HomeMy WebLinkAboutResolution-1997-1628
RESOLUTION NO --..1.928
Series of 1997
TITLE
A RESOLUTION CHANGING PRESENT TEN YEAR VESTING OF
EMPLOYER CONTRIBUTIONS TO FIVE-YEAR VESTING OF EMPLOYER
CONTRIBUTIONS IN THE COLORADO COUNTY OFFICIALS AND
EMPLOYEES RETIREMENT ASSOCIATION PLAN
WHEREAS, the Governing Body of the City of Wheat Ridge has previously
adopted the Colorado County Officials and Employees Retirement Association's (CCOERA)
Prototype Retirement Plan,
WHEREAS, the Retirement Plan adopted by the City of Wheat Ridge presently
provides for vesting of the employer's contribution at the rate of 10% for each twelve (12)months
of participatIOn in the Plan (Ten-year Vesting), as set forth in Article 5 7 of the Plan, and
WHEREAS, the Tax Reform Act of 1986 mandated that private pension plans
provide for employer contributions to vest at the rate of20% for each twelve (12) months of
participation, or Five-year Vesting; and
WHEREAS, the Board of Trustees of CCOERA have offered to each entity the
option of electmg to make that employer's contributions vest at the rate of 20% for each twelve
(12) months of participation in the Plan by the employee, or Five-year Vesting;
NOW, THEREFORE, BE IT RESOLVED that the City of Wheat Ridge hereby
elects to adopt Five-year Vesting for Plan participants employed by the City of Wheat Ridge by
granting to present and future participants vesting of employer contributions at the rate of 20%
for each twelve (12) months of participation under the CCOERA Plan retroactive to the beginning
date of participation in the Plan.
BE IT FURTHER RESOLVED that the Five-Year Vesting shall become effective
for all distribution requests received after January 1 of the year 1998
DONE AND RESOLVED TillS 14thDAY OF October1997
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Dan Wilde, Mayor
ATTEST
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Wanda Sang, City Clerk