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Executive committee seeks Ice Miller guidance on LEFT‑1 tax risks and options
Summary
Members asked staff to obtain written analysis and to schedule Ice Miller to appear before the Select Committee on Pension Policy executive committee to clarify IRS implications and options for LEFT‑1, including overfunding management, merger and termination proposals.
At a meeting of the Select Committee on Pension Policy executive committee, members pressed staff to secure written analysis from and a public appearance by the law firm Ice Miller to clarify Internal Revenue Service (IRS) implications for proposed changes to the LEFT‑1 pension plan. The committee discussed options that have circulated — a termination/restatement approach, a merger with another plan, and other approaches to manage overfunding — and sought outside counsel help to resolve tax questions before the 2026 short legislative session.
The request came after committee staff and…
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