- COMMUNITY LINKS
St. Marys City Council approved two issues pertaining to pension plans during their Monday evening meeting.
The 2013 Minimum Municipal Obligation (M.M.O) for pension plans was the first item addressed. The annual report, known as Act 205, requires information about the plans be submitted and approved by the governing body of the city by Sept. 30.
Total reimbursement for the police pension is $171,550 and for the non-uniformed employees it is $133,164, for a total of $304,714. As of Monday, the city's state aid is $236,023.24, leaving the city contribution at $76,677.74.
Council also approved amending its non-uniform pension plan due to recent changes to the IRS code.
Included in the plan is the Heroes Earning Assistance Relief Tax Act (HEART) effective for deaths occurring after January 2007 if the participant dies while on active military service. The survivors of the participants are entitled to any additional benefits provided under the plan had the participant resumed and then terminated employment on account of death-- the beneficiary will receive the participant's pension. The other issue is falls under whether the participant received any raises or bonuses prior to their job.
"This has to be done under the IRS code," said City Manager Dave Greene.
During an earlier meeting this year, council delayed the manager's evaluation in order to allow new council members additional time to sit in at more meetings. On Monday, council agreed to review the manager's duties this month.