HomeMy WebLinkAbout1993 Resolution No. 071•
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RESOLUTION NO . IJL
SERIES OF 1993
A RESOLUTION HEREBY CASTING ITS EMPLOYER"S VOTE IN FAVO R OF
F.P .P.A'S PROPOSED AMENDMENTS 1, 2, 3 AND 5, AND AGAINST F .P.P .A
PROPOSED AMENDMENT NO. 4.
WHEREAS , pursuant, to the authority granted m C.R.S. 31 -30-1006.5 (Cum. Supp. 1992 ),
the Board of Directors of the Fire and Poli ce Pension Ass ociation ("Board") has proposed
certain modifications to the pen sion be nefits and the age and service requirements for
pension benefits set forth in Part 10, Article 30, Title 312 of Colorado Revised Statutes, as
amended, with resp ect to the members of the statewide defined benefit plan("the plan");
and
\VHEREAS , the proposed modifications to the plan are se t forth in the Board's Resolution
No. 1-1993, adopted by the Board on April 28, 1993: and
WHEREAS, F.P.P .A. Rul e 305 .02(b ) r equire s that prior to on election by employers and
members on any proposed modification to the plnn , the Board must provid e empl oye rs with
a certification that the proposed modificatio ns compl y with the requirements set forth in
C.R.S. 31-30-1006.5 (Cum. Supp. 1992 ): and
WHEREAS, the Engl ewood members of F.P.P.A. have vow d in favor of F.P. P.A's
propo sed Amendments I, 2, 3 and 5, and against F.P.P .A. proposed Am endm ent No. 4:
NOW , THEREFORE , BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
E:-IGLEWOOD , COLORADO , THAT :
~-The City Counci l of the City of Englewood, Co lorado hereby casts its
em ploye r's vote in favor of F.P.P .A's prop osed Amendments 1, 2, 3 and 5, a nd against
F.P.P.A. proposed Amer.dm ent No. 4.
ADOPTED AND APPROVED this 19th day of July, 1993.
rysT: ~
_ 4:ir,~--~ W {/4 .µ4.1
Patricio H. Crow, City Clerk
I, Patricia H. Crow, City Clerk for the City of Engl ewoo d, Colorado , hereby certify the
above is a true co py of Re solution No .!JL , Series of 199
~✓C CtI < ~ ~~-?(,(
Patricia H. Crow
• COUNCIL COMMUNICATION
Date Agenda Item
ll e
bject FPP A Election
July 19 , 1993
INrtlATEDBY
SL \FF SOURCE
Department of Financial Services
Lorraine Ha yes, Director of Financial Services and
Acting Ci ty Manager
ISSUE/ ACTION PROPOSED
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The Fire and Police Pension Associati on (FPPA) is conducting an election that offers five
amendments to its pension plan . The election consists of a vote of the employees who are
members of the plan and a vote of the employers who have members in the plan. As
required by the FPPA, the employees ' vote took place from June 20 -30, 1993 . The
emploJ er's vote must now be cas t by motion or resolution of the Council and returned to
the FPP A, along with the results of the empl oyees ' election, by Jul y 30 , 1993. Staff
recommends City Council cas t the City of Englewood's empl oyer vote in the FPPA election
in the same manrn,r as the employees cast t.heirs .
PREVIOUS COUNCIL ACTION
None .
BACKGROUND
The FPP A was cr eated by the Colorado legis latu re in the late 1970 's to provide pension
benefits for poli ce officers an d firefighters througho ut the state. All police office rs and
firefighters hired on or after April 8, 1978 ("new hires") were a utomatically covered by the
plan. The City of En gl ewood 's new h ire police officers subsequently opted out of FPPA
through a provision of the plan that allcwed them to create the ir own mone y purchase
plan. The City's new hi re firefighters did not opt out and remain in th e FPPA plan . At the
time of th e June election, the City had 3-l ne w hire firefighters in the p lan . Ballots were
.dii,tributed to all 34 members, and 23 ballots were cast.
