HomeMy WebLinkAboutordinance.council.008-77RECORD OF PROCEEDINGS
100 Leaves
ORDINANCE NO. ~___
(Series of 1977)
AN ORDINANCE AMENDING RETROACTIVITY TO THE EFFECTIVE
DATE OF ORDINANCE No. 3 (Series of 1976) PROVISIONS
OF THE CITY OF ASPEN EMPLOYEES RETIREMENT PLAN AND
TRUST, ARTICLE VII OF THE MUNICIPAL CODE OF THE CITY
OF ASPEN PERMITTING CITY CONTRIBUTION FOR EACH
PARTICIPANT EMPLOYED BY THE CITY FOR MORE THAN
TEN YEARS AN AMOUNT EQUAL TO FIVE (5%) PERCENT;
ELIMINATING THE REQUIREMENT THAT CONTRIBUTION
CHANGE ELECTION BE MADE BETWEEN DECEMBER 1 AND
DECEMBER 15; AMENDING CALCULATION METHOD FOR
ALLOCATING NET EARNING OR LOSSES OF THE TRUST
FUND; AND PROVIDING FOR VESTING OF CITY CONTRI-
JUTIONS ON ANY ANNIVERSARY YEAR BASIS
WHEREAS, the trust committee has requested and
recommended that amendments be enacted which will provide for
a more equitable administration of the Employees Retirement Plan
and Trust,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF ASPEN, COLORADO:
Section 1
That Section 2.300 of
Employees Retirement Plan and Trust,
Code of the City of Aspen, Colorado,
as follows:
the City of Aspen, Colorado,
Article VII of the Municipal
is hereby amended to read
"2-300. Contributions by City. Subject to the
right of the City to alter, amend or discontinue
this retirement plan, the City shall contribute
for each participant employed by the City ten years
or less an amount equal to three (3%) percent,
and each participant employed by the City more than
ten years an amount equal to five (5%) percent of
the compensation received by each participant
while employed by the City of Aspen. The above
amount shall be reduced for any group that has a
retirement plan separate from this plan to the
extent payment by the City into said separate plan
RECORD OF PROCEEDINGS
100 Leaves
exceeds the employee's current social security con-
tribution rate. Nothing herein shall preclude any
participant in such plant from contributing from
three (3%) percent up to and including nine (9%)
percent of his compensation to this plan.
Section 2
That Section 2-302 of the City of Aspen, Colorado,
Employees Retirement Plan and Trust, Article VII of the Municipal
Code of the City of Aspen, Colorado, is hereby amended to read as
follows:
"2-302. Contributions by Participants. Each
participant must elect to contribute from three
(3%) percent up to and including nine (9%) percent
of his compensation for the~period that he is a
participant in the plan, provided, however, that
no fractional percentages within this range are
to be permitted. This election must be submitted
in writing to the committee the month preceding
the month of participation. Contributions of par-
ticipants shall be effected by payroll deductions
in accordance with procedures established by the
City.
Section 3
That Section 2-403 of the City of Aspen, Colorado,
Employees Retirement Plan and Trust, Article VII of the Municipal
Code of the City of Aspen, Colorado, is hereby amended to read
as follows:
"2-403. Allocation of Net Earnings or Losses. As
of December 31 of each year, the net earnings or
losses of the trust fund for the year then ended shall
be allocated to the accounts of all participants
having credits in the trust fund based on the ratio
of the sum of each quarter-end credits of each par-
-2-
RECORD OF PROCEEDINGS
100 Leaves
ticipant bears to the total net assets of the common
fund at December 31.
Section 4
That Section 2-600 of the City of Aspen, Colorado,
Employees Retirement Plan and Trust, Article VII, of the Municipal
Code of the City of Aspen, Colorado, is hereby amended to read
as follows:
"2-600. Vesting. All contributions to the fund
made by the participants shall immediately vest
and be nonforfeitable. There shall also vest in
each participant (at the end of each full year of
continuous employment) ten (10%) percent of each
previous year's contribution as illustrated in the
following schedule:
Full Years of
Employment Percent of City's Contribution Vesting
One 10% of first year's contribution
Two . . An additional 10% of the first year's
contribution, plus 10% of the second
year's contribution
Three . . An additional 10% of the first year's
contribution, an additional 10% of the
second year's contribution, plus 10% of
the third year's contribution
and so on such that after ten years of service 100%
of the City's first year contribution has vested,
90% of the City's second year's contribution has
vested, et cetera. Once a given year's contribution
to the City's contribution has entirely vested, no
further amounts attributable to the City's contri-
bution for that year shall vest.
Section 5
Provisions of this ordinance shall be effective as of
-3-
RECORD OF PROCEEDINGS
100 Leaves
February 17, 1976. It is intended that these amendments be
retroactive and that their effective date correspond with that
of Ordinance 3, Series of 1976.
Section 6
If any provision of this ordinance or the application
thereof to any person or circumstance is held invalid, such
invalidity shall not affect other provisions or applications
of the ordinance which can be given effect without the invalid
provisions of this ordinance, and to this end the provisions of
this ordinance are declared to be severable.
Section 7
A public hearing on this
/~ day of ~ , 1977, at 5':00 P.M.
ordinance shall be held on the
in City Council Chambers, City Hall, Aspen, Colorado.
INTRODUCED, READ AND ORDERED PUBLISHED as provided by
law by the Aspen City Council at its regular meeting held in the
City of Aspen on the~day of~~,~~, 1977.
ATTEST:
~acy S ey III
Mayor ~.
Kathryn~S. Hauter
City Clerk
FINALLY adopted, passed and approved on the/~ay
~Stac~tandley IJ~
Mayor ~
ATTEST:
Kathryn S~ Hauter
City Clerk
-4-
RECORD OF PROCEEDINGS
100 Le,~ves
STATE OF COLORADO )
) ss
COUNTY OF PITKIN )
CERTIFICATE
I, Kathryn S. Hauter, City Clerk of Aspen, Colorado,
do hereby certify that the above and foregoing ordinance was
read in full, and passed on ~
introduced,
reading at-a regular meeting of the City Council of the
C~ty of Aspen on ~~~ o~ , 197 ~, and publish-
ed in the Aspen Times a weekly newspaper of general circul-
ation, published in the City of Aspen, Colorado, in its
issue of ~~ ~ , 197 7~zand was finally adopted
and approved at
Ordinance No.
a regular meeting of the City Council on
, 197 ~7 , and ordered published as
, Series of 197 7, of said City, as
provided by law.
IN WITNESS WHEREOF, I have hereunto set my hand and
the seal of said City of Aspen, Colorado, this J~ ~j
day of ~'~'~'~47.J~.~/-~ , 197'~ .
Kathryn S.~auter~ City Clerk