Miscellaneous.
Denver Revised Municipal Code § 18-428
in effectSec. 18-428. - Miscellaneous.
(a) The board shall not incur any liability individually or on behalf of other individuals for any act or omission, made in good faith in relation to the DROP or funds of the DROP.
(b) The DROP established by this section is subject to approval by the Internal Revenue Service. The provisions of the Internal Revenue Code and regulations promulgated thereunder shall supersede any DROP provision if there is any inconsistency with the Internal Revenue Code or regulation.
(c) The plan year is the calendar year.
(d) The benefits payable from the DROP are subject to the applicable limitations on benefits imposed by the Internal Revenue Code section 415 which is incorporated herein by reference. Deposits to the DROP account are not considered contributions to a defined contribution plan subject to the limits of the Internal Revenue Code section 415(c).
(e) The DROP described in this section is enacted as a test for a period of three (3) years. Within thirty (30) days of the third anniversary of the effective date of the ordinance that adds this division to provide for the test of DROP, the board shall seek an analysis from its actuary as to the experience of the DROP for the preceding three years and report the results of the analysis to the mayor and city council along with a recommendation to continue the DROP, discontinue the DROP, or modify the DROP.
(Ord. No. 960-05, § 1, 12-19-05)
Source: City and County of Denver, Revised Municipal Code and Charter (Municode Library, library.municode.com)URL: https://library.municode.com/co/denver/codes/code_of_ordinances?nodeId=TITIIREMUCO_CH18EMOFPABE_ARTXIIRE_DIV3DEREOPPLMEDEEMREPL_S18-428MIFetched: 10/27/2026