HomeMy WebLinkAbout2002-11-26 NEERB MINUTES•
NON-EMERGENCY PENSION BOARD MEETING
November 26, 2002
A telephone poll was done by the Recording Secretary of the Englewood Non-Emergency
Pension Board.
The IRS requires the plan document to be amended to comply with EGTRRA by
December 31, 2002. The Board was asked to consider amending the plan document to
comply.
Members:
Ayes:
Nays:
Unavailable:
The motion carried.
Carol Wescoat
Recording Secretary
Brandon Williams, Chairperson, Council Appointee
Gary Bowman, Council Appointee
Ernestine Campbell, Employee Representative
LeRoy Da Vault, Council Appointee
Frank Gryglewicz, Director of Financial Services
Brad Hagan, Employee Representative
John Moore, Council Member
Williams, Bowman, Da Vault, Gryglewicz, Hagan, Moore
None
Campbell
'
EGTRRA Amendments to
C ity of Englewood NonEmergency Retirement Plan and Tmst
1. Add the following to the end of Section 3-4-2-2.C.3.b., effective December 31 ,
2002 :
In the case of distributions with ammity starting dates on or after December
31 , 2002 , the mortality table used to adjust any benefit or limitation under
Code section 415(b)(2 )(B), (C) or (D) as set forth in Section 3-4-16-3 of the
Plan is the table prescribed b y Rev . Rul. 2001-62.
2. Add the following to the end of Section 3-4-2-2.I, effective January 1, 2002:
For purposes of calculating Compensation on or after January 1, 2002 , the
limitation under Code section 40l(a)(l 7) is increased to $200 ,000 , as adjusted .
3. Replace the second and third sentences of Section 3-4-16-3.A.6 ., with the
following , effective January 1, 2002:
For benefits paid after December 31 , 2001 , if the annual benefit of the
Participant commences before the Paiiicipant's age 62, the foregoing
limitation shall be reduced for each month by which benefits commence
before the month in which the Participant attains age 62. The annual benefit
limitation beginning prior to age 62 shall be determined as the lesser of the
equivalent annual benefit computed using the Plan's interest rate and mortality
table (or other tabular factor) equivalence for early retirement benefits, and the
equi valent annual benefit computed using a five percent interest rate and the
applicable mortality table as prescribed by Rev. Rul. 2001-62. Any decrease
in the adjusted defined benefit dollar limitation determined in accordance with
this provision shall not reflect any mortality decrement to the extent that
benefits will not be forfeited upon the death of the Participant.
4. Add the following to the end of the definition of "Eligible Rollover Distribution"
in Section 3-4-17-3-B.1, effective January 1, 2002 :
For distributions on or after January 1, 2002, a portion of distribution shall not
fail to be an eligible rollover distribution merely because the portion consists
of after-tax employee contributions which are not includible in gross income .
However, such portion may be paid only to an individual retirement account
or annuity described in section 408(a) or (b) of the Code, or to a qualified
defined contribution plan described in section 40l(a) or 403(a) of the Code
that agrees to separately account for amounts so transferred , including
separately accounting for the portion of such distribution which is includible
in gross income and the portion of such distribution which is not so includible .
5. Add the following to the end of the definition of "Eligible Retirement Plan" in
Section 3-4-17-3-B.2, effective January 1, 2002:
Effective January 1, 2002, an eligible retirement plan shall also mean an
ammity contract described in Code section 403(b) and an eligible plan under
Code section 457(b) which is maintained by a state, political subdivision of a
state, or agency or instrumentality of a state or political subdivision of a state
and which agrees to separately account for amounts transferred into such plan
from this Plan. The definition of eligible retirement plan shall also apply in
the case of a distribution to a surviving spouse, or to a spouse or former
spouse who is the alternate payee under a qualified domestic relation order, as
defined in Code section 414(p).
6. Replace the second paragraph of Section 3-4-7-8.M.6 with the following, effective
January 1, 2003:
Distributions shall be made in accordance with the requirements of regulations under
Code section 40l(a)(9), including minimum incidental death benefit requirements of
those regulations.
Non-Emergency Pension Board Meeting
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