HomeMy WebLinkAboutXXXX-XX-XX NERP Synopsis and BylawsTheNonemergency Employees Retirement Board is the trustee of the Nonernergeney
Employees Retirement Plan Fund and has the power to establish investment or purchasing
plans as necessary.
Source of Authority: Created by Colorado State Statute, The Board structure is defined by
the Plan document,
Appointed by: City Council
Membership includes: Council Liaison, City Manager, Director of Finance/Administrative
Services, Retirement Administrator as Recording Secretary.
CityCouncil appoints three(3) members; two employees are elected by the members of the
Plan. One City Council Member serves for tenure on City Council; and the Director of
Finance/Adm inistrative Services serves for tenure. The City manager or designee serves as a
non -voting ex-offic io ment her for tenure.
The Board consists of seven (7) voting members, serving four (4) year terms. 011eofwhich
shall be a Council Member who shall be selected by a majority of the members of City
Council; one member is the Directorof Finance/Administrative Services, appointed by the
City Manager; two
(2) members shall be employees of the City who are members of the Plan and who are
selected by a vote of all such members; three (3) members are taxpaying electors of the City
who are selected by a majority of the members of City Council. In addition, the City
Manager, or his designee, shall serve in an advisory capacity, as an e.x-officio, nonvoting
member. Members
must continue to possess the qualifications provided herein during the member's term and
further provided that: (A) The council member shall serve during his term of office as a
Council Member; and (B)The Director of Finance rrr in istrative Services shall serve
during his tenure in office as such Director. Should a vacancy occur in the membership of
the Board, the same shall be filled for the duration of the unexpired term only, in the same
manner.
f2-7 & 3-4-11 EMCl
Bylaws: No
ENGLEWOOD MUNICIPAL GGG -7-1
Chapter
NON -EMERGENCY EM]PLOYEES RETIREMENT BOARD
2-7-1: Retirement Board.
2-7-1: Retirement Board.
There is hereby established a Retirement Board
for eligible, non -emergency, i employees, .e
board shall be called the Non -Emergency Empley_
ees Retirement Board (NEERB). Said board is to
be organized and to have the pagers, duties
functions set out in Section -4-11 of the
Englewood .ip Code.
(Code 1 2-7- ; Ord. No. 00-7; Ord. -1
Editor's . No, OG-7,116, adopted Mar. 6, 2000,
repealed-7-1, which pertained to the Career Service Bon
rd
d derived m the Code of 1986, § 2- -1. Said ordinance
further amendedChapter 7 byrenumbering § 2-7.2 as§ 2-7-1>
r
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upp. No. 32 1 >>
MUNICIPAL OFFICERS AND EMPLOYEES
Chapter
3 02*
-4-1c Purpose,
- - , Definitions and
3-4m2a1; Name,
-4-2-fit Definitions.
4- -3, Construction.
Membership.
3 1, Employees on January 1, 1970.
3 -2: Employees Hired After January 1, 1970.
3 -3: Termination.
3Credited Se
3 1. Credited Service.
2r Limitation on Credited Service.
3 Se
3 of Other PI
3 6. Miscellaneous.i
3 6° Credited Servicefor Military Service,
3-4-5- Contributions,
34-6-* Member Contributions.
34--2: City Contributions.
4- s Application of Forisitures.
3.4- Contributions for Periods of Qualified
3 Retirement
34. -I. Normal Retirement.
3 2° Early
3-- Delayed Retirement
34Disability
3 fi: Required Distribution of Retirement Benefits,
3.7t Retirement Benefits,4
3-4-7-1: Normalor Delayed Retirement.
4
7-2s EarlyRetireraenL
3...
34-7a3: Disability Retirement
3 8-74. Delayed Retirement,
34-7- = Normal Form of Payment.
34-7-6. Accrued Credits and Vested Benefits Under the previous
Preserved.
34-7- t Increased Benefits for Retired Membersd Beneficiaries.
3=4-7-3; Deferred Retirement Option Plan (DROP).
34.8. Optional Forms of Benefits,
34-3-L General.
3 2t Qualified Joint and Survivor Benefit Option®
3 -3: One Hundred Percent Joint and Survivor Benefit option.
3 Fifty Percent Joint and Survivor Benefit Option.
3 fit Five -Year Certain and Life Benefit Option,
34-"- Lifetime Benefit Option.
4-8-7: Beneficiary
3.4- . Minimum Monthly Payments.
39; Death Benefits.
34-9-1, Death of an Active Member with Five () or More yearsof
Credited Service,
*Editor's note —Ord. 39-12, § 1, adopted July 2, 2012, amended ch. 4 in its entirety herein
iI ff 9 '.r het out 6." e�`
3-4-1 18-3, pertained to
1
similar material, and derivedfrom the Code of 193 k § 3.&1 1 .3 ,Or& 99-40; Ord. 99-70;
Ord. 0-10;, Ord. 00 29; Ord. 02103-5; Ord. 08 6, 08-5
�
; and Ord. 2-12.
t
Supp. No. 40I33»1
,
t
ENGLEWOOD MUNICEPALCODE 4-1
34- -1 Death of a Vested MemberDisability Prior to
Commencement of Payments,
3-4- -3; Death of anActive Member BetweenNormal
Retire-
ment
3-4.9-4- Death of a Retired Member or r
34-9-5: Minimum Plan Benefits,
- -3: Survivor Benefits for Deaths During Military Service.
3-4-9-7. Supplemental Death Benefit for Members Hired Prior to January
1, 1976a
3-4-9 3& Uniform Simultaneous Death AcC
34-10. Severance Benefits,
314-1° Coverage.
3.4-10-2, Less than Five Years of Credited Service.
34-1 Five or Note Years of Credited e ice.
3-4-1 : Administration of the Plan.
34-11-1} Retirement
31-2. Management of the
4-1 -3. Mscellaneous.
12: Retirement Plan t Fund,
2-1. Appointment of Trustee.
3-4-12-1 The Trust Fund.
3 12-3; Purposes and Authority of the
34a12-4. Investments.
3 2-. Trustwa Powers.
34- 2-6; Administration of the Trust Fund.
34-1 ra » Removal of
3 13. Retirement Benefits and Rights Inalienable.
313-1. Inalienability.
34-13-2.
3 14. Modification or Termination of Plan,
3-4-14-1. Expectatiom
3-4-14-1 Amendment.
. 14-3: Approval Lander the Internal Revenue Code.
- -14-4: Discontinuance.r
3-4414-6c urnimation.
3 - -6: Distribution.
4- : Reserved.
3-4-16: Limitations,
3-4-16-1: Reemployment of Former 13onvested Members,
34-16-2. Reemployment of Former Members.
3-4-6-3, Annual Benefit and Contribution Uhnits.
6 4: Consolidation or Merger. 3
3.4-17; Miscellaneous Provisions,
3 17-1. Rights of Members,
3 37-2.Limitation ofRiability:
3.4-17-- . Direct Rollovers.
3-4-13. Money Purchase Plan Choice and Transfer of Funds,
34-1 -L Conversion Option for Members Described in Section 3- -3-2 °
34- 2: Waiver and Release Requirement.
- 4-1 3. Transfer of
-4--1t Purpose.
Internal Revenue Code of 1986, as amended. The
Effective as of December 1, 2013, the City Plan, previously known the "City of Englewood
Council f the City adopted e amended Retirement l is known as t "City o
restated Plan, as set forth herein, to continue and Englewood ore a e cy Employees Retire -
replace the Plan . previously in eta The Plan ent Plan."
and Retirement Fund are intended to meet the
requirements of Sections 401(e) and 501( of the
upp. No. 40 CD3: .
3-4-1 MMICEPAL---
e Plan and the Retirement Fund forming
part hereof, were established e
C. Actuarial (or Actuarially) Equivalent
-
tained for the exclusive benefit of the eligible
means equality ue of the aggregate
amounts ex_ ec e received under
Employees of the City and their Beneficiaries.
different forms of payment based o inter -
No part of the Retirement Fund can ever revert
est rate o s ae s as
to the City except as hereinafter provided, or be
defined below unless otherwise s e " -
ed for or diverted to purposesother e
cally provided e Plan:
exclusive benefit of the Employees oft e City and
their
1t Interest ate Assumption for Alter -
nature Periodic Benefits. The interest
This amendment and restatement of the Plan
rate used for purposes of computing
s not, in any way, affect e f former
alternativeperiodic fornis ofbene is
Employees who participated in said l o
shall e seven and one-half percent
either retired or otherwise terminated the` e -
(7. %) effective Jan
ployment prior to December 1, 2013. The
, of suchformer Employeesd of their %_
. Interest ateAssumption for i le-
tes e e o sirbenefits,a,
Sum era Effective fore c
shall ,
continue to be governed by the provisions of
endar year e on January 1,
the l it e ect onove e 2 3,
19 and ore zr are
,
or a ate, earlier, of e' retirement or
fir ue a y ere " r, e
termination of employment, unless specifically
interest rate e for Dees of
provided forotherwise herein.
computing single -sum
( r , 3 -12, ; r . 9 -13, 1)
e t e e as rate (sub-
ject to adjustment as required for
Definitions Construction.deferred
ann°ties) used by thePen-
sion Benefit Guarantyo ora ion
•1: Name.
as o e J coincident
T
or preceding the date as of which the
e retirement ico e plan as set forth in this
amount of the alternative form of
document shall be known as the CityofEnglewood
benefit ibeing determined hereun-
Nonemergency Employees Retirement Plan and
der.
Trust and is hereinafter referred the "1 .`°
(Ord. 3 -12, § 1
3s MortaI4 Assumption.
a. Effective January 1, 2012, the
y Definitions.
mortality assumption for calcu-
Unless the context otherwise requires, the de
lation shall be a unisex rate
t as percent ( 0%) e,
initrams generalprovisionscontained .s
fifty percent ( ) female, taken
Subsection govern the construction of this re-
from the 1994 group
stated Plan,
mortalitytable. For the period
A. Accrued ene t means the benefit deter-
July 1, 1999 to December 31,
mined accordance with Section 3_ 7
2011, such oassump-
hereof
tion shall be a unisex rate that
B. Accumulated Contributions meanse sum
is fifty percent ( ) male, fifty
percent ( ) female, taken
of the a er's contributions to this Plan,
from the 1983 groupannuity
credited rest thereon at the rate
mortality tablet Prior to July 1,
of three and one-half percent (3,5%) per
1999, such mortality assu p-
um, to the date payment of to Main-
tion shall be a unisex rate that �^
ber`s benefit commences.
as fifty percent (b%) male, fifty
,Supp. No. 40 CD3`.13
0
percent ) female, taken
extra ay, compensation time, overtime,
o e 1971 0
lump -sum payments lies of accrued
mortality table.
vacation e, sick leave, or personal leave,
. Solely for purposes of Section
workers compensation and any coo " u-
3-4-15-2, hereof, on and after
tion by the City under this Plan, or the
January 1., 2012, the mortality
like, but including any compensation t
assumption for calculation shall
the Member has elected to have deferred
e a unisex rate at is
er Section 457 and Section 125 of the
percent ( ) male, fifty per-
Internal Revenue Code. Effective January
cent (5 ) female, taken from
1, 1989, the amount of a e er's co -
the 1994 grouportal-
pensation for the purposes of the Plan
ity table. In the case of " '4
during any Plane shall not'exceed two
ution with annuity starting
hundredthousand dollars ( )
dates on or after December 31,
subject to cost -of -living adjustments in
2002, the mortality table used
accordance with Code Section 415( ).
