AGENDA MEMORANDUM

 

 

Meeting Date:           June 26, 2006

 

From:                          Bob Brown, Chairman General Employees Retirement Board                                   

 

Subject:                      Ordinance amending the “Retirement Plan for The General Employees for The City of Leesburg”

 

 

Staff Recommendation:

The General Employees Retirement Board recommends adoption of the amended plan as presented.

 

Analysis:

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.   

 

Options:

1.  Adopt the Ordinance as presented; or

2.  Such alternative action as the Commission may deem appropriate

 

 

Fiscal Impact

There is no direct fiscal impact to the City caused by adoption of this Ordinance.

 

Submission Date and Time:    7/21/2006 4:26 PM7/7/2006 3:39 PM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                      

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __________________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ________RS___________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________