Ingalls - In the aftermath of the State Board of Accounts audit that showed the Town of Ingalls had created an employee pension fund without authority, the Ingalls Town Council took action last week.
The council moved to terminate the distribution of funds to the deferred pension plan administered by Edward Jones. The only pension plans that are allowed for cities and towns are PERF (Public Employees’ Retirement Fund) plans and other similar specialized retirement funds.
Under the town’s previous Savings Incentive Match Plan for Employees of Small Employers Individual Retirement Account, employees were able to choose to make salary reduction contributions to their fund rather than receiving these amounts as part of their regular compensation.
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