TAX-QUALIFIED STATUS OF THE FIRE AND POLICE DISABILITY, RETIREMENT AND DEATH BENEFIT PLAN
Binding City Policy
BCP-FPD-5.26
PURPOSE
Section 1. The Council finds:
1. On October 4, 2012, in order to comply with changes in the requirements for tax-qualified status under Section 401(a) of the Internal Revenue Code, the City Council amended, through Ordinance No. 185666, the City of Portland’s Fire and Police Disability, Retirement and Death Benefit Plan (Plan) as set out in Chapter 5 of the City Charter.
2. Article II, Actuarial Assumptions, Sections 1.1 and 1.2 of the Ordinance No. 185666 state that the Plan’s interest rate and mortality assumptions comply with Government Accounting Standard Board (GASB) Statements No. 25 and 27. GASB superseded these statements with GASB Statements 67 & 68 in 2012.
3. The Plan’s interest rate and mortality assumptions now comply with GASB Statements No. 67 and 68.
4. This is strictly a procedural amendment to bring the Charter into compliance with the new GASB statements. It will have no impact on how FPDR administers the Plan or on the benefits members and surviving spouses receive.
5. The Council is authorized to change the Charter per Charter Section 5-403 (c).
POLICY
NOW, THEREFORE, the Council directs:
A. The Fire and Police Disability, Retirement and Death Benefit Plan, Ordinance No. 185666 Article II, Actuarial Assumptions, Sections 1, hereby is amended as described in the document attached hereto as Exhibit “A”.
Section 2. The City Council declares that an emergency exists in order that the amendments described in Section 1 hereof may be implemented without undue delay; therefore, this ordinance shall be in full force and effect from and after its passage by the City Council.
Link to Exhibit A (PDF Document, 345 kb)
HISTORY
Emergency Ordinance No. 188054, passed by City Council and effective October 26, 2016.