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Board reviews proposed ordinance for in‑service distributions and new state divestment requirement
Summary
Trust counsel updated trustees on a draft ordinance to allow in‑service distributions when members are eligible for unreduced retirement and on a new Florida law requiring divestment from companies that boycott Israel.
Trust counsel provided two legal updates at the Sept. 25 meeting: a draft ordinance to permit in‑service distributions and a memo on a new state law requiring divestment from companies that boycott Israel.
Attorney Kaufman told trustees the proposed ordinance would allow members who become eligible for an unreduced normal retirement — including those leaving DROP — to begin receiving an in‑service…
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