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Olivette pension board approves 4-month lookback for one optional payment form
Summary
The board voted to amend the pension plan to change a two-month IRS interest-rate lookback used in one optional payment calculation to four months, with a 12-month grandfathering period for the existing two-month rule.
The Olivette City pension board approved an amendment to the plan’s administrative provisions to change the interest-rate lookback used in one optional payment form from two months to four months and to grandfather the two-month lookback for 12 months after approval.
AJ Stoll of Econ Benefits explained the issue: under current plan language the optional-form calculation uses a two-month interest-rate lookback (for example, an August 1 effective retirement would use June rates), while…
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