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10/4/83 Page -3- <br /> Attorney Rautenstraus Gave a brief history crf the Policemen's <br /> Pension fund by stating that originally <br /> the fund was funded totally with contributions <br /> from the State of Colorado. The fund was <br /> controlled by the City; but based on funds <br /> from the State. In 1978 the law was altered <br /> and funding ceased from the State; however <br /> the State did exempt municipalities from a <br /> pension plan if they did have Social Security <br /> and the City has maintained Social Security <br /> throughout the entire time period. The <br /> police officers did have an opportunity to <br /> join in a new pension plan if they desired. <br /> However, it was required that the officers <br /> would contribute and the City would match <br /> that contribution. The officers decided <br /> at that time that they did not want to become <br /> part of the pension plan consequently this was <br /> not undertaken. Under the current law, there <br /> is no funding standards for the Cities at this <br /> time and they are still exempt if the <br /> ployees are covered under Social Security. <br /> In answer to Mr. Wilson' s question of vested <br /> rights, Attorney Rautenstraus advised that there <br /> could be no doubt that Mr. Wilson has received <br /> the benefits over an extended period of time. <br /> Normally the definition of invested rights <br /> involves a contribution on the part of the <br /> employee. In this case the fund was based <br /> totally on contributions from the State, and <br /> neither the City nflr any of the police employees <br /> have contributed. So the basic principal of <br /> the law was that that is not what is classi- <br /> fied as legal vested rights. <br /> Councilwoman Morris Inquired in the public hearing this evening <br /> on the budget was this item specifically <br /> effecting the budget process. Administrator <br /> Wurl advised that it was and if Council wished <br /> to consider Mr. Wilson's request it possibly <br /> should be done during the discussion of the <br /> budget hearing. <br /> Administrator Wurl advised that for some time <br /> Arlo Wilson was the only person receiving the <br /> pension, and the interest on the balance in <br /> the fund paid his pension plus saved-a .few <br /> dollars. Later Gene Barday became disabled <br /> and the allocation to him was approximately <br /> twice the amount Mr. Wilson received. In <br /> the time frame that the City no longer re- <br />