Finance and Audit Committee
Amendment September 10, 2012
IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
AN ORDINANCE amending section 1503., and repealing sections 1523. and 1536., Jackson County Code, 1984, relating to the Jackson County Employees Pension Plan and enacting, in lieu thereof, four new sections relating to the same subject.
Intro
ORDINANCE #4442, August 27, 2012
INTRODUCED BY Scott Burnett, County Legislator
Body
WHEREAS, the Pension Plan Board of Trustees' special counsel has recommended certain revisions to the Plan to bring the Plan into compliance with the most current US. Internal Revenue Code and regulations; and,
WHEREAS, the Board has also recommended that the Plan be amended to give the Board authority to award annual cost-of-living increases to Plan members in an amount up to 3%, provided that the Plan's actuary has determined that the Plan is funded at least at the level required by state law for benefit increases; and,
WHEREAS, said revisions are in the best interests of the health, welfare, and safety of the citizens of Jackson County; now therefore,
BE IT ORDAINED by the County Legislature of Jackson County, Missouri, as follows:
Section A. Enacting Clause. Section 1503., Jackson County Code, 1984, is hereby amended, sections 1523. and 1536. are hereby repealed, and new sections 1523., 1525., 1536., and 1537., are hereby enacted in lieu hereof, all to read as follows:
1503.13 Compensation.
The term "Compensation" shall mean wages, as defined in Code section 3401(a), and all other payments of Compensation to an Employee by the Employer (in the course of the Employer's trade or business) for which the Employer is required to furnish the Employee a written statement under sections 6041(d) and 6051(a)(3) of the Code. Compensation must be determined without regard to any rules under Code section 3401(a) that limit the remuneration included in wages based on the nature or...
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