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HomeMy WebLinkAboutIRS COMPLIANCE STATEMENTS FOR 1949 RETIREMENT FUND "'\~ AUGUSTA-RICHMOND COUNTY COMMISSION STEPHEN E. SHEPARD County Attorney Augusta Law Department DAVID S. COPENHAVER Mayor STAFF ArTORNEY Vanessa Flournoy Betty Beard Marion Williams Joe Bowles Bernard Harper Calvin Holland, Sr. Andy Cheek . Jerry Brigham Jimmy Smith J. R. Hamey Don Grantham Betty Beard Mayor Pro Tern TO: Mayor Deke Copenhaver Mayor Pro Tern Betty Beard All Commissioners Fred Russell, Administrator Steve Shepard, County AttJ:Jrney ~ February 28,2007 Frederick L. Russell Administrator Please Reply to: 70 I Greene Street, Suite 104 Augusta, Georgia 30901 FROM: DATE: RE: IRS Compliance Statements for: 1949 General Retirement Fund Retirement Plan for Employees of Richmond County Richmond Employees Pension Fund Enclosed please find a copy of each of the above referenced compliance statements from the Internal Revenue Service. Should you have any questions please do not hesitate to contact my office. SES:sw/lmb Enclosure F: \ Users ISShepardISTEVE\CITYicity.2007. doc Augusta Law Department 501 Greene Street, Suite 302, Augusta, Georgia 30901 (706) 842-5550 - Fax (706) 842-5556 County Attorney 701 Greene Street, Suite 104, Augusta, Georgia 30901 (706) 724-6597 - Fax (706) 722-4817 ;' DEPARTMENT OF THE TREASURY INTERNAL REVENUE SERVICE WASHINGTON, D.C. 20224 TAX EXEMPT AND GOVERNMENT ENTITIES DIVISION RECEIVED F~e t e 2007 Date: FEB 1 3 2007 COUNTY ATTORNEY Augusta-Richmond County Commission 701 Green St., Suite 107 Augusta, GA 30901 Attn: County Attorney, Augusta Law Dept. Re: Compliance Statement for: City of Augusta 1949 General Retirement Fund Employer Identification Number: 58-2204274 Plan Number: 001 Control Number: 911638595 Dear Steven E. Shepard, Esq.: Enclosed is your Compliance Statement. A Compliance Statement constitutes an enforcement resolution solely with respect to certain failures of an employee retirement plan that is intended to satisfy the requirements of the Internal Revenue Code. It does not constitute a ruling letter within the meaning of Revenue Procedure 2006-4, 2006-1 I.R.B. 132, or a determination letter within the meaning of Revenue Procedure 2006-6,2006-1 I.R.B. 204. The Compliance Statement should not be construed as affecting the rights of any party under any other law, including Title I of the Employee Retirement Income Security Act of 1974. The determination letter issued with respect to your recent application is also enclosed for your reference. At a later date, you may be required to verify that the correction of the failures and any modification of administrative procedures (upon which your enforcement resolution is conditioned) have been timely made. Copies of this Compliance Statement and a copy of this letter have been sent to your authorized representative in accordance with a power of attorney on file in this office. If you have any questions, please contact Krystal Knight, 10# 58-10281, by phone at (404) 338-8132 or by fax at (706) 546-2024. Sincerely, ~,_ r~ William M. Bond~ JU' Manager, Voluntary Compliance Group 7553 Tax Exempt and Government Entities Division Enclosure(s): Compliance Statement Copy of Determination Letter 1100 Commerce Street, Dallas, Texas 75242 INTERNAL REVENUE SERVICE VOLUNTARY CORRECTION PROGRAM COMPLIANCE STATEMENT Date: FIB 1 3 2007 (to be completed by IRS) Re: City of Augusta 1949 General Retirement Fund SE:T:EP:RA Control Number: 911638595 Employer Identification Number: 58-2204274 Plan No.: 001 I. APPLICANT'S DESCRIPTION OF QUALIFICATION FAILURE(S) Augusta-Richmond County Commission ("Applicant") sponsors the City of Augusta 1949 General Retirement Fund ("Plan"), and has submitted a request to the Internal Revenue Service (lithe Service") under the Voluntary Correction Program for a compliance statement relating to qualification failures under section 401 (a) of the Internal Revenue Code ("Code"). The Plan uses the twelve-month period that ends on December 31 as its plan year. Failure #1 The Plan was not amended to comply with the applicable requirements of the Tax Equity and Fiscal ResponSibility Act of 1982 ("TEFRA"), the Deficit Reduction Act of 1984 ("DEFRA"), and the Retirement Equity Act of 1984 ("REA") by the required dates in accordance with section 401 (b) of the Code and regulations thereunder. Failure #2 The Plan was not amended to comply