The General Employees Retirement Board recommends adoption of the amended plan as presented.
The General Employees Retirement Board, upon advice of their duly appointed legal and investment consultants recommend the following amendments to the currently adopted “Retirement Plan For General Employees For The City of Leesburg”, with previous amendments:
Section 4.(amended in Section 2.) Finances and Fund Management: The change increases the maximum amount of total investment allowed in international investments from 10% to 15% which will enable us to take advantage of higher market returns while only minimally increasing risk.
The following amendments create no changes in benefits or costs for the employee or the City. The changes are house-keeping only and are necessary to comply with IRS requirements:
Section 1. Credited Service: Our members do not contribute so this does not apply.
Section 10. (amended in section 3.) Optional Forms of Benefits: Rewording with no change in benefit.
Section 15. Distribution of Benefits: Rewording with no change in benefit.
Section 22. subd. 3. Elimination of Mandatory Distributions: Our members do not contribute so this does not apply.
1. Adopt the Ordinance as presented; or
2. Such alternative action as the Commission may deem appropriate
There is no direct fiscal impact to the City caused by adoption of this Ordinance.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager ________RS___________
Account No. _________________
Project No. ___________________
WF No. ______________________