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RESOLUTION: 2008-82
SUBJECT: City of Lakewood Employees Money Purchase Pension Plan and Trust Agreement.
ADDRESS: 480 South Allison Parkway, Lakewood, Colorado 80226
RECOMMENDATION: City Council to approve and adopt by resolution the seventh amendment to the City of Lakewood Employees Money Purchase Pension Plan and Trust Agreement.
FUNDING SOURCE: N/A
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The City of Lakewood Employees Money Purchase Pension Plan and Trust Agreement has been revised to transition the employees of the Lakewood Housing Authority from participating in the Lakewood Employees Plan to participating in a new qualified defined contribution plan sponsored by the Lakewood Housing Authority, to provide specific authority for the transition of the Lakewood Housing Authority employees and the transfer of the Lakewood Housing Authority employees' accounts in the Lakewood Employees Plan to the Lakewood Housing Authority Plan, effective as of December 14, 2008, and to incorporate certain required technical tax law changes contained in the final Treasury Regulations under Internal Revenue Code Section 415, effective as of January 1, 2008. The required tax law changes contained in the Amendment will not result in any additional funding obligations for the City, and will not impact the benefits of the participants in the Plan.
RESOLUTION ADOPTION DATE: December 8, 2008
ORIGINATED BY: Ken Milano, Director of Employee Relations
STAFF PERSON RESPONSIBLE: Ken Milano, Director of Employee Relations, 303-987-7701
DOCUMENTS ATTACHED: Resolution
2008-82
Redline Version
Exhibit "A" Final
Version
SUBMITTED BY:
Ken Milano, Director of Employee Relations
REVIEWED BY:
Joni Inman, Director, Mayor and City Manager's Office
Michael J. Rock, City Manager
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