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Home My WebLink About09517RESOLUTION NO. 9517 A RESOLUTION APPROVING AN AGREEMENT BETWEEN FRANK P. NEMICK, JR. AND THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, CONCERNING PARTICIPATION IN THE OLD -HIRE DEFERRED RETIREMENT OPTION PLAN BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The Agreement between Frank P. Nemick, Jr. ( "Employee ") and the City of Pueblo, a Municipal Corporation dated February 11, 2002 (the "Agreement ") concerning the Employee's participation in an old -hire deferred retirement option plan and resignation from employment, a true copy of which is attached hereto, having been approved as to form by the City Attorney, is hereby approved, subject to appropriation required therefore, if any, in fiscal years beyond the date of adoption of this Resolution. SECTION 2. The President of the City Council is hereby authorized to execute the Agreement on behalf of Pueblo, a Municipal Corporation, and the City Clerk shall affix the Seat of the City thereto and attest same. INTRODUCED: February 11, 2002 Al Gur COUNCIL PE ON APPROVED: - 1 ,ff, PRESIDENT OF CITY COUNCIL al NOW �� . Or Background Paper for Proposed RESOLUTION AGENDA ITEM # DATE: FEBRUARY 11, 2002 DEPARTMENT: FIRE PENSION FUND BOARD OF TRUSTEES ED BROWN, CHAIRMAN TITLE A RESOLUTION APPROVING AN AGREEMENT BETWEEN FRANK P. NEMICK, JR. AND THE CITY OF PUEBLO, A MUNICIPAL CORPORATION CONCERNING PARTICIPATION IN THE OLD -HIRE DEFERRED RETIREMENT OPTION PLAN ISSUE Should the City Council enter into an Agreement with Frank P. Nemick, Jr. concerning participation in the Old Hire Deferred Retirement Option Plan (DROP) per City Ordinance Numbers 6586 and 6740? RECOMMENDATION The Fire Pension Board of Trustees met on January 17, 2002 and reviewed the eligibility of Mr. Nemick and found that Mr. Nemick is eligible to participate in the DROP Program. BACKGROUND Each eligible member is requesting an agreement between himself and the City of Pueblo in accordance with the DROP Program, which became effective in December, 2001. FINANCIAL IMPACT According to the Plan's Actuary, selected by the State Fire and Police Pension Association, the actuarial soundness of the pension plan should be maintained.