to adjust ene t or limits-
tion under Code Section
In addition to other applicable limitat°ons
415(b)(2)( ), ( ), or ( set
set forth the Plan, and notwithstanding
forth Section 3- 1 -3 of the
any other provision of the l e
l is the table prescribedy
contrary, for l ebeginning on or
" 1- 2,
after January 1, 1996, the annual co e
Beneficiary a e person o persons
sation of each "" oneli i le member" n
who are so designated by the Member, or
into account under ePlan shall
_ not
e
Vested Member, " accordance
exceede et co a
on 3-4- -7, to receive any payment
t, compensation
tio93
which a Beneficiary may become entitled
a OBRA93 annual compensation limit
under this Plan,s
one hundred fifty thousand o s
15 , ), adjusted y _ e co "s®
E. Board or Retirement r e the
s oner for increases in e cost of living
Boardappointed by the CitY Councilaccordance
e Section 1( )(I )t
charged withe general administration
e cost of living adjustment in effect for
oft e Plan as set forth in Section- 11-1
a calendar year applies y period, not
ereof
exceeding twelve (1) months, over which
City means the City of Englewood, State
compensation . determined (determina-
of Colorado.
tion period) beginning such calendar
City Council means the City Council of
year. If a determination period consists o
fewer than twelve (12) months, e OBRA
. the i
" 3 annualcompensation limit will be
H. Code or Internal al evenue Code meansthe
multiplied by a fraction, the numerator o
Internal venue Code of 1986 26 USC
which is the number of months in the
(1986), as amended fro . e to time.
determination period, and the deno am
1m Compensation means e total cash remu-
for ofw which ' 12; " o eli le member"
is any Member who first became a a
iteration paid to a Member fora calendar
year by t i for person services
berin the Plan during Plan Yearbegin-
` ,
while earning _ Credited a °ce as re-
n or after J 1, 13 96.
ported on the e er's income t a
'
Effective,T a 1, , throughe -
ol s .
statement or statements (Forme
31, 1, in determining the co en-
-2, or its subsequent equivalent), ` clu -
ing longevity
sation of n Member for purposes of this
ay and excludingbonuses,
limitation, the rules of Code Section
Supp. No. 40 3:14
No Text
No Text
4D3-4-2-2
MUNICIPAL OFFICERS LO g
only the spouse of the .Member and any
lineal descendants of the Member who
cedar s. City Manager, Deputy City Man -
have not attained age 19 before the close
ager, any Department Directors,
Court Jude, City Attorney, and Assistant
of the year, effective January 1, 1989
through December 31, 10, if, as a result
City Attorney. Effective January 1 1988,
"Exempt
f e application of such e they
Employee" shallalso include
usted annual compensation limitation i
managerial, or confidential
employee as defined y City Personnel
exceeded then the limitation shall be pro-
rated among the affected individuals
Policies and Procedures.
proportion to each such it 's co -
pensation as determined under this -
OFinal Average Monthly Compensation
section -1 -2- (il, of Englewoodu-
means
ratio3 a e e- s tots, (3onseiial cu-
during e thirty-six
nicip e prior to the application
'tati�im or caeca of c at-
five a eu (determined _
n Compensation on car. after
2002,
out the inclusion of y re e `cal
exit • the Last one hundred twenty (120)
the limitation under Code Section
401(a)(17) is increased to 200,000.00, as
completed full calendar monthsof eploy-
ent with the City which 'el the hi h-
J" °redited Service means the period of Ser-
e t averse Compensation. In the event
the Member was employed for fewer than
vice rendered y an Employee as a Me -
thirty-six (3 consecutive full calendar
r for which edit is allowed.
months, such average monthly co ensa-
Disability e a physical or mental
tion shall he based on his Compensation
condition which entitles the Member to
for e thirty-six (3) successive M months
receive a disability income under the to
durings last one hundred twenty0
term disability insurance contract main-
l calendar o of employment with
ta` e y e i
the i than would yield c hest
g
L. ect ve Date This Plan was originally
average, or his fall period of such employ-
ent, if less than thirty-six (3 months,
effective January 1, 1970 and has een
ended and restated from time to time.
For purposes ofcalculating Average
Monthly Compensation, a retroactive in-
� s
M. mo eees y person employed�
by
crease i a e ber'sCompensation-s
e City as a full-time, non-exempt, non-
e considered Compensation only for the
'
confidential, non -supervisory (hourly) e -
calendar ont for which the increase is
ployee who is covered by the overtime
paid (not for the month in whiche
provisions of the Fair Labor Standards
payment occurs).
Act. For the purposes of this retirement
Plan, police officers, paid firefighters,
Insurance Company means any insurance
elected officials and temporary employees
company or companies appointed by the
shall not be considered to be Employees.
City for longue disability coverage, or
If a personwho w excluded o this
as provided in Subsection 3 1 -3 hereof.
definition of Employee is later determined
have been misclassified or is reel si-
Leave of Absence means any absence an-
e , the person shall continue to be treated
pri ed by the Employer under such Em-
as not an Employee for all Plan purposes
ployeres standard personnel practices, pro -
for periods prior to the date the person's
vided that all persons under similar
classification is revised.
circumstances must be treated alike in
N. Exempt Employee ee means an Employee
the granting of such Leave of Absence,
and provided further that the Employee
having one of the following titles as de-
fined by City Personnel policies Pro-
returns or retires within the period spec -
and
ified in the authorized Leave of Absence.
Supp. No, 36
t
�F
D3.1
6-2-2 ENGLEWOOD MUNICIPAL OD 3-1R. l
Member means any person included .
determining eligibility or the amount of
the membership oft this Plan as provided
enefi as described in ect on 3-4-4
in Section 3-4-3 hereoE
hereof
S.
Normal Retirement Age meanse sixty.
CC. tee means any qualified and acting
five 65).
Trustee appointed by City Council as
T.
Normal Retirement Date means the first
Named Fiduciary for the investment and
day oft e calendar ont coincident with
management of Plan assets, as provided
or net following the sixty-fifth 65th)
in Section 3-4-12 hereoE
birthday of the Member.
DD. Vested Member means a former e ber
U.
Plan means City of Englewood
whose Credited Service has terminated
y reason other than retirement
Nonemergency EmployeesRetirement Plan
and t, as amended from time to time.
orDis-
ability, who has completed at least five (6)
years of Credited Service and who is en-
lan Administrator ator e s the Retire-
titled to receive, or whose Beneficiary or
ent Board of the City.
estate s entitled to receive, benefits un-
W.
Plan Year means the calendar year start-
der this Plam A Vestede r shall
become a Retired Member upon the ac-
ing January l and ending ece be 31.
fuel commencement of benefit payments.
Previous Plan means the Plan (including
(Ord. 3 -12 1
the City of Englewood Retirement Plan
and any predecessor plan(s) thereto) ,
. w : Construction.
force and effect for the period prior to
December 31, 2 1 y reference herein
e e fender, where appearingn the
to the Previous Planas of certain ate or
Plan, shall be deemed to include the feminine
fora certain period shall be deemed a
reference to e revious lan a en n
gender d wordsuse e singular shall
include the pluralless the contextclearly ° .
effect.
cafes to . e cont ors such as "hereof,"
"herein," an "hereunder," shall refer to the entire
Retired Member means a former Member
Plan, not to any particular provision or section.
whose employment terminated d y reason
The Plan and trust shall each form a part of the
of retirement according to Section 3-4-6-1,
other by reference and terms shall be used therein.
3-4-6-2 or 3-4-6-3 and who is receiving- or
interchangeably,
is entitled to receive, or whose Beneficiary
(Ord. -12, § 1)
or estate is entitled to receive, benefits
under this Plan.Membership.
Retirement Benefit or Pension means any
Retirement Benefit provided for in ec-
.1°• Employees on January 1, 1970.
bore 3-4-7 hereof.
Every person who was an Employee of the City
Retirement Fund rand means the "
on January 1,1 70 could become a Member in the
of Englewood Nonemergency Employees
Plan on such date by properly filing with the
Retirement Fund," maintained by the Re
Retirement Board, on or before suchdate, the
tire ent o or in accordance with the
formofmembershipagreement furnished for that
terms of the Trust Agreement, amended
purpose, Any such person who did not file the
from time to time, which constitutes a
form of membership agreement on or before such
part of this Plan.
date may thereafter file such membership agree-
34
Service means a person's period or periods
ment and become a Member on the first day of
any subsequent month,.
of employment as are Employee used 1n
_ (Ord. 3 -12, § 1)
Sapp, No.
36
D3;16
3 .2 MUNICIPAL _ OFFICERS AND EMPLOYEES 3--4-3-
I's
oyees Hired After January 1,
vided in Section 3-4-1 .2. In the event
1970.
that a Member elects to convert his or her
For each leyee hired after January
e be + to the City of Englewood
1970, and prior to May 21 2001, membership in
one er en y Employees Money -
e Plan shall be d condition of employment
e Plan (money purchase plan), a de -
each loyee shall become e Member on the
terminable amount shall e transferred.
date of employment. Such loyee shall be
in accordance with Section 3 1 - .
required to complete the form of membership
agreement at the time of employment or appoint-
C.City Councilpreviously designated the
ent, except as follows-
International ity Management soda-
tion Retirement Corporation Deferred Com-
A. e Cit
y Councilmay, by ordinance, es-
pensataon Plan VICMA-RC Plan") which
tablish optional pension or deferred co -
is established er Section 457 of the
pensat on plans for Exempt Employees,
Code as an optional plan which the City
Upon establishment of any such optional
would e contributions on behalf of
pl (s), an Exempt Employee has the
Exempt Employees who elect this option.
option to elect to come within the provi-
sions of such l provided, however,
D. City Council previously established a
at an Exempt Employee may not con-
money purchase for managerial, su-
currently be a member of more than one
pervisory or confidential employees e ec-
(1) retirement plan which the City is
tive January 1, 1988, as a plan
making contributions on his or here
e City and the employees shall make
during his or her employment y the City.
contributions on behalf of any Exempt
In the event that any said e t -
Employee who participates in such plan.
loyee of the who is presently a
Effective May 21, 2001, such plan is re -
Member of the Plan, elects to come within
named the City of Englewood
the provisions of any other retirement
Nonemergency Employees Money Pur-
planestablished by the City Councile
Plan,
funded or in part by the City, he shall
have the option. to become a VestedMem-
Effective J , 2001, a Member of s
ber of the Plan (regardless of whether or
Plan who s:
not he has completed five (5) years of
1+ An active Employee,
Credited Service) or to withdraw from e
Employee currently receiving ene-
lan the amount calculated under Section
dos under the Katy's long-term das-
-10-2 hereof For each Exempt Employee
ability contract, or
hiredon or after January 1, 1988, mem-
bership in the money purchase plan shall
2. A Vested Member, shall have the
be a condition of employment.
option to elect, in accordance with
yy
Employee whobece} eat .fie t
Section 3-4-13-1, w e er o not to
become member ofthe City of
Employee by promotion or appointment
ear otherwise, s have s' (60) days
Englewood done er eny ploy
o the effective L
date Q their appoint-
#SI")a
tt
ees Money chase l ("money
purchase
ent in said exempt position during which
to elect either to remain .s Plan or to
F. A non-exempt employee hired on or after
become a member of an optional plan,
May 21, 2001, shall immediately upon
provided the optional plan t require
employment elect to participate in either
e same Member Contribution asSec-
this Plan or the money purchase plan,
tion 3-4-5-1 requires for this flan+ The
Said election shall be irrevocable except
election to become a member of another
f
as provided in Section 3--13-2.
plan shall be irrevocable except aspro-
(Ord. 39-12, § 1)
Supp. No. 36 CD3:17 �
-3-3 NGLEW OD MUNICIPAL CODE 344-
-. s Termination.
