§ A8.590-7

PRESERVATION OF TAX BENEFITS

a.

Sections A8.590-1 through A8.590-7, in their entirety, shall be subject to and limited by Charter section A8.500 and any ordinances enacted pursuant thereto. Sections A8.590-1 through A8.590-7 shall be effective only to the extent that benefits authorized by or authorized pursuant to those sections do not have an adverse consequence on the tax treatment of benefits provided to any employee of the City and County.

b.

Any agreement reached by the parties or any decision of the arbitration board which authorizes a modification of any aspect of the Retirement System or of any aspect of the provision for or delivery of retirement benefits shall not become effective until the following occur:

1.

The retirement board, acting in its fiduciary capacity, forwards to the Board of Supervisors certification that implementation of the modifications presents no risk to the tax-qualified status of the Retirement System. Such certification shall be based upon the advice of the general manager, the actuary of the Retirement System, and any outside consultants that they may in their discretion retain; and,

2.

After having received the certification referred to in the previous paragraph and after having made its own independent finding based on clear and convincing evidence that implementation of the modifications presents no risk to the tax-qualified status of the Retirement System and will not increase the taxes of City and County employees, the Board of Supervisors, by a three-quarters vote, enacts an ordinance making the modifications effective.

c.

Costs of any outside consultants retained by the City and County pursuant to this section shall be borne equally by the City and County and by the bargaining units concerned.

History

(Amended March 2004)

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