HomeMy WebLinkAboutResolution 2008-0006
CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO. 06-2008
Series of 2008
TITLE:
A RESOLUTION APPROVING WITHDRAWAL FROM THE CITY'S
CCOERA RETIREMENT PLAN AND TRANSFERRING THOSE
FUNDS TO THE CITY'S ICMA RETIREMENT PLAN
WHEREAS, the City of Wheat Ridge, Colorado, (the "City) is an employer with
certain employees participating in an Internal Revenue Code Section 401 (a) Plan
administered by the Colorado County Officials and Employees Retirement Association
("CCOERA Plan"); and
WHEREAS, in excess of 65% of the employees of the City who currently
participate in the CCOERA Plan have formally expressed their desire to participate in a
401 (a) qualified plan administered by another provider; and
WHEREAS, the City has established an Internal Revenue Code Section 401(a)
qualified plan with ICMA ("ICMA Plan") for those employees currently participating in the
CCOERA Plan; and
WHEREAS, the City desires to withdraw from CCOERA and the CCOERA Plan
on the Effective Date, as defined below; and
WHEREAS, the City is covered by Resolution No.2, Series of 2004
[RESOLUTION OF THE GOVERNING BOARD OF COLORADO COUNTY OFFICIALS
AND EMPLOYEES RETIREMENT ASSOCIATION (Portability of Funds of Employees
Currently Employed by Participating Employer)]; and
WHEREAS, the City desires to and intends to formally request that CCOERA
make a transfer of all assets currently administered by CCOERA into accounts
established for eligible current and former employees in the ICMA Plan at a time
determined by the City Manager; and
WHEREAS, the City intends to hold a vote by secret personal and absentee
ballot (the "Employee Vote") on the issue of withdrawal from the CCOERA Plan; and
WHEREAS, those employees entitled to vote shall be all of those employees
currently contributing to the CCOERA Plan ("Eligible Electors"); and
WHEREAS, in conjunction with this Resolution and the Employee Vote, each
employee will be advised that: (a) if 65% of Eligible Electors approve withdrawal from
the CCOERA Plan, then all employees with account balances in the CCOERA Plan will
have their CCOERA Plan accounts liquidated, and those accounts will be transferred to
the ICMA Plan; and (b) the state of Colorado shall not be held liable for any deficit that
occurs in any defined benefit or defined contribution plan or system of any political
subdivision within the state of Colorado or any public agency created by such a political
subdivision which is an employer which has terminated affiliation with the Public
Employees' Retirement Association; and
WHEREAS, the results of the Employee Vote shall be certified by the City Clerk;
and
WHEREAS, if the Employee Vote establishes that at least 65% of Eligible
Electors desire to withdraw from the CCOERA Plan, the City Manager and the Human
Resources Department shall provide appropriate notices to CCOERA to effectuate a
withdrawal from the CCOERA Plan.
NOW THEREFORE, BE IT RESOLVED by the Wheat Ridge City Council, that:
Section 1. The City desires to withdraw from CCOERA and the CCOERA
Plan; and
The City desires to and intends to formally request that CCOERA make a
transfer of all assets currently administered by CCOERA into accounts established for
eligible current and former employees in the ICMA Plan; and
There shall be a vote by secret personal and absentee ballot on the issue of
withdrawal from the CCOERA Plan; and,
Those employees entitled to vote shall be all of those employees currently
contributing to the CCOERA Plan; and
Each Eligible Elector will be advised on their election ballot that: (a) if 65% of
Eligible Electors approve withdrawal from the CCOERA Plan, then all employees with
account balances in the CCOERA Plan will have their CCOERA Plan accounts
liquidated, and the assets in those accounts will be transferred to the ICMA Plan; and
(b) the state of Colorado shall not be held liable for any deficit that occurs in any defined
benefit or defined contribution plan or system of any political subdivision within the state
of Colorado or any public agency created by such a political subdivision which is an
employer which has terminated affiliation with the Public Employees' Retirement
Association; and
The results of the Employee Vote shall be certified by the City Clerk and
communicated to the CCOERA Board of Directors on the next business day following
the Employee Vote; and
If the Employee Vote establishes that at least 65% of Eligible Electors desire to
withdraw from the CCOERA Plan, the City Manager and the Human Resources
Department shall provide appropriate notices to CCOERA to effectuate a withdrawal
from the CCOERA Plan.
2
Section 2. Effective Date. This Resolution shall be effective immediately upon
the certification by the City Clerk that at least 65% of the Eligible Electors have cast
their votes in favor of withdrawal from the CCOERA Plan (the "Effective Date") without
further action by the City Council.
Jh.. "'-'J
DONE AND RESOLVED this / day of f;e1J-rv-,),;r",- . 2008.
J4IJt.T~
ATTEST:
/lk;~~
Michael Snow, City Clerk
3