Money Purchase Plan or any other optional plan
Membership of any Member shall terminate if
in lieu of this Plan, _ as providedSubsection
3-4-3 ereof:
and when he shall cease to be an Employee for
any reason, except as provided in Subsection
F. Credited Service shall not be extended e-
4-3 or Subsection 3-4-3-2B hereof
yond a Members date of termination for lump -
(Ord. 3 -12, § 1)
sum payments . lien of accrued vacation sick
leave or personal leave,
p Credited Service.
G. Credited Service shall not include any pe-
riodof time that a Member continues workingfor
Credited ice.
the City after commencement of the ember's
participation in the deferred retirement option
Credited_ Service shall be used o determine a
plan pursuant to Section 3-4-7-
e ber's Accrued Benefit and eligibility for ben-
(Ord. 3 -12, § 1)
efits under the Plan. A Member's Credited e ice
is the elapsed time period froms date of e-
e.
ployment with the i ; as an Employee, to his
date of termination o , such employment, ent, except
A. Member s o a break e ce if
as provided below:
his Service as an Employee terminates.
(Ord. 3 -12, § 1)
The Retirement Board shall have the power to
determine when a break in service shall have
34-4-2. Limitation on CreditedService.
occurred, and such determination shall be made
A. o period of re Service shall a deemed
s ► nondiscriminatoryer.
a be increased or extended by overtime.
The following h not be considered a bre
in service:
B. Credited e ice shall not include any e-
riod of time during which e Member is on an
1. A temporary lay-off because of an illness
approved Leave of Absence or interruption of
or for purposes of economy, suspension, or
dismissal, followed by death, or reinstate -
service as provided in Subsection 3-4-4-3 hereof
e t, reemployment or reappointment
C. Periods of employment with the City prior
within one (1) year.
to the date the Employee became a Member shall
2. A formal leave of Bence, my approved
not e include as CreditedService_ unless such
by the City Manager for a specific period,
an Employee (1) elected to become a Member .of
followed by death or by reinstatement,
the Plan on January 1, 1970 iursu t to Subsec-
reemployment or reappointment within
tion 3 -3-1 hereof, or (2) is covered under the
thirty () days after termination of the
provisions of Subsection 3- 3 hereof.
Leave of Absence.
4
D. Credited Service shall not include any e-
The period during any Leave of Absence
riod on the basis of which a retirement benefit is
or interruption of Service shall not ow-
payale der any other definedbenefit retire-
ever, e includeire `red ice,
merit or pension plan towhich the City made
Effective as of August fi, 1993, a Leave of
contributions, other than benefits payable underAbsence
pursuant to the Family and Medical
the Federal Social Security Act or the Volunteer
heave Act of 1993, shall not be considered a break
Firefighters' Pension Fund,in
service; however, the Employee will not receive
E. predate Service shall not include�* pe-
any Service edit during such an absence.
riod of time for which the City contributes on
B. After December 31, 2012, if a former e -
4ehalf of an Employee to the ICMA-RC Plan, the
111111 i Englewood Nonemergency
ber returns to service as a Member the following
y of Employees
rules shah apply to determine whether the Plans
t
i
Sapp. No. 36 C :1
4
3-4-4-3 MUNICIPAL OMCERSEMPLOYEES
all include ("restore") or shall not include ("can-
cel") the Member's Credited Service earned
the Plan the payment the Member
efore
the absence or interruption of service ("prior
received (if y) of cc ulate Con -
tributions. Repayment must be made
Credited e e") for purposes of determining
the e er's Credited Service after his return.
accordingto the same rules as de -
scribed e preceding paragraph
1. For purposes of the five years of Credited
Service required to become a Vested Me -
b. If the Member returns to service as a
ber, the Plan_ will restore the e er's
Member after the fifth anniversary
prior Credited Service only if the Member
of the date the e er's employ -
repays to the Plan the payment the Me -
ber receive (if y) of cc
ent with the City terminated (the
"termination
ate on-
utioirs. Such repayment must equalrestore
date"), e Plan willtrib�
the e ber's prior Credited
e fall Accumulated Contribution amount
e ce only if the Member was a
received by the Member from the Plan,
Vested Member on the termination
plus interest at the rate of &5% on that
date and the Member did not receive
amount o e date of receipt to the
a payment ofAccumulated Contribu-
date of repayment. Full repayment must
bons from the Plan.
be made within 1 months of the e
ber's return to service as a Member and
Members of the Plan as of January 1, 1987,
must be made by payroll deduction or by
who were previously covered by e Plan but, due
rollover o r qualified retirement
to a prior termination of employment, received
plan or eligible governmental 457(b) plan
sucha sins legs Payment, were t ree
acceptable to the Board,excluding _ after-
loye _ y the City regardless of e e at
tax corn u ons. repayment imade
expired between their termination date ree
by payroll eduction, the Member must
ployment date, shall have until July 1, 1989, in
make a one-time irrevocable election upon
order to elect to repay such single -sum o t
return to service a Member, d e
thereby avoid such actuarialreduction. e
election must au o e payroll deduction
amount to be repaid shall be calculated set
of the required amount over a specific
forth and must be repaid by July 1, 1989.
period (riot to extend beyond 12 months of
the e er's return to service as a Me -
Any former nonvested Employee who returns
ber). Although designated as Member con-
to service as an Employee more than five () years
tributions, the payroll deduction shall be
picked sap by the City as describedCode
_ who is a Member
after his date of termination and
oft e Plan as ofJanuary 1, 1987, shall have until
Section 14(h)( . If less than the full
September 30, 1987 to make written application
to the Retirement oar to have his prior red -
repayment is made by payroll deduction
due to termination of the e er s e -
ited Service, if any, restored. e Retirement
ployment covered by this Plan within the
Board shall review such application and shall
12 month repayment period., the amount
determine on a nondiscriminatory basis, whether
suchrior Credited Service s e restore d
repaid will be refunded,
shall o the Member of its determination by
2. For allry other purposes, the Flan will re.
December 31, 1987.
store Credited Service for ii Member
or ' to e following lase
y Member oft e who �r Employee
a. If the Member returns to service as a
on January 1, 19 and who did not elect to
become a Member of the Plan on January 1,1 7
Member within five years of the date
pursuant to Subsection 2-19- 4I hereof will, as of
the e er's employment with the
January 1, 1987, receive credit for all service
City terminated, the Plan will re-
prior to the date he actually became a Member of
store the e ber's prior Credited
the Plan. Such a Member may elect in `t
Service only if the Member repays to
prior to July 1, 1988, to pay a single sum amount
upp, No. 36 CD3:19
46 4.3 ENGLEWOOD MUNICIPALCoif 3-4-5-1
determined on the basis of the amount of Ac •
414(u)(1) of the Code) in accordance with ection
mulated Contributionsthat said Member would
414(u) of the Code and applicable regulations,
have accumulated in the Planof duly 1, 1933
had he elected to become a Member of the Plan on
and as describedin subsections A and B below.
January 1 1970 and ade the required contri u-
A. Credited Service Necessary eco e a
boas each year on the basis of compensation he
Vested Member. A e ber's qualified mil -
received each year If the Member elects not to
itary service counts toward the five (r)
aye the single sum amount, his Retirement Ben-
years of Credited Service required e-
e t determined under Subsection 3 -1 hereof
come a Vested Member,
shall be reduced by the Actuarial Equivalent of
e single sum payment due as of duly 1, 1988.
re `te Service for All Purposes Other
(Ord. 39-12,
Than Vested Member Requirements. For
purposes other than described in su sec-
3 -Effect of Other Plans.
tson (A) above, a e er's qualified mil-
itary service counts toward Credited Ser-
Credited Service shall not "clue any period
only to the extent the Member elects
on the basis of which a Retirement Benefit is
to make contributions to the Plan for all
payable un er y of er de ed bane t re ° ea
or pa of the erio of a ified ilitary
ant or pe ion l to which the City made
service, as described r Subsection 3
contributions, other thanbenefitspayable under
the Federal Social Security .Act or the Volunteer
(Ord. 39�, 1)
12
ire tern' ension Fund. Credited Service shall
Qnot include any period of time for which the City
ontributes on behalf of an Exempt Employee to
3-4-5: Contributions.
the ICMA-RC Planor any other optional deferred
compensation plan in lieu of this Plan, as pro-
-1a Member Contributions.
vsded in u sectio 3-4-3-2 hereof.
(Ord, 3 -12, § 1)
Effective January 1, 1976 rough December
3, 2012, no Member is required or permitted to
Miscellaneous.
contribute to the Plan.t'
o Period of Credited Service shall be deemed
Effective December 31, 2012 each Member shall
to be increased by overtime. A year of Credited
Service shall be given for each three hundred
contribute to the Plan by means of payroll deduc-
tion three percent (3 v) of the e er's Compen-
ssnety ve ( ) a period,beginning wit e
satao or err s u ` w rc the e ere ns
Credited Service. Although designated as
}
first day of employment, is ela ses while the
Employee is entitle to Service credit under the
e
bar contributions; such contributions shall be
above provisions of Subsection 3-4-4 hereof
picked up and paid by the City as provided
(r: 3-1 1)
Section 414(h)(2 of the Internal Revenue Code
d shall be excluded fromthe e ber's gross
income for federal income tax purposes. The -
'
-4- : Credited Service for Military Ser.
bees contribution picked up by the City shall
vice.
added to the e ber's Accumulated Contribu-
ember who returns to employment with the
tions in the same manner as if paid directly to the
Plan by the Member, No Member shall be re -
City from qualified military service during the
quired or permitted to snake contributions to this
period within which reemployment rights are
Plan for a period during which the Member is not
guaranteed y law will receive Credited Service
receiving Credited Service or is not receiving
th ress ect to the . e ber's p rio ofuali ed
K
,W"Clhlgitary
o pensation (e.: u " D isa:bi °ty)
service (within the meaning of Section
(Ord. 39-12, 1)
Sc pp, No. 36 1 : t}
t
t
3-4-&2 MIMICIPALOFFICERS AND EWLOYEES_ -
-2: City Contributions.
this Section, the Member will receive Credited
e City , Will, e to time and at least
Service as describedin ub ctio - - - { } for
annually, e contributions to the Trust Fund to
the period of qualified militaryservice to which
e extent necessary to finance the benefits pro-
the contributions rel
ided by the Plan on a sound actuarial basis. The
(Ord. 39-12,
ity expects to continue such contributions to the
Plan, but assumes no responsibility to do so and
' $ Retirement Dates.
reserves the right to suspend or to reduce contri-
butions at any time,
-1.- Normal Retirement.
