SPSP Amendment Balloting Begins Today–SDMEA Recommends a “YES” Vote
The City is proposing to make a small but very important change to the SPSP plan document. Such an amendment requires a vote of all plan participants.
The “problem” intended to be corrected through this amendment is that the plan document currently allows tax-free “plan-to-plan” transfers from SDCERS employee accounts to SPSP accounts, but it does not explicitly allow interest earnings from SDCERS to be transferred tax-free as well.
Again, this is a small but important detail that the City’s outside tax counsel is recommending be clarified in the plan document. SDMEA also supports the change. Voting begins today via phone and continues through May 11. Please see the attached ballot amendment language and voting instructions for more information, or feel free to call your MEA representative at 619-264-6632.