Prm1eo on Recycle d P.10 -
SfAFi ANALYSIS
The five amendments proposed for the plan are summarized in "plain language" in the
attached copy of the employer's ballot. The resolution co ntaining the complete legal
language is also attached. Each of the amendments proposes increased or improved
benefits fo r plan participants.
T !-.e FPPA election ru.les specify that "passage" of m amendment occurs when 65 percent of
th e eligi ble members vote in favor of the amendment ar,d 50 percent of the eligi bl e
employers. vote in favor of the amendment. Eligible employees who do not vote on an
amendm ent are counted as "no" votes, since they did not vote in favo r of the amendment.
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The attached notice of mem ber election results shows that amendments one, two, three, and
five were approved by the employees. Amendment four failed . Staff recommends th at th e
Ci ty Counci l vote the same way.
FINANCIAL IMPACT
A disclosure statement was provid ed by the FPPA as part of the ballot, and i,: att.1ched .
Although the amendments would add cost to the plan, neither the employer n~r •.he
employee co ntributi.Jns would increase. Current contribution rates alread y exce~d the
amounts needed to fund existing benefits. The excess amounts are distributed to Separate
Retirement Accounts (SRAs) of the members, similar to savings accounts. The costs of the
proposed amendments would be absorbed by reducing the excess funds c-:.rrently availabl .
fo r distribution to the SRAs. In other words, the amendments will increase the defined
benefits the plan provides by re ducing the supplemental benefits .
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FiRE AND POL!C:'. PENS iON ASSOCIATION
BOARD OF DIRECTORS
RESOL UTION NO . i·l99j
WHERE.\S , C.R.S .. j l -J0 -!006.5 (Cum. Supp. 199:). rovides dm the Board of Direc:ors of
the Fire lr!d Pc lie : ?e:isian AHoc ::wo n ("the Bo:ird ") a::iy nodi ( I the ;,e:uion be::e!its md the age 1nd
se:--tic: ~uire:-::e::ts for pe:u 1o n ber:e!itS set for.h in plrt 10 . :rticle 30 , tide 31. Colorldo Re'lised
St.l!Utes. l.! arnecde<!. with re,ee::t to the mem bers of the swew d•. lofJ1ed benefit pion ("the pion "), ond
WHEREAS. C.R.S .. .11·30·1006 .5 (Cum. Sup ,;,. 1992), m s for-_'1 c::-..lin conditions whic mlllt
be me: Je:Cre the Bc:ird m:iy ,idopt lDY mod ii1Clti on re the plan. inc!ud iri g 1p prov:i.l by ll le:ist sixcy•fi ve
pe:cec t of the a.c:iv e :ne:nbe:-s of the pl111 .u:d more th~ fift:, perc en ~ of the e:nployers b:iving :ictivc
me!':lbers cov ered by the pian. 1nd
lliHERE.\S . pursu:u:t :o the JU thcr.r; gnnted in C.R .S .. 3!-)0-!006.5 (3) (Cum . Supp . 199:J,
al e Bo~--d ~JS .'.1Ccpte::i Rules ~:Jb lish ing the ;,roc:Cure 'Nhic:1 ti . .: Boar: wiil fo ilo w with respec: to its
l.Copdon or· w y r:m.Ci fic:ition :o th e plilil, and
WEE~ . .\S , F:'?A R:.tl e 305.01 ~uires dl:tt the Bo a.rd provi C:e 1 copy of the l:mg,J:ige of ex~
pro~osed pi311 .a::cdific:u :on to e:npio ye..~ for distribution to e::ic!: membe:-of the ;,!:in.
