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RESOLUTION: 2008-23
SUBJECT: City of Lakewood City Manager's Employment Agreement.
ADDRESS: 480 South Allison Parkway, Lakewood, Colorado 80226
RECOMMENDATION: City Council approve and adopt by resolution the City of Lakewood City Manager's Second Amendment to Employment Agreement.
FUNDING SOURCE: N/A
SUMMARY AND BACKGROUND OF SUBJECT MATTER: Included in the comprehensive amendments to various City Pension and Deferred Compensation Plans is the City Manager Defined Benefit Pension Plan and Trust Agreement. The City Manager's Employment Agreement is also being amended to comply with changes to the Pension Plan as well as to clarify a number of items related to retirement benefits implementation and logistics. None of the changes increase the City Manager's current compensation or the City Manager's retirement compensation.
The changes to the Pension Plan and Employment Agreement include the following:
1. The Plan amendment incorporates the provisions of the Pension Protection
Act of 2006.
2. The Plan amendment provides that the Plan may be modified in the future by
the Plan Trustees only to comply with IRS regulations and to meet the requirements
of the Employment Agreement; however such changes shall not result in compensation
changes other than those already included in the Employment Agreement and the
Pension Plan.
3. Clarifies that the City Manager's retirement age is 61 (the Employment Agreement
had a typographical error of age 62, which was inconsistent with the language
in the Plan), and provides for a 90 day advance notice to be given by the City
Manager prior to his retirement.
4. Clarifies how final compensation is calculated under either retirement or
termination.
5. Clarifies how the original $300,000 rollover contribution made by the City
Manager to the Plan is administered in retirement, termination and death.
6. Provides clarification for the frequency of payment of retirement, disability
and survivor benefits, and for the payment for unused leave.
Items in the Pension Plan and Employment Agreement that are NOT changed:
1. The City Manager's compensation, benefits and severance.
2. The $150,000 contract termination penalty the City Manager must pay if he
resigns prior to retirement age.
3. The City Manager's residency requirements.
RESOLUTION ADOPTION DATE: January 14, 2008.
ORIGINATED BY: Ken Milano, Director of Employee Relations
STAFF PERSON RESPONSIBLE: Ken Milano, Director of Employee Relations, 303-987-7701
DOCUMENTS ATTACHED: Resolution
2008-23
Redline Version
Final Version
SUBMITTED BY:
Ken Milano, Director of Employee Relations
REVIEWED BY:
Joni Inman, Director, Mayor's and City Manager's Office
Michael J. Rock, City Manager
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