with the applicable requirements of the Tax Reform Act of 1986 ("TRA '86"), the Unemployment Compensation Amendments of 1992 ("UCA"), and the Omnibus Budget Reconciliation Act of 1993 ("OBRA '93") by the required dates in accordance with section 401 (b) of Code and regulations thereunder. Failure #3 The Plan was not amended to comply with the applicable requirements of the Uruguay Round Agreements Act; the Uniformed Services Employment and Reemployment Rights Act of 1994; the Small Business Job Protection Act of 1996; the Taxpayer Relief Act of 1997; the Internal Revenue Service Restructuring and Reform Act of 1998; and the Community Renewal Tax Relief Act of 2000 (collectively known as "GUST") by the required dates in accordance with section 401 (b) of the Code and regulations thereunder. City of Augusta 1949 General Retirement Fund statement should not be construed as affecting the rights of any party under any other law, including Title I of the Employee Retirement Income Security Act of 1974. This compliance statement is conditioned on (1) there being no misstatement or omission of material facts in connection with the submission, and (2) the completion of all corrections described in Parts 11 and III within one hundred fifty (150) days of the date of the compliance statement. By signing this compliance statement, the Applicant hereby agrees to its terms. Augusta-Richmond County Commission ~BY: CJcA-4 P Title: 11 ~oJ Date: Ii h I { c/v, , ';n~,U /06)1~ /t17 : "uf7J. ~iv ApproVed: ~~ Joyce~fI~anager - Employee Plans Voluntary Compliance Tax Exempt and Govemment Entities Division Page 4 of 4 INTERNAL REVENUE SERVICE .P. O. BOX 2508 CINCINNATI, OH 45201 DEPARTMENT OF THE TREASURY Date: FEB 1 3 2007 Employer Identification Number: 58-2204274 DLN: 406124001 Person to Contact: KRYSTAL L KNIGHT ID# 11015 Contact Telephone Number: (404) 338-8132 Plan Name: CITY OF AUGUSTA 1949 GENERAL RETIREMENT FUND Plan Number: 001 AUGUSTA-RICHMOND COUNTY COMMISSION 701 GREENE ST STE 104 AUGUSTA, GA 30901 Dear Applicant: We have made a favorable determination on the plan identified above based on the information you have supplied. Please keep this letter, the application forms submitted to request this letter and all correspondence with the Internal Revenue Service regarding your application for a determination letter in your permanent records. You must retain this information to preserve your reliance on this letter. Continued qualification of the plan under its present form will depend on its effect in operation. See section 1.401-1(b)(3) of the Income Tax Regulations. We will review the status of the plan in operation periodically. The enclosed Publication 794 explains the significance and the scope of this favorable determination letter based on the determination requests selected on your application forms. Publication 794 describes the information that must be retained to have reliance on this favorable determination letter. The publication also provide examples of the effect of a plan's operation on its qualified status and discusses the reporting requirements for qualified plans. Please read Publication 794. This letter relates only to the status of your plan under the Internal Revenue Code. It is not a determination regarding the effect of other federal or local statutes. This letter considers the amendments required by the Tax Reform of 1986, except as otherwise specified in this letter. This letter considers the changes in qualification requirements made by the Uruguay Round Agreements Act, Pub. L. 103-465, the Small Business Job Protection Act of 1996, Pub. L. 104-188, the Uniformed Services Employment and Reemployment Rights Act of 1994, Pub. L. 103-353, the Taxpayer Relief Act of 1997, Pub. L. 105-34, the Internal Revenue Service Restructuring and Reform Act of 1998, Pub. L. 105-206, and the Community Renewal Tax Relief Act of 2000, Pub. L. 106-554. This letter may not be relied on with respect to whether the plan Letter 835 (DO/CG) -2- AUGUSTA-RICHMOND COUNTY COMMISSION satisfies the requirements of section 401(a) of the Code, as amended by the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107-16. The requirement for employee benefits plans to file summary plan descriptions (SPD) with the U.S. Department of Labor was eliminated effective August 5, 1997. For more details, call 1-800-998-7542 for a free copy of the SPD card. The information on the