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File #: 21-0691    Version: 1
Type: Bill Status: Passed
File created: 6/10/2021 In control: Finance & Governance Committee
On agenda: 7/19/2021 Final action: 7/19/2021
Title: A bill for an ordinance modifying Article XII (Retirement) of chapter 18 of the Denver Revised Municipal Code to amend the 1963 Retirement Plan with regard to the Deferred Retirement Option Plan and amended Deferred Retirement Option Plan. Amends Article XII of chapter 18 of the Denver Revised Municipal Code to amend the 1963 Retirement Plan with regard to the Deferred Retirement Option Plan and amended Deferred Retirement Option Plan. The Committee approved filing this item at its meeting on 6-29-21.
Indexes: Zach Rothmier
Attachments: 1. BR21 0691 DOF & DERP DROP interest Request, 2. BR21 0691 DOF & DERP DROP interest Draft Bill, 3. BR21 0691 DOF & DERP DROP interest Summary, 4. DERP_Presentation_DRMC changes DROP and 401a17, 5. 21-0691 Filed Bill_D.R.M.C. to Amend the 1963 Retirement Plan with D.R.O.P_0702201_RAM, 6. 21-0691 Filed Bill_D.R.M.C. to Amend the 1963 Retirement Plan with D.R.O.P_0702201_RAM, 7. 21-0691 - signed, 8. CB21-0691 For an ordinance modifying Article XII (Retirement) of chapter 18 of the Denver
Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)

Date Submitted: 6-10-21

Requesting Agency: Finance and DERP
Division:

Subject Matter Expert Name: Heather K. Darlington
Email Address: heather.darlington@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 modifying Article XII (Retirement) of chapter 18 of the Denver Revised Municipal Code to amend the 1963 Retirement Plan with regard to the Deferred Retirement Option Plan and amended Deferred Retirement Option Plan.
Amends Article XII of chapter 18 of the Denver Revised Municipal Code to amend the 1963 Retirement Plan with regard to the Deferred Retirement Option Plan and amended Deferred Retirement Option Plan. The Committee approved filing this item at its meeting on 6-29-21.
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 ("Plan" or "DERP") would result from the enactment of this bill:

1) Interest rate credited to DROP accounts

Language would be added to Section 18-424 of the Revised Municipal Code of the City and County of Denver regarding the rate of interest credited to DROP accounts. Effective January 1, 2022, DROP accounts would be credited with interest at a rate set annually by the Retirement Board, with a minimum rate of one (1) percent, not to exceed three (3) perce...

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