NOW, T:-fEREFORE . BE IT R.ESOL VED , max me Board bereby proposes me fo ilowing
a:cdifict:o cs to the pl:ui whiO sblll )e submitted for ap prov3.I to pl:in employers and pl:m me:nbe:-s
punu:int t0 the ;,ro vi sions of C.R .S., 31-30-1006.5 (Cum . Supp. 1992) ond F?PA Rule 305 .
;, 7e-dme•, One The provisions of •=ion 3 1-30-1006(1)(,), Colorado Re•1ised St.l!Uies , as
amecde-... are modirie<! as fo li o.,,,:
Any membe:-wbo bas comp l~ed at l~t twent';~five yeus of active
se:-vic: anc bas att.lined the age of sixr; ye.us shaJ! be elig ible for a
normaJ retireme.it pension. but ony membe:-shall be elig ible for l oonnaJ
retirement pe:-.sion lt my time lf~r axuh~cg the ige of tiicy·•five yem
if bis employer bas ~~jfied to me board tbat mere i.s no av>il:ible
pos ition for whico such me.'!' Jer ls qualified. The annuJJ oonnaJ
retirement pe!lS ion shlll be cw ,J perce..'lt of the average of the member's
bigilest tbree ye:irs' base saJ:iry multip ii ed by tbe member's y= of
se:--,ic:, not t0 e.":ed twency-five. IN AD DITTON TO THE ANNUAL
NO R.\IAL R...."TIRSWENT PENSION SET FORTi! IN THIS
P.-'.,'l..-'.GRAPH (a), A ME'v!BER SHALL RECEM TWO PERCENT
OF TrlE A VE,UGc OFrnE :VIE:',IBER ·s HIGHEST TriRE: YEARS'
BASi; SAL-'.R Y FOR EACH YEAR OF SERVICE WHICH THE
ME:-,rBER ACCRUES AFTc::l HA VlNG SER v'ED AT LEAST
TWE:-ITY-F iVE YEA RS AND A't'1'AININ0 Ti!E AGi:: OF SIXTY
YEARS OR SUCH Lic SSER AGE AS TH.c BOARD MAY SET
PURSU ANT TO PARAG,UPH (b ) OF THIS SUBSECTION (l ).
HOWE VER . IN NO EVE:-IT SH.-'.LL A ME:-.IBER RE CEIVE ~!ORE
Tr.AN SE VE:-ITY P:RC:'.:-IT OF Tr.~ A VE;UG E OF THE
1-IDIBER 'S fi !G riEST THRE YE .,RS ' BA SE SALARY AS A
R:C:TlRE),IE:-iT aE:-iE?IT . Tr.E ADDITJON .,L BE:-IEFITPWV!DED
BY Tr.IS PAR.~G i~APH (J I Sr.ALL ONLY ACC RL'E WITH
RES?SCT TO YEARS OF SE:l VICE CRED!Ti:D Ar~:< H .'I UARY
I. 199>.
Ame ~d iie:;c T•.11 a Tne pre vi sio ns of se-::io n j [.jQ.J006t;J, C.Jlo r::tdo Re•,ised S~rutes. as
ameoded, ue modified a.s follows:
Any me:nCier who hlS com, ,le:ed J[ le:st th irty yel!s of ::tc:iv e serv ice or
h:is J[tl.i r.ed the Jge o f fi cy yelrs lJ"ld who is not il::e:vin g be:iefics
pu rsu:!.!':t to sc-:::on j !-jQ. 1007 m:iy e!e!:: to redre fr o r.'l 1c:ive ser,>~
and shlll be e!ig ibie for ilD e=:!:· ::::,e.1;e:1t pe!lSion . Tae Jr.null c:rly
redre:ne:'!t pe:is ion for a memb e: shall be dl'.! norm:tl n:::re:ne:u pension
provided by subsec::on (I) of this sec::0,1 reduced by one-hllf of on e
pcrce~t of the nor.n:iJ retire:::.e=1t ;,ett..s ion ~er month for e:ic:l month or
per-Jon the:~f ch:it suc.1 me::1be: is less tb:in ~ F~·FiVE yei~
of age Jt the time of suc :1 e!e::::o n .
