Item No:††††††† ††††††††††† 5B.
Meeting Date:†††††††††† August 12, 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 recommends approval of the ordinance amending Section 1, Section 4 and Section 14 of the City of Leesburg Retirement Plan for General Employees
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.
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
Approval of this Ordinance will have no fiscal impact on the City of Leesburg.
Prepared by:† __Ray Sharp____________†††††††††††††††††††††
Attachments:†††††††† Yes_X___†† No ______
Advertised:†† ____Not Required ______†††††††††† †††††††††††
Attorney Review :†††††† Yes___† No ____
Reviewed by: Dept. Head ________
Finance† Dept. _BLM,____________††††††††††††††††††††††††††††††††††† †
Deputy C.M. ___________________††††††††††††††††††††††††††††††††††††††††† †††††††††††††††††††††††††††††††
City Manager ___________________
Account No. __N/A____________
Project No. ___________________
WF No. ______________________