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County committee considers technical amendments to 2011 hybrid pension plan to align with IRS and new vendor
Summary
County finance staff explained technical changes to the 2011 hybrid pension plan required to comply with the Internal Revenue Code and to align plan provisions with the new vendor, Empower. The pension board reviewed and recommended the changes; no committee vote was recorded on July 8.
New Castle County finance staff brought Ordinance 25-082 to the Administrative Finance Committee on July 8 to amend Chapter 26 of the New Castle County Code concerning the county’s 2011 pension plan. The amendments are technical and intended to reconcile plan provisions with the Internal Revenue Code and with the plan administration practices of the county’s new vendor,…
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