.1.-e:-:cir.-:e:-:t Tij "•e The ?ro vis ior.s of s~:i on 3 1<:0-!006 (.!)(c), C~lo rJdo Re'l is ed Sumtes , as
ame::Ce::!, lr! a:c di fied as fo ll ows :
Afte r an e!e:::ion b:is b~:i ml.de of ll'lV of the oct:o r.s :irovided in
p:ir1grJph (a) of this subse:-jon (.!) md the me::1be r i,3.5 cistea th e fint
pension ~eek, or sixty days from date of issUJ.nc: of saiC: c=leck bave
e!Jcsed , which ever oc:-.1rs Mt, the e!ecion sh.iii be U":'e•1ccible. TI1e
member's ben eficiarJ designation shall also be ir.e•,cc:lbie lt suc.1 time
unless the member's awiu.l surJ.S c.i:mg~ as the :esult of dissolution of
m:irria.g'!, de:uh of a benenciuy, marriag'!, re:nirriag'!. or in the e•.1ent
of the de~t.i. of a be;.ef.c:;u:,. In suc.i ase. the cne::,Ce: mJy design~e
a new be~ericiJry; e:-:c~t that . in c:ises of dissoluti on of OlJ.r:iage. tbis
provision shall only apply to any fuuJ dissolution of matTiag~ d~ of
a me:nbe, entered on or at'.er July I, 1990 . WITH RESPECT TO THE
DEATH OF A BE:'-/EF!CIARY OCCURRING ON OR AFTER
'\NUARY I, 1994, IF THE MEMBE:< DOES NOT DESIGN .~TE A
'IEW BE:'-/Ei"TOARY AS PER..~lfITED BY THIS PAR.:,GRAPH (c )
WITHIN SIXTY DA YS OF THE DEATH OF HIS BENE :'JCIARY ,
AND HE IS RECEI VING A REDUCED BENE FIT PURSUANT TO
HIS SELECTION OF omoN I OR omoN 2 AS PROVIDED IN
PAR.A GRAPH (a) OF rn1s SUBSECTION (4), HIS BENEFIT SHALL
BE PROSPECTIVELY RE IN STATED TO A FULL UNREDUCED
BENEFIT AS IF HE HAD NOT SELECTED A RED UCED BENEFIT
omoN.
Ame•dme;,t Fgyr The provisi ons ofsec:ion 3 1-30-101 1(2)(,l . Colo rado Revi sed St.l!Utes , as
amended. are modified J.S follows :
In lie~ of ~avir.J his conr::Ou tio ns re~.!r:ied is pro vi Ce:= in pJ.."'Jg::iph (a)
of subse:::io n (l ) of th is se::::on . :1 me:nbe:-wh o h~ J! le:.s ~ ~ F[VE
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ye::s of ::-e~:te~ se ;:ice m:1:-,-lc:iv c his contribut ions w itii the fu nd .
V.1:<s the in ,c:ive me:::b« aruins •g• sixrJ•five , h• sh:il l be •li!!ible tO
re::e :v c lJ'l J.n."lu:i.l ves ted bene fit equ ll to ewe pe:-ce:u of his a.vc:-Jg'!
