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Pension board approves technical revisions to supplemental benefit account policy
Summary
Trustees approved redlined clarifications to the plan's supplemental benefit account procedures, clarifying forfeiture rules, including DROP participants and fixing cross-references. The changes were presented by the board's legal counsel and passed without recorded opposition.
The Edgewater Firefighters Pension Board voted to adopt revisions to its supplemental benefit account procedures after legal counsel Pedro Herrera explained the edits to trustees.
Herrera, of Sugarman Susskind, said the redlines clarify that a vested, terminated member who takes a refund forfeits any share-plan monies, add DROP participants to eligibility for share allocations, correct a paragraph reference and clarify that distributions are effective on the later of early retirement or termination. "We made the necessary changes and you have that included as part of your packet," Herrera said. Dominic Feidi moved to approve the changes and the motion carried with the board answering "Aye."
