HomeMy WebLinkAboutRES 1994-03 - Board RESOLUTION NO. 9403
OF THE
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
AMENDING THE
DEFINED BENEFIT PENSION PLAN
WHEREAS, the Board of Directors deems it necessary to amend its pension plan to
update the actuarial equivalence assumptions being used by the plan to determine
alternative forms of benefits, such as lump sum distributions;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Truckee Donner
Public Utility District that the District pension plan be changed in accordance with
Amendment No. Seven, copy attached, which provides that effective January 1, 1994, the
District's actuary is directed to conform to law and use the tables and assumptions
published monthly by the IRS or the Pension Benefit Guarantee Corporation when
determining alternative forms of benefits such as lump sum distributions.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held
within the District on the 17th day of January 1994 by the following roll call vote:
AYES: Aguera, Corbett, Jones , Maass and Sutton.
NOES: None.
ABSENT: None.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
By �t
Jame A. Maass, President
ATTE
Susan M. Craig, Deputy Dis&fct Clerk
smc
Seventh Amendment
M -, to the
Truckee-Donner Public Utility District Pension Plan
Truckee-Donner Public Utility District, hereby amends the Defined Benefit
Pension Plan which was adopted by said Employer on August 15, 1983.
The purpose of this Amendment is to update the actuarial equivalence assumptions
being used by the plan to determine alternative forms of benefits, such as lump sum
distributions. The effective date of this Amendment shall be January 1, 1994.
Section N, Subsection 2 of the Joinder Agreement shall be changed to react
as follows:
2. All other calculations requiring an Actuarial Equivalency shall be based on
the following Actuarial Assumptions:
2.1. Interest Rates: The interest rates used by the Pension Benefit
Guaranty Corporation to value lump sum benefits, as set forth in Table
I of Appendix B to Part 2676, which are effective for the first day of the
Plan Year in which a distribution is to be made.
2.2. Post-retirement Mortality: UP84 "unisex" Mortality
2.3. Pre-retirement Mortality: The mortality rates for health male
and female Participants used by the Pension Benefit Guaranty
Corporation to value lump sum benefits, as set forth in Table I of
Appendix A to Part 2619.
IN WITNESS WHEREOF, Truckee-Donner Public Utility District, has
caused this amendment to be executed by its authorized officer.
Dated this/74ilf day of , 199�/
'; GC
Pr ident of the Board