Official:Amending the Ordinance approved July 12, 1968, as last amended July 1, 2004, relating to pension benefits for employees working on behalf of Philadelphia Gas Works by revising the Philadelphia Gas Works Pension Plan to incorporate amendments thereto, clarify the operation thereof, and add certain provisions as required by the Internal Revenue Code of 1986, as amended; and permitting the establishment of a tax-qualified defined contribution plan for certain employees working on behalf of Philadelphia Gas Works; all under certain terms and conditions.
Sponsor: Councilmember Tasco
Introduced: November 17, 2011
Signed: December 8, 2011
: Committee on Finance
Status: Signed into Law, step 4 of 4
This bill updates and clarifies the Philadelphia Gas Works Pension Plan to ensure it meets current tax laws and allows for a new type of retirement savings plan for certain employees.
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