Earlier this month I received a communication from Mr. Scott Christiansen from Christiansen and Dehner, P.A. whom serves as legal counsel to the Firefighters’ Retirement System Board of Trustees. The purpose of the communication is to request that City Council consider adopting an ordinance that would effectuate some revisions and changes to the pension ordinance. The changes have been approved by the Firefighters’ Board of Trustees and they are as follows:
1. Section 17-41, Benefit Amounts and Eligibility, Section 17-42 Pre-Retirement Death, Section 17-45, Optional forms of Benefits, and Section 17-50-1, Minimum Distribution of Benefits are all being amended to provide for recent changes to the Internal Revenue Code changing the required distribution from 701/2 to age 72.
2. Section 17-42, Pre-Retirement Death, is also being amended to clarify numbering throughout the section for consistency and accurate references.
The proposed changes have been reviewed by the Plan’s actuary and it has been determined that the changes will have no impact on the assumptions used in determining the funding requirements of the program.