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MCERA staff reports progress on historical benefit recalculations, requests IRS extension to July
Summary
Staff reported completion of a half dozen recalculations in January, about 50 outstanding and that MCERA has requested an Internal Revenue Service extension to July for the historical benefit project; staff said they expect the IRS to grant the extension.
MCERA staff provided an update on the historical benefit project at the Jan. 15, 2025 board meeting, reporting partial completion and an extension request to the Internal Revenue Service.
Doris (identified in the agenda and later in the meeting as the board’s labor negotiator for a separate item) briefed trustees that the packet included the current month’s report and that staff completed “the half dozen or so recalculations in January.” She said roughly 50 recalculations remained outstanding and that the original compliance completion date of Feb. 6 had been replaced by an extension request to the Internal Revenue Service seeking relief to July.
Doris said she expects the IRS will grant the extension and that staff plans to wrap up the work within the requested July timeframe. Trustees had no public comment on the item during the meeting.
Ending: The item was informational; staff will report back as the IRS responds to the extension request and as recalculations are completed.
