Council approves first reading to update city retirement plans to add Secure 2.0 options
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Summary
On first reading, council approved updates to the municipal employees’ retirement plans to add Secure 2.0 options including qualified disaster distributions, emergency expense withdrawals, penalty‑free domestic abuse withdrawals, qualified birth/adoption distributions and in‑service distributions at age 59.
PUNTA GORDA, Fla. — The council approved a first reading Wednesday to amend the City of Punta Gorda municipal retirement plans to include options made available under the federal Secure 2.0 legislation.
Jeff Payne, the city’s human resources manager, told the council the changes adopt plan provisions that permit qualified federally declared disaster relief distributions, emergency expense withdrawals up to $1,000, penalty‑free withdrawals for victims of domestic abuse, qualified birth and adoption distributions, and the ability for employees to take in‑service distributions after age 59. Payne noted the items stem from federal law changes.
Nut graf: The ordinance’s amendments reflect recent federal retirement law changes that expand withdrawal and distribution options for plan participants; the council approved first reading and will consider final adoption at the second reading.
No substantive public comment was offered on the item. The measure passed first reading by voice vote.