enclosed addendum is an integral part of this determination. Please be sure to read and keep it with this letter. We have sent a copy of this letter to your representative as indicated in the power of attorney. If you have questions concerning this matter, please contact the person whose name and telephone number are shown above. Sincerely yours, ~ ,;1 ~ Robert P. Bell Manager, EP Determinations Enclosures: Publication 794 Addendum ) Letter 835 (DOjCG) -3- AUGUSTA-RICHMOND COUNTY COMMISSION This determination is conditioned upon your adoption of the proposed restated plan as submitted with your or your representative's letter dated 11/22/06. The proposed plan should be adopted on or before the date prescribed by the regulations under Code section 401(b). This determination letter acknowledges receipt of the provisions intended to satisfy the requirements of section 401(a) of the Code, as amended by the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107-16. Letter 835 (DO/CG) Augusta-Richmond County Commission 701 Green St., Suite 107 Augusta, GA 30901 Attn: County Attorney, Augusta Law Dept. Steven E. Shepard, Esq. DEPARTMENT OF THE TREASURY INTERNAL REVENUE SERVICE WASHINGTON, D.C. 20224 TAX EXEMPT AND GOVERNMENT ENTITIES DIVISION Date: FEB 1 3 2007 REceIVED FEB 1 6 2007 Augusta-Richmond County Commission 701 Green St., Suite 107 Augusta, GA 30901 Attn: County Attorney, Augusta Law Dept. CO~NTY ATTORNEY Re: Compliance Statement for: Retirement Plan for Employees of Richmond County Employer Identification Number: 58-2204274 Plan Number: 003 Control Number: 911638594 Dear Steven E. Shepard, Esq.: Enclosed is your Compliance Statement. A Compliance Statement constitutes an enforcement resolution solely with respect to certain failures of an employee retirement plan that is intended to satisfy the requirements of the Intemal Revenue Code. It does not constitute a ruling letter within the meaning of Revenue Procedure 2006-4, 2006-1 I.R.B. 132, or a determination letter within the meaning of Revenue Procedure 2006-6,2006-1 I.R.B. 204. The Compliance Statement should not be construed as affecting the rights of any party under any other law, including Title I of the Employee Retirement Income Security Act. of 1974. The determination letter issued with respect to your recent application is also enclosed for your reference. At a later date, you may be required to verify that the correction of the failures and any modification of administrative procedures (upon which your enforcement resolution is conditioned) have been timely made. Copies of this Compliance Statement and a copy of this letter have been sent to your authorized representative in accordance with a power of attorney on file in this office. If you have any questions, please contact. Krystal Knight, ID# 58-10281, by phone at (404) 338-8132 or by fax at (706) 546-2024. Sincerely, V~- ~ William M. BO~d,Y "- Manager, Voluntary Compliance Group 7553 Tax Exempt and Government Entities Division Enclosure( s): Compliance Statement Copy of Determination Letter 1100 Commerce Street, Dallas, Texas 75242 " INTERNAL REVENUE SERVICE VOLUNTARY CORRECTION PROGRAM COMPLIANCE STATEMENT Date: FEB 1 3 2007 (to be completed by IRS) Re: Retirement Plan for Employees of Richmond County SET:EP:RA Control Number: 911638594 Employer Identification Number: 58-2204274 Plan No.: 003 I. APPLICANT'S DESCRIPTION OF QUALIFICATION FAILURE(S) Augusta-Richmond County Commission ("Applicant") sponsors the Retirement Plan for Employees of Richmond County ("Plan"), and has submitted a request to the Internal Revenue Service ("the Service") under the Voluntary Correction Program for a compliance statement relating to qualification failures under section 401 (a) of the Internal Revenue Code ("Code"). The Plan uses the twelve-month period that ends on December 31 as its plan year. Failure #1 The Plan was not amended to comply with the applicable requirements of the Tax Equity and Fiscal ResponSibility Act of 1982 ("TEFRA"), the Deficit Reduction Act of 1984 ("DEFRA"), and the Retirement Equity Act of 1984 ("REA") by the required dates in accordance with section 401 (b) of the Code and regulations thereunder. Failure #2 The Plan was not amended to comply with the applicable requirements of the Tax Reform Act of 1986 ("TRA '86"), the Unemployment Compensation Amendments of 1992 ("UCA"), and the Omnibus Budget Reconciliation Act of 1993 ("OBRA '93") by the required dates in accordance with section 401 (b) of Code and regulations thereunder. Failure #3 The Plan was not amended to comply with the applicable requirements of the Uruguay Round Agreements Act; the Uniformed Services Employment and Reemployment Rights Act of 1994; the Small Business Job Protection Act of 1996; the Taxpayer Relief Act of 1997; the Internal Revenue Service Restructuring and Reform Act of 1998; and the Community Renewal Tax Relief Act of 2000 (collectively known as "GUST") by the required dates in accordance with section 401 (b) of the Code and regulations thereunder. Retirement Plan for Employees of Richmond County Failure #4 The Plan was not amended to incorporate the interim amendments required for compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA") by the required date(s) in accordance with section 401 (b) of the Code and regulations thereunder. Failure #5 The Plan was not amended to comply with the requirements of the Code section 401 (a)(9) Final and Temporary Regulations, T.O. 8987, 2002-1 C.B. 852, by the required date in accordance with section 401 (b) of the Code and regulations thereunder. Failure #6 The Plan was not amended to reflect the change in the prescribed mortality table under Code sections 415(b)(2)(E)(v) and 417(e)(3)(A)(ii)(I) by the required date in accordance with section 401 (b) of the Code and regulations thereunder. II. APPLICANT'S CORRECTION Failure #1 The Applicant will correct the qualification failure by adopting amendments that satisfy the requirements of TEFRA, OEFRA, and REA retroactively to the effective dates of the specific provisions contained in the amendments. Failure #2 The Applicant will correct the qualification failure by adopting amendments that satisfy the requirements of TRA '86, UCA, and OBRA '93 retroactively tathe effective dates of the specific provisions contained in the amendments. Failure #3 The Applicant will correct the qualification failure by adopting amendments that satisfy the requirements of GUST retroactively to the effective dates of the specific provisions contained in the amendments. Failure #4 The Applicant will correct the qualification failure by adopting interim amendments that satisfy the requirements of EGTRRA retroactively to the applicable effective dates of the specific provisions contained in the amendments. Page 2 of 4 Retirement Plan for Employees of Richmond County Failure #5 The Applicant will correct the qualification failure by adopting interim amendments that satisfy the requirements of the Code section 401 (a)(9) final and temporary regulations retroactively to the applicable effective dates of the specific provisions contained in the amendments. Failure #6 The Applicant will correct the qualification failure by adopting the 94 Group Annuity Reserving mortality table effective for all distributions made on or after December 31, 2002. III. APPLICANT'S REVISION OF ADMINISTRATIVE PROCEDURES The Applicant has retained specialized employee benefits counsel to assist in keeping the Plans up-to-date under the Code, and has undertaken itself to closely monitor Code changes. IV. APPLICANT'S PAYMENT The Applicant will neither attempt to nor otherwise amortize, deduct, or recover from the Service any compliance fee paid in connection with this compliance statement, nor receive any Federal tax benefit on account of payment of such compliance fee. V. ENFORCEMENT RESOLUTION The Service will not pursue the sanction of plan disqualification on account of the qualification failure(s) described in Part I. The Service will treat the amendment(s) described in Failure number(s) 4, 5 and 6 above, as if they had been timely adopted for the purpose of making available the extended remedial amendment period currently set forth in Revenue Procedure 2005- 66,2005-37 I.R.S. 509. However, this compliance statement does not constitute a determination as to whether any such plan amendments, as drafted, complies with the applicable change in qualification requirements. This compliance statement considers only the acceptability of the correction method(s) and the revision(s) of administrative procedures described in the submission and does not express an opinion as to the accuracy or acceptability of any calculations or other material submitted with the application. In no event may this compliance statement be relied on for the purpose of concluding