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File #: 18-1248    Version: 1
Type: Bill Status: Passed
File created: 10/23/2018 In control: Finance & Governance Committee
On agenda: 11/19/2018 Final action: 11/19/2018
Title: A bill for an ordinance amending the 1963 Retirement Plan with regard to establishment and management of trust fund, retirement board, contributions; payroll deductions, retirement categories, retirement benefits, joint and survivor benefits, monthly payment of benefits, denial of benefits; hearing procedures, and anti-alienation provision. Amends Chapter 18 of the Denver Revised Municipal Code (DRMC) pertaining to the Denver Employees Retirement Plan (DERP) by increasing employee and employer contributions, specifying that benefit payments shall be issued on the first business day of the month, removing and clarifying obsolete language, and by allowing the retirement board to delegate the selection of trustees, custodians and investment managers to other fiduciaries. The Committee approved filing this item at its meeting on 10-30-18.
Indexes: Jonathan Griffin
Attachments: 1. BR18 1248 DOF & DERP Draft Language, 2. BR18 1248 DOF & DERP Ord Change 2018, 3. CityCouncilPrestn2018, 4. 18-1248 Filed Bill_DERP.pdf, 5. 18-1248 Filed Bill_DERP.pdf, 6. 18-1248 - signed, 7. 18-1248 Filed for an ordinance amending the 1963 retirement plan with regard to establishment and mngmt trust fund
Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)

Date Submitted: 10-23-18

Requesting Agency: Finance & Denver Employee Retirement Plan
Division:

Subject Matter Experts: Stephanie Adams & Steve Hutt
Email Address: Stephanie.Adams@denvergov.org & 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 establishment and management of trust fund, retirement board, contributions; payroll deductions, retirement categories, retirement benefits, joint and survivor benefits, monthly payment of benefits, denial of benefits; hearing procedures, and anti-alienation provision.
Amends Chapter 18 of the Denver Revised Municipal Code (DRMC) pertaining to the Denver Employees Retirement Plan (DERP) by increasing employee and employer contributions, specifying that benefit payments shall be issued on the first business day of the month, removing and clarifying obsolete language, and by allowing the retirement board to delegate the selection of trustees, custodians and investment managers to other fiduciaries. The Committee approved filing this item at its meeting on 10-30-18.
body

Affected Council District(s) or 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 ("Plan" or "DERP") would result from the enactment of this bill.

1. Increase Employ...

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