Agenda Item 12
March 27, 2012
Public Hearing
MEMORANDUM
March 23, 2012
TO:
FROM:
SUBJECT:
County Council
Robert H. Drummer, Senior Legislative Attorney
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Public Hearing:
Expedited Bill 8-12, Retirement Savings Plan - Amendments
Expedited Bill 8-12, Retirement Savings Plan - Amendments, sponsored by the Council
President at the request of the County Executive, was introduced on March 6, 2012. A
Government Operations and Fiscal Policy Committee worksession is tentatively scheduled for
April 16 at 1:30 p.m.
Bill 8-12 would amend the Retirement Savings Plan to make changes requested by the
Internal Revenue Service in order to obtain a favorable determination letter that the Plan remains
tax qualified. The IRS requested the following changes: (a) delete outdated references to
Internal Revenue Code Section 415, which limits contributions and benefits; (b) insert a
provision relating to the definition of compensation in Internal Revenue Code Section 415; and
(c) provide the definition of an "eligible retirement plan" for rollover purposes rather than
incorporate by reference. The Bill would make these technical changes to the Code provisions
establishing the Retirement Savings Plan as requested by the IRS during the review process.
This packet contains:
Expedited Bill 8-12
Legislative Request Report
Memo from County Executive
Fiscal and Economic Impact Statement
IRS Favorable Determination Letter
F:\LAW\BILLS\1208 Retirement Savings Plan\PH Memo.Doc
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