that the Plan or Plan Sponsor (as defined in the applicable revenue procedure setting forth the Employee Plans Compliance Resolution System) was not a party to an abusive tax avoidance transaction. The compliance Page 3 of 4 Retirement Plan for Employees of Richmond County statement should not be construed as affecting the rights of any party under any other law, including Title I of the Employee Retirement Income Security Act of 1974. This compliance statement is conditioned on (1) there being no misstatement or omission of material facts in connection with the submission, and (2) the completion of all corrections described in Parts" and III within one hundred fifty (150) days of the date of the compliance statement. By signing this compliance statement, the Applicant hereby agrees to its terms. Augusta-Richmond County Commission By: (Y- cf<i. Y /J / 7"bST' ~a/)[0< iJ P)&~Ck~ 4. C~ ~ {};;'JVYM-~ Title: tf4l1-(r I'....... Date: II ~ -z- (;0 APproved:~~ Joyc ati, Manager Employee Plans Voluntary Compliance Tax Exempt and Government Entities Division Page 4 of 4 r INTERNAL REVENUE SERVICE P. O. BOX 2508 CINCINNATI, OH 45201 DEPARTMENT OF THE TREASURY Da te : FEB 1 3 2007 Employer Identification Number: 58-2204274 DLN: 406124003 Person to Contact: KRYSTAL L KNIGHT ID# 11015 Contact Telephone Number: (404) 338-8132 Plan Name: RETIREMENT PLAN FOR EMPLOYEES OF RICHMOND COUNTY Plan Number: 003 AUGUSTA-RICHMOND COUNTY COMMISSION 701 GREENE ST STE 104 AUGUSTA, GA 30901 Dear Applicant: We have made a favorable determination on the plan identified above based on the information you have supplied. Please keep this letter, the application forms submitted to request this letter and all correspondence with the Internal Revenue Service regarding your application for a determination letter in your permanent records. You must retain this information to preserve your reliance on this letter. Continued qualification of the plan under its present form will depend on its effect in operation. See section 1.401-1(b)(3) of the Income Tax Regulations. We will review the status of the plan in operation periodically. The enclosed Publication 794 explains the significance and the scope of this favorable determination letter based on the determination requests selected on your application forms. Publication 794 describes the information that must be retained to have reliance on this favorable determination letter. The publication also provide examples of the effect of a plan's operation on its qualified status and discusses the reporting requirements for qualified plans. Please read Publication 794. This letter relates only to the status of your plan under the Internal Revenue Code. It is not a determination regarding the effect of other federal or local statutes. This letter considers the amendments required by the Tax Reform of 1986, except as otherwise specified in this letter. This letter considers the changes in qualification requirements made by the Uruguay Round Agreements Act, Pub. L. 103-465, the Small Business Job Protection Act of 1996, Pub. L. 104-188, the Uniformed Services Employment and Reemployment Rights Act of 1994, Pub. L. 103-353, the Taxpayer Relief Act of 1997, Pub. L. 105-34, the Internal Revenue Service Restructuring and Reform Act of 1998, Pub. L. 105-206, and the Community Renewal Tax Relief Act of 2000, Pu b. L. 106 - 554 . This letter may not be relied on with respect to whether the plan Letter 835 (DO/CG) -2- AUGUSTA-RICHMOND COUNTY COMMISSION satisfies the requirements of section 401(a) of the Code, as amended by the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107-16. The requirement for employee benefits plans to file summary plan descriptions (SPD) with the U.S. Department of Labor was eliminated effective August 5, 1997. For more details, call 1-800-998-7542 for a free copy of the SPD card. The information on the enclosed addendum is an integral part of this determination. Please be sure to read and keep it with this letter. We have sent a copy of this letter to your representative as indicated in the power of attorney. If you have questions concerning this matter, please contact the person whose name and telephone number are shown above. Sincerely yours, Robert P. Bell Manager, EP Determinations ~- //~l Enclosures: Publication 794 Addendum Letter 835 (DO/CG) -3- AUGUSTA-RICHMOND COUNTY COMMISSION This determination is conditioned upon