Town Of Ingalls Not In Compliance

11.01.13

Filed Under: ECI News

The State Board of Accounts says the town of Ingalls created a retirement fund for employees – a simple IRA – so it could make matching contributions. However, the only pension plans available to cities and towns are the Public Employees’ Retirement Fund, or PERF, and other specialized retirement funds. Although Ingalls’ pension plan is technically not in compliance with state law, board of accounts Office Supervisor Todd Austin says, enforcement lies elsewhere.

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