FPD-5.21 - Tax-Qualified Status of the Fire and Police Disability, Retirement and Death Benefit Plan

TAX-QUALIFIED STATUS OF THE FIRE AND POLICE DISABILITY, RETIREMENT AND DEATH BENEFIT PLAN

Binding City Policy

BCP-FPD-5.21

Section 1. The Council finds:

1. That the Fire and Police Disability, Retirement and Death Benefit Plan (Plan), which is codified as Chapter 5 of the Charter, is intended to constitute a tax-qualified pension plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (“Code”).

2. That the Code is amended periodically and such amendments often necessitate that pension plans be amended in order to retain their tax-qualified status.

3. That Section 5-403(c) of the Plan permits the Council to amend the Plan by ordinance to the extent necessary to comply with changes in the requirements for tax-qualified status under the Code.

4. That the amendments appearing in Exhibit “A” are intended to bring the Plan into compliance with the applicable requirements of the Code to allow the Plan to retain its tax-qualified status.

POLICY

NOW, THEREFORE, the Council directs:

A. The Fire and Police Disability, Retirement and Death Benefit Plan be and the same hereby is amended as described in the document attached hereto as Exhibit “A”.

B. This ordinance is binding City policy.

Link to Exhibit A  (PDF Document, 77 kb)

HISTORY

Ordinance No. 186040, passed by City Council May 22, 2013 and effective June 21, 2013.