The retirement system is intended and has been administered to be a qualified pension plan under § 401 of the IRC, as amended, or successor provisions of law, including the Tax Reform Act of 1986 (TRA '86); the Technical Miscellaneous Revenue Act of 1988 (TAMRA); the Unemployment Compensation Amendments of 1992 (UCA); the Omnibus Budget Reconciliation Act of 1993 (OBRA); the Uniformed Service Employment and Reemployment Rights Act of 1994 (USERRA); the Uruguay Round Agreements Act of 1994 (GATT); the Small Business Job Protection Act of 1996 (SBJPA '96); the Taxpayer Relief Act of 1997 (TRA '97); the Internal Revenue Service Restructuring and Reform Act of 1998 (RRA '98); the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA); the Job Creation and Workers Assistance Act of 2002 (JCWAA); the Pension Fund Equity Act of 2004 (PFEA); the Pension Protection Act of 2006 (PPA); the Heroes Earnings Assistance and Relief Tax Act of 2008 (WRERA); and related law, regulations and administrative authority. The retirement system is a governmental plan under IRC § 414(d) and is administered for the exclusive benefit of the plan’s participants and their beneficiaries. The retirement system trust is an exempt organization under IRC § 501. The retirement system shall operate and be administered so as to fulfill the purpose of maintaining a tax-qualified retirement system.
(Ord. 3819, passed 2-16-2012)