hig:'!est three ye:us · saJ~, multiplied by his ye~s. no t to c:,.c:~ :w enry-
fl vc. of :1c:ivc se :--,ice. Any suc!i me:n be:-sh:iJ I be elig!b!c: :a r~.e iv e the
ap pfi c:lblc vested ben efit as prov id~ in th is sec:ion or to milce m
e!~:io n fo r a reduced pc:u ion in the m:inner provided i:, sec:ion j 1 -30-
1006(~). All :he ,revisions of sedon 3 1·30·1006(~) sh:ill lpply to said
a:e::iber : e,co;,c thlt :he beoeiics used to c:il cuilte the reduced bene!ics
si::tll be the ves:ed be:-:e!1t ;:,ro vided. to the me:-:iber unCe : th is sec""j cn
r~.d:i.e: th:in :.'::c rctire:n e:-:t benefit provided in se-::ion j t -30-1006. T.a e
a:e:nbc :-may act e!~ oce of th e opti ons e:irli e:-tb:in sb::r:,-dJys prior to
lh e con,..me::ce:ne~t of vested bcnc:lt p:iym e::tS . In the i:ve~t th:u an
i.n:i~Jv e me:nbe:-who is eli gib le for vesr~ bene riu dies prior to th e
corrune::t ce:ne=t of bis be:::e:it p:iyme:1 ts . the fi re llld polic: pensi oa
lS SCc i:uion shl.11 refun d the in:ic:i"e me:nber"s concrfou tions to his estlte,
ar..C co vcstec be~e::u shl.il be pay:ib le to the in:ic:iv e me::-:b e:-·s
su:--:ivcrs or be~e f.c::uies .
Ames"-e·, F ive T.1e prov isicr.s o f section 31.jO .IQI l (:a:)(l l , C alc r,do Re·1ised t.:mues, :u
ameoded, ar,, :nc di ned :u foilows:
In lieu of having his ccntciburi on.s rerurned :u provided in pata!!Oph (a)
of subsection (1) of r.his sec:ion, 1 me:nber who hlS at lc:lSt te!l yeZ"l of
<::~iced se~:ic: m:iv !e3ve bis conni bu don.s with the fur.d. "Wne:1 th e
inr'.ive me::ii:e:-acuir~ a.g~ si:uy-five. he shlll be eligible :o re:::iv e lZl
3.!'-'l!.l~ VC!:!:i be nefit e~u~ to ewe perc ent of his a.ver1ge h ighest ch.re:
yc::!..r-s· sal:u-J muitiplied by his yem. not to e:i::c~ twenty-fi ve. of active
se:--:ice. Any su6 member sh:ill be e!igibi e u, receive the applicabl e
vested benefit as pro vi ded in th is sec:i on or to mlk: lll e!~on for a
recsced pens ion in the manner provided in sedo n 31·30·1006 (>). A!!
tte provisio r.s of sec-jon 3 1·30·1006 (~) sh:ill apply to said me:nb,,:-;
e,:o;,t ~iat the beoe:ics used to e:il cular e me reduced ben ef.cs sh:ill be the
ves,ed benef.t provided to the me:nber under th is section r:ic:e: th,.n the
rt:.1.rement ben:5t provided in sec-Jon 31-30-1006. Tne me mber m:iy act
e!ec: one of the op tio ns ~li er th:in sixry d.1ys prior to the
c m: ... T.enc::n e:-:it of ves:ed ben efit p3yments . In the event Ul :u lI1 io:1.ctive
me:'.::j ber wh o is e!.gible for vested bene:1 ts dies prior to the
c.ommcnc:m e:it of his be:1eric paym enu. the fire and police oensio n
asscc:.:uion sh:i.ll EITHE :\ :efund th e in :1.c-jve me:nb er ·s c.:mtrib utions ro
bis e.scce . __ :: .. e e_:_sl Je .. e.~-:h ·: be r--.·-~~-:e :.!::_ :P._:.: ·e
...•... : •. ·: :s. ·i ·a .. -· '.! ••• ,.:,: :ee . QI,, P!l.OVJDE SIJRVIVO R
BENEFITS TO THE ME:l,!BER·s DES IGNATE D BE :--IE:'!CIARY,
P., Y.,BLE lliHEN THE :VIE'.!BER WO ULD HA VE BEE:--1 E:..IGlBLE
TO :UO CE!VE A VESTED BE :--IE :TI UNDER THIS SUBSECTION (2 ).
