HomeMy WebLinkAbout 14-52 Regarding Firestone Police Department Member Contributions to Statewide Defined Benefit PlanRESOLUTION NO. Jqj:S 9-
A RESOLUTION REGARDING FIRESTONE POLICE DEPARTMENT MEMBER
CONTRIBUTIONS TO THE STATEWIDE DEFINED BENEFIT PLAN
WHEREAS, Section 31-31-408(1.5), C.R.S., as amended, authorizes the Board of
Directors of the Fire and Police Pension Association ("the FPPA Board") to increase the member
contribution rate for pension benefits for participating public safety officers with respect to the
members of the Statewide Defined Benefit Plan ("the Plan"), as established pursuant to Section
31-3I 402, C.R.S., upon the meeting of certain conditions, and
WHEREAS, pursuant to FPPA Resolution No. 2014-05, the FPPA Board has directed an
election of the participating Employers in the plan be conducted with regard to an increase in the
member contribution rate for the Plan by an additional 4% of base salary, to be implemented by
an annual increase in the member contribution of/z% of base salary paid beginning in 2015.
The member contribution rate shall be increased by an additional''/z% of base salary paid in each
of the 7 following years, through 2022, until the cumulative increase in the member contribution
rate is 4% of base salary paid; and
WHEREAS, employees in the Firestone Police Department earn service credit towards
retirement and are thereby members of the Plan administered by FPPA; and
WHEREAS, members of the SWDB voted in favor of the proposal (68% approval); and
Firestone Police Department employees are in favor of this proposal, as 71% of voting mein bers
approved this proposal; and
WHEREAS, the Board of Trustees of the Town of Firestone is thereby eligible to vote in
the Employer election concerning the membership contribution rate, being conducted at the
direction of the FPPA Board.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO:
Section 1. The Board of Trustees of the Town of Firestone HEREBY VOTES IN
FAVOR of increasing the member contribution rate for the Statewide Defined Benefit Plan, by
an additional 4% of base salary paid.
The Town Clerk is directed to file an orignial or a certified copy of this resolution with
the Fire and Police Pension Association.
INTRODUCED, READ, and ADOPTED this � day of �, 2014.
ATTEST:
ina, Town Clerk
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