Employees of the City shall become one
Applicationehundredpercent
(10 ) vested upon attainment
of their Normal Retirement Age and may retire at
Any amount forfeited because of the to d-
any time thereafter,
tion of employment of a Memberprior to his
having acquired a fully vested right to Retirement
e effective ate of retirement under the
Benefits, because of the death of any Member, or
provisions above shall be the first day of the first
for any other reason, shall not be applied to
month following the month , which such -
e e the benefits which would otherwise be
ployee either:
payable to any other Member, The amountsso
forfeited shall e applied as soon as possible to
A, Actually retires o employment
reduce the contributions required be made by
the City, or
the City;
Has attained No e' e t Age,
1.. Is a part-time Vested e ere -
a Contributionsf €� -
ployee of the City, or
eMilitary Service.
2. Has ceased, to earn CreditedService
, section applies to a Member who returns
due tot e application of Section 3-4-
44
to employment i e City fromqualified mili-
(rd. 3 -12, § 1)
tary service during e period within whichreem-
ployment rights e guaranteed by law, The e-
a. Early Retirement.
her may elect to contribute to the Plan all or a
part of the contributions the Member would have
A. Regular Early Retirement: A Member o
made to the Plan according to Section 3-4-5-1 if
Vested Member who has attained the age of
the Member had remained continuously e -
fifty-five (55) years and has completed at least five
ployed by the i throughout the periodof the
(5) ye of Credited Service may elect to retire
e ber's qualified military service. e amount
under Regular Early Retirement and have benefit
of contributions the Member may make according
payments commence as of the first clay of any
to this Section shall be determined on the basis of
calendar on , which shall not be less than
the e ber's Compensation in effect ' e `-
thirty (ail) nor more than ninety(9) days after
a ely before e qualified milit service and the
the filing of written notification with theRetire-
terms of the Plan during the e ber's period of
ment Board, {
qualified ilita service.
Member may make such. contributions ur-
B. Special Early Retirement: A Member shall
be eligible o ec y Retirement as of the
ing a period beginning on the e ber's reemploy-
fiat day of any calendar month if his employment
ent with the City and lasting for the shorter of
terminates after he has_ attained the age of fifty-
five (5) yearsear three (3) times t e er's
e ( ) the sumof .s age plusis Credited
period of qualified flit service. To the extent
Service at termination equals eighty-eight (83) or
the Member makes contributions permitted y
more. #
Supp. No, 36 3:21
4-6-2 ENS WOOD MUNICIPAL CODE 3 6«s
Such a Member may elect Special EarlyRetire-
Benefit to be calculated shall consider the +ire -
ent upon the filing of written notification with
ited Service he could have received during the
the Retirement Board not less than t (3 ) nor
period of his Disability If the Member requests
more than ninety () days prior to the date
the commencement of his early or deferred vested
benefit payments are to commence.
Retirement Benefit as of the first ay o the
(Ord. 3 - 2, 1)
on next followingis fifty-fifth (3 t) birth-
day, or as of the first day of any subsequent month
- a Delayed Retirement.
which precedes his Normal Retirement Date, his
Every e upon reaching his sixty-fifth
Retirement Benefit shall commence as of the
beginning of the month so requested, but the
( birthday shall be fully vested in the bene-
fits earned prior to such date and shall, e eligible
amount thereof shall be reduced accordance
to retire under the Plan, However, any Member
with Subsection 3-4-7-2 hereof based on the n um -
ber of years by which the starting a of the
eligible for normal retirement may elect to delay
Retirement Benefit payments precede the Me -
his retirement date as permitted by the City
ber's NormalRetirement Date.
Personnel oli `es rote es— is delayed
retirement date shall be the first day of the
If Disability ceases before a Member attains
month, coincident with or next following the date
his Normal Retirement Date and the Member is
of his actual retirement. As a condition precedent
reemployed by the City, the Retirement Benefit
to continuance in employment eyo the Normal
payable upon his subsequent retirement shall be
Retirement a , the Member s a file with the
determined in accordance with e provisions of
Retirement Board the written designation of a
Subsection 3-4-7-1 - ereof including Credited er-
ne ca , whether or not the Member elects
e for the period that he was disabled.
ptional benefit in accordance with Section 34-
ereo
o s y Hier provision o 's
(Ord. 3 - 2; }
Section, no Member shallqualifyfor a Disability
Retirement ene t if the Board determines that
sRetirement.
his Disability resultso addiction tonarcot-
ics'*
or hallucinogenic injurysuffered
drugs, an
y Member who is disabledpursuant to Sub-
while engaged in a felonious or criminal act or
section 3-4-2-2( hereof shall qualify for isa il-
enterprise, or service in e Armed Forces of the
ity retirement as provided herein. Payment of a~
United States which entitles the Member to a
Disability Retirement Benefit shall commence on
veteran's disability pension.
the first day of the month next following his
Normal Retirement Date. Payment oft e isa il-
Disability under er the Plan shall be considered
ity Retirement Benefit shall be in the normal
total and permanent if it is determined 'by the
Boardthat the Member is eligible and receiving
form describedin Section 3-4-7-5 unless the Me -
disability ens is from the long-term isa ili ty
er [elects an optional for pursuant to Section
3-4-8.
insurance contract ' maintained by the City.
If the e er's Disability ceases prior to his
Disability shall be considered to have ended if,
prior to his Normal Retirement ate e Member
Normal Retirement a he is not ree -
ployed by the dimity, and if he had net the require-
y
is no longer eligible for benefits from the long-
ents for an early or deferred vested Retirement
term disabilityinsurance contract maintained by
the +pity:
Benefit on the date of his retirement from Disabib
rd. 3 - 2, § 1)
ity, he shall be entitled to receive, commencing on
the first day of the month next following his
NormalRetirement ate, a Retirement Benefit
e ° e Distribution n Retirement
equal to the early or deferred vested Retirement
e e ts*
ene t to which e would have been entitled,Notwithstanding
��,y � f the date of his disablement. Such etire ent
y other provision, o this
Plan, distribution of benefits
under this l an
upp. No. 36 CD3:22
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_7-6 ENGLEWOOD MUNICIPALCODE 3 7-8
and paid in one suin to the estate of the Retired
Effective January 1, 1996, _ l Members and
Member. If at the death of the last surviving
Beneficiaries whose payments commenced before
Beneficiaryfollowing the death of the Retired
July 1, 1995, shall receive a three percent (3%)
Member, on y installments have not yet been
increase in their pension payments subject o
paid forte term certain, the Actuarial Equiva-
future adjustment determined by the Board.
lent value of the installments for the balance of
the term certain will be computed d paid ° one
Effective January 1, 23 Members and
sum to the estate of the last surviving ens ci
Beneficiaries whose payments commenced before
Y
January 1, 1 shall receive a three percent
,
,
As provided by Subsection 3 2 hereof, e-
(3) increase in their pension payments subject
tire. ent Benefits may be suspended for a Retiredo
future adjustment as determined by the Board.
Member a period of employment su se-
quent tohis/her actual retirement date during
Effective January , 2001, all Members and
which he/she is rehired and receiving co e a -
Beneficiaries whose payments commenced before
tiozr employee of the pity, Monthly pay-
January 1, 2ti , shall receive roe erceiat
°
emits shall oo i'�ie e ete urea-
(3�} increase their erasion a ors.. subject
t to such Subsection 3 16-2 hereof
to e adjustment , byteBoard.
(Ord.
. 3 --1 , 1)
(Ord. _ 2f 1)
_ Credits and Vestede e t
- - : Accrued
' - Deferred eti e t Option
(DROP).
Under the Previous Plan Preserved.
e restatement of the Previous Plan by this
ectiue Date, Notwithstanding Subsection
3 2-2( ), hereof, the provisions contained in this
r EIan shall not operate to exclude, diminish, limit
res trict the
Subsection 3 7-3, hereof shall be effective on
payment or continuation of pay-
October 1, 1999.
ent of benefits accrued as of December 33, 2p1
.
e amount of such evious plan benefits,if y,
B. tle. e provided u se-
e course of payment y the Trustee under
do 3-4-7-8, hereof, may be referred o as the
said revious Plan, to any person on December
„ "
33, 2012, shall be continued byte Trustee under
e trust agreement forming a part of this Plan,
Q Applicability. e provisions of this Section
in the same manner, undiminished, preserved,
are applicable with sect to those otherwise
eligible Members of the Plan whose election to
fullyand vested under this Plan,
participate " e DROP occurs on or after the
e eligibility for, d amount of, y benefit o
effective to contained ` is Subsection -4-
any kind, payable commencing r December
( , hereoll An "eligible Member" is any Member
3fi, 2012 under s taxi o or fora y Person o
who has attained the orRetirement ate in
was a Member of the Previous Plan and who
accordance with Subsection 3-4�2-2(T), hereof or
became a Member of this restated Plans of
the Special Early Retirement Date in accordance
ce ber'1, 2012, shall e determined der
Subsection3-4-6x2 "participating
the provisions of this Plan,
Member" its
' y eligible Member who has elects
(Ord. 3 -12, 1)
to participate ' the provided by this
Subsection 3-4-7-8, hereof,
- -7< Increased Benefits for Retired Mem-
D. Purpose. e purpose of the DROP is to
rs and Beneficiaries.
allow an eligible Member to elect, in lieu: of
ctive July 1, 1993, all Members and ene-
immediate ation of employment e-
cei t of Retirement Benefit or Pension, to con-
ficiaries whose payments commenced before Jan-
t' ue employment for a specified periodof time
uary 1, 1993, shall receive a five percent ( ado)
and to have the eligible e ber's Retirement
increase
increase their pension payments subject to
ture
Benefit or Pension paid to the account
adjustment as determined byte Board.
until the end of such specified period of the
upp. No. 36 3.24
w . i : it R � } w . � },; i :,. ; i } : ',,
' x ! * • } f ;: � # ! i .;
*li.*# Elie !'}# s*i! #it �.i *1
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i
#1
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} # #:.. ' is ► i `I
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� * s
No Text
3-4-8-2 N
der, the Retirementshall provide
Member a written explanation of the terms and
Option.
conditions of the Qualified Joint and Fifty Percent
( ) Survivor Benefit set forthherein?
The t
effect of refusing it, If on or after January 1, 1987,
optioil provides adjusted monthly' e ent -
the Employee wishes to elect a form of payment
e t payments during the Retired Member's life,
other than the Qualified JointSurvivorBen-
and on his death after retirement within e
s` ) onperiod,_ payments
e t(describedon)a election
not effective " «
a co -
+nued to designated Beneficiary a "
spouse o c located) consentsce
of e sixty) tl) on period.
such election, acknowledges the effect of such
election and hassuch consent and ac ow ed -
3-4-8-6: Lifetime Benefit Option.
antwitnessedby a Planrepresentative or
not lac.properlyco le benefit elec-
e Lifetime Benefit optionprovides increased
form (furnished by the RetirementBoard)
5YRetirement Benefit payments during
eGLo
he returned to the Retirement Board v
Retired
is life with no continuations of
ninety () ays prior to e e 's bens t
payment r s set h.
commencement date. the Member es another
(Ord. 3-1 , 1)
election form r the earlier form and prior
is benefit commencement date, e earlier formBeneficiary.
shall be annulled.
