TC Ord. No. 2015-01 Retirement BoardORDINANCE NO. 15 -01
SERIES OF 2015
AN ORDINANCE REGARDING RETIRMENT BOARD COMPOSITION AND
EMPLOYEE RETIREMENT PLANS
WHEREAS, the Town established three retirement plans for its employees in 1985,
including the Town of Avon Deferred Compensation Plan under Section 457 of the Internal
Revenue Code (the "457 Plan"), the Town of Avon Police Officers Money Purchase Pension
Plan ( "Police Plan") and the Town of Avon Public Employees Money Purchase Pension Plan
( "Public Employees Plan") (collectively, the "Plans "); and
WHEREAS, the Plans were established by certain resolutions, including Resolution
1985 -02, 1985- 04 and 1985 -21, and the Plans and their service providers have been modified
from time to time pursuant to Resolution, including Resolutions 1987 -22, 2008 -38 and 2008 -39;
and
WHEREAS, the Town has authority pursuant to Article XX of the Colorado
Constitution and its Home Rule Charter to adopt retirement programs for its employees and to
provide for the governance of those programs as it determines is appropriate; and
WHEREAS, the Town has established two governing boards to act as fiduciaries for, to
make decisions regarding and to otherwise administer the Police Plan and the Employees Plan,
which boards are selected and composed as follows:
The Police Plan Retirement Board is composed of the Town's Finance Director or
designee, an appointee of the Town Manager (who is currently the Town's Finance Manager),
and three sworn officers elected by the sworn officers of the Town's Police Department, which
elected positions serve staggered three (3) year terms; and
The Public Employees Plan Retirement Board is composed of the Town's Finance
Director or designee, an appointee of the Town Manager (who is currently the Town's Finance
Manager), and three full time employees who are eligible to participate in the Employees Plan
who are elected by the Town's non -sworn employees, which elected positions serve staggered
three (3) year terms; and
WHEREAS, the Town has delegated authority to its Finance Director to act as fiduciary
of and to oversee and administer the 457 Plan; and
WHEREAS, due to changes in services that were announced by the former administrator
of the Police Plan and the Public Employees Plan, and because the Police Plan and the Public
Employees Plan needed to be updated to comply with existing statutes and regulations, the
Police Plan Retirement Board and the Public Employees Plan Retirement Board issued requests
for proposals and selected new service providers for the Police Plan and the Public Employees
Plan in 2014; and
Ordinance 15 -01 Retirement Board and Employee Retirement Plans - FINAL
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WHEREAS, the Town Council finds that it is appropriate to confirm the authority of the
Police Retirement Plan Board and the Public Employees Retirement Plan Board to act for the
benefit of the Town's employees in providing and overseeing the Police Plan and the Public
Employees Plan, and to ratify the most recent decisions of the Police Plan Retirement Board and
Public Employees Plan Retirement Board, which the Town Council finds will promote the
health, safety and general welfare of the Avon community and the employees of the Town; and,
WHEREAS, approval of this Ordinance on first reading is intended only to confirm that
the Town Council desires to comply with the requirement of Section 6.5(d) of the Avon Home
Rule Charter by setting a public hearing in order to provide the public an opportunity to present
testimony and evidence and that approval of this Ordinance on first reading does not constitute a
representation that the Town Council, or any member of the Town Council, has determined to
take final action on this Ordinance prior to concluding the public hearing on second reading.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO the following:
Section 1. Recitals Incorporated. The above and foregoing recitals are incorporated herein
by reference and adopted as findings and determinations of the Town Council.
Section 2. Actions Approved.
The current composition, structure, election process and authority of the Public
Employees Plan Retirement Board and Police Plan Retirement Board, as more fully set forth
above, are hereby formally adopted by this Ordinance.
The prior decisions of the Public Employees Plan Retirement Board and Police
Plan Retirement Board, including their 2014 decisions to retain service providers and fiduciary
advisors pursuant to a competitive bidding process as more fully reflected in the minutes of the
meetings of the Public Employees Plan Retirement Board and Police Plan Retirement Board, and
the adoption of new plan documents and related agreements effective January 1, 2014 as more
fully reflected in the minutes of the meetings of the Public Employees Plan Retirement Board
and Police Plan Retirement Board, are hereby ratified.
The Finance Director shall continue to act as fiduciary of and administrator for
the Town's 457 Plan.
Section 3. Severability. If any provision of this Ordinance, or the application of such
provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall
not affect other provisions or applications of this Ordinance which can be given effect without
the invalid provision or application, and to this end the provisions of this Ordinance are declared
to be severable. The Town Council hereby declares that it would have passed this Ordinance and
each provision thereof, even though any one of the provisions might be declared unconstitutional
or invalid. As used in this Section, the term "provision" means and includes any part, division,
subdivision, section, subsection, sentence, clause or phrase; the term "application" means and
Ordinance 15 -01 Retirement Board and Employee Retirement Plans - FINAL
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includes an application of an ordinance or any part thereof, whether considered or construed
alone or together with another ordinance or ordinances, or part thereof, of the Town.
Section 4. Effective Date. This Ordinance shall take effect thirty days after the date of final
passage in accordance with Section 6.4 of the Avon Home Rule Charter.
Section 5. Safety Clause. The Town Council hereby finds, determines and declares that this
Ordinance is promulgated under the general police power of the Town of Avon, that it is
promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary
for the preservation of health and safety and for the protection of public convenience and
welfare. The Town Council further deterimines that the Ordinance bears a rational relation to the
proper legislative object sought to be obtained.
Section 6. Publication by Posting. The Town Clerk is ordered to publish this Ordinance by
posting notice of adoption of this Ordinance on final reading by title only at the Avon Town
Hall, Avon Recreation Center and Avon Library, which notice shall contain a statement that a
copy of the Ordinance in full is available for public inspection in the office of the Town Clerk
during nonnal business hours and is available on the Town of Avon website.
INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED
AND REFERRED TO PUBLIC HEARING and setting such public hearing for March 10,
2015 at the Council Chambers of the Avon Municipal Building, located at One Lake Street, Avon,
Colorado, on February 24, 2015.
JerkiTe Fancher, Mayor
Published by posting at the Avon Town Hall, Avon Recreation Center and Avon Library at least
six days prior to final action by the Town Council.
ATTEST:
i
Debbie Hoppe, TOM Clerk
INTRODUCED, FINALLY APPROVED, AND PASSED ON SECOND READING, AND
ORDERED PUBLISHED BY POSTING oVMarch 10, 2015.
Je ie Fancher, Mayor
Published by posting at the Avon Town Hall, A n Recreation Center and Avon Library.
ATTEST: APPP'0V' S TO F
Debbie Hoppe, Town Clerk Eric J. eil, own Attorney
Ordinance 15 -01 Retirement Board and Employee Retirement Plans - FINAL
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