§ A8.908

COMPLIANCE WITH TAX LAWS

a.

It is the intent of the voters that the DROP shall not jeopardize in any way the tax qualified status of the Retirement System under Section 401 of the Internal Revenue Code of 1986, as amended from time to time, including, but not limited to, Section 415 of the Code, as amended.

b.

The Board of Supervisors shall adopt ordinances and the Retirement Board shall adopt such rules as may be necessary to implement the DROP, regulate investment and distribution of the DROP contributions, establish forms and procedures for designating beneficiaries of the DROP Account, and all such other matters as may be necessary, in its discretion, to implement the Program no later than July 1, 2008 and to assure its tax-qualified character.

History

(Added by Proposition B, Approved 2/5/2008)

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