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Council hears pension plan proposal; legal counsel sees no structural IRS barrier but costs and estimates drew questions
Summary
The council heard from AmRett and external counsel about a proposed supplemental pension plan. Morris, Manning & Martin counsel said he saw no legal impediment to IRS approval, but councilmembers pressed vendors for clearer cost estimates and questioned inconsistent figures on the one-page summary.
Town staff introduced representatives from AmRett and Morris, Manning & Martin to answer council questions about a proposed supplemental pension plan.
Ed Emerson, partner at Morris, Manning & Martin, said he provided legal-fee estimates for creating a plan document, seeking an IRS determination letter, reviewing vendor and trust agreements, drafting committee bylaws and providing ongoing counsel. Emerson told the council his legal estimate range to create and process the plan was $40,000–$60,000,…
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