HomeMy WebLinkAboutMINUTES Joint Public Safety Committee & Policemen's Pension Board 1986-03-030°
RECORD OF PROCEEDINGS
Joint Public Safety Committee/Policemen’s Pension Board
March 3,1986
Committee:Chairman Laing,Trustees Aldrich and Graves
Attending:Chairman Laing,Trustee Graves
Board:Mayor Dannels,Treasurer Graves,Police
Lieutenant Elste,Clerk O’Connor
Also Attending:Town Administrator Hill,Town Attorney White,
Police Chief Ault,Finance Officer Vavra,
Officer Ballew,David Parker/ICMA
Absent:Mayor Dannels,Trustee Aldrich
POLICE PENSION FUND -REVIEW OF PROPOSAL SUBMITTED BY INTERNA
TIONAL CITY MANAGEMENT ASSOCIATION (ICMA):
The Police Pension Fund,a “defined benefit plan”,is currently
operated under the direction of the Town of Estes Park Police
Pension Board.Upon retirement,an officer would receive a
defined monthly payment.Town Attorney White advised he,along
with David Parker/ICMA,had been negotiating on an ICMA Proposal
for presentation to the Board and Committee.Mr.Parker outlined
the ICMA organization advising:ICMA is a non-profit
organization with tax-exempt status;ICMA provides public
employees with retirement services,2,300 public employers are
presently utilizing their services which represents 53,000 public
employees and $525 Million in trust funds.The ICMA proposal
offered a “money purchase plan”whereby a certain amount of
dollars would be deposited and ICMA would then invest the funds.
Under the new Plan,each individual officer would have their own
account which would earn interest;should the officer terminate
his employment with the Town,he would receive all the funds in
his account,depending upon the vesting schedule at final plan
adoption.All employees hired prior to April 1,1978 would have
the option of remaining on the current plan or converting to the
ICMA Plan;however,a unanimous vote to remain with the old plan
or converting to the ICMA must be cast by those employees
affected;all employees hired after April 1,1978 have no option.
The ICMA Plan requires a “vesting schedule”to determine years of
service for each employee;the schedule would be provided by the
Town.Should an employee terminate prior to becoming fully
vested,the law requires the Town’s funds to be deposited into a
“forfeiture account”for five consecutive years.Following five
years,the funds would be deposited into the Town’s account.
ICMA guarantees,by use of a contract,a deposit period,rate and
term.The Town is required to contribute 5%;the Town’s
contribution and employee’s contribution could be increased not
to exceed 25%or $30,000/calendar year.Following a question and
answer period,Member Elste moved to proceed with conversion of
the existing plan to the ICMA Plan;authorizing Finance Officer
Vavra to transfer funds,following approval of a Resolution by
the Board of Trustees,to ICMA prior to March 31,1986.Member
Graves seconded the motion and it passed unanimously.Mr.Parker
advised ICMA will sponsor a meeting with Police Department
employees,informing all of the conversion and how each person
will be affected.
There being no further business,the meeting adjourned.
c
Vickie O’Connor,Secretary
MIR111986
ESILS P1RK
BUAR c;2