Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted: 09-05-17
Requesting Agency: Denver Employee Retirement Plan
Division:
* Name: Steven E. Hutt, Executive Director
* Phone: 303-839-5419
* Email: shutt@derp.org
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney's Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red "title" and "body" below. Do not at any time delete the red "title" or "body" markers from this template.
title
A bill for an ordinance amending the 1963 Retirement Plan with regard to definitions, retirement board, eligibility, contributions; payroll deductions, retirement categories, and retirement benefits.
Amends Chapter 18 of the Denver Revised Municipal Code (DRMC) pertaining to the Denver Employees Retirement Plan (DERP) by lowering the actuarially assumed rate of return, increasing employer contributions, aligning the language in the DRMC with DERP plan practices and removing obsolete DRMC language. The Committee approved filing this bill at its meeting on 9-12-17.
body
Affected Council District(s) or citywide? Citywide
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
The following modifications to the Denver Employees Retirement Plan would result from the enactment of this bill:
1. Lower the actuarially assumed rate of return to 7.50% from 7.75%.
Current Ordinance language sets the interest rate to be used for the actuarial assumption of investment return at 7.75%. The assumed rate is the rate of investment return (including inflation) that the Plan is expected to earn over the long term. In light of work d...
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