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Commission approves application to seek IRS determination for modified preapproved plan
Summary
Commission authorized filing for IRS approval for a modified, non‑standard preapproved plan (GMABs 2 plan) after staff said the plan is not a standardized plan and IRS determination is required; motion carried in a recorded roll-call.
The Augusta Commission voted to authorize staff to file an application with the Internal Revenue Service seeking determination for adopters of a modified, non‑standard preapproved retirement plan.
Interim Director Sherrer told the body that the GMABs 2 plan is not a standardized plan following recent changes and that IRS approval was required. The agenda language described the item as “authorize application for determination for adopters of the modified non standardized preapproved plan.”
A motion to authorize the application was made and seconded; the clerk conducted a roll-call vote with recorded affirmative votes from Mr. Schrayer, Mayor Garnet L. Johnson and Miss Allen. The chair declared the motion carried. The motion text in the minutes directs staff to proceed with the IRS filing; no amendments to plan documents were adopted during the meeting.
Attorney or staff comments stated the application is intended to secure IRS approval for the modified plan structure so local adopters may rely on the determination. The commission did not change any participant benefits on the floor; the action authorizes the administrative step of filing the application.
