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FPD-5.22 - 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-5.22


 

PURPOSE

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.

Section 2. The 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 Council.

Link to Exhibit A  (PDF Document, 407 kb)

 


HISTORY

Emergency Ordinance No. 186926, passed by City Council and effective December 11, 2014.