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Council approves third amendment to police retirement plan to broaden death‑benefit beneficiaries
Summary
Council approved a third amendment to the Greene County police retirement plan to allow vested members who die before retirement to designate beneficiaries other than a surviving spouse and to add normal‑retirement qualifying language; presenters said the actuarial cost is assumed in current calculations.
A presenter familiar with the county's pension plan told the council the third amendment clarifies death‑benefit distribution for vested members who die before retirement. The change would allow a vested member to designate beneficiaries (children, parents, siblings or others) rather than forfeiting benefits if not married. The presenter noted actuaries already assume married beneficiaries when calculating contributions, and the amendment aligns plan language with that practice.
The amendment also adds qualifying language about normal retirement age, reflecting local authority to set a retirement age not later than 70. County officials said there is no fiscal impact expected from the qualifying language and that the amendment had been discussed and recommended by the merit board; the council approved the amendment by voice vote. The county attorney and signatories will finalize executed documents.
