Agenda Item # 12.b.
City Commission Regular Meeting - 6:00 pm
- Meeting Date:
- 09/08/2020
- Re
- 20-020 PORF
- Submitted For:
- Linda Cox
SUBJECT:
Legislative Hearing - Ordinance 20-020 Amending Chapter 2, Police Officers Retirement/Pension Funds making appropriate changes to the Plan in order to maintain the Plan's tax qualified status. FIRST READING
SUMMARY:
The ordinance was prepared by the Fund's attorney. Changes include the adoption of administrative policies by the Board to maintain compliance with the Internal Revenue Code (IRC) and increasing the minimum distribution age from 70 ½ to 72, provided the member had not attained 70 ½ by December 31, 2019, in compliance with IRC Section 401(a)(9), Minimum Distribution Requirement.
RECOMMENDATION:
Adopt Ordinance 20-020.
ALTERNATIVES:
Adopt with changes.
RESPONSIBLE STAFF:
Law firm of Klausner, Daufman, Jensen & Levinson
COORDINATED WITH:
Linda W. Cox, City Clerk
Peter J. Sweeney, City Attorney
Peter J. Sweeney, City Attorney
Fiscal Impact
OTHER INFORMATION:
No fiscal impact.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| City Manager | Nick Mimms | 08/30/2020 11:50 AM |
- Form Started By:
- Linda Cox
- Started On:
- 08/26/2020 08:40 AM
- Final Approval Date:
- 08/30/2020