Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted: 11-22-21
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 amending the 1963 Retirement Plan with regard to contributions and payroll deductions.
Amends Article XII of Chapter 18 of the Denver Revised Municipal Code to reflect the actuarially determined employer and employee contribution rates to the Denver Employees Retirement Plan for 2022. The Committee approved filing this item at its meeting on 11-30-21.
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 ("DERP") would result from the enactment of this bill:
1. Increase Employer Contributions.
Language regarding the percentage of gross salary the employers will be required to contribute to DERP would be increased from 15.75% to 16.75%.
2. Decrease Employee Contributions
Language regarding the percentage of gross salary the employees will be required to contribute to DERP would be decreased from 9.25% to 8.85%.
These changes, which result in a total increase in the required contribution rate of 0.6 percentage points, are being made in order to maintain the Plan on a sound actua...
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