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Board approves restated employee retirement plan effective July 1, 2024, contingent on attorney review
Summary
Ripley’s Power and Light Board approved an IRS‑required restatement of its employee retirement plan, effective July 1, 2024, contingent on final review by pension attorney Frank Carney. The board authorized signatures and said it will return to amend any major changes recommended by counsel.
The Ripley Power and Light Power Board approved a restatement and amendment of its employee retirement plan, effective July 1, 2024, contingent on review by the board’s pension attorney.
Board members said the restatement is required to meet IRS rules and to consolidate plan provisions. The board approved the resolution and a separate signature page, and it directed final execution contingent on a legal review by pension attorney Frank Carney of Memphis. If Carney recommends substantial changes, the board said it will reconvene to adopt amendments.
The board heard that the basic structure of the plan dates to the early 1980s and that an actuarial report with contribution estimates accompanied the package. The superintendent said the actuary’s report provides estimates of contributions the plan would require.
The motion to adopt the restated plan was made by Alderman Thompson and seconded by Miss Austin. After discussion the board voted in favor; members recorded an affirmative voice vote and the motion carried. The board’s stated action: approve the plan for IRS purposes and authorize execution contingent on counsel’s final review; staff will return the document for amendment if counsel requires major changes.
The board also noted it had been provided actuarial information that will inform future contribution decisions but that the actuarial figures are estimates.