The Member or Vested Member must designate
(Ord, 3 -12, § 1)
his Beneficiary in writing. If on or after January
Q)4-8-3:
1, _ 1987, a married Memberor Vested Member
wishes to designatesomeone other than his
One Hundred Percent Joint
spouse
e a primary Beneficiary(or wishes to con-
ivor Benefit option.
tinue, after January 1, 1987, such esi a 'o
e one hundred percent (1 ) Joint and
made prior to January 1,1 , such designation
will not become (or continue to e) effective unless
Survivor Benefit option provides adjustedon y
his spouse (if his spouse can a located) consents
Retirement erne t payments during the Retired
in writingto such designation or form of benefits)
Member's life, and upon his deathafter retire-
which may not be changed without spousal con-
ent, continue payments . e same amount to a
sent (or the consent of the spouse expressly per -
designated Beneficiary during the life of such
its designations by the Member or Vested Mem-
Beneficiary.ber
without any requirement of further consent
(Ord. 3 -12, § 1)
by the spouse), acknowledges the effect of such
designation and has such consent and ac
Fifty Percent t and Survivor Ben-
edgment witnessed by a Plan representative or a
efit Option.
notary public. Such designation shall be made in
writing upon a form ro i ed by the Retirement
Th e ' percent (3{ ) Joint Survivor
Benefit option reduced monthly +
Boardshalle witheRetirement
o e last such, esi shorn e e
ent Benefit payments during the Retired Mem-
ees life, and, upon his death after retirement,
Retirement o shall control. The Member or
Vested Member may designate a different e _ e-
continues payment in an amount equal to one-
ficiary for DROP benefits. Retirement Benefits
and for death belie is described in Sections -
f () of the amount of such reduced paymentsa
3-- 9.
to a designated Beneficiarythe life of such
(Ord. 3 -1 , § 1)
Beneficiary Payment shall be continued to the
designated e e ,. for life,
90rd. 3 -12 § 1)
upp. No. 41 CD3.28
f,
r,
i
o
i
7m I C> L 3
I
ing DROP e ber's estate_ receive a lump
ri o y y y relieved
r.�es of e 1 �, be 'sued 1#3 eA#ili 1d any
o liabilityo
sum payment equal to the deceased participating
losses which are the direct and necessary result of
DROP e ber's individual DROP account b -
investment instructions given by a participant.
ce$
. -12, § 1)
Q. o Impact of DROP Participation on Other
3-4-8-0 Optional Formsof Benefits.
Death and Disability Benefits, DROP participa-
tion shall not affect any other death or disability1s
General.
benefit provided to a Member under federal lave,
state law, City ordinance, or any rights or benefits
Subject to such uniform es and regulations
under any applicable collective bargaining agree-
as the Retirement Board may prescribe and the
ent.
restrictions contained in this Section 3-4-8 hereof,
a Member or Vested Member may, . lieu of the
R. Retroactivity (Back -DROP). For purposes of
basic Retirement Benefits provided in Section
this Subsection -4-7 (), "retroactive p `cipa-
7 hereof, elect one of the following forms of
tion date" means January 1, 1999, or such later
Retirement Benefits which shall be the Actuarial
ate as would have been on or after an_ eligible
Equivalent of the benefit to which he would
ember's retirement date, but prior to the e ec-
otherwise be entitled. In case of a married e -
tive date of the DROP, and which was selected y
ber whose spouse does not consent as describedin
e eligible Member to commence prcipat on in
Section 3 «2 hereof, payment shall be made
e DROP.
according Section 3 3-2. The Member or Vested
Member muste y election of optional
Notwithstanding Subsection3®4- -3 , hereof
bens a writing, such election must be filed
tie
an eligible Member who would have qualified for
withe Retirement Board at least thirty (30)
e DROP on his retroactive participation ate,
days prior to the due date of the first payment of
had the DROP been in effect on that date, may
Retirement Benefits under the Plan. The election
elect to have his individual DROP account c
of an option may be changed at any time prior to
ited with a one-time lump sum payment. Such
thirty(3 ) days preceding e due date of the first
one-time lump sum payment shall equal e sum
payment of Retirement Benefits under _ the Plan.
of the number of Pension payments which would
However, an optional form ofpayment may not be
ave been payable prior to the e tove date of the
elected ess the value of the payments expected
a they commenced on the e er`s
to be p to the Member exceedspercent
retroactive participation date, credited with inter-
( of the value of the total benefitsto be paid
est using the actuarial Interest rate assumption
under such optional form.
3
p vie Subsection 3-4-242() ereof
(Ord. -12, 1)
Suchlump sum payment shall be made as soon
3-4-8-2: Qualified Joint and Survivore e t
as administratively feasible after the effective
Option.
date of the DROP. If a participating DROPMe-
ber elects to have the one-time lump sum ay-
e Qualified Joint and Survivor Benefit o -
ent deposited into his DROP account, the three-
tion provides an adjusted onthly Retirement
year period specified Subsection 3 7=31i', hereof,
Benefit payment during the Retired Members
life; the spouse ( who Member was
w e to , not on the ate of suchelection,
but on the participating DROP Me ber's retroac-
married when his Retirement Benefit commenced),
t he participation date.
if surviving at the Members death, shall receive
thereafter for life a monthly Retirement Benefit of
S. Fiduciary Liability. The DROP is intended
fifty percent ( ) ofthe adjusted on y amount
t folio Section 4 (c), of the Employee Retire-
aid the Member,
sent Income Security Act of 1974 and the appli-
Department
Within a reasonable time before the Member's
cable of Labor Regulations. ulations. `zduouaa-
Retirement Benefit commencement clefs lvoereun-
tpp. No. 36 CD3:27
3
4-8-2 SNP WOOD MUNICIPAL CODEgR
der, the Retirement Board shall provide to the
i Five -Year eLifeBenefit
Member a written explanation of the terms and
Option.
conditions of the Qualified Joint and Fifty Percent
(5 %) Survivor _ Benefit set forth herein and the
The five (5) year Certain and Life Benefit
efFect ofre it. If on or after January 1,1987,
option provides adjusted mon y Retirement Ben -
the Employee wishes to elect a form of payment
efit payments u ° the Retired Member's life,
other than the Qualified Joint and SurvivorBen-
and upon his death after retirement within- the
efat (described Section), such election will
sixty (d) month period, payments shall be con -
not become effective unless his spouse (if he has a
tinued to the designated Beneficiary for the -
spouse who can be located) consents in writing to
ance of the s` () month period.
such election, acknowledges the effect of such
(Ord, -, § 1)
election and has such consent and acknowledg-
ment witnessed by a Planrepresentative ore
34-8-6: Lifetizue Benefit Option.
notary public, A properly completed ene t elec-
tion I form(famished y, the. Retirement Board)
The Lifetime Benefit option provides increased
east be returned to the Retirement Board withinon
e ` e Brit Benefit payments during the
mriety (9) days prior to the e er's benefit
Retired Member's life withno continuations of
commencement date. if the Member files another
payment after his death.
election form r the earlier form prior to
(Ord. 39-1 , § 1)
s benefit commencement date, the earlier form
shall be annulled.
(Ord. 39-12, § 1) ,
- `i Beneficiary.
44-8-3.-
e Member or Vested Member must designate
One Hundred Percent Joint and Sur.
has Beneficiary in writing, if on or after January
vivor Benefit Option.
1, 1987, a married Member or Vested Member
e one hundred percent ( 9 ) Joint and
sties to designate someone other spouse
to be a primary Bene cia (or wishes to con -
Survivor Benefit option provides adjusted tin y
t' ue, after January 1, 1987, such a designation
Retirement Benefit payments during the Retired
made prior to January 1 1957), such designation
e er's life, and upon his deathafter retire-
will not become (or continue to lie) effective unless
ent, continue payments in the same amount to a
his spouse (if his spouse can be locate.) consents
designated ene ci during the life of such
it` to such designation (or form ofbenefits)
Beneficiary
which may not be changed without spousal can -
(Ord. -12 § 1)
sent (or the consent of the spouse expressly per-
mits designations y the Member r or Vested Mem-
4-8•4: Fifty Percent Joint and Survivor Ben-
her without any requirement of further consent
by the spouse), acknowledges the effect of such
efit Option.
designation as such consent and ac " owl-
e y percent (5tllo) Joint d Survivor
e ent witnessed by a i representative or a
notary public. Such designation shall be madein
Benefit option provides reduced monthly Retire-
writing upon a form provided y the Retirement
Brit Benefit payments duringthe Retired Me -
ber's life, and, upon his death after retirement,
Board and shall be filed with the Retirement
continues payment in an amount equal to one-
Board. The last such designation filed with the
Retirement Board shall control. The Member or
half ( ) of the amount of such reduced payments
Vested Member may designate a different ene-
to a designated Beneficiary duringthe life of such
ficiary for DROP benefits, Retirement Benefits
Beneficiary. Payment shall be continued to the
and for death benefits described in Sections 3-4-
designated Beneficiary for life.
Ord. 3
_h and 3-4- e
-12, § 1.)
(Ord. 3 -1 , § 1)
Supp. No. 36 D3:2
i1b
4OFFICERS E 4- -3
3-4-8-8: Minimum Monthly
a Death of a VestedMember or Mem-
If the monthly benefit to which any Member or
ber with a DisabilityPrior
mencement of Payments.
Beneficiary shall become entitled under the Plan
shall be less than one hundred dollars ( ),
e event a Vests Member or Member
eRetirement o shallhave e right to
a Disability dies prior to the commencement
direct a eActuarial, Equivalent of such ben -
of p e e: l _, e s `vin spouse
efit shall be paid in a lump sum.
shall receive fift percent (5 ) of the ber's
rd. 39-1 , § 1)
Accrued ease t for one hundred en 20)
months certain and life thereafter. However, if e
.• Death Benefits.
spouse is ore than five (5) years younger than
the Member, the monthly benefit wil be reduced
by one and one-half percent (1:5 ) for each year
r Death of anActive Member with Five
at their erence in age exceeds five (5) years.
) or Mores of Crediteder-
If the Member is not survived y a spouse or if the
vice.
spouse consents_ to a designated Beneficiary other
than the spouse according to Section 3• , the
If an active Member dies after completing: five
designated errs ci shall receive fifty percent
(5) or more years of Credited Service, the s v-
(5 %) of the Membees monthly Accrued Benefit
ing spouse shall receive fifty percent (5 o) of the
for one re en (12 months certain. If
r
e her s Accrued Benefit for Date d twenty
the Member ` not survived by a spouse or desig-
1 ) on s ce I' ere However,
nated ens ci e one hundred twenty (1 )
the souse is ore ve ( ye s younger
monthly payments shall e pate paid in
the Member, the en
than benefits ; ill e
a le s to the e's estate. e pay -
reduce one and one-half percent (1.5 ) for
each that their difference
ent to the surviving spouse or designateden-
eficiary will commence on the first clay of the
year in age exceeds five
() years. If the Member . not survived by e
month following the date of the Members death,
spouse or if the spouse consents to a designated
or if Inter, the date the Member would have
attained -five (55). If e leer's ea
Beneficiary other the spouse according to
Section 3m - -7, the designated Bens ci shall
* occurs
prior o e fifty-fifth 55 ) birthday, the tire -
receive fifty percent (5 %) of the Membeesrnonthly
anent Board may elect; with e consent of the
e be 's spouse, designated Beneficiaryor es -
accrued enefit for one hundred twenty(I 9)
months certain. If the Member is not survived by
tate to pay the spouse, Beneficiary or estate a
a spouse or designated en ci ; the one
single sum payment at the time of the Membees
death, equal to the Actuarial °v ent of the
ed twenty (1 ) monthly payments shall be
computed and paid in a single sum the Me -
q
payment due when the Member would have at -
ber's estate. The payment to the surviving spouse
tained age fifty-five (55*
(Ord. 39- § 1)
or designated Beneficiary will commence on the
.2,
first slay of the month following the elate of the
e ber`s death, or if later, the elate the Member
$ • Death of cave Member Between
(55). If ae_woul have attained age
Normal ye et re
tve
er's death occurs prior to his fifty-fifth (55t
Dates.
birthday, the Retirement Board mayelect, with
the consent of the e ber's spouse, designated
In the event a Member continues in City e
ployment after ` Normal Retirement Date are
Beneficiary or estate to pay the spouse, Bens -
ekes before actually retiring, then he shall be
ciary or estate a single sum payment at the time
deemed to have retired on the first day oft e
r.{Equivalent
of the e ber's death, equal the Actuarial
oft e payment due when the Member
calendar oast in which he dies, If an option al
form of payment has been elected, the death
as
would have attained age fifty-five (55).
benefit, if y, shalle determined by the option
mow.
