| | | | | | | | STAFF REPORT - CITY COUNCIL/SUCCESSOR AGENCY/PUBLIC FINANCE AUTHORITY
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| | | | | | | | | Subject: | Approval of Resolution No. 3924 Amending and Terminating the City of Coalinga-General Employees Money Purchase Plan and Trust | | Meeting Date: | November 7, 2019 | | From: | Marissa Trejo, City Manager | | Prepared by: | Marissa Trejo, City Manager |
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| | | | | | | | I. RECOMMENDATION:
City Manager recommends Approval of Resolution No. 3924 Amending and Terminating the City of Coalinga-General Employees Money Purchase Plan and Trust
II. BACKGROUND:
This item formally adopts the IRS-preapproved ICMA plan document for the first IRS preapproved plan cycle for EGTRRA (it was never formally adopted), adopts the corrective plan amendment, and formally terminates the plan effective December 31, 2019.
III. DISCUSSION:
IV. ALTERNATIVES:
None
V. FISCAL IMPACT:
There is no fiscal impact to the City, but we will transfer back the funds we have been holding from the forfeiture. | | |
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