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Title:
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Second Reading of Ordinance 573 - Police Officers' Retirement Plan
Summary:
The amendment proposed by this ordinance provides that the Town of Belleair may fund the pension plan annually in an amount that is actuarially equivalent to the required contributions shown by the applicable actuarial valuation. The proposed ordinance also incorporates recently enacted amendments to the Internal Revenue Code to satisfy the qualification requirements applicable by providing a mandatory distribution age for Trust Fund benefits paid to its participants and beneficiaries. Passed by the Town Commission on first reading at the May 14, 2024 regular meeting.
Financial Implications:
A letter of no impact has been received from Foster and Foster and is included in the agenda packet.
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