(rd. 3 -1 , 1)
elected# If no optional formof payment has been
pp> No. 36 C133:29
f
t
d-9-3 E NGLEWOOD MUNICIPAL CODE 34-9-8
elected, theMembers_`monthly cc Benefit
shalle paid to .s
recipient of y other l benefit ay eta . If no
surviving spouse for one
hundred twenty (12) months certain- If te e-
designated ene c `vas the death of the
Member, any Plan paymentsowed tot e Mem-
ber is not survived by a spouse or if the spouse
bens Beneficiary der this Section 3-4-9-5 shall
consents a designated enefici other than
the spouse according 3 to # Section -^3-(P� p the #'-
be made to the e er's surviving souse or, if
y 4i# the e3°' estate.
none,
ignated Beneficiaryshall receive one hundred
(Ord. 3 -12, § 1)
percent (1 0%) of the Members monthly Accrued
Benefit for one hundred twenty (1) months
certain. If the Member is not survived by a spouse
Survivor eat Deaths
a During
ordesignatedBeneficiary, the one hundredtwenty
'lit e 'aye.
12 monthly payments shall be computed and
paid in a single sum tote er's
Effective January 1, 2007, if a Member dies
estate.
Death benefit payments shall commence on the
while e o qualified mtary service (within
the meaning of Section 1 (u)(1) oft e Code), the
first day of the month following the e er's
death.
Member shall be treated as having terminated
(Ord. 39-1.2, § 1)
employment e City due to his death for
purposes of any additional benefits (other than
Death t" e Member or en-
benefit accruals relating tot e period of qualified
military service) provided under the Plan.
e of
(rd. 3 -12, 1)
In the event a tired Member or Beneficiary
dies while receiving Retirement ens t pay-
-7.- Supplemental Deathe e tf r e R
ants, a death benefit, if any, will be deter-
bers Hired Prior to January 1976.
ined by the form of Retirement Benefit being
paid. In the event that no designated ens ci
In addition to the death benefit provided
is living at the death of such e ° Member and
Subsections 1, 2 and 3, of this Section 9, a lump
term certain payments are due the
s supplementalmbenefit ha e payable the
q .v eiit value cif the ont y '� t en for
spouse or, if the spouse consents according to
the balance of the term certain l be computed
on 3- -, to the designated e c of
and paid in one sum to the estate of the Retired
any active Member, Vested Member or disabled
Member. If at the death of the last surviving
Member who dies prior to the commencement of
Beneficiary following the death of the Retired
Retirement Benefit payments fromthe Plan. The
ember, monthly installments have not yet been
supplemental Bath benefits 1- e equal tot e
paid for the full period of the term certain, the
amount of Accumulated ted Contributions as of his
ctiih °al uivsil t value sift e install e for
date of ea plus o percent (2�i) of the o -
the a ce of the to cent °l be co anted
e cation receive by i subsequent to ace
and a in one sum to the estate of the last
bar 31, 1975 and prior to January 1,1983. If such
surviving Beneficiary.
Member is not survived by a designatedBenefi-
(Ord. 39-12, § 1)
ciary, the lump sum payment shall be made to his
estate.
` Minintunt Plan Benefits.
(Ord, 39-12, § 1)
The total amount of Plan benefits paid to the
Member, e e bees surviving spouse, the e
Q ; e et,
Uniform Simultaneous
ber's alternate payee and the ber's Bens -
The provisions of any Mate law providing for
ciaries shall at a minimum equal the Membeea
the distribution of estates under the Uniform
Accumulated Contributions. Ifnot previously paid,
.s _
Simultaneous Death Act, when applicable, shall
minimum ha e paid to the e ber's
ft - eneficiary in a lump sum as soon as a inistra-
govern the distribution of death benefits payable
under this Plan.
1,jfq gively feasible following e death of the last
(Ord, -12, § 1)
upp, No. 36 3a3
€ •# k
a
+ F
k
#
f
*
t
"
=i
*
� s
€
r
w � a
€ #:-. A • .
y�
#
-1ENGLEWOOD MUNICEPAL CODE i-2
of 'the Plan, who shall be selected y a vote of all Subsection 3-4-12-1 hereof, the Retirement Board
such e be accordance with such roce- shall have all powers necessary e e
dures as the City Manager may adopt, from time management and administration of the Plan
time.to Three { members shall be electors of the accordance with its terms, including, but not s
City who shall be selected a majorityof e limited, e following.
members f e i Council. .on,e City
Manager, or ` designee, s serve ` To e es re s for e
so ca a i e official, nonvoting member. administration `on of the Plan, for managing
and discharging e duties of the Board,
Members of the Retirement Board shall
_ be for the Board's own government and pro-
appointedfor four l year terms, provided the cedure in so doing, and for the preserva-
saidmember continues to possess the n c - tion and the protection f the
tions provided herein during the e ber's terra interpret e provisions o e l
an
and, furtherprovided at, To 'iand to determine any and an questions
e Council member shall serve during arising der the Plan or in connection
s terat. of o ;, with the administration ereof A record
and of such action l other matters prop-
B.e City Treasurere serve during his erly coming before the Board shall be kept
tenure ioffice as CityTreasurer. preserved.
Shoulda vacancy o emembership ofdetermine_matters affecting the
the Retirement Board,eligibility of Employee to or be -
the
same s e e or come Member of ePlan.
the atio of t e ire to o , " e
same manner as provided e or to enter- D. Ib determine the amount of t the e e'
ing on the performance of the duties of a contributions to be withheld by the City
member of the Retirement Board, each member in accordance with the Plan
main -
thereof shall take and subscribe an oath that he tain such records of Accumulated Contri-
acceptse obligations ose upon him by the butions e necessary under said Plan.
provisions of this Planat he shall faithfully E. Tb determine the Credited Service of any}
perform the duties of such office.
Member and to compute the amount of
o 1 1 members of the Retirement Board Retirement Benefit, or other sum, payable
shall constitute a quorum. All actions _ taken byunder the Plan to any person.
e Board shall be approved by a majorityvote of authorize act all disbursemen
ts
a quorum of the Retirement Board members. All of Retirement Benefits and other sums
actions, decisions' and determinations of the Board under the l
an
shall be recorded e iaiotes of e ` e- `
ent o fi ess ' nsst t e employ To so counsel en
p visions of e 1 sb ebinding an con-
clusive o t sit clericmedical, le
upon terested parties. actuarial services as it may deem neces-
sary or appropriate in carrying out the
o member of the Board shall receive co en- provisions of the Plan.
s tion for his service on the Board but a member H. Vy'ith the advice of its actuary to adopt,
may e reimbursed for reasonable expenses `
e connection i .s 'es a member o e e for p Dees oft e l,
of the Board. such o other tables as it may
rd. -12, § 1; Ord, 65, § 2) deem necessary or appropriate for the
operation of the Plan.
11- . Management of the Plan.
In addition to the powers and obligations im-
posed {
upon the Board as Trustee pursuant to
�r
r
upp. No. o i12-.22
:s,
MWICIPAL OFFICERS AND EMPLOYEES 3-44- -
To e or arrange for valuations and
The decision, of the Retirement Board and any
appraisals of Fund assets held under the
Plan, and, with the advice of the actuary,e
action it in respect to the managemento
to determine the liabilities of the Plan.
Plan shall be conclusive and binding upon any
and all employees, officers, former employees and
J. Tb hold se of the Plan in a special
officers, e bers, Retired Members, Vested e
acco t entitled "Retirement I
ers, their Beneficiaries, heirs, > tributees; ec-
and vest ail vest e same d t"> o
uters, administrators d assigns and upon all
make such withdrawals therefrom as are
other persons whomsoever, but the Board at all
authorized by the Plan for the payment of
times shall act in a uniform, and nondiscrimina-
Retirement Benefitsand the expenses of
tory manner. Neither the establishment of this
e Board and the members thereof
Plan nor any modificationsthereof or any action
To ate reserves frorn such assets for
takenK thereunder or any omission to act, by the
Board, the City Council or any of their members
y purpose.
shall be construed as giving to any Member or
maintainsuch, records and accounts
other erson any legal or equitable right against
and to render such_ financialstatements
theor y officer or employee o thereof r
and reports as may e required y e
.City
against the Retirement Board, the City Council,
City Council.
or any of theirmembers.
M. To authorize one or more members of the
Retirement Board to sign all legal o
en reports on behalfof the Retire-
: Retirement Plan Trust
eat Board.
3
pe o suchother duties may be
" ¢ Appointment tee.
required of a Plan Administrator under
e applicablelags d regulations.
e e eat o of e i d its
(Ord, 2 I2, § )
members, are hereby appointed constituted
Trustee of the Retirement Plan Fund and shall
Maco a.
bold, manage d control the same ` accordance }
with the provisions herein contained.
All roper expense incurred by the Retirement
(Ord. 4I2, § l
Board in the administration of the Plan, if not
paid by the City, shall be paid from the Fund
when authorized by the Retirement Bo
34-I.2-2z This Trust Fund.
e Retirement Board shall have no power to
Ali City and Employee contributions d all
add to, subtract from or modify any of the terms of
investments thereof, together with all acc ula-
the Plan, nor to change or add to any benefits
dons, accruals, earnings and income with respect
provided by the Plan, nor to waive or fail to apply
thereto, shall e held y the 7rustee in trust
any requirements of eligibility for Retirement
hereunder as the Trust Fund for use in rovg
Benefits under the"Plan.
the benefits u' der the' Plan. o part of the said
member of the Retirement Board shall not
corpus or income shall be used for or diverted to
Purposes other than the exclusive benefit of the
Vote on any matter relating solely to himselfor to
is rights or benefits under the Plan. If a Board
Members, Retired Members, Vested Members,
their Beneficiaries
member is so disqualified to act and the re , _
or estates under the Plan,
p ,or to the satisfaction of all liabilities hereunder
ing members cannot agree, the City Council shall
with respect to them, except such s which,
".. appoint a temporary ubsti to member to e err-
se € ll the powe of e disqual e ember
upon termination of thePlan,
p e excess oft e
x'f concerning the matter in e is disqualified.
o t r re
q y d the Plan and are
due solely to erroneous actuarial assumptions. No
upp. No, 36 C .2 '
46-12-2 ENGLEWOOD MUNICLPAL CODE 3-4-12-6
person shall have any • teresst in or right to any
1940, which investment advisors also an
part of e assets of the Fund except as and to the
investment counsel as defined in said Act.
extent expressly provided in the Plan.
