HomeMy WebLinkAbout1982-18 Stating that the Town's intent to Withdraw from the Colorado Fire and Police Pension AssociationRESOLUTION # IS
SERIES OF 1982
A RESOLUTION OF THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO, STATING THL TOWN',
INTENT TO WITHDRAW FROM THE COLORADO FIRE
AND POLICE PENSION ASSOCIATION
WHEREAS, the Town of Vail is presently maint~.ir.ing police and
fire employees in three (3) different pension plans, the Town of
Vail Folice Pension Plan, the Town of Vail Fire Pension Plan and
the F.P.P.A; and
WHEREAS, the Town Council has directed the Personnel Director
to investigate alternative pension plans for the purpose of consolidating
all police and fire employees into one (1) pension program; and
WHEREAS, the Town of Vail wishes to exercise control of the cost
of funding a retirement program for said employees; and
WHEREAS, the effected police and fire employees of the Town of
Vail have expressed a strong interest in establishing a defined contri-
bution (money purchase) plan;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF
VAIL, COLORADO, THAT:
Section 1. The Town of Vail intends to withdraw from the State of
Colorado Fire and Police Pension Association for the purpose of esta-
bushing a defined contribution (money purchase) plan.
Section 2. It is the intent of the Town to consolidate all employees
presently in the Police Pension Plan who were hired prior to April S,
1978, those in the Fire Pension Plan hired prior to April 8, 1978, and
new employees enrolled in the Fire and Police Pension Association hired
after April 8, 1978.
Section 3. Notice at' intent to withdraw is filed pursuant to
31-30-1003.2 of the Colorado Revised Statutes 1973, as amended, as well
as any applicable Fire and Police Pension Association rules, with intended
date of withdrawal from the Fire and Police Pension Association hereby
set at January ~., 1983.
READ, PASSED AND APPROVED THIS 3rd day of August, 19F2, by the
Town Council of the Town of Vail., Colorado.
Hadney E . if er , ;~~fay~r
ATTEST:
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