your adoption of the proposed restated plan as submitted with your or your representative's letter dated 11/22/06. The proposed plan should be adopted on or before the date prescribed by the regulations under Code section 401(b). This determination letter acknowledges receipt of the provisions intended to satisfy the requirements of section 401(a) of the Code, as amended by the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107-16. Letter 835 (DO/CG) Augusta-Richmond County Commission 701 Green St., Suite 107 Augusta, GA 30901 Attn: County Attorney, Augusta Law Dept. Steven E. Shepard, Esq. -'.. DEPARTMENT OF THE TREASURY INTERNAL REVENUE SERVICE WASHINGTON, D.C. 20224 TAX EXEMPT AND GOVERNMENT ENTITIES DIVISION RECEIVED FEB 1 6 2007 Date: FEB 1 3 2007 COUNTY ATTORNEY Augusta-Richmond County Commission 701 Green St., Suite 107 Augusta, GA 30901 Attn: County Attorney, Augusta Law Dept. Re: Compliance Statement for: Richmond Employees Pension Fund Employer Identification Number: 58-2204274 Plan Number: 002 Control Number: 911638596 Dear Steven E. Shepard, Esq.: Enclosed is your Compliance Statement. A Compliance Statement constitutes an enforcement resolution solely with respect to certain failures of an employee retirement plan that is intended to satisfy the requirements of the Internal Revenue Code. It does not constitute a ruling letter within the meaning of Revenue Procedure 2006-4,2006-1 I.R.B. 132, or a determination letter within the meaning of Revenue Procedure 2006-6,2006-1 I.R.B. 204. The Compliance Statement should not be construed as affecting the rights of any party under any other law, including TrtJe I of the Employee Retirement Income Security Act of 1974. The determination letter issued with respect to your recent application is also enclosed for your reference. At a later date, you may be required to verify that the correction of the failures and any modification of administrative procedures (upon which your enforcement resolution is conditioned) have been timely made. Copies of this Compliance Statement and a copy of this letter have been sent to your authorized representative in accordance with a power of attorney on file in this office. If you have any questions, please contact Krystal Knight, 10# 58-10281, by phone at (404) 338-8132 or by fax at (706) 546-2024. Sincerely, U/~ ~ William M. Bond, Jr. Manager, Voluntary Compliance Group 7553 Tax Exempt and Government Entities Division Enclosure( s): Compliance Statement Copy of Determination Letter 1100 Commerce Street, Dallas, Texas 75242 " INTERNAL REVENUE SERVICE VOLUNTARY CORRECTION PROGRAM COMPLIANCE STATEMENT Date: FEB 1 3 2007 (to be completed by IRS) Re: Richmond Employees Pension Fund SE:T:EP:RA Control Number: 911638596 Employer Identification Number: 58-2204274 Plan No.: 002 I. APPLICANT'S DESCRIPTION OF QUALIFICATION FAILURE(S) Augusta-Richmond County Commission (~Applicant") sponsors the Richmond Employees Pension Fund ("Plan"), and has submitted a request to the Internal Revenue Service ("the Service") under the Voluntary Correction Program for a compliance statement relating to qualification failures under section 401 (a) of the Internal Revenue Code ("Code"). The Plan uses the twelve-month period that ends on December 31 as its plan year. F aHure #1 The Plan was not amended to comply with the applicable requirements of the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"), the Deficit Reduction Act of 1984 ("DEFRA"), and the Retirement Equity Act of 1984 ("REA") by the required dates in accordance with section 401 (b) of the Code and regulations thereunder. Failure #2 The Plan was not amended to comply with the applicable requirements of the Tax Reform Act of 1986 ("TRA '86"). the Unemployment Compensation Amendments of 1992 ("UCA"), and the Omnibus Budget Reconciliation Act of 1993 ("0BRA '93") by the required dates in accordance with section 401 (b) of Code and regulations thereunder. Failure #3 The Plan was not amended to comply with the applicable requirements of the Uruguay Round Agreements Act; the Uniformed Services Employment and Reemployment Rights Act of 1994; the Small Business Job Protection Act of 1996; the Taxpayer Relief Act of 1997; the Internal Revenue Service Restructuring and Reform Act of 1998; and the Community Renewal Tax Relief Act of 2000 (collectively known as "GUST") by the required dates in accordance with section 401 (b) of the