AGENDA MEMORANDUM

Meeting Date:              March 9, 2009

From:                           Edward F. Smyth, Jr., Deputy City Manager

Subject:                       Ordinance amending the General Employees Pension Plan changing various sections of the plan to ensure compliance with federal regulations

Staff Recommendation:

Staff recommends approval of the proposed ordinance amending the General Employees Pension Plan.

Analysis:

These changes to the plan are at the request of the pension fund’s attorney, Scott Christiansen, to keep the plan in compliance with federal regulations.  These changes result in no actuarial impact.

Options:

1.  Adopt the ordinance as presented; or

2.  Such alternative action as the Commission may deem appropriate

Fiscal Impact: 

There is no fiscal impact resulting from these changes.

Submission Date and Time:    3/19/2009 11:44 AM____

Department: Administration Prepared by:  EF Smyth, DCM                      Attachments:         Yes____   No ______ Advertised:   ____Not Required ______ Dates:   _________________________ Attorney Review :       Yes___  No ____ _______________________________ Revised 6/10/04

Reviewed by: Dept. Head ________ Finance  Dept. __________________                                    Deputy C.M. ________EFS________                                          Submitted by: City Manager ___________________

Account No. _________________ Project No. ___________________ WF No. ______________________ Budget  ______________________ Available _____________________