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Report ID: 22-291   
Type: Consent
Meeting Body: Board of Directors - Regular Meeting
Meeting Date: 6/8/2022 Final action: 6/8/2022
Recommended Action: Consider review of Board Policy 665 - Procedure for Reviewing Amendments to the Alameda - Contra Costa Transit District Retirement Plan with no recommended amendments.
Attachments: 1. STAFF REPORT, 2. Att.1. BP 665 - Procedure for Reviewing Amendments to the AC Transit Retirement Plan, 3. Master Minute Order

TO:                     AC Transit Board of Directors                                          

FROM:                                             Jill A. Sprague, General Counsel

SUBJECT:                     Board Policy 665 - Procedure for Reviewing Amendments to the Alameda-Contra Costa Transit District Retirement Plan                     

 

ACTION ITEM


RECOMMENDED ACTION(S):

 

Title

Consider review of Board Policy 665 - Procedure for Reviewing Amendments to the Alameda - Contra Costa Transit District Retirement Plan with no recommended amendments.

Body

 

STRATEGIC IMPORTANCE:

 

There is no strategic importance associated with this report.

 

BUDGETARY/FISCAL IMPACT:

 

There is no budgetary or fiscal impact associated with this report.

 

BACKGROUND/RATIONALE:

 

Board Policy 665 was last amended on June 13, 2018.  This current review confirms that the procedure for reviewing amendments to the AC Transit Retirement Plan is still effective and appropriate.  In fact, Board Policy 665 effectively provided the framework for the PEPRA amendment to the plan adopted by the Board on March 23, 2022. 

 

The General Counsel further consulted with the Retirement System Manager who concurred that no changes to Board Policy 665 were necessary at this time.  Staff therefore has no recommended amendments.

 

ADVANTAGES/DISADVANTAGES:

 

There are no identified disadvantages to proceeding with the existing Board Policy 665 Procedure for Reviewing Amendments to the Alameda-Contra Cost Transit District Retirement Plan.

 

ALTERNATIVES ANALYSIS:

 

There are no identified alternatives.

 

PRIOR RELEVANT BOARD ACTION/POLICIES:

 

Board Policy 665 Last Amended on June 13, 2018.

 

ATTACHMENTS:

 

1.                     Board Policy 665 - Procedure for Reviewing Amendments to the Alameda - Contra Costa Transit District Retirement Plan

 

Prepared by:

Jill A. Sprague, General Counsel

 

Approved/Reviewed by:

Jill A. Sprague, General Counsel

Linda A. Nemeroff, District Secretary