Code and regulations thereunder. . I Richmond Employees Pension Fund Failure #4 The Plan was not amended to incorporate the interim amendments required for compliance with the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA") by the required date(s) in accordance with section 401 (b) of the Code and regulations thereunder. Failure #5 The Plan was not amended to comply with the requirements of the Code section 401 (a)(9) Final and Temporary Regulations, T.D. 8987, 2002-1 C.B. 852, by the required date in accordance with section 40 1 (b) of the Code and regulations thereunder. Failure #6 The Plan was not amended to reflect the change in the prescribed mortality table under Code sections 415(b)(2)(E)(v) and 417(e)(3)(A)(ii)(I) by the required date in accordance with section 401 (b) of the Code and regulations thereunder. II. APPLICANT'S CORRECTION Failure #1 The Applicant will correct the qualification failure by adopting amendments that satisfy the requirements of TEFRA, DEFRA, and REA retroactively to the effective dates of the specific provisions contained in the amendments. Failure #2 The Applicant will correct the qualification failure by adopting amendments that satisfy the requirements of TRA '86, UCA, and OBRA '93 retroactively to the effective dates of the specific provisions contained in the amendments. Failure #3 The Applicant will correct the qualification failure by adopting amendments that satisfy the requirements of GUST retroactively to the effective dates of the specific provisions contained in the amendments. Failure #4 The Applicant will correct the qualification failure by adopting interim amendments that satisfy the requirements of EGTRRA retroactively to the applicable effective dates of the specific provisions contained in the amendments. Page 2 of 4 Richmond Employees Pension Fund Failure #5 The Applicant will correct the qualification failure by adopting interim amendments that satisfy the requirements of the Code section 401 (a)(9) final and temporary regulations retroactively to the applicable effective dates of the specific provisions contained in the amendments. Failure #6 The Applicant will correct the qualification failure by adopting the 94 Group Annuity Reserving mortality table effective for all distributions made on or after December 31 , 2002. III. APPLICANT'S REVISION OF ADMINISTRATIVE PROCEDURES The Applicant has retained specialized employee benefits counsel to assist in keeping the Plans up-to-date under the Code, and has undertaken itself to closely monitor Code changes. IV. APPLICANT'S PAYMENT The Applicant will neither attempt to nor otherwise amortize, deduct, or recover from the Service any compliance fee paid in connection with this compliance statement, nor receive any Federal tax benefit on account of payment of such compliance fee. V. ENFORCEMENT RESOLUTION The Service will not pursue the sanction of plan disqualification on account of the qualification failure(s) described in Part I. The Service will treat the amendment(s) described in Failure number(s) 4,5 and 6 above, as if they had been timely adopted for the purpose of making available the extended remedial amendment period currently set forth in Revenue Procedure 2005- 66,2005-37 I.R.B. 509. However, this compliance statement does not constitute a determination as to whether any such plan amendments, as drafted, complies with the applicable change in qualification requirements. This compliance statement considers only the acceptability of the correction methodes) and the revision(s) of administrative procedures described in the submission and does not express an opinion as to the accuracy or acceptability of any calculations or other material submitted with the application. In no event may this compliance statement be relied on for the purpose of concluding that the Plan or Plan Sponsor (as defined in the applicable revenue procedure setting forth the Employee Plans Compliance Resolution System) was not a party to an abusive tax avoidance transaction. The compliance Page 3 of 4 ;/11 '< {(J 1\oG llt)'l Richmond Employees Pension Fund statement should not be construed as affecting the rights of any party under any other law, including Title I of the Employee Retirement Income Security Act of 1974. This compliance statement is conditioned on (1) there being no misstatement or omission of material facts in connection with the submission, and (2) the completion of all corrections described in Parts II and III within one hundred fifty (150) days of the date of the compliance statement. By signing this compliance statement, the Applicant hereby agrees to its terms. Augusta-Richmond County Commission By: (fl ~--1 (?