ITEM TITLE:
Title
Consider approving an ordinance pertaining to Personnel Policies and Procedures, relating to Administration of the Retirement System, amending Section 17-3-4-354, Division 17-3-4, Article 17-3, Chapter 17, Lawton City Code 2015, by clarifying compliance with the Internal Revenue Service Employee Plans Compliance Resolution System, providing for severability and establishing an effective date.
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INITIATOR: Timothy Wilson, Deputy City Attorney
STAFF INFORMATION SOURCE: Timothy Wilson, Deputy City Attorney
BACKGROUND: The proposed ordinance was a recommendation from outside counsel with expertise in pension related matters. The ordinance clarifies interest or earnings rate calculated for correction of any operational failures shall comply with the provisions of the Internal Revenue Service Employee Plans Compliance Resolution System. This ordinance was presented to both the Employee Advisory Committee and the Pension Trust Commission.
EXHIBIT: Ordinance 24-
KEY ISSUES: N/A
FUNDING SOURCE: N/A
STAFF RECOMMENDED COUNCIL ACTION: Approve the ordinance, waive the reading of the ordinance and read the title only.