REPORT TO THE CITY COUNCIL
FROM: City of Fresno Retirement Boards
City of Fresno Deferred Compensation Board
BY: ROBERT THELLER, Retirement Administrator
City of Fresno Retirement Office
SUBJECT
Title
Actions pertaining to City of Fresno Retirement Boards and City of Fresno Deferred Compensation Board:
1. BILL (for introduction) - Amending FMC Section 3-330(a) to clarify Tier I death provisions in the Fire and Police Retirement System;
2. BILL (for introduction) - Amending FMC Sections 3-332, 3-353, 3-410, 3-424, and 3-566 to modify the DROP provisions in the Fire and Police and Employees Retirement Systems;
3. BILL (for introduction) - Amending FMC Sections 3-352 and 3-565 in compliance with SECURE ACT 2.0 Required Minimum Distribution provisions;
4. BILL (for introduction) - Amending FMC Sections 3-351 and 3-564 adding SIMPLE IRAs;
5. BILL (for introduction) - Amending FMC Sections 3-402(f) to incorporate 3-303 and 3-320 to provide useful clarification as to the scope and status of the second tier; and
6. Approve the Sixth Amendment to the Trust Agreement between Fidelity Management Trust Company and the City of Fresno to incorporate QDRO processing.
Body
RECOMMENDATION
That the City Council adopts the following amendments to the Fresno Municipal Code and approve the Sixth Amendment to the City's Trust Agreement with Fidelity:
1. Ordinance amending FMC Section 3-330(a) to clarify Tier I death provisions in the Fire and Police Retirement System,
2. Ordinances amending FMC Sections 3-332, 3-353, 3-410, 3-424, and 3-566 to modify the DROP provisions in the Fire and Police and Employees Retirement Systems,
3. Ordinances amending FMC Sections 3-352 and 3-565 in compliance with SECURE Act 2.0 Required Minimum Distribution provisions,
4. Ordinances amending FMC Sections 3-351 and 3-564 adding SIMPLE IRAs,
5. Ordinance amending FMC Section 3-402(f) to incorporate 3-303 and 3-320, and
6. Sixth Amendment to the Trust Agreement between Fidelity Man...
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