HomeMy WebLinkAboutResolution-2007-0001
RESOLUTION 01
SERIES OF 2007
TITLE:
A RESOLUTION APPROVING THE ADOPTION OF THE AMENDED
AND RESTATED CITY OF WHEAT RIDGE MONEY PURCHASE
PENSION PLAN FOR DESIGNATED POLICE DEPARTMENT
EMPLOYEES FOR THE PURPOSE OF STREAMLINING THE PLAN
DOCUMENT, REMOVING INCONSISTENCIES AND PLAN
PROVISIONS NOT APPLICABLE TO GOVERNMENTAL PENSION
PLANS, PERMITTING ADDITIONAL FLEXIBILITY IN PLAN
OPERATION AND REDUCING FUTURE COSTS TO MAINTAIN THE
PLAN'S TAX-QUALIFIED STATUS.
WHEREAS, the City of Wheat Ridge Police Department (the "City of Wheat Ridge")
originally established the Pension Plan for Designated Police Department Employees of the City
(the "Plan") effective as of October 1, 1981; and
WHEREAS, the City of Wheat Ridge amended and restated the Plan effective as of
January 1, 1987, and subsequently amended and restated the Plan effective as of January 1,2006
as the City of Wheat Ridge Money Purchase Pension Plan for Designated Police Department
Employees (the "Amended Plan"); and
WHEREAS, the Plan's Pension Board (the "Board") has determined that it is in the best
interest of the City of Wheat Ridge and the City of Wheat Ridge employees to amend the Plan to
take into account certain necessary and desirable design changes, to remove Plan provisions
inapplicable to governmental pension plans, to remove inconsistencies and clarify various Plan
provisions, to adopt a prototype plan document to add flexibility in Plan operation and decrease
costs associated with keeping the Plan current for necessary and desirable tax-qualification
changes, and to restate the Plan to incorporate these changes; and
WHEREAS, the City of Wheat Ridge is authorized to amend the Plan pursuant to
Section 13.02 of the Amended Plan.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WHEAT RIDGE THAT:
1. Effective as of January 1,2007 the City of Wheat Ridge Money Purchase Pension
Plan for Designated Police Department Employees (Amended and Restated
Effective January 1,2007) (the "Amended and Restated Plan") is hereby
approved and adopted.
1
2. The City Manager is hereby authorized to execute the Amended and Restated
Plan and that the proper officer or officers of the City of Wheat Ridge be and they
hereby are authorized to do all other acts and things necessary and proper to keep
the Amended and Restated Plan and its Trust in full force and effect and to make
such further amendments and changes, if any, as may be necessary to maintain the
qualification of the Plan and its Trust under the applicable sections of the Internal
Revenue Code of 1986 (the "Code"), as amended from time to time.
3. The proper officer or officers of the Board are hereby authorized to submit the
Amended and Restated Plan and this resolution to the appropriate District
Director of the Internal Revenue Service in support of a request for a favorable
determination letter that the Plan and the Trust continue to qualify under
Sections 401(a) and 501(a) of the Code.
4. An announcement shall be made to all employees covered by the Plan concerning
the adoption of the Amended and Restated Plan.
No further actions are hereby consented to or taken.
DONE AND RESOLVED at a meeting of the City Council of the City of Wheat Ridge,
Colorado on the 8th day ofJanuary, 2007.
/1 (f)'/~' j !/
/')! 1/ "
~/!, j ;1,1 pC L,lv)lV
~~~ffuiTIo,MaYOr
I
ATTEST:
(--"~"
,,\\ ,\.-. -<\ I;'J' 'If\. r;..--;
~ry\';~ \' I'\::J_
Christa Jonies, Acting ~ty Clerk
"
2