ORDINANCE NO. BL2011-857

An ordinance amending Title 3 of the Metropolitan Code of Laws to state that it is the intent of the Metropolitan Government that post-employment benefits are considered defined contribution benefit plans.

WHEREAS, it is the intention of The Metropolitan Government to have a defined contribution benefit plan; and

WHEREAS, the proposed change will improve the financial stability of the Metropolitan Employee Benefit System.

NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY, THAT:

SECTION 1. Section 3.08.030 is hereby amended by adding the following new subsection:

C. To the extent permitted by law, it is the intent of the Metropolitan Government that other post-employment benefits covered by the provisions of Statement No. 45 of the Government Accounting Standards Board that are provided to former employees of the Metropolitan Government are defined contribution benefit plans.

SECTION 2. This Ordinance shall take effect from and after its passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Eric Crafton