WH ICH EVER IS GREATER . THE SURVI VOR BE:-IEF l-S SHALL
BE C.,LCU LA TED AS IF THE ~IE:VISER H.,D SELE CTED OPT ON
1 AS SIT FORTH IN SECTION 31-30-1006 (-!)(a)(I). IF THE
ME:-.IBER'S ·,:0S iGN A1cl) BENEFICIARY DIES P!UOR TO THE
TIME THE M8 !BER WOULD HA VE BEEN ELIGIBLE TO
RECE IV E A VEST:D BENEFIT UNDER THIS SUBSECTIUN (2 ),
THE FIRE AND POLICE PENSION ASSOCIATION SHALL
REFUND THE INACTIVE ME,\,lllER 'S CONTRIBUTIONS TO THE
BE NEFi CIARY'S ESTATE.
IN WITNESS WHEREOF, l hav e b; •ecnro m my band a day • pril, 199j ,
STA TE OF COLORADO
COUl'fIT OF ARAP .\HO E
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lundy Q. Gusufson, jl'oard Ch:iu=n
Fire and Pait Pens!<'n Assoc iotioo
Toe fore;oing instrum~ -a.·:u ic.bowledged before me this 28th day of April , 1993 ,
by Randy L. Guscisoo, Board O,ilirn:w, oi til e Fire and Police Pe:is,oo Assocfatioo, a politic:,J
subdivis io n oi tile S= of Co!ondo.
WITNESS my band and offic :al se:il.
My commission expires: 1114( 0' /'/' f.3 .
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FIRE AND POLICE PENSION ASSOCIATION
BOARD OF DIRECTORS
RESOLUTION NO . 2-1 993
WH EREAS, pursuant to the authority grJD1ed 111 :.:..11..s .. 31 -30-1006 .5 (Cu m. Sur ~-1992), the
Board of Direc:ors of the Fire and Pol ice Pons ion •_,:ociatio n (•the Board·) h:u prop osed ce ruin
modi fi c:uioas to the peasion benefits and the age an d serv ico requ ire men ts fo r pe , :~a henefits set forth
in part 10 . artic le 30 , tide 31, Colorado Revised Staru1es , ;u ,mended, with res pect •.a the members of
th e sta1e.,,,ide den.oed benefit plan (•the plan"), and
VIHEREAS, the proposed modific:uioas to the pl,. are soc forth in !L i. ''o •,·, Resolution No .
1-1993, adopted by the Board OD April n, 1993, and
WHEREAS , FPPA rule 305 .02(b ) requires that pri or to an elec:ioD by employers a.ad merubers
OD a.oy proposed mod ific:uion to the pl an , the Board mus , pro vide emplo yers with a cortiii cotion thar the
proposed mod ific:uioas comply with th e rf!1U irements m i .. 1.h in C.R .S., 3 1-30-1006 .5 (Cum. Supp .
1992),
NOW, rrlEREFORE. BE IT "'..E.SOL VED , th at th e Board here by ce rtifies that the pro pos ed
mod iii c:uioas ID the pla.o set forth in Board ResolutioD No . 1-1993, comp ly wi1h the requiremeDts se t
forth in C.R.S., 31-30-1-006.S(a), (b ), (c) and (f) (Cum . Su pp. 1992) .
STATE OF COLORADO
COUNTY OF AR. AHOE "
R.J..,dv L. G,'f tais o , Board ChairmJD
Fire and Pore• PF1on Ass ociaoon
Toe foregoing instrument wos acl:nowledged be fo re me this 28th day of Ap ril, 1993,
by Randy L. Gustafson, Board Chairman of the Fire and Polico Pens ion Assoc iarion , a politic:il
subdivis io n of the SI.JU! of Colorado .
WITNESS my hand and offic i:,J se:il .
