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File #: 2017-53    Version: 1 Name:
Type: Authorization Status: Consent Agenda
File created: 1/26/2017 In control: City Council
On agenda: 2/6/2017 Final action: 2/6/2017
Title: Approval and adoption of amendments to the Defined Benefit plan to permit participants to designate pre-retirement beneficiaries other than surviving spouse and minor child(ren) and provide payment of death benefits to participant's estate in absence of designated beneficiary and authorize Mayor to execute related documents
Sponsors: Andrea Blustein
Attachments: 1. Issue Sheet 2017-53 Defined Benefits.pdf, 2. Smyrna AA 2 1 17, 3. Smyrna Addendum 2 2 17, 4. Smyrna CL 2 1 17
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Impact

WARD:  Ward

 

COMMITTEE:  Human Resources

 

$ IMPACT:  None

 

Title

Approval and adoption of amendments to the Defined Benefit plan to permit participants to designate pre-retirement beneficiaries other than surviving spouse and minor child(ren) and provide payment of death benefits to participant's estate in absence of designated beneficiary and authorize Mayor to execute related documents

 

Body

ISSUE:  Amendment to permit participants to designate pre-retirement beneficiaries other than surviving spouse and minor child(ren) and provide payment of death benefits to participant's estate in absence of designated beneficiary

 

BACKGROUND:  While reviewing our plan document, GMA determined the section relating to Pre-Retirement Death benefits was not a clearly stated as it should be and not allow for participants to designate pre-retirement beneficiaries other than surviving spouse and minor child(ren). It also did not provide payment of death benefits to participant's estate in absence of designated beneficiary.

 

RECOMMENDATION/REQUESTED ACTION:  Approval and adoption of amendments to the Defined Benefit plan and authorize Mayor to execute related documents