Earlier this month I received a communication from Mr. Scott Christiansen of Christiansen and Dehner, P.A. who serves as legal counsel to the Firefighters’ Retirement System Board of Trustees. The purpose of the communication was to transmit a recommendation from the Board of Trustees relating to certain changes and revisions to the pension ordinance for your consideration. The proposed changes are as follows:
1. Section 17-36, Definitions, is being amended to add language to the definition of Salary to clarify the determination period for maximum annual compensation for Members who leave the employment of the city and have completed less than 12 months of service within a fiscal year. The change is supported by the Internal Revenue Code and its associated Treasury Regulations.
2. Section 17-39, Finances and Fund Management is being amended to provide language relating to Board discretion seeking recovery of inadvertent overpayments from the Fund, as permitted by recently adopted Secure Act 2.0.
3. Section 17-42, Pre-Retirement Death, and Section 17-50-1, Minimum Distribution of Benefits are being amended to reflect recent changes to the Internal Revenue Code (IRC) in the Secure Act 2.0, changing the required distribution date from age 72 to the applicable age provided for in the IRC as amended from time to time.