(Ord, 3 -12, § 1)
(Ord. 3 -1 , § 1
Purposes and Authoritythe
- Investments.
Trustee.
In serving Trustee, the Retirement Board
It is the purpose teat of the City in
shall be authorized empowered, in its sole
constituting d appointing the Retirement Board
discretion, to invest and reinvest the Trust Fund
as Trustee of the Trust Fund to give e `re-
as follows
ent Board full power to establish such invest-
A. Assetsof the Retirement Fund (other than
ent or purchasing 'programs theRetirement
Board may deem necessary or appropriate
sets of the accounts) shall e
provide assurance that there shall be an_ adequate
vested in accordance with ColoradoRe-
vised Statutes Section 1 -1.1.4 2, under
source for the payment of all benefits provided
the UnMrm Prudent Investor Act.
herein, The Trustee, however, shall not be respon-
sible for the collection of any Cityor Employee
B. Assets of the DROP accounts shall be
contributions. In serving as Trustee, theRetire-
invested . accordance with Colorado -
ment Board maydetermine to:
vised Statutes Section 24- a4-112(3)(c):
A. Use the Trust Fund for the purchase of
r. 3 -12, § 1)
one or more group annuity, or other, in-
surance policies from one or more -
ce Companies authorized to dobusi-
- :Trustee's Powers.
ness within the State of Colorado, whereby
y
Subject theprovisionso Subsections 3
said Insurance Company agrees s all
12.3 and 3.4-12-4 ereof, in its investment andor
a portion of the benefits herein pro.
administration of the Trust Fund, the Trustee is
vide for;
authorized and empowered .t respect to any
Contract with a commercial -
securities or other property held in the Treat
Fund:
tered under either the statutes of the
State of Colorado or the United States of
sell, exchange, convey, transfer, lease
America d doing businesswithin
for any period, pledge, mortgage, grant
State, with a trust company organized
options, contract with respect to or other -
pursuant to the statutes of the State of
vise encumber or dispose thereof, at pub -
Colorado and doingbusiness within this
lc or private sale, for cash or upon credit
State, or with a member of the New York
or partly for both, and no person dealing
Stop exchange or the American Stockwith
the Trustee shall be bound to see to
Exchange, doing business within _ State,
the application of the purchase money or
to have any of such a "es west funds
to inquire into e validity, expediency or
on behalf of the Trustee,
propriety of any such e or other ispo-
irectly invest the assets of the Trust
sition.
Fund;
B. Tb sue, defend, compromise, arbitrate, co -
D. Establish an investment program, partly
pound and settle any debt, obligation or
funded y insurance and partly sled by
claim dose it as Trustee or any other suit
investments; or
or legal proceeding involving the Trust,
d to reduce the rate of interest on, to
E. Retain on a discretionarybasis an invest-
extend or otherwise modify, or to foreclose
e t advisor licensed as such under the
upon default or otherwise enforce any
United teeter InvestmentAdvisor's Act of
such debt, obligation or claim -
Sapp. No, 36 CD3:34
3-4-12.5 AWMCIPAL OFFICERS AND EMPLOYEES 4- -t3
C. To give general or specific ies or pow-
- - * Administration
is t of the Trust
ers of attorney with or without power of
substitution.
The Trustee shall pay or distribute all Plan
DTo vote in person or by proxy on any
benefits o the Trust Fund in such form, in such
amounts, at such times and to such payees as may
stocks, bonds or other securities for the
be authorized by the Retirement Board.
conversion thereofinto other stocks, bonds
or securities, or to deposit them in
e Trustee may employ suitable agents and
votingtrust or with any protective or like
counsel. The expenses incurred by the Trustee in
committee or with a trustee or eposi
the performance of its duties hereunder and all
ries designated thereby, or to exercise any
proper charges and disbursements of the Trustee,
rights o subscribe for additional stocks,
including all taxes lawfully assessed ors or in
bonds or other securitiesand to make any
respect of the Trust Fund or its income, shall be
and all necessary payments erefor, and
charged and paid by the Trustee from the Fund.
to join and participate in . or to dissent
No member of the Retirement Board, as Trustee,
from and oppose any reorganization,
shall receive compensation for his services as{
capitalization, consolidation, liquidation,
such but shall be entitled to be reimbursed for any
sale or merger of corporations or roper-
expenses incurred by him on behalf of the Trust
ties in which it may be interested
to the extent that such expenses are not
Trustee, upon such terms and conditions
paid by the City.
as it may deem wise.
a Trustees keep detailed, accurate ac-
register any securities or other prop-
counts of all investments, receipts isburse-
er its own name or in e name of its
ments and other transactions hereunder. All ac-
nominee, with or without the addition of
l
counts, books and records relatingthereto shall
words indicating at such securities are
be open to inspection y any person designated by
held. in a fiduciary capacity; or to hold y
the City at all re onable times. The Trustee shall
securities in bearer form, but the books
maintainsuch cords, make such computations
and rectors of the Trustee shall at all
and performsuch ministerial acts e City
times show that any such investments are
from time to time may request. On or before
part of the _ Trust Fund.
August e 1 o eachyear} e Trustee
retain,manage, operate, repair, -
shall file o, report with the City in such form as the
rove, partition, dedicate or otherwise deal
City may request. This report shall shover all
with y real estate held y it.
purchases, sales, receipts, disbursements and other
GTo retain_ uninvested such cash it may
transactions effected by the Trustee during the
a' (6) month periodfor which e report is filed.
deem necessary, without obligation to pay
J
interest thereon.
y q
It shall containt description, the cost
value as shownon the Trustees books and the
general, exercise all powers in e
market value as of the end of such period of every
management of the Trust Fund whichy
item then held the Trust Fund. The Trustee
individual could exercise in the age-
shall be forever relieved from all liability to the
y4in °s own right.
ent of property owned
City, the Fund, and any Memberor Beneficiary
Necessary arties to any accounting, litigation,
with respect to the propriety of any of its acts or
orother proceedingsshallonly e e
transactions shown in such report less in. �
an the Council, d the settlement orud -
ninety f6 a after the receipt of such report,
ent i y such case ° which the City is my
e i gives the Trustee written notice of i
served or cite shad be binding uponobjection
Mem-
or objections to y matter set forth
therein.
bers, Retired Members, Vested Members, or en-
eficiaries under the Plan, and upon all persons
The Trustee shall not be liable, either as a body
claiming by, through or under them,
or individually, for the making, retention, or sale s
t, (Ord. - , § 1)
_
of any investment or reinvestment made by it o
upp. N. 36 :36
46 12-6 ENGLEWOOD MUNICIPAL CODE 3-4-13-2
originally received by it as herein provided nor for
assign, pledge, or otherwise dispose of the same
y expense or liability, eree er, nor for any
loss to ordiminution of the Trust Fund unless due
shall be void. Said Retirement Benefit, ros ec-
tive Retirement Benefit and rights interests
to or arising fromits own gross negligence, is®
con uct, dishonesty or lack of good faith.
of said Members, Retired Members, Vested
e
Trustee may consult counsel shallbe
hers or Beneficiaries shall not at any time e
fully protected in acting upon the advice of co -
subject to e claims of creditors or others or
liabilities or torts of said Members, Retired Mem-
sel. Unless otherwise advised, the Trustee may
assume that the Plan at all times qualifies under
bers, Vested Members or Beneficiaries, nor be
Internal evenue Code Section 1a that
liable to attachment, execution, or other legal
the . st ere y establishedis at times tax-
process.Notwithstanding e foregoing, e e-
exempt under InternalRevenue Code Section
fire ant Board may approve payment.
591(a), as amended, or a successor provisions.
e Trustees all have no responsibility for the
A. Assignmentsfor. Child Support purposes
accuracy of any information ishe it by the
city
provided for in Colorado Revised Statutes
Sections 1 -1 -11 1 1 -1 197, as
(Ord. 39-1 , § 1
they existed prior to my 1, 1 ;
Removal steer
B. Income assignments for Child Support
provided for i Colorado Revised Statutes
Nothing herein shall be construed to prohibit
Section 1 1 -111s ;
e City Councilo removingthe Retirement
card tee o the "re Retirement d y
C. Writs of garnishment that e the result
opproprta amendment to flats agreement, on
o a judgment. eta for e ages for
`l Sup or for debt;
e ov of e Trustee, the i Council shall
uppo
appoint a successor Trustee or anti
d
Upon delivery by the removed s e to its
successor of all property of the Fund, less such
-
M Paymentsmade in o li ce with aprop
reasonable amount as it shall deem necessary to
erly executed and certified court order
provide for its expenses,taxes or ad-
vancesapo
sable r payable out o e e
a written agreement
Retirement Benefits between ai member
er
successor etas or Agent shall there-
and to ate payee, enteredur-
have the powersduties as are conferred
su
sua to ColoradoRevised tdtutesto Sec -
upon
upon it y e Trust Agreement air group
1t
d :
(Ord. 39-1 § 1
contract. No successor Trustee or Funding Agent
,
shall have any obligation or liability i respect
to the acts or omission of its predecessors.
34-13-2.- Bankruptcy.
If any Member, Retired Member, Vested e R
1 ; Retirement Benefits and Rights -
ber or Beneficiary shall eco e bankrupt or at -
alienable.
tempt to'anticipate, assign or pledge any benefits
under the Plan, then such berieflits shall, in the
. -1 - s Inalienability.
discretion of the Retirement Board, cease, and in
Members, Retired Members, Vested Members
that event the Retirement Board shall have au -
t ority to cause the same, or any art thereof, to
d their Beneficiaries under the Plan are hereby
be held or applied to or for the benefit of such
restrained from selling, transferring, aanticipat-
in , assigning, hypothecating, or otherwise dis-
Member, his spouse, his children, or other de en -
dents, or any of them, .
posing of their Retirement Benefit, prospective
p
tire ent Benefit,
such manner and in such
proportions as the Retirement Board may des
or any other rights or inter-
@rat under the Plan, and any attempt to anticipate,
proper.=z
Sapp. No. 3
3-4-14 MUNICIPALF- -1 4-6
Modification or Termination of Plan.
amendment of the Plana be made retroactive,
as necessary appropriate, to establish d
3-4-14-1.- Expectation.
maintain such compliance.
t is the expectation of the City that it
continue this Plan and the payment of its ooze °-
butions hereunder indefinitely, but continuance of
1 Discontinuance.
the Plan is not assumed as a contractual o lia-
The City reserves the right at any time and for
tion of the City.
