HomeMy WebLinkAbout1998 Resolution No. 092•
•
•
RESOL t;TION NO.~
SERIES OF 1998
A RESOLUTION AUTHORIZING THE E:-IGLEWOOD OLD-HIRE POLI CE OFFICERS'
PENSION PLAN AFFILIATION WITH THE FIRE AND POLICE PENSIO N
ASSOCIATION (F PPA).
WHEREAS , Part 4 of Article I, Title 31, Colorado Re,~sed Statutes (C.R.S .}, as amended.
establuhes a statewide benefit plan for all full-time pa id firefighters and police officers in
the state hired on or after April 8. 19i8: and
WHEREAS , Se ction 31-30 .5-211 , C.R.S .. as amended, provides that an employer may
elect to affiliate with the Fire a nd Poli ce Pension Associ ation as to its old hire (fire an d/o r
police) pension plan by filing a resolution with the Association; and
WHEREAS . the fact that an employer e lects affiliatio n does not mean that members of
the Englewood Old-Hire Police Officers' Pension Pl an hired befo re April 8, 19 78 are
autotr.aucally covered by the statewide benefit plan as to re tire ment benefits but have an
option to elect to remain covered by the old hire pla n or to join the statewide plan; and
WHEREAS , on August 27. 1998 me mbers of the Old -Hire Police Officers' Pension Board
voted to affiliate with the Fire and Police Pension As sociation (F.P .P _",,_)_
WHE REAS , the Englewood Police Office r s' Pension Boa r d and the Englewood City
Council have determined it to be in the best in tere st of the City of Englewood Old-Hire Police
Offi ce rs' Pension Plan to affiliate with the Fu:e and Police Pens,on Associa tion (F.P.P .A.}:
:VOW , THEREFORE. BE IT RESOLVED BY THE CITY COU NCIL OF THE CITY OF
E:VGLEW OO D. CO LORADO , THAT:
~-The Englewood City Council hereby authorizes the Engl ewood Old-Hire Polic e
Offic ers' Pe n sion Plan to affiliate w1th the Fire and Police Pension Ass oci ation (F.P .. P .A .} on
January I. 1999 .
.:'l:l'~-In acco rdance w1th Section 31-31 -,01(4), the Englewood City Council does
her ?by req uest fr om the Board of Directo rs of .he Fire and Police Pen sion Association
(F .P.P.A.) an estimate of the Ci ty of Engle\\ JOd , Colorado cont ribution ra te necessary to
co mply with the contribution requirem en t'.; established by .-\ru de 30 .5 and 31. Title 31.
C.R.S ., as amended .
•
~-This re sol utio n shall beamoe-de<.-tive September 8, 1998 and t he Englewood
City Clerk is directed to file a certified ~afthio resolutio» with the Fire and Police
Pension Association (F .P.P .A.) as 100:, mn September 8, 1998 as is practicable, toge ther
with a list of t he assets currently held 1w. tbe Englewood Old-Hire Police Officer s' Pension
Fund.
ADOPTED AND AP PROVED ti:ns $th day of September, 1998 .
I. Loucrishia A. Ellis , City Clerk for 15!! Cizy of Englewood.
above is a true copy of Resoluti on No .~~es of 1998 .
/-1C#-~~~-~-
•
•
•
C' 1UNCIL COM r UNICATION
Date Agenda Item Subfect A resolution to
approve Old-Hire Police
Officers Pension Plan affirianon
with the Fire and Police
S;,ptember 8, 1998 10 C ii Pension Association (FP PA)
Initiated By
Department of Financial Services
I Staff Source
Frank Gryglewicz, Director
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
The City Council has met with members of the Old-Hire Police Off!cers Pension Plan at study sessions
in the past to discuss issues of common co ncern .
RECOMMENDED ACTION
Staff recommends that City Council approve the attached res ol utio n.
BACKGROUND, ANALYSIS , AND ALTERNATIVES IDENTIFIED
The FPPA wa s created by Sl ate Statute to administer the statewide be nefit pl an for full-time paid
firefighters and police officers hired on or after April 8 , 1978. State Statutes (31-30 .5 .211 ) allows an
employer to elect to affiliate with the FPPA by filing the appropriate resolu tion.
This res olu tion will affiliate t11e current Police Officers Pension Plan with the FPPA . FPPA will invest
fu nds , pay retirees, and conduct actuarial studies for the old -hire police officers plan . Upon afflica11on
wi th FPPA, each individual active police officar will have an op ti on to elect to re main covered by the
current City Plan or to be cove red by the statewid e benefit plan.
On August 27, 1998 members of the Old -Hire Polic e Office rs Pension Board voted to affiliate wi the
FPPA.
FINANCIAL IMPACT
This action should not have an impact on the Cit~·s fi nancial condition. The total cos t of providing
te chnica l. investment. and actuarial serv,ces to the Plan shou ld , if anything, be re duced by the
affiliation .
LIST OF ATTACHMENTS
Pro posed resolut ion