My cornmiss io ,. c:tpi res :
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l\'lEMORANDUM
To : New Hire Firefighters
From :
Date::
Lorraine Haves, Dir~cm r ofFinancial Se rvic~ ~
July I, 1993 ~
Su bject: FPPA Election Rr:sults
The vo tes for the FPPA were counted by Carol Wes coat and myself in the Fire
Conference Roo m yesterday at 4:00 p.m. The cou nt was witnessed by Marlene Stewart
and John Weige l. Below are the election resul ts for the proposed FPP .-\ amendments :
Vo tes For V ate; .-\ga in;t
Amendment On e 21 13
Amendment Two 22 12
Amendment Three 23 11
Amendment Four 16 18
Amendment Fi ve 22 12
We , • .:::ved twenty-three (23) ballo ts from the thirty -four (34) eligib le members . Arty
eli gible member wh o failed to vot e is counted as a Vote Against the amendment, per the
FPPA in,tructions . The members' votes will be cert ifi ed to FPPA by Jul y 30 , 1993 .
The Englewood Ci ty Cou ncil will consider the amendments at its Jul y I 9, I 993 regular
meet ing, and cast the employer's vote. That vote will also be certified to FPPA by July 30,
1993 .
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Offlc lal Sta tew ide Pensi on Plan Employer Ballot
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JPPA Offlclal Statewide Pension Plan Employer Balle!!,
Dlsclosure Statement and Comparison
FIRE & POLICE PEN SION ASSOCIATION Between Current Plan and Proposed Changes
DISCLOSURE ST ATEMENT
The purpose of this document is to explain the proposed modifications lo be m ade to th e SIaIewide New Hire Plan, which FPPA
is submitting for member and employer approval.
• Five plan amendments are being proposed to members and employers.
• Each amendment will be voted o n separately for the purposes of the electi on.
• Each amendment must be approved by at lea st 65% of the active plan members and 50% of the employers for passage.
• Any or thP i:imendments lhat are approved will become effective January t , 1994 .
The costs attributable to th e adoption of these amendments will not Increase the required contributionS to the plan.
Rather, lhe costs will be absorbed through reductions in future allocalions to each member's SAA account.
SRA allocations arc calculated annually, based on each year's actuarial slud y, and are rounded down lo 1110 noaresl 1/2%.
All calculatior,s are shown as percenl ag es, based on mornbors' lotal baso salari es.
For 1993, based on lhe 1992 acluarlal sludy, the SRA allocallons
wero calculated an follows:
Conlribulions fro m Employees:
Contr ibutions from Employers:
Total Contributions:
Cost of defined benefil s under the plan
per 1992 acluarlal sludy:
Contributions available for SAAs:
1993 SRA conlrlbullon allocation:
8 .000%
8 .000%
16.000%
10.240%
5 .760%
5 .500%
If all of the amendments had been approved effective
Januar y I , 199:J, cosls would havo been calculated as
lollows :
Contr ibutions from Employees:
Contribulions from Employers:
":otal Contr ibutions:
Cost o f defined benefits under the plan
8.000%
8.000%
16 .000%
por 1992 acluarial sludy: 10.240%
Cost ol: Amend ment One 0 .000%
Amendment Two 0 .169%
Amentlmenl Three 0 .239%
Amendment Four 0 .049%
Amenament Five 0.052%
Total Cosl ol defined benefils under l he Plan: 10.749%
Conlribulions available for SRAs: 5 .251 %
1993 SAA conhibul ions allocation: 500%
Since each plan amendment is being voted on independently, only lho costs associated wilh lhe adopled amendmenl s will be
added to lhe l otal "normal cost" o f Iha dellned benefit s undor lho plan. The ca lculalions u-1 tho above ,ighl-hand column are
based on lhe 1992 actuarial sludy rates. Actu al S RA allocations lo he offocllvo January !, 199 '1 will be calcularod usmg th o
"n. b'.J nefil" plnn costs del ormlned in Iha 1993 acluarl al sludy, plus ,.s, a l any a11 10ndmenl s adopl od. •