--- t1~o" l.~. ( () (. /Ec/)t~tJ mBP~~ ;J1, tff-c '. N~. CU-lLh (/ (Z- 4:J(}1 ~IV Title: Date: Approved: ~~ Joyce h, Manager Employee Plans Voluntary Compliance Tax Exempt and Government Entities Division Page 4 of 4 INTERNAL REVENUE SERVICE P. O. BOX 2508 CINCINNATI, OH 45201 DEPARTMENT OF THE TREASURY Date: FEB 132007 AUGUSTA-RICHMOND COUNTY COMMISSION C/O J MARK POERIO 875 15TH ST NW WASHINGTON, DC 20005 Employer Identification Number: 58-2204274 DLN: 406124002 Person to Contact: KRYSTAL L KNIGHT ID# 11015 Contact Telephone Number: (404) 338-8132 Plan Name: RICHMOND EMPLOYEES PENSION FUND Plan Number: 002 Dear Applicant: We have made a favorable determination on the plan identified above based on the information you have supplied. Please keep this letter, the application forms submitted to request this letter and all correspondence with the Internal Revenue Service regarding your application for a determination letter in your permanent records. You must retain this information to preserve your reliance on this letter. Continued qualification of the plan under its present form will depend on its effect in operation. See section 1.401-1(b)(3) of the Income Tax Regulations. We will review the status of the plan in operation periodically. The enclosed Publication 794 explains the significance and the scope of this favorable determination letter based on the determination requests selected on your application forms. Publication 794 describes the information that must be retained to have reliance on this favorable determination letter. The publication also provide examples of the effect of a plan's operation on its qualified status and discusses the reporting requirements for qualified plans. Please read Publication 794. This letter relates only to the status of your plan under the Internal Revenue Code. It is not a determination regarding the effect of other federal or local statutes. This letter considers the amendments required by the Tax Reform of 1986, except as otherwise specified in this letter. This letter considers the changes in qualification requirements made by the Uruguay Round Agreements Act, Pub. L. 103-465, the Small Business Job Protection Act of 1996, Pub. L. 104-188, the Uniformed Services Employment and Reemployment Rights Act of 1994, Pub. L. 103-353, the Taxpayer Relief Act of 1997, Pub. L. 105-34, the Internal Revenue Service Restructuring and Reform Act of 1998, Pub. L. 105-206, and the Community Renewal Tax Relief Act of 2000, Pub. L. 106-554. This letter may not be relied on with respect to whether the plan Letter 835 (DO/CG) -2- AUGUSTA-RICHMOND COUNTY COMMISSION satisfies the requirements of section 401(a) of the Code, as amended by the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107-16. The requirement for employee benefits plans to file summary plan descriptions (SPD) with the U.S. Department of Labor was eliminated effective August 5, 1997. For more details, call 1-800-998-7542 for a free copy of the SPD card. The information on the enclosed addendum is an integral part of this determination. Please be sure to read and keep it with this letter. We have sent a copy of this letter to your representative as indicated in the power of attorney. If you have questions concerning this matter, please contact the person whose name and telephone number are shown above. Sincerely yours, /~~ ~ / ~ Robert P. Bell Manager, EP Determinations Enclosures: Publication 794 Addendum Letter 835 (DO/CG) -3- AUGUSTA-RICHMOND COUNTY COMMISSION This determination is conditioned upon your adoption of the proposed restated plan as submitted with your or your representative's letter dated 11/22/06. The proposed plan should be adopted on or before the date prescribed by the regulations under Code section 401(b). This determination letter acknowledges receipt of the provisions intend~d to satisfy the requirements of section 401(a) of the Code, as amended bytb~ Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107-16. Letter 835 (DO/CG) ,I Augusta-Richmond County Commission 701 Green St., Suite 107 Augusta, GA 30901 Attn: County Attorney, Augusta Law Dept. Steven E. Shepard, Esq.