Board of Directors Regular Meeting Agenda


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Meeting Date: 06/19/2014  

SUBJECT MATTER:
Receive, consider and act upon a TLFFRA pension update;
FISCAL IMPACT:
BACKGROUND:
In February 2013, the Township Board unanimously approved in concept individual plan-to-plan transfers between the 401a plan and the proposed TLFFRA pension plan, contingent upon legal review, approval of a final plan document by the firefighters, and provided that such action will not cause financial difficulty for the Township or its employees. At their most recent pension board committee meeting, the committee members formally approved making a request to the Township to allow individual plan-to-plan transfers between the 401a plan and the proposed pension plan. A letter from the Chair regarding this request is attached for your review. The pension board committee is preparing the proposed pension plan document, and will bring specific details regarding the plan-to-plan transfer to the Township Board at a later date. Once the plan document has been approved by the committee, it will be presented to the firefighters for their approval. After the plan document has been approved, the Township Board will be asked to approve a resolution acknowledging the employee contributions on a pre-tax basis for Internal Revenue Code and TLFFRA purposes, and approving the plan-to-plan transfers from the 401a into the pension. The pension board committee recently approved the official name of the pension to become The Woodlands Firefighters Retirement System.
RECOMMENDATION:
The purpose of this report is to update the Board on the status of the TLFFRA plan. Board action in February 2013 approved in concept individual plan-to-plan transfers between the 401a plan and the proposed TLFFRA pension plan contingent upon legal review and approval of a final plan document by the firefighters, provided that such action will not cause financial difficulty for the Township or its employees. Final action by the Board will be considered at such time that the pension plan document is approved by the membership.
Attachments
TWFRS Asset Transfer


    

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