Description: AGENDAHED.JPG

Item No:††††††† ††††††††††† 5E.

 

Meeting Date:†††††††††† July 22, 2013

 

From:††††††††††††††††††††††††† Raymond S. Sharp, Interim City Manager

 

Subject:††††††††††††††††††††† Ordinance amending Section 1, Section 4 and Section 14 of the City of Leesburg Retirement Plan for General Employees

 

 


Staff Recommendation:

Staff recommends approval of the ordinance amending Section 1, Section 4 and Section 14 of the City of Leesburg Retirement Plan for General Employees

 

Analysis:

The attached ordinance amends Section 1 Definitions (Credited Service), Section 4 Finances and Fund Management, and Section 14 Maximum Pension.These amendments are made to comply with recent changes to the Internal Revenue Code (IRC) relating to tax qualified pension plans such as this plan.These amendments clarify language required by the IRC and are mandatory amendments that must be made by September 30, 2013 to ensure the continuation of the planís tax qualified status.

 

These changes have been recommended by the Board of Trustees.†† The actuary for the Plan, Foster & Foster, Inc. has reviewed the proposed ordinance and determined that there is no cost associated with its adoption.

 

Options:

1.Approve the Ordinance amending the City of Leesburg Retirement Plan for General Employees; or

2.Such alternative action as the Commission may deem appropriate

 

Fiscal Impact:

Approval of this Ordinance will have no fiscal impact on the City of Leesburg.

 

Submission Date and Time:††† 7/17/2013 3:15 PM____

 

Department: __Administration_________

Prepared by:__Ray Sharp____________†††††††††††††††††††††

Attachments:†††††††† Yes_X___†† No ______

Advertised:†† ____Not Required ______†††††††††††† †††††††††

Dates:†† __________________________†††††††††††††††††††††

Attorney Review :†††††† Yes___No ____

††††††††††††††††††††††††††††††††††††††††††††††††

_________________________________†††††††††††

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

FinanceDept. _BLM,____________†††††††††††††††††††††††††††††††††††

††††††††††††††††††††††††††††

Deputy C.M. ___________________††††††††††††††††††††††††††††††††††††††††† †††††††††††††††††††††††††††††

Submitted by:

City Manager ___________________

 

Account No. __N/A____________

 

Project No. ___________________

 

WF No. ______________________

 

Budget______________________

 

Available _____________________