(Ord, 3 -12, § 1)
any reason satisfactory to it to discontinue per -
manently all contributions der this Plan, Such
_
discontinuances l be deemed to be a complete
1 Amendment.
termination of the
(Ord. -12, § 1)
e City reserves the right o alter, amend, o
terminate the Plan or any past thereof in such
1 Termination.
manner as it may determine, and such alteration,
amendment or termination shall take effect upon
In the event of a partial or complete a -
notice thereof from the City to the Retirement
tion of the Plan, the Accrued Benefits up to the
Board; provided that no such alteration or amend-
date of termination by the affectedEmployees
ent shall provide that the Retirement Benefit
and their Beneficiaries shall be nonforfeitable
payable to any RetiredMember shall e less than
and all affecteds shall be allocated to of
t at provided by his Accumulated Contributions
fected Members, RetiredMembers, Vested Mem-
or affect the right of any Member to receive a
bers and Beneficiaries on the following _ priority
refund ofhisArcumulated Contributions h
basis of.
not directly or indirectly reduce any e er's
c e ens .tat ro e ter, at ne
Ad amount u to e Accumulated Con-
tera°orz or anon f the l or y part
'bubo , air balance thereof, whichwvo d
t ereofh e it y of e d to r e
be payable to e Members, afire e_
to or be recoverable by e City or e used for or
era, Neste Members or ens a `ea
diverted purposes other thanthe exclusive
should death occur on e ate of e
enefit of e e , d Members,Vestedtermination
of ePlan.
Members or Beneficiaries tinder the Plan,except
such funds, if any,
BAn amount of the remaining assets equal
k
as may remain at termination
of the Plan after satisfaction of an liabilities
to a pro rata portion determined on the
#
with
respect to Members, Retired Members, Vested
basis of the ratio that the actuarial re -
serve for his Accrued enefit minus the
Members and Beneficiaries under the Plan and
e due solely to erroneous actuarial asa
amount in A. above credited to him bears
pR
bons. Further, no amendment shall cause the
to the total of such actuarial reserves
minus the aggregate of amounts allocated
elimination of an optional form of benefit nor the
under k above.
elimination or reduction of an early Retirement
(rd. 3 -12, § 1)
Benefit that continues after retirement,
(Ord. 3-12, § 1)
1 t Distribution.
1Approval e the Internal Reve-
When the assets of the Trust Fund have been
e Code.
allocated as indicated above, the distribution may
e Plan is intended to comply with the re-
be made in the form of cash or nontransferable
annuity contracts as determined by the etire-
uire eats of the applicable provisions of ter-
ment Board, provided that any affected funds
,}
nal Revenue Code Section 1(a), as now in effect
ink after the satisfaction of all liabilities toor
hereafter amended, y modification or
affected Me be, Retired Members, nested e
Sapp. W 36
t14-6 ENGLEWOODN ID 3 1 -
bars and Beneficiaries under the Plan may be
Retirement Benefit payable upon his subsequent
withdrawn by the Retirement Board fromthe
Fund and refunded to the City.
retirement shall be reduced by the Actuarial
Equivalent of such payments, other than d ° -
15: Reserved.
i e` e er t Benefit payments, he receive
previously, unless such payment was a lump sum
-1 z Limitations.
that was repaid under Subsection 3-4-4-3 hereof
(Ord. -12, § 1
-1. Reemployment of Former1-
Nonvested Members.
et and Contribution
Limits.
If a e er's employment terminates prior to
is eo des ember the e bar is
e 1 incorporates by reference the re : e
subsequently reemployed Employee, such
e is of bode action 4 ► a re atiezas
Member shall not be entitled to receive credit for
rat` o e action 41, applicable to
` previous Credited Service der the Plan
this governmental retirement plan. The cost -of -
except as provided in ubsection 4 hered£
living increase of . Coda Section 415(d)hall cod -
(Ord. 39-12; § 1)
t° tie to apply to increase the dollar benefit limit
of Code Section 4 (b) after the Members sever
1`: Reemployment ofFormerMember&ce
from employment. e limitation on contri-
f a former Member is reemployed as
butions utieds of Cade Section 41 c) shall apply to
Member contributions that are made to the DROP
ployee of the City on or after January 1, 2012, no
Retirement ene t payments shall be made d -
account, as described in Section 3 -31). The
limitation year is the calendar ye
g the period of such reemployment unless.
(Ord, 3 -12, 1
A. The Employee attained age 62 before com-
mencing benefits from this Plan, or
1: Consolidation or Merger.
B. At the time the Employee originally ceased
to provide services to the City, the Citywith,
The Plan shall not be consolidated or merged
d the Employee reasonably anticipated
nor shall y assets or liabilities be trans-
ferred to any other Plan, unless the benefits
at the Employee would not provide ser-
vices o the City , the future; and the
payable to eachr` f e l were to rmi-
former Member is reemployed as an Em-
noted immediately after such action would be
equal to or greater than the benefits to which
loyee of the City no sooner than one
hundred twenty (120) days after the date
such
Member would have been entitled if this Plan had
the former e er's employment with
been terminated immediately before such action.
(Ord. 3 -12,
the City terminated.
Upon the subsequent vested termination of
1 . Miscellaneous Provisions.
employment by such a Member, the Member shall
e entitled to receive a Retirement Benefit based
on i) his Credited Service prior to the dote of his
3-4-17-1: Rights of Members.
previous to ina ion (except Credited Service lost
under Subsection 3-4-4-3 hereof, ii) his Credited
Each Member shall be advised of the gene ral
Service during e period of his reemployment (if
provisions of the Plan and upon written request
addressed to the Retirement Board shall be fur -
any), and iii) in e case of disabled Member, his
Credited Service while disabled. In the case of
"shed with y information requested regarding#
his tus, rights and privileges under the Plan.
reemployment, of a former Member who received,
Neither the establishment of the Plan, thegrant-
prior to his reemployment, any benefit payments
whether single sum or with respect to
ing of Retirement Benefit, nor any action of the �
i or theRetirement o s be el or
I&Iperiodic)
ch Credited Service is restored hereunder, the
construed to confer uon anyperson any right to �
upp. No. 36 C; 3;3
34-17-1 MUNICIPALOMCERS AND EMPLOYEES-
Continue employment, nor, upon dismissal, any
right or interest in the Trust Fund other than
distributee or the joint lives (or joint life
as
herein provided.ms
expectancies) of the distributes and the
"butee's
(Ord, -1 § 1)
designated beneficiary or for
,
a specified period of ten (1) years or
1 . ® .
odistribution e such.
distribution is required er CodeSec-
No Member shall have any right to Retirement
mon 1( )( ), and the portion of any
Benefits er the Plan, except such
as may
distribution that is not includable in gross
come (deternAned without regard to the
y, accrue to himupon his retirement
from the service of the Cityunder the provisions
exclusion for net unrealized appreciation
of e Plan while it is effect. All such benefits
with respect to employer securities). For
e payable solely out of the Trust Fund and in no
distributions a December 31,
event shall the City, the Trustee, or theRetire-2006,
a portion of a distribution shall not
ent Board members be liable therefor. Neither
fail to be an eligible rollover on.
e establishment of this plan,merely
or y
because e portion co of
e t or modification thereof, for failure of the
after-tax Employee contributions which
City to provide sufficient contributions to the
e not includible , gross income. How -
same shall be construed Member,
ever, suchportion may e transferred
or other person, y le orequitable right
only individual retirement account
City sir y officer or director of,
ordescribedSections (a) or
or against the Retirement Board, y member
) of the o e, or in ' ect trustee -to -
thereof
trustee transfer to a qualified. trust de -
(Ord. dl,)
scribed .on 1(a) ofthe Code
whichis
exempt from tax under Section 1(a) of
yy Direct ReBovers.
e Code or contract de-
scribed Section 3) of the Code,
General. section applies u-
provided sucht or contract provides
tions made on or after January , 1993. o w
for separate accounting for amounts so
standing y provision of the l con
transferred ( e thereon)` clud-
t would otherwise limit ,a =s .b e's election
ing Separate accounting for the portion o
der this section, a distributes may elect, at the
such distribution which is includible .
time and in the manner prescribed by theBoard,
gross income e portion of such
to have any Portion of an eligible rollover 's `_
tribution which is not so includible.
ution exceedswhich directlyEligible
eligible retirement specified y e • bu
Retirement Plan. eligible re -
in a direct aver a° ut 's direct roll -
e ent l individual retirement
over distribution is less t $500.00, the
distributesmay only elect to direct rollover 100
account described` fade Section 3( ),
an individualretirement annuity de-
percent of the eligible rollover distribution,
{
scribed inaSection *ktJ0pq
), and anou. f
'
ity planes e oSection 3( , 3
B. Definitions, ions,
ar a qualiffed trust describedCode
1. Eligible Rollovers Distribution, An eligible
Section 01(a), that accepts the
distributee's eligible rollover distribution. �
rollover distribution is any distribution of
all or y Portion of e balance to tdistributionto
However, in the case of an eligible rollover
credit of the distributes, except that an
e surviving spouse,
eligible retirement plan is an individual
eligible rollover distribution does not in-
u e: anydistribution that is one of
retirement account or individual re ` e-
a
series of substantially equal periodic ay-
ment annuity Effective January 1, 2002,
an eligible retirement planshan also mean
eats (not less frequently than annually)
made for the life
an annuitycontract described o de
(or life expectancy) of the
Section 3(b) and an eligible l er
Supp. No.40 D3a39
loll Ifil
# "`# 4', #"## `# I ##. ..., it * * #,,
# r'.. t`# # "., # •- #.# F,, I � ... . „ #r..
F 1 # # # : a i It . �# #:�
# ik. # # `. # I Yi, #r S # t # ` A L I :
4b34-18-2 MUMCIPAL OFFICERS AND EMPLOYEES 3-4-18-3
conversion to the money purchase plan. Said
election shall be irrevocable unless the Employee
changes status from e t Employee to a
non-exempt employee, i e such
Em-
ployee may elect within sixty (0) days of the
change in status to -again become a Member of
this I. Such election to again become a
Member of this Plan is permitted only . e
money purchase pension plan requires the same
Member Contribution as Section3 5-1 requires
for this Plan. In the event an Employee rejoins
this Plan, the provisions of Section 3-4-4-3 shall
determine whether eEmployee's prior Credited
Service shall be restored. Funds transferred to
the money purchase plan shall not be transferred_
back to this
1 ¢ : Transfer of Funds.
Each eligible Member under Section -3-2
r 3-4-18-1, who chooses to exercise the option to
convert his or her membership to the money
purchase plan shall have a determinable amount
transferred to the money purchase -plan. The
amount transferred on behalf of each such e dber is the actuarial equivalent present value
(which shall include an adjustment if the Member
qualifies for Special Early Retirement or Regular
Early Retirement as of the date the Member
changes status for a Member described i Section
3-4-3-2B and is July 30, 2001, for a Member
described i Section 3 13-1), as of the date of
transfer of the e- ber's Accrued Benefit. For
purposes of this Section 3- -1 -3, the to "actu-
arial
equivalent present value" shall be based on
an interest rate assumption of seven and one-half
percent ( .5 ) and the mortality assumption of
unisex rate that is fifty percent (50%) male, fifty
percent (50%) female, taken from the 1994 group
annuityor table (except that the 1983
group annuity mortality table applies for trans-
fers before January 1, 2012): The date of transfer
of the e ber"s Accrued Benefit shall be as soon
as practicable after the election date for a Mem-
ber described n Section 3-4.3®2 , and August 31;
2001, or as soon as practicable thereafter, for a
Member described in Section 3-6-18-1.
yz (Ord. 39-12, § 1)
3upp. No. 36 CD3.40.1