HomeMy WebLinkAboutResolution 2008-0032
CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO. 32-2008
TITLE:
A RESOLUTION CONCERNING THE TRANSFER OF
CITY EMPLOYEE RETIREMENT ACCOUNTS FROM
HiE CCOERA PLAN TO THE ICMA-RC PLAN AND
THE APPROVAL OF A SUPPLEMENTAL BUDGET
APPROPRIATION IN THE AMOUNT OF $9,999 FOR
tHE COSTS ASSOCIATED WITH IMPLEMENTATION
OF THE ICMA-RC 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 previously
administered by the Colorado County Officials and Employees Retirement Association
("CCOERA Plan"); and
WHEREAS, more than 65% of City employees who participated in the CCOERA Plan
voted 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-RC ("ICMA-RC Plan") in lieu of CCOERA; and
WHEREAS, one of the primary purposes of the change in participation from the
CCOERA Plan to the ICMA-RC Plan is to consolidate all employee plans under one provider,
ICMA; and
WHEREAS, in order for City employees to transfer accounts from the CCOERA Plan to
the ICMA-RC Plan, CCOERA requires that each employee must complete a form to elect for
transfer of his /her individual accounts from the CCOERA Plan to the ICMA-RC Plan; and
WHEREAS, the City desires to comply with CCOERA's procedures; and
WHEREAS, the City also desires to aIlow for new employee and City participation in the
ICMA-RC Plan beginning the month following the new employee's date of hire; and
WHEREAS, the City desires to direct current employees who were subject to the one-
year waiting period under the CCOERA Plan to begin immediate participation in the new ICMA-
RC Plan as ofthe effective date of the ICMA-RC Plan.
WHEREAS, the City desires to approve a mid-year supplemental budget appropriation
for the cost of implementing the ICMA-RC Plan.
NOW THEREFORE, BE IT RESOLVED by the Wheat Ridge City Council, that:
Section 1. The City strongly encourages each employee previously participating in
the CCOERA Plan to complete a CCOERA disbursement form to indicate the employee's desire
to have his/her account transferred from the CCOERA Plan to the ICMA-RC Plan, pursuant to
the procedures set forth by CCOERA.
Section 2. The City hereby permits new employee and City participation in the
ICMA-RC Plan beginning the month following the new employee's date of hire.
Section 3~ The City hereby authorizes the City Manager, or his designee, to adopt the
ICMA-RC Plan and eliminate the one-year waiting period that was previously applicable to the
CCOERA Plan.
Sf'ction 4. The City approves a mid-year supplemental budget appropriation to the
2008 General Fund Budget, specificaIly transferring $9,999 from undesignated reserves to the
appropriate accounts in the various funds to implement the ICMA-RC Plan.
DONE AND RESOLVED.. J3 '~y "'"l):;m~
J1 D(yhllio, Mayor
ATTEST:
\~)~~.~'W~ \ 'i:J~~~
Michael Snow, d,Jty Clerk \"(j
2