HomeMy WebLinkAbout09626RESOLUTION NO. 9626
A RESOLUTION APPROVING AN AGREEMENT
BETWEEN EDWARD T. BROWN 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 Edward T. Brown ( "Employee ") and the City of
Pueblo, a Municipal Corporation dated June 24, 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 Seal of the City thereto and attest same.
INTRODUCED: June 24, 2002
BY: Al Guru 1 e
COUNCIL PE ON
APPROVED:
PRESIDENT OF CITY COUNCIL
ATTESTED BY:
CITY LERK
Background Paper for Proposed
RESOLUTION
AGENDA ITEM # A
DATE: JUNE 24, 2002
DEPARTMENT: FIRE PENSION FUND BOARD OF TRUSTEES
ED BROWN, CHAIRMAN
TITLE
A RESOLUTION APPROVING AN AGREEMENT BETWEEN EDWARD T.
BROWN 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 Edward T. Brown
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. Brown and found that Mr. Brown is eligible to participate in the
DROP Program.
BACKGROUND
Each eligible member must have 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.