Statewide Defined a-flt Plan a111, *ced lq 1the
rnembela' SRA. The CDIII ~ the amendment Is 5.03% of payroll. 11n 2001, the SRA AllocaUon
wHhout Amendment One ii 8~, and the SRA Allocation with Amendment One Is 3%. ---
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UST OF ATTACHMENTS
Proposed !lll'Jlu'.1011
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